Sai Urja Indo Ventures
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.08×
- Big non-institutionalbNII · above ₹10 lakh
- 8.01×
- Small non-institutionalsNII · ₹2–10 lakh
- 4.17×
- Retail individualRII · up to ₹2 lakh
- 2.65×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 13 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 05 Oct 2026 | ₹11 | — | ₹10,000 | ₹124 | ₹13,200 |
| 04 Oct 2026 | ₹32 | — | ₹29,200 | ₹145 | ₹38,400 |
| 03 Oct 2026 | ₹17 | — | ₹15,500 | ₹130 | ₹20,400 |
| 02 Oct 2026 | ₹10 | — | ₹9,100 | ₹123 | ₹12,000 |
| 01 Oct 2026 | ₹8 | — | ₹7,300 | ₹121 | ₹9,600 |
| 30 Sep 2026 | ₹0 | — | ₹0 | ₹113 | ₹0 |
| 29 Sep 2026 | ₹0 | — | ₹0 | ₹113 | ₹0 |
| 28 Sep 2026 | ₹0 | — | ₹0 | ₹113 | ₹0 |
| 27 Sep 2026 | ₹0 | — | ₹0 | ₹113 | ₹0 |
| 26 Sep 2026 | ₹0 | — | ₹0 | ₹113 | ₹0 |
| 25 Sep 2026 | ₹0 | — | ₹0 | ₹113 | ₹0 |
| 24 Sep 2026 | ₹0 | — | ₹0 | ₹113 | ₹0 |
| 23 Sep 2026 | ₹0 | — | ₹0 | ₹113 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 3,92,400 | 10,99,200 | ₹12.42 Cr | 2.80× |
| Non-institutional | 3,02,400 | 29,95,200 | ₹33.85 Cr | 9.90× |
| Big non-institutionalwithin NII | 2,01,600 | 20,02,800 | ₹22.63 Cr | 9.93× |
| Small non-institutionalwithin NII | 1,00,800 | 9,92,400 | ₹11.21 Cr | 9.85× |
| Retail individual | 7,10,400 | 28,68,000 | ₹32.41 Cr | 4.04× |
| Total | 14,05,200 | 69,62,400 | ₹78.68 Cr | 4.95× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 29 Sept, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 25 Sep 2026 – 29 Sep 2026
- Listing date
- 05 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹107 – ₹113
- Lot size
- 1,200 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹24.95 Cr
- Fresh issue
- ₹18.22 Cr 16,12,800 shares
- Offer for sale
- ₹4.28 Cr 3,79,200 shares
- Market cap at offer price
- ₹86.32 Cr
- Promoter holding
- 92.87% → 65.67% pre-issue → post-issue
- ISIN
- INE1LLG01019
- CIN
- U74900MH2012PLC231235
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Shannon Advisors Pvt.Ltd.
- Registered office
- UG-2 Office Floor, J. K. Complex, Nanaji Nagar Nagpur Road, Chandrapur, Maharashtra, India, 442401
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 3,92,400 | 27.92% | 24.20% |
| Anchor investor · within QIB | 5,86,800 | — | 36.20% |
| NII (HNI) | 3,02,400 | 21.52% | 18.65% |
| bNII > ₹10L · within NII | 2,01,600 | — | 12.44% |
| sNII < ₹10L · within NII | 1,00,800 | — | 6.22% |
| Retail (RII) | 7,10,400 | 50.56% | 43.82% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,16,000 | — | 13.32% |
| Total issue | 16,21,200 | — | 100.00% |
Net offer to the public of 14,05,200 shares, out of a total issue of 16,21,200. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹113
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,35,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,71,200 |
| S-HNI (max) | 7 | 8,400 | ₹9,49,200 |
| B-HNI (min) | 8 | 9,600 | ₹10,84,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹113 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.39 | 4.10 |
| P/E (×) | 20.96 | 27.56 |
| Price to book (×) | 8.46 | — |
| Market cap | — | ₹86.32 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 42.44%
- ROCE
- 50.66%
- Debt / equity
- 0.59
- PAT margin
- 4.98%
- EBITDA margin
- 7.65%
- NAV per share
- ₹20.99
- Price to book
- 8.46
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 85.64 | 65.82 | 45.88 |
| Revenue from operations | 85.11 | 65.52 | 45.62 |
| Other income | 0.53 | 0.3 | 0.26 |
| Total expenses | 80.08 | 61.54 | 43.63 |
| Operating profit | 5.56 | 4.28 | 2.25 |
| Operating margin | 6.49% | 6.50% | 4.90% |
| Profit before tax | 5.55 | 4.28 | 2.25 |
| Profit after tax | 4.24 | 3.14 | 1.37 |
| PAT margin | 4.95% | 4.77% | 2.99% |
| Balance sheet | |||
| Total assets | 24.25 | 21.11 | 13.95 |
| Current assets | 16.36 | 13.63 | 8.84 |
| Current liabilities | 10.61 | 12.06 | 9.16 |
| Total liabilities | 12.05 | 13.34 | 9.23 |
| Net worth | 12.2 | 7.76 | 4.72 |
| Current ratio | 1.54× | 1.13× | 0.97× |
| Return on equity | 34.75% | 40.46% | 29.03% |
| Cash flow | |||
| Operating cash flow | -0.95 | -2.1 | 3.35 |
| Investing cash flow | -0.23 | -0.52 | 0.04 |
| Financing cash flow | 1.11 | 2.66 | -3.27 |
| Net cash flow | -0.06 | 0.04 | 0.12 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Working Capital Requirements ₹8 Cr
The company intends to utilize a portion of the Net Proceeds to fund its incremental working capital requirements, arising from trade receivables, other current assets, and operational funding needs, to support its growing business activities.
2 Debt Repayment ₹6.60 Cr
The company proposes to utilize a portion of the Net Proceeds towards full or partial repayment/prepayment of certain borrowings, including term loans, overdraft facilities, business loans, and vehicle loans availed from various lenders, to reduce outstanding indebtedness and debt servicing costs.
3 General Corporate Purpose —
The company intends to deploy the balance Net Proceeds towards general corporate purposes, including meeting operating expenses, initial development costs, strengthening business development and marketing capabilities, and meeting unforeseen exigencies, subject to applicable regulatory limits.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Sai Urja Indo Ventures
Sai Urja Indo Ventures Limited (formerly Sai Urja Indo Ventures Private Limited) was incorporated on May 17, 2012, and converted to a public limited company in February 2025. The company is headquartered in Nagpur, Maharashtra, and operates through its registered office in Chandrapur. The company generates revenue primarily through operation & maintenance (O&M) services, control & instrumentation maintenance, electrical maintenance, housekeeping, and other specialized services for thermal power plants and industrial facilities. In fiscal 2026, the company generated ₹8,510.97 lakhs in revenue, with 95.06% derived from power generation projects, 2.40% from iron & steel, and 2.47% from agrochemicals. The company serves primarily public sector undertakings (PSUs), which accounted for 92.27% of revenue in fiscal 2026.
Management
Harsh Ajaykumar Mittal
MD
Santosh Ajay Kumar Mittal
Director
Strengths
As stated in the offer document
Diversified O&M Service Solutions for Power and Other Industries
The company offers a wide range of O&M services covering maintenance contracts, operations, repairs, overhauls, and upkeep for power generation, iron & steel, and agrochemical industries, including core elements like Boiler-Turbine-Generator, Coal Handling Plants, and Ash Handling Plants across various parts of India.
Repeat Orders from Existing Clients with Larger Project Values
The company has recorded 99.65% of revenue from repeat sales in FY2026 and 100% in FY2025 and FY2024, with average realization per project growing from Rs. 119.99 Lakhs (FY2024) to Rs. 236.25 Lakhs (FY2026) and average realization per plant rising from Rs. 268.21 Lakhs to Rs. 566.99 Lakhs over the same period.
Large Orderbook Facilitating Sustainable Growth in Financial Performance
As of June 15, 2026, the company holds a total order book worth Rs. 15,967.04 Lakhs, comprising ongoing projects worth Rs. 13,430.30 Lakhs with an unexecuted portion of Rs. 7,165.11 Lakhs, and projects yet to commence worth Rs. 2,536.73 Lakhs, supporting sustainable revenue visibility.
Leadership with a Track Record, Powered by a Sizable Team
The company is led by promoter Harsh Ajaykumar Mittal with over 13 years of mechanical engineering experience, supported by a workforce of 2,058 personnel as of March 31, 2026, comprising highly-skilled, skilled, semi-skilled, and unskilled workers deployed across multiple sites and industries.
Risk factors
As stated in the offer document
High Customer Concentration Risk
The company derived 99.97%, 100%, and 99.98% of its revenue from operations in Fiscals 2026, 2025, and 2024 respectively from its top 10 clients, with the single largest client accounting for up to 74.77% of revenue. Loss of any key client or reduction in business volume could have a severe adverse impact on revenue, cash flows, and financial condition.
Heavy Dependence on Public Sector Undertaking (PSU) Contracts
Approximately 92.27%, 91.13%, and 81.28% of the company's revenue in Fiscals 2026, 2025, and 2024 respectively came from PSU contracts, which are subject to stringent pre-qualification criteria, policy changes, and payment delays. Failure to win future PSU tenders or adverse changes in government procurement policies could materially affect the company's business and financial performance.
Significant Working Capital Requirements and Negative Cash Flows
The company has experienced negative net cash flows from operating and investing activities in FY 2025–26 and FY 2024–25, driven by increased working capital requirements and higher operating expenses. Net working capital requirements grew from Rs. 179.19 lakhs in Fiscal 2024 to Rs. 1,165.97 lakhs in Fiscal 2026, and any inability to secure adequate financing could materially disrupt business operations and growth plans.
High Employee Benefit Expenses and Elevated Attrition Rates
Employee benefit expenses constitute approximately 87.31%, 86.34%, and 82.84% of revenue from operations in Fiscals 2026, 2025, and 2024 respectively, reflecting the company's highly labor-intensive nature. The attrition rate surged to 45.01% in FY 2025–26, increasing recruitment and training costs and risking the company's ability to fulfill contracts and meet client expectations.
Sector Concentration in Power Generation
The company derives approximately 95.06%, 93.64%, and 88.92% of its revenue from the power generation sector in Fiscals 2026, 2025, and 2024 respectively, creating significant exposure to sector-specific downturns. Any operational difficulties, regulatory changes, or market exits by power sector clients could directly and adversely impact the company's revenue and financial health.
Order Book Realization Risk and Liquidated Damages Exposure
As of June 15, 2026, the company's order book stood at Rs. 15,967.04 lakhs, but there is no guarantee that the full value will be realized as revenue due to potential delays, cancellations, scope changes, or client defaults. Contracts also include liquidated damages clauses, and any failure to meet completion schedules could result in financial penalties, forfeiture of security deposits, or invocation of performance guarantees.
Company Analysis
from RHPSai Urja Indo Ventures Limited provides operation and maintenance services for thermal power plants, industrial facilities, and other infrastructure in the power generation, iron & steel, and agrochemicals sectors.
Sai Urja Indo Ventures Limited (formerly Sai Urja Indo Ventures Private Limited) was incorporated on May 17, 2012, and converted to a public limited company in February 2025. The company is headquartered in Nagpur, Maharashtra, and operates through its registered office in Chandrapur. The company generates revenue primarily through operation & maintenance (O&M) services, control & instrumentation maintenance, electrical maintenance, housekeeping, and other specialized services for thermal power plants and industrial facilities. In fiscal 2026, the company generated ₹8,510.97 lakhs in revenue, with 95.06% derived from power generation projects, 2.40% from iron & steel, and 2.47% from agrochemicals. The company serves primarily public sector undertakings (PSUs), which accounted for 92.27% of revenue in fiscal 2026.
Objects of the Issue
- Working capital requirements p.39
- General corporate purposes
- Repayment of borrowings Part or full repayment and/or prepayment of borrowings availed by us p.64
- Working capital requirements p.67
- Funding the working capital requirements of our Company Rs. 800.00 lakhs p.122
- Repayment/ prepayment, in full or part, of certain loans availed by our Company Rs. 660.00 lakhs p.122
- General Corporate Purpose [●] p.122
- General corporate purposes p.350
Issue Structure
- Total Issue
- Up to 22,08,000 Equity Shares of face value of Rs. 10/- each aggregating up to Rs. [●] Lakhs
- Fresh Issue
- Up to 18,28,800 Equity Shares of face value of Rs. 10/- each aggregating up to Rs. [●] Lakhs
- Offer for Sale
- Up to 3,79,200 Equity Shares of face value of Rs. 10/- each by Santosh Ajay Kumar Mittal and Harsh Ajaykumar Mittal aggregating to Rs. [●] Lakhs
- Price Band
- [●] (Floor Price and Cap Price to be determined)
- Lot Size
- [●] Equity Shares
- Face Value
- Rs. 10/- per equity share
Business Model
The company earns revenue through fixed-price and time-based contracts for operation and maintenance services. It provides specialized services including control & instrumentation maintenance, electrical maintenance, housekeeping, coal handling plant operations, and railway siding operations. Revenue is generated on a project-by-project basis, with contracts typically lasting 1-3 years (annual, biennial, or triennial agreements). The company operates as a services contractor deployed at client sites across India.
Business Segments
SWOT Analysis
- • Significant revenue growth trajectory demonstrating market traction(p.58)
- • Established presence in thermal power O&M with fixed-price contract model(p.59)
- • Experienced management team with technical expertise in power operations(p.60)
- • Diversified O&M service solutions across power and other industries(p.135)
- • Large orderbook with gross project value of Rs 15,967.04 lakhs as of June 15, 2026(p.126)
- • Very high repeat order rate (99.65% in FY2025-26)(p.126)
- • Strong revenue growth trajectory (CAGR of 36.59% FY2024-2026)(p.139)
- • High return on net worth (RONW of 42.44% in FY2025-26)(p.139)
- • Leadership team with track record and substantial workforce(p.135)
- • Strong EBITDA growth (CAGR of 49.20% FY2024-2026)(p.139)
- • Diversified O&M service portfolio across electrical, mechanical, and instrumentation systems in power generation and other industries(p.200)
- • Established track record of repeat business from major clients with growing project values(p.201)
- • Large order book of Rs. 15,967.04 lakhs supporting sustained growth(p.202)
- • Experienced leadership with over 13 years of industry experience in mechanical engineering(p.202)
- • Strong financial growth with revenue CAGR of 36.59% over three years(p.195)
- • ISO certifications demonstrating commitment to quality and occupational health standards(p.213)
- • Experienced management with over 13 years in operations & maintenance of power plants(p.234)
- • Founder-led organization with long tenure and deep industry knowledge(p.249)
- • Strong promoter shareholding demonstrating commitment and alignment(p.249)
- • Established board with independent directors and proper governance structure(p.240)
- • ISO certified with strong operational standards(p.311)
- • Multi-state electrical licensing across 5 states(p.312)
- • Long-term client relationships with repeat business(p.317)
- • Strong revenue growth trajectory(p.312)
- • Experience with major power plants(p.312)
- • Industry recognition(p.312)
- • Extreme customer concentration with top 10 clients representing 99.97% of revenue in FY2026(p.35)
- • High employee attrition rate of 45.01% in FY2026, with employee costs representing 87.31% of revenue(p.37)
- • Significant working capital requirements with net working capital increasing from Rs. 179.19 Cr in FY2024 to Rs. 1,165.97 Cr in FY2026(p.38)
- • Negative operating cash flows in FY2026 (-94.86 Cr) and FY2025 (-210.03 Cr)(p.43)
- • Revenue heavily concentrated in power generation (95.06% in FY2026)(p.39)
- • History of delayed statutory filings and payment defaults across multiple statutory obligations(p.45)
- • Dependency on leased premises with potential renewal risks(p.50)
- • History of operating losses and lack of consistent profitability(p.57)
- • Unregistered trademark creating IP vulnerability(p.57)
- • Significant debt burden with limited financial flexibility(p.57)
- • High dependence on few customers with payment delays history(p.59)
- • Contingent liabilities not yet provisioned(p.59)
- • Heavy reliance on promoter personal guarantees for debt obligations(p.62)
- • Significant promoter concentration limiting minority shareholder influence(p.61)
- • High customer concentration (top customer represents 74.77% of revenue)(p.140)
- • Significant debt-to-equity ratio of 0.59(p.139)
- • Negative operating cash flow (Rs -94.86 lakhs in FY2025-26)(p.139)
- • Dependence on trade receivables with 47-54 day collection cycles(p.124)
- • High customer concentration with top 1 customer representing 74.77% of FY 2026 revenue(p.199)
- • Operations concentrated in conventional thermal power plants with limited renewable energy exposure(p.186)
- • High employee benefit expenses at 87.31% of revenue in FY 2026(p.213)
- • Negative operating cash flow of Rs. (94.86) lakhs in FY 2026(p.198)
- • No Key Man Insurance policy for Key Managerial Persons(p.214)
- • High concentration of ownership with two promoters holding 99.46% pre-offer capital(p.249)
- • Significant dependence on a small number of customers for revenue generation(p.263)
- • Substantial outstanding litigation against promoters(p.252)
- • No dividend history over past 3 years indicating capital retention challenges(p.255)
- • Significant reliance on borrowed funds with high current borrowings(p.260)
- • Heavy dependence on few customers(p.328)
- • Significant debt burden(p.349)
- • Working capital challenges(p.326)
- • Pending litigation related to contract labour compliance(p.333)
- • License transfers pending(p.337)
- • Growth in thermal power generation and modernization driving O&M demand(p.58)
- • Expansion into value-added services including automation and predictive maintenance(p.58)
- • Capacity to expand operations and acquire additional skilled resources(p.58)
- • Growing installed power generation capacity in India (projected to reach 817 GW by 2030)(p.172)
- • Expanding renewable energy sector (projected to grow from 220.10 GW to 500 GW by 2030)(p.174)
- • Aging power plants requiring increased maintenance (average age 15.41 years for coal-based plants)(p.174)
- • India O&M market expected to reach USD 34.7 billion by 2030(p.172)
- • Increasing adoption of digital transformation and predictive maintenance technologies(p.175)
- • Expansion into renewable energy sector with India targeting 500 GW non-fossil fuel capacity by 2030(p.207)
- • Diversification into adjacent industries like steel, cement, and paper with similar O&M requirements(p.207)
- • Expansion into higher-value service segments including civil works and EPCC(p.207)
- • Geographic expansion within India's top coal power states with only 18.36% market penetration(p.207)
- • Growing demand for O&M services from expanding captive power plants in data centres(p.186)
- • AI and ML-based predictive maintenance services representing new premium service segment(p.186)
- • Expansion of O&M services across multiple power plant types (BTG, AHP, CHP, MGR)(p.263)
- • Diversification into erection, commissioning, and facility management services(p.263)
- • Revenue growth demonstrated with increasing top-line from operations(p.261)
- • Expansion into new geographic regions and states(p.312)
- • Growing order book with pending project execution(p.312)
- • Diversification across industries(p.312)
- • Increasing average revenue per client(p.317)
- • Growing client base across multiple segments(p.317)
- • Order book does not guarantee revenue realization; projects can be delayed, modified or cancelled(p.40)
- • Exposure to power sector risks which accounts for 95%+ of revenue(p.39)
- • Competition from other service providers may intensify, affecting pricing and market share(p.50)
- • Exposure to supplier price volatility without long-term supply agreements(p.52)
- • Risk of project delays leading to liquidated damages and cost overruns(p.42)
- • Exposure to labour strikes and unionization risks affecting operations(p.37)
- • Operational hazards including employee injuries and potential business disruptions(p.54)
- • Intense competition from organized and unorganized domestic players(p.62)
- • Risk of fixed-price contract cost overruns reducing profitability(p.59)
- • Stringent environmental and occupational safety regulations increasing compliance costs(p.57)
- • Macroeconomic slowdown and power sector cyclicality affecting demand(p.72)
- • Currency fluctuation exposure for foreign exchange-denominated transactions(p.76)
- • Regulatory uncertainty in labour laws potentially increasing operational costs(p.72)
- • Geopolitical crises impacting global economy and trade(p.159)
- • US tariff policies reducing external demand for Indian exports(p.159)
- • Rising crude oil prices due to Middle East conflict threatening operations(p.159)
- • Vulnerable power supply position with near-zero surplus (0.03% deficit in FY2026)(p.160)
- • Weather-related challenges and supply disruptions from global conflicts(p.155)
- • Majority of new capacity additions will be in renewable energy with lower O&M intensity than thermal(p.186)
- • Declining solar tariffs will compress O&M provider margins(p.186)
- • Stringent pollution control norms may force premature shutdown of old thermal plants(p.186)
- • Very high bargaining power of buyers due to low switching costs and multiple competing providers(p.178)
- • High threat of substitution as large utilities prefer in-house O&M to avoid vendor risks(p.178)
- • High competitive intensity with low service differentiation among O&M providers(p.178)
- • Exposure to power plant industry cyclicality and regulation changes(p.263)
- • Dependence on associate partnership firms with potential conflicts of interest(p.250)
- • Significant exposure to employee benefit obligations and gratuity liabilities(p.260)
- • Dependence on PSU contracts(p.331)
- • Regulatory compliance risks(p.337)
- • Contract labour regulation violations and penalties(p.333)
- • Economic and cyclical downturn risks(p.313)
- • Inflation impact on costs(p.329)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Harsh Ajaykumar Mittal | Promoter | — | — |
| Santosh Ajay Kumar Mittal | Promoter Selling Shareholder | — | — |
| Harsh Ajaykumar Mittal | Promoter | 44.45% | [●]% |
| Santosh Ajay Kumar Mittal | Promoter | 48.39% | [●]% |
| Santosh Ajay Kumar Mittal | Promoter | 48.39% | [●] |
| Harsh Ajaykumar Mittal | Promoter | 44.46% | [●] |
| Harsh Ajaykumar Mittal | Promoter | — | — |
| Santosh Ajay Kumar Mittal | Promoter | — | — |
| Harsh Ajaykumar Mittal | Founder and Promoter | 44.46% | — |
| Santosh Ajay Kumar Mittal | Founder and Promoter | 48.39% | — |
| Harsh Ajaykumar Mittal | Promoter | — | — |
| Santosh Ajay Kumar Mittal | Promoter | — | — |
| Harsh Ajaykumar Mittal | Promoter Selling Shareholder | — | — |
| Santosh Ajay Kumar Mittal | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Sai Urja Indo Ventures Ltd. THIS ISSUE | 7.29 | 20.99 | 27.56, computed at the offer price | 8.46, computed at the offer price | 42.44% |
| 9.94 | 101.17 | 11.27 | 1.11 | 9.82% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.