Updated on 23.03.2026|11:55 AM
Innovision Limited is set to launch its Initial Public Offering (IPO) on Tuesday, March 10, 2026. It is an integrated business services provider offering manpower solutions, toll plaza management, and skill development training.
The company, which is also expanding into the emerging drone sector through a subsidiary, aims to raise ₹322.84 Crores through a mix of a fresh issue and an Offer for Sale (OFS).
With a price band fixed at ₹521 to ₹548 per share, the issue will close on Thursday, March 12, 2026. Track all the upcoming and live IPOs of 2026 at one place, IPO section of mrmoneyfrugal.
In this article, you will find Innovision IPO GMP today, subscription status, allotment date, price band, and a detailed review.
Briefs of Innovision IPO Details:
- Price Band: ₹521 – ₹548 per equity share
- IPO Open / Close Dates: March 10, 2026 – March 12, 2026 (Extended to March 17, 2026)
- Lot Size: 27 Shares (Minimum Retail Investment: ₹14,796)
- Issue Size: Up to ₹322.84 Crores
- Fresh Issue: ₹255.00 Crores
- Offer for Sale (OFS): 12,38,000 shares (Up to ₹67.84 Crores)
- Registrar: Kfin Technologies Ltd.
- Listing Exchange: NSE, BSE
Investors who need more help regarding credit of shares, refunds and other registrar level issue can find our step by step guide on Kfin IPO allotment quite useful.
What Is The Innovision IPO GMP Today?
Check out our dedicated gmp section which is updated regularly for this and all other live and recently closed IPOs.
Note: The Grey Market Premium (GMP) is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Listing Updates
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 548 | 467.7 | -14.7 |
What Are The Important Innovision IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Tuesday, March 10, 2026
- IPO Close Date: Thursday, March 12, 2026
- Basis of Allotment Date: Friday, March 13, 2026
- Refund Initiation Date: Monday, March 16, 2026
- Credit of Shares: Monday, March 16, 2026
- Listing Date: Monday, March 23, 2026
What Are The Objectives of Innovision IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Working Capital: A significant portion (₹119.00 Crores) is earmarked to fund incremental working capital requirements. This is critical for managing the extended receivable cycles and earnest money deposits typical in government and toll management contracts.
- Debt Repayment: Approximately ₹51.00 Crores will be utilized for the prepayment or repayment of outstanding borrowings, aiming to reduce finance costs.
- General Corporate Purposes: The balance will be used for general corporate contingencies and strategic initiatives.
How is The Financial Performance of Innovision?
The following table summarises the financial performance of the company based on restated consolidated financial statements.
(Figures in ₹ Crores)
Particulars | Period Ended 30 Sep 25 | Period Ended 31 Mar 25 | Period Ended 31 Mar 24 | Period Ended 31 Mar 23 |
Total Income | 483.10 | 895.95 | 512.13 | 257.62 |
Profit After Tax (PAT) | 20.00 | 29.02 | 10.27 | 8.88 |
EBITDA | 30.42 | 51.75 | 19.66 | 16.36 |
Total Borrowing | 112.39 | 79.05 | 48.15 | 33.34 |
Assets | 271.66 | 220.30 | 157.05 | 108.17 |
Source: RHP
Financial Analysis & Observations:
Total Income:
Innovision has demonstrated aggressive top-line growth, with Total Income surging from ₹257.62 Crores in FY23 to ₹895.95 Crores in FY25. This exceptional growth is primarily driven by expansion in the Toll Plaza Management segment and increased revenue from government skill development schemes.
Profit After Tax (PAT):
Profitability followed the revenue trajectory, with PAT expanding significantly from ₹8.88 Crores in FY23 to ₹29.02 Crores in FY25. This reflects the company's ability to scale operations profitably by shifting towards higher-margin verticals.
EBITDA:
Operational efficiency improved markedly, with EBITDA jumping to ₹51.75 Crores in FY25. The EBITDA margins, while traditionally low in manpower businesses, remain competitive at around 5.79%, indicating strict cost controls.
Total Borrowing:
To fund its rapid expansion and heavy working capital needs, the company’s total borrowings have escalated to ₹112.39 Crores by September 2025. The IPO proceeds allocated for debt repayment will be crucial in managing the growing interest burden.
Assets:
The asset base has more than doubled over three years, reaching ₹271.66 Crores by September 2025. Given the asset-light nature of the services business, this growth is largely driven by rising trade receivables and fixed deposits held as bank guarantees for toll contracts.
What Are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹15.62, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 35.08x at the upper end of the price band (₹548).
P/E Ratio = ₹548(Price) / ₹15.62(Earnings Per Share)
P/E Ratio ≈ 35.08x
Peer Comparison Table (FY 2025 Data):
Company | P/E Ratio | RoNW (%) | EPS (₹) |
Innovision Limited | ~35.08x | 35.45% | 15.62 |
Krystal Integrated Services | 13.47x | 14.30% | 44.61 |
Updater Services Limited | 8.62x | 12.33% | 17.70 |
SIS Limited | 401.85x | 0.49% | 0.81 |
Quess Corp Limited | 63.37x | 4.23% | 3.07 |
Highway Infrastructure Ltd | 15.15x | 19.03% | 3.40 |
Analysis:
Innovision Limited is entering the market at an estimated P/E multiple of 35.08x based on its FY25 EPS. While this valuation is higher than mid-cap peers like Updater Services (8.62x) and Krystal Integrated Services (13.47x), it represents a significant discount compared to established industry giants like Quess Corp (63.37x) and SIS Limited (401.85x).
Crucially, investors must weigh this valuation against Innovision's Return on Net Worth (RoNW) of 35.45%, which vastly outperforms all listed peers in the comparison table. This indicates highly efficient capital utilisation that may justify a premium over lower-margin competitors.
What is The Industry Outlook of Innovision Limited?
Growth Potential:
The integrated facility management and specialised staffing sectors in India are projected to grow steadily, driven by increasing formalisation and infrastructure development.
Market Trends:
The toll management sector is benefiting from the expansion of national highways, while the skill development space sees strong tailwinds from government initiatives like the PM Vishwakarma Yojana. Innovision's early entry into the drone sector also aligns with emerging tech trends.
What Are The Strengths and Risks of Innovision IPO?
Strengths:
- High Growth & Efficiency: The company has delivered a spectacular 2-year revenue CAGR of ~87% along with an industry-leading ROE of over 35%.
- Diversified Verticals: Transitioning from a pure security provider to integrated services allows for cross-selling and margin improvement.
- Future-Ready Tech: The strategic 51% stake in Aerodrone Robotics provides a foothold in India's booming drone manufacturing and training market.
Risks:
- Severe Client Concentration: Over 57% of H1FY26 revenue is derived from a single client, NHAI. This is a critical vulnerability.
- Debarment Risk: A recent (currently stayed) 1-year debarment order by NHAI poses a severe threat to the company's largest revenue stream.
- Negative Cash Flows: Despite strong accounting profits, the company reported negative operating cash flows of ₹(21.88) Crores in FY25 due to delayed client payments (high receivable days).
- Labor Compliance: With over 14,000 employees, the company faces inherent risks of labor disputes and statutory compliance delays, instances of which have occurred in the past.
Key Considerations for Investors
This analysis is neutral and for informational purposes only.
- Valuation vs. Growth: The P/E of ~35x appears reasonable given the aggressive growth rates and high ROE, slotting comfortably between lower-tier peers and industry leaders.
- Cash Flow Profile: Investors should carefully monitor the high working capital intensity and negative operating cash flows; the IPO proceeds are vital to correcting this imbalance.
- Litigation Overhang: The ongoing legal situation regarding the NHAI debarment order is a significant binary risk that must be factored into investment decisions.
Key Takeaways
- IPO Price: ₹548 per share (Upper Band).
- Min Investment: ₹14,796 (27 Shares).
- Allotment: March 13, 2026
- Listing: NSE & BSE on March 23, 2026.
FAQs on Innovision IPO
What is Innovision IPO GMP today?
The GMP is a dynamic market sentiment indicator. Please check trusted financial news portals or our dedicated GMP section for the latest updates.
What is Innovision IPO price band?
The price band is fixed at ₹521 to ₹548 per equity share.
What is Innovision IPO allotment date?
The allotment status is expected to be finalized on Friday, March 13, 2026.
What is Innovision IPO listing date?
The shares are tentatively scheduled to list on Tuesday, March 23, 2026.
Investment Perspective on Innovision IPO
Innovision offers a high-growth opportunity with exceptional return metrics in the integrated business services sector. However, the extreme client concentration with NHAI, coupled with the overhanging debarment litigation and negative cash flows, makes this an issue suited primarily for investors with a high risk tolerance.
Disclaimer: This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
