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Sai Urja Indo IPO
Price Band
₹107.0–113.0
Issue Size
₹24.95 Cr
Lot Size
1,200 shares
Min Investment
₹271,200
2 LOTS MIN
GMP
—
Issue Price
₹113.0
Sai Urja Indo IPO AI Summary
- Sai Urja Indo IPO is open now on BSE SME in the Other Consumer Services sector.
- Price band: ₹107.0–₹113.0 per share, lot size 1,200 shares (min. investment ₹271,200, 2 lots minimum).
- Subscription window: 25 Sep–29 Sep 2026, listing on 05 Oct 2026.
Sai Urja Indo Ventures Limited is set to offer its shares to the public with a focus on providing O&M services in the power generation sector. With a solid growth trajectory in revenue and profit, the IPO presents an opportunity for investors to consider, keeping in mind the associated risks.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
LIVE · updates every 5 minOverall Subscription
0.04x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
0.00x
|
0.00x |
| NII (HNI) |
0.07x
|
0.07x |
| ↳ bNII (>₹10L) |
0.05x
|
0.05x |
| ↳ sNII (<₹10L) |
0.11x
|
0.11x |
| Retail (RII) |
0.05x
|
0.05x |
| Total | 0.04x | 0.04x |
Auto-updated every 5 min · As of 25th Sep 2026 17:07
Sai Urja Indo IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
TopFund Score — Listing Data Indicator
GMP is 0.0% above issue price
QIB subscribed 0.0x
No anchor allocation for this IPO
Similar IPOs (same sector & type) averaged 25.0% listing gain
A rules-based composite of GMP, subscription demand, anchor participation and comparable-IPO history — each weighted as shown above. Not a statistically validated probability, a guarantee of listing performance, or personalized investment advice.
Limitations: weights are fixed by TopFund, not backtested against outcomes; the "Historical Similar-IPO Performance" factor needs at least 3 comparable past listings and falls back to a broader, less specific cohort when this sector/type doesn't have enough; GMP and subscription data can change daily right up to listing day, so scores shown may already be stale — check the "as of" date above.
About the Company
Sai Urja Indo Ventures Limited is offers Operation and Maintenance (O&M) and other support services in industrial plants, primarily in power generation industry and other industries like iron & steel and agrochemicals. The company handling control and instrumentation services for the biggest power plant in India, a 4,760 MW thermal power plant in Central India and another 3,000 MW plant in Northern India. Services: Maintenance Services: Electrical systems, Control & Instrumentation (C&I), Mechanical Jobs Operation Services: Coal Handling Plants (CHP), Merry-Go-Round (MGR), Boiler-Turbine-Generator (BTG), Other Services: Industrial Housekeeping, Overhaul Works, Annual Overhaul (AOH) and Capital Overhaul (COH). As of March 31, 2025, the company had a team of 2,469 personnel, up from 1611 in 2024 and 1326 in 2023. Competitve Strengths: Diversified O&M service solutions for power and other industries Increase in repeat orders from existing clients with larger project values Large orderbook facilitating sustainable growth in financial performance Leadership with a track record, powered by a sizable team
Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 24.25 | 21.11 | 13.95 |
| Total Income | 85.64 | 65.82 | 45.88 |
| Profit After Tax | 4.19 | 3.13 | 1.39 |
| EBITDA | 6.51 | 5.14 | 2.93 |
| NET Worth | 12.20 | 7.76 | 4.72 |
| Reserves and Surplus | 6.39 | 1.95 | 4.71 |
| Total Borrowing | 7.18 | 5.35 | 2.15 |
Key Ratios
EPS
₹5.39
NAV
₹20.99
ROE
42.44%
ROCE
50.66%
RoNW
42.44%
P/B Value
8.46
P/E Ratio
20.96
Market Cap
₹86.32 Cr
PAT Margin
4.98%
Debt/Equity
0.59
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Lakshya Powertech Limited | 101.17 | 9.82% | 11.27 | 9.94 | 9.94 |
| Sai Urja Indo Ventures Ltd. This IPO | 20.99 | 42.44% | — | 7.29 | 7.29 |
Promoters
Harsh Ajaykumar Mittal, Santosh Ajay Kumar Mittal
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding the working capital requirements of the Company 8.00 2 Repayment/prepayment, in full or part, of certain loans availed by the Company 6.60 3 General Corporate Purposes Total 14.60
IPO Evaluation
Generated 27 Sep 2026Revenue Trend
Total income increased from ₹45.88 Cr for the period ending 31 Mar 2024 to ₹65.82 Cr by 31 Mar 2025, and further rose to ₹85.64 Cr by 31 Mar 2026. This shows a consistent upward trend in revenue over the reported periods.
Profit Trend
Profit after tax grew from ₹1.39 Cr for the period ending 31 Mar 2024 to ₹3.13 Cr by 31 Mar 2025, and then to ₹4.19 Cr by 31 Mar 2026. This indicates a positive trend in profitability across the periods.
Valuation
At the issue price of ₹113.0, the implied P/E ratio is approximately 20.96 times the earnings per share (EPS) of ₹5.39. In comparison, peers are trading at a P/E range of 11.27 times to 11.27 times.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the price at which an IPO is expected to list compared to its issue price. It reflects the demand for the shares before they officially start trading on the stock exchange.
Subscription Demand
As of 25th September 2026, the overall subscription level is at 0.04 times, with varying demand across categories. The retail category has received bids for 38,400 shares against 710,400 shares offered, indicating low interest.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's fundamentals and market conditions. It's important to consider the company's growth prospects and financial health.
Who May Want to Wait
Investors who prefer stable, low-risk investments or those who are not comfortable with the inherent risks associated with IPOs may consider avoiding this offering.
IPO Timeline, Explained
The IPO opens on 25th September 2026 and closes on 29th September 2026. Allotment of shares will be done on 30th September 2026, with the listing date set for 5th October 2026.
Listing Gains — The Risk
Listing-day gains can be unpredictable and depend on various factors, including market sentiment and demand for the shares. Investors should be aware that while some IPOs may list at a premium, others may not perform as expected.
This evaluation is generated from Sai Urja Indo's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is the price band of Sai Urja Indo IPO?
The price band of Sai Urja Indo IPO is ₹107.0–₹113.0 per share.
When does Sai Urja Indo IPO open and close?
Sai Urja Indo IPO opens on 25 September 2026 and closes on 29 September 2026.
When does Sai Urja Indo IPO list on the stock exchange?
Sai Urja Indo IPO is scheduled to list on 05 October 2026, with an estimated listing price of ₹113.0 based on current GMP.
What is the lot size for Sai Urja Indo IPO?
The lot size for Sai Urja Indo IPO is 1200 shares, requiring a minimum investment of ₹271,200 (2 lots).
What is the TopFund Listing Data Indicator for Sai Urja Indo?
Sai Urja Indo's Listing Data Indicator score is 26/100 (Low signal), a weighted composite of GMP strength, subscription demand, anchor investor interest and how similar past IPOs performed on listing. It's a rules-based summary of public market data, not a statistically validated probability, a guarantee, or personalized investment advice.
What is the lot size for this IPO?
The lot size for the Sai Urja Indo IPO is 1,200 shares.
What is the minimum investment required?
The minimum investment required is ₹271,200.
What is the price band for the IPO?
The price band for the IPO is ₹107.0 to ₹113.0.
When does the IPO open and close?
The IPO opens on 25th September 2026 and closes on 29th September 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the shares compared to the issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
25 Sep 2026
Close
29 Sep 2026
Allotment
30 Sep 2026
Listing
05 Oct 2026
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