Sai Urja Indo IPO 2026: SME Issue Details, Price Band, and Financials

26 Sep 2026 · 7 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.

The SME IPO of Sai Urja Indo Ventures Limited is open for subscription between 25 Sep 2026 and 29 Sep 2026. Here is a detailed look at the company's financials, issue terms, and key risk factors.

Written by the BuyUnlistedShares desk · Published 26 Sep 2026 · Updated 26 Sep 2026

Information only, not investment advice.

Direct answer: The Sai Urja Indo SME IPO is open for subscription from 25 Sep 2026 to 29 Sep 2026, with a price band of ₹107.0 to ₹113.0 per share. For investors tracking primary market opportunities, Sai Urja Indo on BuyUnlistedShares provides key updates. BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.

About Sai Urja Indo Ventures Limited

Sai Urja Indo Ventures Limited provides Operation and Maintenance (O&M) and other support services in industrial plants. The company primarily serves the power generation industry, alongside other sectors such as iron & steel and agrochemicals. Its services include maintenance contracts, operations, repairs, overhauls, and general upkeep.

According to the Red Herring Prospectus (RHP), the company handles control and instrumentation (C&I) services for some of the largest power plants in India, including a 4,760 MW thermal power plant in Central India and a 3,000 MW plant in Northern India. The company's workforce has grown significantly over the years, with 2,469 personnel as of 31 Mar 2025, compared to 1,611 in 2024 and 1,326 in 2023. As of 31 Mar 2026, the team size stood at 2,058 personnel.

Sai Urja Indo IPO Issue Terms and Subscription

The Sai Urja Indo IPO is a book-built SME issue seeking to raise ₹24.95 Cr. The issue consists of a Fresh Issue of ₹18.22 Cr (18,28,800 shares) and an Offer for Sale (OFS) of ₹4.28 Cr (3,79,200 shares). The shares are scheduled to list on the BSE SME platform.

The price band for the issue is set between ₹107.0 and ₹113.0 per share. The minimum lot size is 1200 shares, requiring a minimum retail investment of ₹2,71,200 (for the minimum order quantity of 2400 shares as per the bidding terms). Maashitla Securities Pvt. Ltd. is acting as the registrar, and Shannon Advisors Pvt. Ltd. is the lead manager for the issue.

The subscription data captured on 25 Sep 2026 shows an overall subscription of 0.04x, with the sNII category reaching 0.11x and the retail portion at 0.05x on the first day of bidding.

Financial Performance and Peer Comparison

Sai Urja Indo Ventures Limited has shown steady financial growth over the last three financial years. Total income rose from ₹45.88 Cr in FY24 to ₹65.82 Cr in FY25, and reached ₹85.64 Cr in FY26. Profit After Tax (PAT) followed a similar upward trajectory, growing from ₹1.39 Cr in FY24 to ₹3.13 Cr in FY25, and further to ₹4.19 Cr in FY26.

The financial trend shows consistent growth in total income from ₹45.88 Cr in FY24 to ₹85.64 Cr in FY26, alongside a steady rise in profit after tax over the same period.

The company's Return on Net Worth (RoNW) stood at 42.44% as of 31 Mar 2026, with a Debt-to-Equity ratio of 0.59. To put these figures in perspective, the company has identified Lakshya Powertech Limited as its sole comparable listed peer in India. Below is a broad comparison based on the financial statements as of 31 Mar 2026:

For investors looking to diversify beyond public markets, exploring the Unlisted shares screener can provide insights into pre-IPO opportunities. BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.

Objects of the Issue and Key Strengths

The company intends to utilise the net proceeds from the Fresh Issue for the following objectives:

• Funding the working capital requirements of the company (₹8.00 Cr).
• Repayment or prepayment, in full or part, of certain loans availed by the company (₹6.60 Cr).
• General corporate purposes.

Among its key strengths, the company highlights its diversified O&M service solutions across power and other industrial sectors. It has a track record of receiving repeat orders with larger project values from existing clients, which helps establish long-term relationships. Additionally, its operations are supported by a sizable workforce and experienced promoters, Harsh Ajaykumar Mittal and Santosh Ajay Kumar Mittal.

Key Risks and Challenges

Investors should carefully consider the following risk factors detailed in the RHP:

• High Customer Concentration: The company is heavily dependent on a limited number of clients. It derived 99.97%, 100%, and 99.98% of its operational revenue from its top 10 clients in FY26, FY25, and FY24 respectively.
• PSU Dependence: A significant portion of revenues is dependent on contracts entered into with Public Sector Undertakings (PSUs). There is no assurance that such contracts will continue to be awarded in the future.
• Sector Concentration: The company's revenues are primarily driven by industries and companies operating in the power generation sector. Any downturn in this sector could adversely affect business operations.
• Working Capital Requirements: The business is highly working capital-driven and has experienced significant working capital requirements in the past.

IPO Timeline and Unofficial GMP

The bidding window for the Sai Urja Indo IPO closes on 29 Sep 2026. The allotment of shares is expected to be finalised on 30 Sep 2026. Refunds will be initiated on 01 Oct 2026, and the credit of shares to demat accounts will also take place on 01 Oct 2026. The shares are scheduled to list on the BSE SME platform on 05 Oct 2026.

As of 26 Sep 2026, no grey market premium is recorded for this issue in our data. We note that any grey market premium (GMP) mentioned informally in the market is unofficial and indicative, and does not serve as a reliable forecast of the final listing price.

To keep track of upcoming public offers, check our IPO calendar. For comparison with other recent industrial issues, you can read about the German Green Steel IPO: Dates, Price Band, Lot Size, Issue Size and Company Details. Additionally, check our coverage on the Moneyview IPO: Dates, Price Band and Key Details.

To discuss pre-IPO opportunities or clarify your queries, feel free to submit an enquiry. BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.

Frequently Asked Questions

What is the price band and lot size for the Sai Urja Indo IPO?

The price band is set at ₹107.0 to ₹113.0 per share. The lot size is 1200 shares, which requires a minimum investment of ₹2,71,200 for the minimum order quantity of 2400 shares.

When does the Sai Urja Indo IPO open and close?

The IPO opens for subscription on 25 Sep 2026 and closes on 29 Sep 2026.

What are the primary business activities of Sai Urja Indo Ventures?

The company offers Operation and Maintenance (O&M) and support services for industrial plants, primarily in the power generation, iron & steel, and agrochemicals industries.

Is the Sai Urja Indo IPO a suitable investment for my portfolio?

We do not make that call. Investors must evaluate their own risk tolerance, study the risk factors in the RHP, and consult a registered financial advisor before making investment decisions.

What is the unofficial GMP of the Sai Urja Indo IPO?

As of 26 Sep 2026, no grey market premium is recorded for this issue in our data. Any GMP circulating in the market is entirely unofficial and indicative.

Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.