Sai Urja Indo Ventures IPO

Sai Urja Indo Ventures provides operation, maintenance and other support services for industrial plants, primarily in power generation and also in iron and steel and agrochemicals.

The company’s scope of work covers electrical, mechanical, and control and instrumentation maintenance; coal handling plant, merry-go-round and boiler-turbine-generator operations; industrial housekeeping; equipment overhauls; and skilled as well as unskilled manpower supply. It delivers work through annual maintenance, performance-based, manpower-supply and short-term bill-of-quantity contracts.

Maintenance remained the largest service line in FY26 at ₹59.90 crore, or 70.3% of revenue from operations. Operations contributed ₹13.38 crore, or 15.7%, and other services contributed ₹11.83 crore, or 13.9%. The calculated mix changed from FY24, when maintenance, operations and other services represented 91.09%, 3.4% and 5.4%, respectively. Over the last three years, the company served 21 locations across nine states. In FY26, it serviced 15 plant locations with cumulative power-generation capacity of 28,220 MW, executed 36 projects and served seven clients, compared with 17 locations, 31,040 MW, 38 projects and nine clients in FY24.

Power generation accounted for 95.06% of FY26 revenue, versus 88.8% in FY24; iron and steel contributed 2.4% and agrochemicals 2.4% in FY26. PSU clients generated 92.2% of FY26 revenue, up from 81.2% in FY24. Customer concentration also increased: the largest customer contributed 74.7% of FY26 revenue, compared with 49.9% in FY24. Repeat orders represented 99.6% of FY26 revenue and 100% in FY25 and FY24. As of June 15, 2026, the company had 17 ongoing projects worth ₹71.65 crore of which execution is pending and four projects worth ₹25.37 crore yet to commence. The ongoing and uncommenced projects span its maintenance, operations and other service offerings. Total order book stood at ₹159.67 crore as of June 15,2026.