Varmora Granito Ltd. IPO

Varmora Granito

• Varmora Granito is coming out with a 100% book building; initial public offering (IPO) of 4,90,74,776 shares of face value Rs 2 each in a price band Rs 140-148 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 22, 2026 and will close on September 24, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 2 and is priced 70.00 times of its face value on the lower side and 74.00 on the higher side.
• Book running lead managers to the issue are JM Financial, Goldman Sachs (India) Securities and SBI Capital Markets.
• Compliance officer for the issue is Nilesh Sharma. 

Profile of the company

Varmora Granito offers a diverse range of products comprising tiles, including glazed vitrified tiles (GVT), polished vitrified tiles (PVT) and ceramic tiles. It has consistently leveraged technology to pioneer design and quality advancements in the industry. For instance, it has commercialized integrated stone technology (IST) in 2024, with a technology partnership with SACMI Imola S.C. (SACMI), an Italian tile equipment provider.

The company’s diverse product offerings comprise a wide range of high-quality, durable and aesthetic tiles. Its primary focus is on selling premium products such as GVT and technical products which represented 84.19%, 78.71% and 75.37% of its revenue from operations from tiles in Fiscals 2026, 2025 and 2024, respectively. This underscores its focus on developing and selling premium products. This has also driven an improvement in its Gross Margin from 35.26% in Fiscal 2024 to 37.92% in Fiscal 2026.

To sustain its leadership in innovation and to maintain control over product quality and costs efficiency, 81.72% of its revenue from operations was generated from products manufactured in-house in Fiscal 2026. The company has eight strategically located manufacturing facilities (operated through the company and Subsidiaries) in the Morbi cluster in Gujarat. In addition to product innovation and premiumization, it has established a deep retail distribution footprint, particularly in India. It sells its products through a multi-channel distribution network comprising business-to-consumer (B2C) retail channels, which includes 305 exclusive brand outlets (EBOs) and 2,758 multi brand outlets (MBOs) spread across India and outside India, as of March 31, 2026, and business-to-business (B2B) channels, various builders, contractors, developers and government empanelment.

Proceed is being used for: 

• Repayment/ pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by: a) the company; and b) its wholly-owned subsidiaries namely Covertek Ceramica Private Limited and Varmora Sanitarywares Private Limited (formerly, Varmora Sanitarywares LLP), through investment in such Subsidiaries
• General corporate purposes

Industry overview

The flooring market in India is intricately linked to the growth of the real estate sector, reflecting the overall expansion and modernization of residential and commercial spaces. As urbanization accelerates and disposable incomes rise, there is a growing demand for various flooring materials that enhance the aesthetic and functional aspects of the real estate property. The flooring market in India was valued at Rs 1,358.3 billion in Fiscal 2025, it is estimated to grow at a rate of 3.5% y-o-y to reach Rs 1405.3 billion in Fiscal 2026. The market is further projected to grow at a CAGR of 5.4% from Fiscal 2026 to Fiscal 2030, reaching Rs 1,732.0 billion by Fiscal 2030. It comprises five segments- tiles, vinyl, wooden/laminate, concrete and stone (including marble, granite, limestone, and others). Tiles are the fastest growing segment in the flooring market due to their affordability, durability, versatility, and low maintenance, and their share in the flooring market is expected to reach 30.9% by Fiscal 2030, from 28.4% in Fiscal 2026.

The Indian domestic tiles market has witnessed significant growth over the past years. Valued at approximately Rs 360.0 billion in Fiscal 2019, the Indian domestic tiles market expanded to Rs 531.0 billion by Fiscal 2025, growing at a CAGR of 6.7%. Projections suggest that the Indian domestic tiles market is further expected to grow to Rs 765.2 billion by Fiscal 2030, representing a CAGR of 8.4% from Fiscal 2026 to 2030. This expansion is driven by rapid growth of the real estate sector, enabled by structural factors such as regulatory streamlining, govt. spends on infrastructure and public utilities, increasing urbanisation, and rising disposable incomes. Further, technological advancement in tile production has resulted in various types of surfaces, characteristics, and designs, thus increasing the use cases.

Meanwhile, the Indian sanitary and bathware market has experienced steady growth over the last six years, increasing from Rs 213.0 billion in Fiscal 2019 to Rs 331.0 billion in Fiscal 2025, at a CAGR of approximately 7.6%. In Fiscal 2026, the market expanded by 7.9% year-on-year (YoY) to Rs 357.0 billion and is projected to reach Rs 522.0 billion by Fiscal 2030, at CAGR of about 10.0%. The sanitary and bathware market is divided into two main categories: sanitaryware (toilets, basins, etc.) and bathware (faucets, showers, bathtubs, etc.). In Fiscal 2026, the sanitaryware segment accounted for approximately 38.5% of the market while the bathware segments accounted for approximately 61.5% of market share. The share of bathware is projected to grow faster due to low penetration and increasing renovation frequency as compared to sanitaryware market which is a more penetrated market. Sanitaryware market is expected to grow at rate of 7.4% from Fiscal 2026 to Fiscal 2030, while the Indian bathware market valued at Rs 219.6 billion in Fiscal 2026 is projected to grow at a CAGR of approximately 11.5% between Fiscal 2026 to Fiscal 2030 to reach Rs 339.2 billion by Fiscal 2030.

Pros and strengths 

Well position to capture tile industry growth: The company’s revenue from operations grew at a CAGR of 2.65% from Rs 14,354.81 million in Fiscal 2024 to Rs 15,124.64 million in Fiscal 2026. The company is well-positioned to capture the growth in the tiles market, premiumization of customer demand and shift towards branded players. Its diverse product offerings with key focus on premium products (such as GVT), continued innovation, pan India distribution channels, effective sales and marketing initiatives, advanced manufacturing capabilities and robust governance mechanisms enable it to leverage these industry trends to maintain and enhance its competitive market position and growth.

Diversified product portfolio with premium tile focus: The company’s product portfolio included over 3,500 tiles stock-keeping units (SKUs), as of March 31, 2026, which include GVT and technical products, PVT and ceramic tiles. It has also significantly differentiated its product offerings. The company’s total number of SKUs for tiles was 4,289, 4,177 and 4,009 as of March 31, 2026, 2025 and 2024, respectively. IST produces marble-like products across four surfaces. It offers 20 different surface types of tiles for various applications. It places key focus on developing premium and quality products based on industry trends and customer demands, such as GVT, which offers superior quality, design, durability and aesthetics. GVT commands higher realizations and profit margins, and is becoming a more preferred option for retailers in the market.

Driving product innovation through R&D and design: Premiumization in recent times in India have driven the demand for innovative tile designs and large-format tiles that combine aesthetics and functionality, prompting manufacturers to be much more innovative than ever before. The company’s continued focus on innovation enables it to offer an attractive product portfolio based on latest designs and advanced technology that are curated to serve evolving customer needs. It has demonstrated a strong focus on investing in innovation, particularly through the adoption of technologies and sustainable practices, primarily in GVT. It has a dedicated R&D team, comprising 17 members as of March 31, 2026, that drives its innovation initiatives. Further, as of March 31, 2026, it has a team of 20 skilled designers, who explore global trends to integrate fresh ideas in its product designs. The company’s capabilities have enabled it to consistently introduce new product designs and concepts for customers.

Strong manufacturing footprint in Morbi: The company operates eight manufacturing facilities strategically located in Morbi, Gujarat, India. Morbi, Gujarat, is India’s tile hub, contributing 90% of the country’s tile production, as of January 2026. In Fiscals 2026, 2025 and 2024, 81.72%, 78.55% and 66.83%, respectively, of its revenue from operations from products were manufactured in-house. This enables it to maintain end-to-end control of its value chain and ensure quality production standards as well as help in increasing its margins. In Fiscal 2024, it expanded its network with the establishment of two additional manufacturing facilities in the Morbi region, which provides it with advanced technology and additional production capacity. These facilities have added a capacity of 17.76 million square meters (40.55% of its total installed capacity, as of March 31, 2026).

Risks and concerns

Reliance on dedicated manufacturing facilities: The company is dependent on its manufacturing facilities for a significant portion of its revenues (81.72% of its total revenue from operations in Fiscal 2026). Further, certain of its products are produced at dedicated manufacturing facilities. Any delay in production at, or shutdown of, or any interruption in these manufacturing facilities may significantly and adversely affect its business, financial condition, cash flows and results of operations.

Revenue concentration in GVT and technical products: The company depends on its sale of tiles and in particular, GVT and technical products, for a significant portion of its revenues. The company has garnered 73.98%, 69.56% and 65.54% of its total revenue from sale of GVT and technical products in FY26, FY25 and FY24 respectively. Any negative trend or downturn in the tiles market (particularly GVT) and other markets that it caters to (such as bathware), due to reasons such as consumer demand, consumer confidence, disposable income levels, employment levels, changes in national and international trade policies, geopolitics and trade tariffs, changes in government policies, environmental, health and safety regulations, could result in loss of business or reduction in the volume of business from customers in these industries.

High dependence on B2C retail and franchisees: The company has an extensive retail distribution network and derives a significant portion of its revenue from operations from its B2C retail chain (comprising exclusive brand outlets (EBOs) and multi brand outlets (MBOs)) (accounting for 66.80% of its total domestic sales in Fiscal 2026). It operates all its EBOs and MBOs through franchisees and any non-performance by its franchisees may adversely affect its business, results of operations and financial condition.

Dependence on key suppliers for raw materials: The company’s operations are subject to volatility in the supply and pricing of raw materials and packing materials. It is also dependent on its top suppliers for the supply for certain raw materials (top 10 suppliers contributed to 8.10% of its total expenses in Fiscal 2026). Any loss of suppliers or interruptions in the timely delivery of supplies or price escalations could have an adverse impact on its business, financial condition, cash flows and results of operations.

Outlook

Varmora Granito is engaged in the business of manufacturing and marketing ceramic and vitrified tiles. The company’s product portfolio includes a wide range of tiles across formats such as glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles. As of March 31, 2025, the company’s distribution network covered 949 cities across 27 states and union territories in India. The product portfolio included more than 3,500 stock-keeping units (SKUs) as of March 31, 2025. On the concern side, all the company’s revenues are attributable to manufacturing facilities situated in Morbi, Gujarat. Any disruption in the Morbi region, may significantly and adversely affect its business, financial condition, cash flows and results of operations. Moreover, the company operates in highly competitive markets in each of its product categories and an inability to compete effectively may adversely affect its business, financial condition, cash flows and results of operations.

The issue has been offering 4,90,74,776 shares in a price band of Rs 140-148 per equity share. The aggregate size of the offer is around Rs 687.05 crore to Rs 726.31 crore based on lower and upper price band respectively. Minimum application is to be made for 101 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 4.59% from Rs 14,460.29 million in Fiscal 2025 to Rs 15,124.64 million in Fiscal 2026 primarily on account on increase in sale of tiles. Moreover, the company’s profit for the year significantly increased by 79.03% from Rs 307.73 million in Fiscal 2025 to Rs 550.93 million in Fiscal 2026.

Meanwhile, the company has categorized the regions in India into core and emerging markets based on an assessment of its presence and distribution network. In the western and northern regions of India (i.e. its core markets), the company intends to strengthen its existing relationships by converting MBOs to EBOs, expanding the range of product offering with new surface launches and build new strategic relationships, such as marble dealers, to sell its new launched IST products. Further, its focus on premiumisation will drive realization growth, allowing it to offer higher-value products that meet the evolving preferences of its customers. This approach will not only enhance its revenue streams but also support its expansion into core markets by attracting a more affluent customer base, improving brand perception, and driving innovation. It also intends to strengthen its direct sales efforts, with a particular emphasis on cultivating strong relationships with key accounts and government agencies to secure contracts for large housing projects and repeat business. Additionally, it aims to improve its logistics and warehousing operations to guarantee timely and cost-effective delivery of products. The company’s advanced capabilities together with industry tailwinds, provide it significant headroom to drive productivity across India.

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.