Sai Urja Indo Ventures IPO

Economic Contribution: India’s power sector contributes approximately 2.5%–3% to GDP and supports industrial, commercial and economic activity.  

Power Generation: Total power generation grew at a 10-year CAGR of 5.38%, reaching 1,824.21 billion kWh in FY2025, up 5.18% YoY.  

Installed Capacity: India’s total installed power generation capacity stood at 475.21 GW as of March 2025.  

Per-Capita Consumption: Electricity consumption per capita increased from 612 kWh in FY2005 to 1,395 kWh in FY2024, reflecting rising demand from urbanisation and industrialisation.  

Thermal Power: Thermal sources accounted for around 245 GW of installed capacity, representing nearly 46% of total capacity and 73% of total generation in FY2025.  

Renewable Energy and Hydro: Renewable energy and hydro had a combined installed capacity of 220.10 GW, accounting for around 46.3% of total capacity and 22.13% of generation.  

Solar Power: Solar power capacity stood at 105.65 GW, making it a key contributor to renewable capacity additions.  

Wind Power: Wind power had an installed capacity of 50.04 GW, with further development through hybrid, onshore and offshore projects.  

Nuclear Power: Nuclear power capacity stood at 8.18 GW, contributing around 3.1% of total generation.  

2030 Capacity Target: India aims to achieve 500 GW of non-fossil fuel capacity by 2030, while total installed power capacity is estimated to reach 817 GW.  

Industry Scope: Power O&M services cover overhaul, routine maintenance, repairs and engineering support to improve asset life, plant availability and operational efficiency.  

Global Market: The global power O&M market was valued at USD 721.12 billion in 2025 and is projected to reach USD 972.17 billion by 2034.  

India Market: India’s O&M market grew at a 4% CAGR over the past five years to reach USD 21.5 billion in 2025 and is projected to reach USD 34.7 billion by 2030.  

Key Players: Major players in the Indian power O&M industry include Sai Urja Indo Ventures Limited, Power Mech Projects Limited, Neptunus Power Plant Services, Flowtherm Engineering, Solon India and Sopan O&M.  

Capacity Expansion: Growth in installed capacity from 475.21 GW in FY2025 to an estimated 817 GW by FY2030 is expected to increase demand for specialised O&M services.  

Outsourcing Demand: Power producers are increasingly outsourcing O&M activities to third-party specialists to reduce fixed costs and access technical expertise.  

Aging Infrastructure: The increasing age of thermal and hydro assets is creating demand for renovation, modernisation and life-extension services.  

Coal Plant R&M: The CEA identified 223 coal units with a combined capacity of 63,440 MW as potential candidates for renovation and life-extension work during 2024–2033.  

Hydro Plant R&M: R&M and life-extension work is underway across 49 hydro-electric plants with a combined capacity of 8,765.90 MW during 2022–2027.  

Environmental Compliance: Stricter emission norms and requirements related to FGD systems, fly ash and effluent management are increasing maintenance requirements.  

Digital Transformation: Adoption of IoT, AI/ML, SCADA, digital twins and cloud-based systems is supporting predictive and condition-based maintenance.  

Captive Power: Industries such as iron and steel, agrochemicals, chemicals, oil and gas, and paper are expanding and upgrading captive power facilities.  

Data Centre Demand: India’s data centre capacity surpassed 1 GW in 2024, with the sector growing at around 24% CAGR, supporting demand for reliable power infrastructure and O&M services.  

Competitive Pricing: Competitive bidding and bundled EPC-O&M contracts can increase pricing pressure and affect O&M margins.  

Renewable Intermittency: Solar and wind projects generally have lower O&M intensity than thermal plants, while intermittency requires investments in Battery Energy Storage Systems and pumped hydro storage.  

Skilled Workforce: O&M services require trained engineers and technicians, while labour regulations, employee attrition and digital skill gaps can create operational challenges.  

Rising Electricity Demand: Increasing industrial activity, urbanisation and electricity consumption are supporting the need for additional power generation and related O&M services.  

Energy Transition: The shift towards renewable energy is changing the maintenance requirements across India’s power generation mix.  

Predictive Maintenance: Digital monitoring and predictive maintenance technologies are becoming increasingly relevant for improving plant availability and maintenance planning.  

New O&M Opportunities: Industrial captive power facilities and data centre infrastructure are creating additional applications for specialised O&M services. 

Working Capital Requirements: ₹800 lakh to meet incremental working capital needs arising from billing and realisation cycles, unbilled revenue and client retention amounts.  

Debt Repayment and Prepayment: ₹600 lakh towards full or partial repayment of existing bank borrowings, business loans and overdraft facilities, thereby reducing debt servicing and interest costs.  

General Corporate Purposes: The remaining net proceeds from the fresh issue will be used for routine operating expenses, business development and other general corporate requirements. 

Diversified O&M Services: The company provides end-to-end O&M services across Electrical, Mechanical, and Control & Instrumentation - C&I disciplines, covering BTG, CHP, MGR, Ash Handling, FGD systems and industrial housekeeping.  

Strong Client Retention: 100% of revenue in FY2024 and FY2025 came from repeat orders from existing clients, indicating continued engagement with its customer base.  

Higher Project Realisation: Average realisation per project increased from ₹97.91 lakh in FY2023 to ₹181.92 lakh in FY2025, while average realisation per plant increased from ₹189.29 lakh to ₹436.60 lakh during the same period.  

Order Book Visibility: The company had an order book of ₹22,471.67 lakh as of August 31, 2025, including ₹12,460.57 lakh of unexecuted pending project value across 24 ongoing projects.  

Multi-Industry Presence: Although power generation contributed 81.71% of FY2025 revenue, the company also serves the iron and steel and agrochemical and fertiliser industries, which contributed 13.25% and 5.04%, respectively.  

Pan-India Presence: Sai Urja has provided services across 21 plant locations in 10 states over the past three years.  

Electrical Licences: The company holds valid electrical contractor licences in Maharashtra, Uttar Pradesh, Bihar, Jharkhand and Madhya Pradesh, enabling it to undertake licensed electrical work in these states.  

Skilled Workforce: The company has a workforce of over 2,469 personnel across highly-skilled, skilled, semi-skilled and unskilled categories.  

Experienced Management: Promoters Harsh Ajaykumar Mittal and Santosh Ajay Kumar Mittal have experience in the company’s operations and industry.  

Power Capacity Expansion: India’s installed power capacity is projected to increase from 475.21 GW in FY2025 to 817 GW by 2030, creating additional requirements for power plant O&M services.  

Thermal Plant Modernisation: With India’s coal-fired thermal fleet having an average age of around 15.41 years, renovation, modernisation, equipment replacement and life-extension activities can support demand for maintenance services.  

Renewable Energy O&M: India’s target of 500 GW of non-fossil fuel capacity by 2030 provides an opportunity to expand O&M services into solar, wind and hydro projects.  

Data Centre Infrastructure: India’s data centre capacity has crossed 1 GW, with the sector growing at around 24% CAGR. Expansion of captive power and solar facilities can create demand for specialised O&M services.  

Industrial Captive Power: Growing captive power requirements across iron and steel, oil and gas, agrochemicals and paper provide opportunities to expand industrial O&M services.  

Predictive Maintenance: Adoption of IoT sensors, AI analytics and remote condition monitoring can enable technology-driven maintenance services and improve plant monitoring.  

Geographic Expansion: The company has scope to expand its presence across major thermal power-generating states, including Gujarat, Chhattisgarh, Karnataka and Rajasthan.  

Higher-Value Services: Sai Urja plans to expand into higher-value activities, including turnkey EPCC - Engineering, Procurement, Construction and Commissioning and large civil and structural overhaul projects. 

Thermal Power Concentration: Thermal power generation contributed 81.71% of FY2025 revenue, leaving the company highly dependent on coal-based power plants. Its current exposure to solar and wind O&M remains limited.  

High PSU Dependence: PSUs contributed 91.13% of FY2025 operational revenue, up from 81.28% in FY2024 and 74.67% in FY2023. PSU contracts may involve stringent qualification requirements, fixed pricing, lengthy approval processes and payment delays.  

Working Capital Requirements: The business follows a standard 60-day billing and realisation cycle, while clients may retain 2%–5% of invoice value. Differences between receivable and payable cycles can put pressure on operating cash flows and short-term borrowings.  

Labour Dependence: The company’s operations depend on more than 2,469 personnel, making workforce availability and retention important for project execution. Employee attrition was 4.80% in FY2025, compared with 60.58% in FY2023 and 27.17% in FY2024.  

Fixed-Price Contracts: Most O&M contracts are based on fixed prices, which can expose the company to higher manpower, consumable and lubricant costs when such increases cannot be passed on to customers.  

Penalty Exposure: O&M contracts may include liquidated damages and penalties for plant downtime or delays in completing contracted work.  

Statutory Compliance: The company has reported instances of delays in certain statutory filings and payments, including GST, TDS/TCS and Registrar of Companies filings, which may result in fines or interest.  

Shift Towards Renewable Energy: India’s target of 500 GW of non-fossil fuel capacity by 2030 could reduce the share of thermal power generation. Renewable assets also generally have lower O&M intensity than thermal plants.  

O&M Pricing Pressure: Declining power tariffs, particularly in solar generation, may encourage asset owners to reduce operating costs and put pressure on third-party O&M service margins.  

Competition from EPC Players: Large EPC companies increasingly offer 3–5 years of bundled O&M services with plant construction, which can limit opportunities for independent O&M providers.  

In-House Maintenance: Large power operators may prefer in-house O&M teams to retain operational control and reduce dependence on external service providers.  

Regional Competition: Unorganised local contractors with lower overheads and fewer compliance requirements can increase competition in price-sensitive tenders.  

Environmental Regulations: Stricter emission and ash-handling requirements may require additional investment by thermal plant owners. Older or non-compliant plants could also face lower utilisation or closure, reducing demand for thermal O&M services.  

Cost Inflation: Rising wages, transportation expenses and material costs can affect profitability, particularly where contracts have limited price-escalation provisions. 

Sai Urja Indo Ventures IPO DRHP 

Shannon Advisors Private Limited 

Contact Number: 011-45121795 

Email Address: investor.ipo@maashitla.com