Unitec Fibres Ltd. IPO

Unitec Fibres

• Unitec Fibres is coming out with an initial public offering (IPO) of 39,16,800 shares in a price band of Rs 83-88 per equity share.
• The issue will open for subscription on September 23, 2026 and will close on September 25, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 8.3 times of its face value on the lower side and 8.8 times on the higher side.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance officer for the issue is Disha Vijay Rane.

Profile of the company

Unitec Fibres is engaged in the manufacturing of Recycled Polyester Staple Fibre (RPSF), a product created from recycled polyester raw materials. The production process begins with the procurement of raw materials like Polyethylene Terephthalate (PET) flakes, PET chips and other polyester waste materials. These materials are then converted into raw inputs, spun into fibre and processed to meet the requirements of its customers related to fibre properties like colour and density. Its products find applications in industries like the automobiles (carpet, roof liners, trunks), home furnishing (sofa, curtains, carpets) and textile sectors (spinning mills). Its manufacturing process focuses on the regeneration of polyester fibre through the utilization of PET flakes, PET chips and other PET waste derived from discarded plastic bottles and post-consumer waste streams. By converting such recyclable materials into RPSF, it contributes to resource conservation, waste reduction and the production of environmentally sustainable products.

The company has two operational manufacturing units, located at M.I.D.C., Tarapur Industrial Area, Tarapur, Palghar, Thane. Further, its Manufacturing Unit 1 and Manufacturing Unit 2 are situated on land and premises obtained on lease from Maharashtra Industrial Development Corporation (MIDC). These facilities have a combined installed capacity of up to 27,984 metric tonnes per annum (MTPA) for the production of Recycled Polyester Staple Fibre. In addition to its existing operations, it has recently acquired land admeasuring around 47,494 square meters in Valsad, Gujarat, where it is in process of setting up an additional RPSF production line which will be designated as Unit 3.

Proceed is being used for:

• Repayment/prepayment of all or certain of its borrowings availed of by the company
• General corporate purposes

Industry overview

The Indian manufacturing sector is steadily emerging as a key pillar of the economy, contributing around 17% to GDP. The number of startups recognized increased by 51.6% year-on-year in FY 2025-26 compared to FY 2024-25, while direct jobs created rose by 36.1% during the same period. With government initiatives like Make in India and production-linked incentive (PLI) schemes, the National Mission on Manufacturing (NMM) announced in Budget 2025-26, serves as a key catalyst for industrial growth, targeting a rise in manufacturing’s GDP share to 25% by 2035, creation of 143 million jobs, and expansion of merchandise exports to Rs 106.05 lakh crore ($1.20 trillion) by through deeper global value chain integration.

India’s manufacturing strength is accelerating, with exports rising and core sectors like electronics, pharmaceuticals, automobiles and textile. India’s exports surged by 4.22% to Rs 76.00 lakh crore ($860.09 billion) in the financial year 2025-26 compared to Rs 72.93 lakh crore ($825.26 billion) in 2024-25. Looking ahead, India’s e-commerce exports are projected to grow from Rs 8,757 crore ($1 billion) to Rs 35,02,800 crore ($400 billion) annually by 2030, which will aid in achieving Rs 1,75,14,000 crore ($2 trillion) in total exports. By the same year, the Indian middle class is expected to have the second-largest share in global consumption at 17%. India’s manufacturing sector continues to strengthen, with the potential to reach Rs 88,37,524 crore ($1.00 trillion) by FY26, supported by strong policy push and rising domestic demand. The sector has already demonstrated robust momentum, with manufacturing Gross Value Added (GVA) growth of 7.72% in Q1 and 9.13% in Q2 of FY26. The country could add more than Rs 44.19 lakh crore ($500.00 billion) annually to the global economy by 2030 if it fully realises its potential as a global manufacturing hub.

India’s manufacturing sector is witnessing steady expansion, supported by policy measures, infrastructure development, and improving industrial performance indicators. While the target of reaching $1 trillion by FY26 remains a medium-term benchmark, recent trends such as manufacturing GVA growth of 7.72% in Q1 and 9.13% in Q2 of FY26 indicate continued momentum in the sector. Government-led initiatives, particularly in infrastructure and logistics, are strengthening the enabling ecosystem. Platforms such as PM GatiShakti and the National Logistics Policy are improving planning efficiency, supply chain integration, and data-driven decision-making. At the same time, industrial corridor development, with investments of Rs 2.02 lakh crore ($22.86 billion) is facilitating the creation of new manufacturing hubs.

Pros and strengths

Polyester waste recycling and sustainable products: It utilizes raw materials which are made from polyester waste, PET waste and discarded PET bottles for manufacturing RPSF. This process plays a critical role in converting plastic waste that would otherwise contribute to landfills or pollute itsoceans into valuable, reusable products. PET waste is non-biodegradable and can remain in marine environments for years, leading to severe harm to aquatic ecosystems and posing significant threats to marine wildlife. Its commitment to addressing this pressing environmental challenge is at the core of its recycling initiatives. Aligned with its sustainability goals, it offers its products in a wide range of colors, cross section and deniers which reduces the necessity for additional dyeing processes. By minimizing dyeing, it conserves substantial amounts of water and energy and decrease the environmental impact associated with conventional dyeing methods, which often involve harmful chemicals and produce wastewater.

Quality certifications: Its products undergo multiple quality certifications that demonstrate its commitment to quality and sustainability. Its products are ISO 14001:2015 certified, indicating its adherence to environmental management systems, and ISO 9001:2015 certified, reflecting its focus on quality management systems. This certification assures customers that it consistently provides products that meet customer and regulatory requirements. Additionally, it holds certifications like, the Eco-Passport certificate issued by Oeko-Tex and the Global Recycled Standard (GRS) Version 4.0. These certifications confirm its commitment to quality, safety, and sustainability, ensuring that it delivers products that meet industry standards and align with the values of its environmentally conscious customers.

Robust order book: As on September 10, 2026, the company had a confirmed order book of Rs 1,902.86 lakh (excluding applicable taxes), based on purchase orders received from its customers. Its order book comprises orders from customers operating across various end-use industries, including non-woven fabrics, home furnishings, automobile, and other industrial applications. Its order book reflects its relationships with customers and sustained demand for its recycled polyester staple fibre products in both domestic and international markets.

Risks and concerns

Dependence on key states for revenue: Its business is dependent on its ability to identify, develop and sale its products across various domestic and international destinations. A significant portion of its domestic revenue is derived from customers located in states such as Gujarat, Maharashtra, Tamil Nadu and Haryana, which together contributed 59.52% 55.67%, and 59.14% of its revenue from operations for the financial years 2026, 2025 and 2024, respectively, although it also generates a portion of its revenues from international markets. Any adverse developments in these regions or its inability to expand into new locations or maintain operational effectiveness in existing markets may materially and adversely affect its business, results of operations, cash flows and financial condition.

Significant revenue dependence on RPSF: The company’s revenue is substantially dependent on RPSF, which accounted for 98.04%, 97.46% and 96.63% of revenue from operations in the financial years 2026, 2025 and 2024, respectively. Any reduction in the demand or sale of such products could adversely affect its business, results of operations, cash flows and financial condition.  Additionally, any changes in regulations governing EPR compliance, certification mechanisms or market acceptance of such certificates may adversely impact the benefits derived from such activities. Further, its continued growth depends on its ability to maintain product quality, optimize manufacturing efficiencies, ensure uninterrupted supply of raw materials, and cater to evolving customer requirements in a timely manner. Any failure to effectively manage these factors may adversely affect customer relationships, market reputation, demand for its products and its overall business operations.

Business is dependent on top ten customers: A portion of its revenue from operations is derived from a limited number of key customers. The company’s top ten customers contributed 45.94%, 45.07% and 47.64% of its revenue from operations in FY 2025-26, FY 2024-25 and FY 2023-24, respectively. Such major revenue from limited customer exposes it to customer concentration risk and the loss of one or more such customers or a material reduction in business from them, could have an adverse impact on its revenues, profitability and cash flows. These customers typically place orders based, pricing expectations, quality, material requirements, delivery timelines, product consistency and reliability of supply. Any inability to meet these expectations on a consistent basis may adversely affect its relationships with such customers.

Outlook

Unitec Fibres is primarily engaged in the manufacturing and sale of RPSF produced from PET bottles, PET waste and PET flakes. Its products find applications in industries like the automobiles (carpet, roof liners, trunks), home furnishing (sofa, curtains, carpets) and textile sectors (spinning mills). Its manufacturing process focuses on the regeneration of polyester fibre through the utilization of PET flakes, PET chips and other PET waste derived from discarded plastic bottles and post-consumer waste streams. On the concern side, it depends on a limited number of suppliers for its raw materials and the absence of long-term contractual arrangements with such suppliers exposes it to supply, quality and pricing risks that could adversely affect its business and financial performance. Further, its business is dependent and will continue to depend on its manufacturing facility, and it is subject to certain risks in its manufacturing process. Any slowdown or shutdown in its manufacturing operations or strikes, work stoppages or increased wage demands by its employees that could interfere with its operations could have an adverse effect on its business, financial condition and results of operations.

The company is coming out with a maiden IPO of 39,16,800 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 83-88 per equity share. The aggregate size of the offer is around Rs 32.51 crore to Rs 34.47 crore based on lower and upper price band respectively. On performance front, the revenue from operations has decreased by 0.96% from Rs 22,641.61 lakh in financial year 2024-25 to Rs 22,424.48 lakh in financial year 2025-26. In FY 2025-26, the company reported a net profit of Rs 759.67 lakh compared to Rs 821.84 lakh in FY 2024-25, representing a decrease of 7.56%.

Meanwhile, the company intends to strengthen its raw material sourcing strategy by leveraging polyester line waste sourced directly from polyester textile manufacturing companies. This pre-consumer industrial waste, primarily comprising yarn waste and spinning waste, consists of high-purity PET, making it an input for the production of technical-grade fibre. For this in addition to the proposed establishment of Unit 3 at Valsad, Gujarat, it is also in the process of developing dedicated infrastructure for the collection, sorting, segregation, recycling and processing of industrial polyester waste. Such infrastructure is being developed to process industrial waste streams efficiently. This approach is will enable it to maintain a competitive cost structure for specialty fibre grades and to process such waste streams into usable raw materials for its manufacturing operations.

Moneyview

• Moneyview is coming out with a 100% book building; initial public offering (IPO) of 33,48,69,200 shares of face value Rs 1 each in a price band Rs 32-34 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on September 24, 2026 and will close on September 28, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 1 and is priced 32 times of its face value on the lower side and 34 on the higher side.
• Book running lead managers to the issue are Axis Capital, BofA Securities, IIFL Capital Services and Kotak Mahindra Capital Company.
• Compliance officer for the issue is Ankit Kumar Jain. 

Profile of the company

Moneyview is a consumer-focused, digital only, credit-led financial services platform for Middle India customers providing access to full suite of financial products through a network of Financial Partners, including its NBFC subsidiary, on its Moneyview mobile application. The company’s promise to its users is to offer personalized financial products with responsible and transparent terms, delivered via a convenient and user-friendly digital experience.

The company operates as a digital financial services platform to provide a suite of financial products to its users through a network of Financial Partners. The company’s platform functions as a two-sided network, connecting its users seeking financial products with banks, NBFCs, insurers, and other financial institutions offering such products. As of June 30, 2026, it had 140.28 million Registered Users and 48 Financial Partners integrated into its network. The company’s platform is built on real-time application programming interfaces (APIs), data intelligence capabilities, and inhouse technology infrastructure. It maintains deep, real-time technology integrations with its Financial Partners, enabling seamless and scalable digital distribution of financial products across its user base creating a flywheel effect for expansion of its two-sided network.

Since inception, the company has evolved into a full-stack digital financial ecosystem designed to meet the evolving needs of its users. The company’s offerings are structured across four core categories - Borrow, Transact, Invest and Protect, each addressing a distinct set of financial requirements, from access to formal credit and seamless digital payments to investment opportunities and insurance solutions. By combining these offerings with a seamless digital experience, it provides users with a one-stop platform for their financial needs. This integrated approach not only deepens user engagement, but also strengthens its data intelligence, enabling personalized product delivery and enhancing user lifetime value.

Proceed is being used for: 

• Investment to drive growth in loan disbursals under default loss guarantee (DLG) arrangements
• Investment in Whizdm Finance Private Limited (WFPL), its Material Subsidiary, for the purpose of augmenting its capital base
• General corporate purposes

Industry overview

India's household debt penetration has witnessed a significant increase, rising from ~35% of GDP in FY2020 to 41% in FY2025, according to the RBI. This surge underscores a growing demand for credit, which is increasingly being channelled towards consumption and lifestyle aspirations, in addition to traditional needs such as home ownership and asset creation. Despite this growth, substantial headroom for further expansion remains when compared to global peers like the UK (76%), USA (69%), and China (61%) as of CY2024, indicating sizeable long-term growth potential for formal lending.

Historically, credit penetration in India was limited by a combination of factors, including limited access to formal credit, cultural hesitation towards borrowing, especially in rural and semi-urban regions, high savings mindset and a strong preference for self-funded expenditure. However, this landscape has shifted considerably over the past five years with a notable increase in the penetration of formal credit among its adult population. Enabled by expanding digital lending infrastructure, increased availability of credit products, and rising consumer comfort with borrowing, formal credit penetration has increased sharply from 22% in FY2021 to 48% in FY2026, representing 533 million adults, and is further projected to rise to 58-62% by FY2031 (Projected). One of the key drivers of this expansion has been the rising credit demand from middle-income individuals with annual incomes between Rs 0.3-1.1 million. This cohort represents the fastest growing and the largest segments in India’s formal credit landscape.

India’s credit evolution is set to diverge from that of developed markets such as the United States and the United Kingdom, where formal credit access is near-universal, covering 95-97% of U.S. adults and 84% of U.K. adults, largely driven by widespread credit card adoption. In contrast, India’s credit ecosystem remains relatively nascent and structurally different, with growth increasingly led by digital-first, data-driven models. Digital personal loans, BNPL, and embedded finance, enabled by alternative data, are emerging as key entry points into formal credit, reflecting India’s scale, rising incomes, and deep digital penetration. Traditional underwriting approaches, which relied primarily on bureau scores and formal documentation, provided limited visibility into the creditworthiness of these emerging segments. Today, India’s digital infrastructure enables far richer and more real-time signals - cash-flow patterns, transaction histories, UPI behaviour, mobile usage, and behavioural markers - allowing lenders to assess creditworthiness with far greater precision. India is thus leapfrogging to a more diverse and inclusive credit model. This creates a significant opportunity: as formal employment expands and incomes rise, lenders can serve a large, fast-growing pool of first-time but high-quality borrowers. 

Pros and strengths 

Large, growing and sticky user base with a flywheel effect for growth: The company has a large and growing base of Registered Users that provides a firm foundation to support its future growth. The company’s Registered Users increased from 83.27 million as of March 31, 2024 to 109.59 million as of March 31, 2025 and to 134.14 million as of March 31, 2026, representing a CAGR of 26.92%. As of June 30, 2026, its Registered Users was 140.28 million. 

Data-driven approach for user segmentation and risk assessment: By leveraging technology, data, and product innovation, the company offers a suite of personalized financial products that cater to a wide spectrum of users across diverse credit profiles, income levels, demographics, and financial needs. Its data-driven approach enables systematic user segmentation that goes beyond traditional credit bureau scores. It utilises a wide array of data sources to build a comprehensive understanding of each user. This includes information provided by the user, data collected from the user’s device with explicit consent, and data obtained from third-party sources. These include transactional SMS and bank statement data, app usage patterns, repayment and auto-debit history, credit bureau data, and inputs from other sources. 

Technological and AI capabilities enabling scalable and efficient growth: The company’s technology and AI led operating model enables it to offer a fully unassisted, seamless user journey, ensuring accessibility, scalability, and cost efficiency. As of June 30, 2026, more than 50% of its workforce was engaged in technology and data roles, reflecting its sustained investment in building in-house capabilities. These investments have translated into improved operational efficiency, with Operating Expenses as a percentage of total income declining from 56.42% in Fiscal 2024 to 41.43% in Fiscal 2025, to 34.84% in Fiscal 2026 and further to 34.14% in the three-month period ended June 30, 2026.

Capital-light model with a diversified network of capital partners: The company operates a capital-efficient model supported by deep technical integrations with 48 Financial Partners, enabling seamless distribution of its full suite of financial products. For its flagship personal loan offering, it operates as an LSP and, as of June 30, 2026, had partnered with 22 REs, including its NBFC subsidiary WFPL, to facilitate loan origination and end-to-end servicing. These integrations enable seamless operations across the loan journey - including user acquisition, evaluation, onboarding, disbursal, servicing, and collections. As of June 30, 2026, it manages outstanding loans amounting to Rs 225,201.65 million under its personal loan program, with its NBFC subsidiary contributing 25.12% of the total managed AUM.

Risks and concerns

High revenue contribution from top financial partners: The company depends on cooperation with its Financial Partners. In the three-month periods ended June 30, 2026 and 2025, and Fiscals 2026, 2025 and 2024, its top ten Financial Partners contributed to 39.02%, 38.69%, 37.36%, 46.82% and 56.78% of its revenue from operations, respectively. The company’s business may be negatively affected if its Financial Partners do not continue their relationship with it, which could have an adverse impact on its business, financial condition, cash flows, results of operations and prospects.

Limited operating history and growth sustainability: The company has witnessed rapid growth in the past three years and may not be able to sustain its historical growth levels. Further, it has a limited operating history across some of its products and services. It may not be able to sustain its current growth levels in a cost-effective manner, which could adversely affect its business, financial condition, cash flows, results of operations and prospects.

High reliance on fees and commission revenue: In the three month periods ended June 30, 2026 and 2025, and Fiscals 2026, 2025 and 2024, the company derived 60.79%, 56.53%, 56.68%, 63.56% and 75.64%, respectively, of its total revenue from operations from fees and commission income, on the product offerings facilitated through its Financial Partners, and any decrease in the volume of such products or the fees and commission rates it collects on such transactions could have an adverse impact on its business, financial condition, cash flows, results of operations and prospects.

Intense competition in the industry: The company’s business is subject to intense competition, and it may fail to compete successfully against existing or new competitors, which may cause it to lose market share and reduce demand for its products and adversely impact its business, financial condition, cash flows, results of operations and prospects.

Outlook

Moneyview is a fintech company incorporated in India that provides digital financial services through its mobile platform. The company focuses on offering accessible and technology-driven financial solutions to individuals. The company has large, growing and sticky user base with a flywheel effect for growth. The company has technological and AI capabilities enabling scalable and efficient growth. On the concern side, the company is dependent on its Financial Partners, with its top ten partners contributing significantly to its revenue. Any discontinuation or deterioration of these relationships could adversely affect its business, financial condition, cash flows, results of operations and prospects. Moreover, borrower defaults on loans facilitated through its platform may increase its impairment expense and adversely affect its financial performance.

The issue has been offering 33,48,69,200 shares in a price band of Rs 32-34 per equity share. The aggregate size of the offer is around Rs 1,071.58 crore to Rs 1,138.55 crore based on lower and upper price band respectively. Minimum application is to be made for 441 shares and in multiples thereof thereafter. On performance front, the company’s total revenue from operations increased by 43.26% to Rs 33,511.58 million for Fiscal 2026 from Rs 23,391.46 million for Fiscal 2025 due to an increase in fees and commission income, interest income, gain on derecognition of financial assets and other operating income. Moreover, Its restated profit for the year increased by 1.01% to Rs 2,427.05 million in Fiscal 2026 from Rs 2,402.75 million in Fiscal 2025.

Meanwhile, the company’s monetized users are growing faster than overall registration, supported by a focus on improving product personalization to create relevant loan products for a larger segment of its Registered Users. As users convert over a period from the month of acquisition and as a growing number of users find relevant loan products on its platform, it sees higher conversions to Monetized Users, which supports continued growth in personal Loan Disbursals on its platform. Further, it continues to see improvements in repeat engagement on its platform, with repeat AUM increasing from 42.08% in Fiscal 2024 to 60.86% in Fiscal 2026 and to 62.70% in the three month period ended June 30, 2026, reflecting user trust and satisfaction, as evidenced by a 4.8-star rating of its mobile application on a mobile application store as of June 30, 2026. It intends to further focus on enhancing product experience, service quality, and driving user satisfaction, which is expected to support further growth in repeat engagement.

Sai Urja Indo Ventures

• Sai Urja Indo Ventures is coming out with an initial public offering (IPO) of 22,08,000 shares in a price band of Rs 107-113 per equity share.
• The issue will open for subscription on September 25, 2026 and will close on September 29, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 10.70 times of its face value on the lower side and 11.30 times on the higher side.
• Book running lead manager to the issue is Shannon Advisors.
• Compliance officer for the issue is Nikesh Subhash Zade.

Profile of the company

Sai Urja Indo Ventures is an ISO 9001:2015 and ISO 45001:2018 certified company offering 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’s work includes managing electrical, mechanical, and instrumentation systems, operating coal handling and merry-go-round systems in power plants, as well as ensuring plant cleanliness and safety through industrial housekeeping, equipment overhauls, and manpower supply.

In the last 3 years, the company has served 21 locations in 9 states, in coal-based power plants, steel plants, and fertilizer plants. Among the top 10 states in India based on installed capacity of coal power plants, the company has already worked in 6 states for electrical (Maharashtra, Uttar Pradesh, & Madhya Pradesh) and other works (Chhattisgarh, Tamil Nadu & Karnataka). Further, it has also worked in Jharkhand, Odisha and Bihar apart from the above mentioned 6 states. The company’s services are delivered through four types of contracts based on the tenders which include: Annual Maintenance Contracts (for one to three years), Performance-Based Contracts (linked to plant output or reliability), Manpower Supply Contracts and Short-Term Bill of Quantity Contracts (for temporary needs).

With a team of over 1,969 employees, the company customize its services to meet each client's specific needs. For instance, the company has been 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. The company’s clients include major public and private sector companies in power, iron & steel, and agrochemical industries. It operates from its registered office in Chandrapur and its corporate office in Nagpur, which help it to manage projects and client relationships efficiently. In the past 3 years, the company has executed more than 45 projects, as of June 15, 2026. The company has built long-term relationships with key clients and continue to receive repeat business across multiple locations.

Proceed is being used for:

• Funding the working capital requirements of the company
• Repayment/ prepayment, in full or part, of certain loans availed by the company

Industry overview

Operation and maintenance (including overhaul) encompass the processes, services and materials involved in ensuring the continued functionality, safety and efficiency of equipment, infrastructure and facilities. Maintenance, Repair and Operations (MRO) is integral to operations across various industries, supporting the upkeep of machinery, electrical systems and physical environments. The operation and maintenance (including overhaul) market consists of revenues earned by entities (organisations, sole traders and partnerships) that include goods such as spare parts, consumables, tools and equipment, as well as services such as inspection, diagnostics and repair. O&M activities are crucial for minimising downtime, extending the lifecycle of assets and maintaining compliance with safety and operational standards. O&M is used by businesses and organisations in diverse sectors, including manufacturing plants, construction sites, commercial buildings and specialised industries such as aerospace and defence. Its uses range from routine maintenance to emergency repairs, ensuring equipment reliability and operational continuity.

O&M products and services are often complementary to operational technologies and substitute certain capital expenditures by extending the lifespan of existing assets. Regular maintenance helps avoid unscheduled equipment failures that can halt production. O&M practices can significantly reduce operational costs by minimising waste and optimising resource use. Well-maintained equipment reduces the risk of accidents and injuries in the workplace. Effective MRO contributes to longer asset lifespans and reduces environmental impact through better resource management.

The O&M market includes sales of products and services that support maintenance, repair, and operational activities across various sectors, including industrial, electrical, facility and other types. The O&M market consists of maintenance, repair and operational support for industrial equipment and facilities, like bearings, motors and pumps, as well as services such as equipment diagnostics and part replacements, catering to industries like power, manufacturing, mining and utilities. The global O&M (including overhaul) market was valued at approximately $721.12 billion in 2025 and is projected to reach around $972.17 billion by 2034, with a compound annual growth rate (CAGR) of 3.37%. The O&M market in India too grew at CAGR 4% in the last five years and estimated to reach $34.7 billion by 2030.

Pros and strengths

Diversified O&M service solutions for power and other industries: The company offers wide range of Operations and Maintenance (O&M) services for power generation industry and other industries. Its services include maintenance contracts, operations, repairs, overhauls, and upkeep. By understanding a majority part of the process, it provides customised services according to different plant technologies and infrastructure. It has experience in running core elements of power plants, such as the Boiler-Turbine-Generator (which produces electricity), and support systems like Coal Handling Plants, Ash Handling Plants, and the rail networks connected to them. It also provides maintenance for other units like rail mills, rotary machines, laboratories, and townships in various parts of India. With this wide range of services, plant owners can easily outsource important O&M work to the company.

Repeat orders from existing clients with larger project values: The company consistently receives repeat orders from existing clients, with larger project values, focusing on building long-term relationships across various industries and continuously improving its services. The company’s track record in these areas helps it to maintain a preference, leading to award of multiple projects at the same site with a wide range of services. The 99.65 percent of its revenue is from repeat sales in FY 2026 and 100 percent in FY 2025 and 2024, driven by successful project completions and favourable terms for all parties involved. The company has been engaged for over three years with several clients, working across multiple plant locations. These long-term relationships help it to better understand its clients' needs, improve resource use, control, and safety while adapting to changing environments.

Leadership with a track record, powered by a sizable team: As of March 31, 2026, the company has a team of 2,058 personnel, 2469 in 2025 and 1611 in 2024. The company’s workforce includes highly-skilled, skilled, semi-skilled, and unskilled workers across different sites and industries. Their practical knowledge plays an important role in the smooth execution of its annual maintenance contracts (AMCs). The company’s growth has been led by its promoter Harsh Ajaykumar Mittal, who brings over 13 years of experience in mechanical engineering. He currently heads business strategy and development, helping shape the company’s direction since its early days.

Risks and concerns

Significant dependence on a limited number of clients: The company has derived 99.97%, 100% and 99.98% of its revenue from operations in Fiscals 2026, 2025 and 2024 respectively, from its top 10 clients. Loss of any of its key clients, or reduction in revenue earned from such key clients, may have an adverse effect on its business, financial condition, cash flows and results of operations.

Significant revenue dependence on PSU clients: The company depends on contracts entered into with Public Sector undertakings (PSU) that account for a significant portion of its revenues. The company has garnered 92.27%, 91.13% and 81.28% of its revenue from operations in FY26, FY25 and FY24 respectively from PSU. The company cannot assure that such contracts will continue to be awarded to it in future. Failure to be awarded such contracts may adversely affect its business, results of operations, cash flows and financial condition.

High working capital requirements: The company has experienced significant working capital requirements in past and may continue to experience in future also. If it experiences insufficient cash flows from its operations or are unable to borrow to meet its working capital requirements, it may materially and adversely affect its business, cash flows and results of operations.

Outlook

Sai Urja Indo Ventures 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 has diversified O&M service solutions for power and other industries. It has increase in repeat orders from existing clients with larger project values. On the concern side, the company generates a substantial portion of its revenues from, and are therefore dependent on, certain key clients for a substantial portion of its business. Loss of any of its key clients, or reduction in revenue earned from such key clients, may have an adverse effect on its business, financial condition, cash flows and results of operations. Moreover, its revenues are significantly dependent on contracts awarded by public sector undertakings for the operation and maintenance and other services.

The company is coming out with a maiden IPO of 22,08,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 107-113 per equity share. The aggregate size of the offer is around Rs 23.63 crore to Rs 24.95 crore based on lower and upper price band respectively. On performance front, the company has reported 29.89% rise in its revenue from operations at Rs 8,510.97 lakh in FY26 as compared to Rs 6,552.42 lakh in FY25. Moreover, the company has reported 33.83% rise in its net profit at Rs 419.13 lakh in FY26 as compared to Rs 313.18 lakh in FY25 in FY25.

Meanwhile, the company intends to grow its business by moving into new industries that require similar types of work as thermal power plants. This will help it to reduce its dependence on just one kind of customer and give it experience in different industries. In the financial years 2026, 2025 and 2024, it undertook projects in the Iron & Steel and Agrochemical industry. The company also plans to expand into the fast-growing renewable energy sector, which includes solar, wind, and hydro power. The Indian government is encouraging a shift from coal-based power to cleaner energies, with a target to secure 500 gigawatts of energy from non-fossil fuel sources by 2030. Many of its existing clients already have renewable energy plants commissioned. So far, it has mainly worked on their thermal power plants, but it is trying to support their renewable plants as well. Using its current team and technical knowledge, it is ready to take on new opportunities in this sector and grow its business further.

Pursuant to the provisions of Regulation 30 of SEBI (LODR) Regulations, 2015, Nitta Gelatin India has informed that it enclosed, copy of newspaper advertisement published in Financial Express in connection with information related to opening of a special window for transfer and dematerialisation of physical shares which were sold / purchased prior to April O 1, 2019, m accordance with SEBI Circular No. HO / 38/13/11(2)2026-MIRSDPOD/I/ 3750/2026 dated January 30, 2026. 

The above information is a part of company’s filings submitted to BSE.

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Axis Bank has informed that based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors has today appointed Arvind Subramanian (DIN: 02551935) as an additional independent director of the Bank for a period of four years with effect from September 23, 2026 up to September 22, 2030, subject to approval of shareholders. In terms of Section 149(13) of the Companies Act, 2013, he shall not be liable to retire by rotation during his tenure as an independent director of the Bank. Arvind Subramanian is not related to any of the Directors or Key Managerial Personnel of the Bank. Please note that Arvind Subramanian is not debarred from holding the office of director by virtue of any order of SEBI or any other statutory authority. The details required pursuant to SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 are enclosed as Annexure A.

The above information is a part of company’s filings submitted to BSE.