# Sai Infinium Limited: IPO analysis > Sai Infinium Limited (CIN U35105GJ2004PLC044607) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹280 Cr and an offer for sale of 1.2 Cr shares. In FY26 it reported revenue of ₹689 Cr (+30.4% on FY25) and a net profit of ₹82 Cr. Promoters hold 92.0% before the IPO. Our fact-check of its claims found 2 medium or high concerns across 40 claims checked. - Page: https://ipo.innerkore.com/company/U35105GJ2004PLC044607/sai-infinium-limited/ - CIN: U35105GJ2004PLC044607 - Last updated: 1 Oct 2026 ## Key facts - **Company:** Sai Infinium Limited - **CIN:** U35105GJ2004PLC044607 - **Filing stage:** DRHP - **Latest SEBI filing:** 1 Oct 2026 - **Fresh issue:** ₹280 Cr - **Offer for sale:** 1,20,00,000 shares - **Listing on:** BSE, NSE - **Revenue FY26:** ₹689 Cr - **Revenue growth:** +30.4% - **Net profit FY26:** ₹82 Cr - **Revenue CAGR FY24 to FY26:** 21.3% - **Promoter holding (pre-IPO):** 92.0% - **Lead managers:** Fedex Securities Private Limited, Neomile Capital Advisors Private Limited - **Registrar:** KFin Technologies Limited - **Fact-check flags:** 0 high, 2 medium, 6 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 21.3% a year. Sales FY24 to FY26; latest year +30.4%. - **Profitability** (looks fine): 12% net margin. FY26; operating margin improving. - **Debt** (look closer): 0.91x equity. ₹358 crore borrowed at the end of FY26. - **Profit into cash** (looks fine): 100% of profit. Operations brought in ₹82.5 crore against ₹82.4 crore of profit in FY26. - **One-off income** (look closer): 6% of profit. Other and one-off income is 6% of pre-tax profit; management describes 1 one-off item. - **Red flags** (look closer): 2 to review. 40 claims checked: 0 high, 2 medium concern. ## Financial snapshot (₹ crore unless stated; unspecified) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 468 | 529 | 689 | | Sales growth | – | 12.9% | 30.4% | | Operating profit | 28 | 54 | 128 | | Operating margin | 5.9% | 10.2% | 18.6% | | Net profit | 6.1 | 44 | 82 | | Net margin | 1.3% | 8.3% | 12.0% | | Net worth | 127 | 259 | 392 | | Borrowings | 91 | 69 | 358 | | Return on equity | 4.8% | 16.9% | 21.0% | ## Non-recurring items (as described by management) - Write offs during the period/year in respect of trade receivables were 4.75 (Fiscal 2026), 13.28 (Fiscal 2025), and a negative amount (Fiscal 2024). (p.543) ## Use of proceeds (fresh issue) - Funding the capital expenditure requirements of our Company towards expansion of manufacturing capacity of MS Billets by installation of induction melting system of 50 (1x50) tonnes at Survey No. 1016/2 and 1019 Paiky -B, Chamardi Village, taluka – Vallabhipur, Bhavnagar - 364310, Gujarat.: ₹210 crore - General corporate purposes*: amount not fixed yet ## Fact-checked claims - **MEDIUM** (LitigationStatus): One Goods and Services Tax case for Financial Years 2018-19 to 2024-25 is pending before the Commissioner (Appeals), CGST.. The search results indicate that there are ongoing legal proceedings involving Sai Infinium Limited before the NCLT at Ahmedabad, specifically concerning contempt notices. However, the search results do not explicitly confirm a pending Goods and Services Tax case for the entire period mentioned in the claim. - **MEDIUM** (LitigationStatus): One Direct Tax case for the period 2018-19 is pending.. The search results indicate that there are ongoing legal proceedings involving Sai Infinium Limited and the NCLT Ahmedabad, specifically concerning contempt notices. Some results mention the direction to issue contempt notices, suggesting active legal issues, but they do not explicitly confirm a 'Direct Tax case' for the 2018-19 period. - **LOW** (LitigationStatus): A Settlement Order dated March 08, 2023 was passed by SEBI concerning settlement applications filed under the SEBI Settlement Scheme, 2022.. The search results indicate that there are ongoing legal proceedings involving Sai Infinium Limited and the NCLT Ahmedabad, including the issuance of contempt notices, but they do not confirm the existence of a specific Settlement Order dated March 08, 2023, by SEBI under the Settlement Scheme, 2022. - **LOW** (LitigationStatus): One Income Tax for Assessment Year 2024–25 case is pending before the Commissioner of Income-tax (Appeals).. The search results indicate that Sai Infinium Limited has faced contempt notices from the NCLT at Ahmedabad, which is related to legal proceedings against the company. However, the results do not specifically mention a pending Income Tax case for Assessment Year 2024-25. - **LOW** (PromoterBackground): Bindiya Bharat Joisher was previously employed with Gumpro Drilling Fluids Private Limited, High Point Services (I) Private Limited, NZ Seasonal Wear Private Limited, and Vinergy International Private Limited, and has over 10 years of experience.. The search result mentions a connection between a company and Gumpro Drilling Fluids Pvt. Ltd., stating that a 'rock thin section' was largesse from Gumpro Drilling. Fluids Pvt. Ltd., which is related to the first part of the claim regarding Gumpro Drilling Fluids Private Limited. - **LOW** (PromoterBackground): Manoj Kumar Jasoria was previously employed with M/s PS Associates, M/s Sanjay Grover and Associates, and Raffles Design International India Private Limited, and has over 4 years of experience.. The search results confirm that Raffles Design International India Private Limited is involved in legal matters, specifically in relation to a case against Educomp, as referenced in several documents. However, the search results do not explicitly confirm the employment history of Manoj Kumar Jasoria with the other mentioned entities (M/s PS Associates, M/s Sanjay Grover and Associates) or the exact duration of his experience. - **LOW** (SubsidiaryPerformance): The company was originally incorporated as a private limited company on August 16, 2004, under the name “Sai Inductomelt Private Limited”.. The search results show a listing for "SAI INDUCTOMELT PVT.LTD.", which is related to the name mentioned in the claim, but they do not provide direct confirmation or denial regarding the original incorporation date of August 16, 2004, or the exact name change process described. - **LOW** (LitigationStatus): SEBI found that out of 21,652 entities that executed trades on the BSE Stock Options Segment, 14,720 entities were involved in generating artificial volumes in violation of PFUTP Regulations, 2003.. The search results indicate that Sai Infinium Limited has faced contempt notices from the NCLT at Ahmedabad against it and its representatives. This suggests legal proceedings related to the company, but it does not directly corroborate or contradict the specific statistic regarding the number of entities involved in artificial volume generation mentioned in the DRHP claim. - **NONE** (PromoterBackground): Mehul Shashikant was appointed as Additional Non-Executive Independent Director on October 15, 2024, and regularized as Non-Executive Independent Director on October 24, 2024.. The provided search results do not contain any information regarding the appointment or regularization of a person named Mehul Shashikant as a director for Sai Infinium Limited. Therefore, the search results do not corroborate, contradict, or provide any new information about the claim. - **NONE** (PromoterBackground): Vinodrai Kanjibhai was appointed as Additional Non-Executive Independent Director on October 15, 2024, and resigned as such on October 16, 2024, due to pre-occupation in other assignments and personal and health issues.. The provided search results do not contain any information regarding the appointment or resignation of Vinodrai Kanjibhai as an Independent Director in relation to Sai Infinium Limited. Therefore, the search results do not corroborate, contradict, or update the claim. - **NONE** (PromoterBackground): Munishkumar A Bansal was appointed as Executive Director on August 29, 2024.. The provided search results do not contain any information regarding the appointment of Munishkumar A Bansal as Executive Director on August 29, 2024. Therefore, the search results do not corroborate, contradict, or update the claim. - **NONE** (PromoterBackground): Shivnarayan Bansal was appointed as Executive Director on August 29, 2024, appointed as Managing Director on October 24, 2024, and appointed as Chairman on December 02, 2024.. The provided search results do not contain any information corroborating or contradicting the claim regarding the appointment dates of Shivnarayan Bansal as Executive Director, Managing Director, or Chairman of Sai Infinium Limited. The search results primarily point to general SEBI information, case laws, and stock quotes, none of which directly verify the specific appointments mentioned. ## Common questions ### How big is the Sai Infinium Limited IPO? Sai Infinium Limited's IPO comprises a fresh issue of ₹280 Cr and an offer for sale of 1.2 Cr shares, according to its Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are Sai Infinium Limited's revenue and profit? Sai Infinium Limited reported revenue from operations of ₹689 Cr in FY26, +30.4% versus FY25. Net profit was ₹82 Cr (FY25: ₹44 Cr). Revenue grew at a compound rate of 21.3% a year from FY24 to FY26. Figures are read from the DRHP, as printed there. ### How much do promoters own in Sai Infinium Limited? Promoters hold 92.0% of Sai Infinium Limited before the IPO. ### How will Sai Infinium Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding the capital expenditure requirements of our Company towards expansion of manufacturing capacity of MS Billets by installation of induction melting system of 50 (1x50) tonnes at Survey No. 1016/2 and 1019 Paiky -B, Chamardi Village, taluka – Vallabhipur, Bhavnagar - 364310, Gujarat. (₹210 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Sai Infinium Limited's DRHP? We fact-checked 40 claims from the filing against the open web: 0 raised a high concern, 2 medium and 6 low. The most notable: The search results indicate that there are ongoing legal proceedings involving Sai Infinium Limited before the NCLT at Ahmedabad, specifically concerning… The search results indicate that there are ongoing legal proceedings involving Sai Infinium Limited and the NCLT Ahmedabad, specifically concerning contempt… This is an automated screen, not a verdict; each finding links to its sources. ### What does Sai Infinium Limited do? Here’s a detail you probably missed about Sai Infinium Limited: while there are ongoing legal proceedings before the NCLT in Ahmedabad, the public record doesn't confirm a Goods and Services Tax case covering the entire period mentioned in the claim. ### Who manages the Sai Infinium Limited IPO? Book running lead managers: Fedex Securities Private Limited, Neomile Capital Advisors Private Limited. Registrar to the offer: KFin Technologies Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Sai Infinium Limited IPO documents? All 1 filing for Sai Infinium Limited (DRHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [SAI INFINIUM LIMITED](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1790839813298_1381.pdf) (Draft Red Herring Prospectus, filed 1 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.