As an investor, it can be very challenging to decide whether the Innovision IPO is a good or bad investment. Not anymore, as in this blog, we will provide you with all the necessary details related to the Innovision IPO to help you decide whether you should Apply or Not. Read on to know the IPO risks, strengths, valuation, financial details, and expert opinion to make your investment decision better.
Strengths:
- The firm operates 39 offices across India, offering its services to 23 states and 5 union territories.Â
- Innovision offers various Manpower services, which include private security, IFM services, and manpower sourcing and payroll solutions catering to different sectors.
- The company is backed by experienced promoters who have 15 years of industry experience.
- The firm has an in-house team of 100 professionals who manage staff and recruitment, without relying on 3rd-party recruitment.Â
- Over the last 3 years, Innovision has had a good Return on Equity (ROE) of 33.0%.
Weaknesses:Â
- Instead of long-term, the firm will use the funds raised from the fresh issue towards short-term capital requirements and debt repayment only.
- The company generates around 56% of revenue from the NHAI tender for Tall Plaza Management. If it failed to secure more contracts from NHAI clients for its Tall plaza business can affect the company’s financials and revenue.
- Innovision mainly depends on its manpower services; being unable to keep or attract new workers or staff can impact business growth.
- Around 90% of its revenue comes from toll plaza management and manpower services; a decline in the demand for such services can negatively affect the business.Â
Innovision IPO ReviewÂ
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Canara Bank | |
| DRChoksey FinServ | |
| Emkay Global | |
| Hem Securities | |
| IDBI Capital | |
| Marwadi Shares | |
| Nirmal Bang | |
| SBICAP Securities | |
| Sharekhan | |
| SMC Global | |
| Sushil Finance | |
| Swastika Investmart | |
| Ventura Securities | |
| Geojit | |
| Reliance Securities | |
| Capital Market | |
| BP Wealth | |
| ICICIdirect | |
| Choice Broking |
Promoters & Track Records, if anyÂ
- Lt Col Randeep Hundal, aged 49 years, is one of the promoters and is also the Chairman and Managing Director. He holds 9,449,986 equity shares, representing 49.99% of pre-offer shareholding capital.
- Uday Pal Singh, aged 48 years, is one of the promoters and is also the Whole Time Director and Chief Executive Officer of the Company. He holds 9,449,958 equity shares, representing 49.99% of pre-offer shareholding capital.
Peer Comparison with the Company
| Name of the Company | Face Value(â‚ą) | EPS (â‚ą) | RONW (%) | P/E Ratio | NAV(â‚ą) |
| Innovision | 10 | 15.62 | 35.45% | 35.69 | 43.32 |
| Listed Peers | |||||
| Krystal IntegratedServicesLimited | 10 | 44.61 | 14.30% | 13.47 | 312.92 |
| UpdaterServicesLimited | 10 | 17.70 | 12.33% | 8.62 | 144.07 |
| SIS Limited | 5 | 0.81 | 0.49% | 401.85 | 166.79 |
| Quess Corp Limited | 10 | 3.07 | 4.23% | 63.37 | 72.92 |
| HighwayInfrastructure Ltd | 5 | 3.40 | 19.03% | 15.15 | 20.37 |
Industry Peer Group P/E ratioÂ
The peer group P/E ranges from the lowest of 8.62 for Krystal Integrated Services Limited to the highest of 401.85 for SIS Limited, with an average P/E of 100.49.
Expansion
- The proceeds of â‚ą51 crore raised from the fresh issue will be utilized towards the repayment/prepayment of existing debt taken by the company.
- The funds of â‚ą119 crore from the fresh issue will be used towards the working capital requirement of the company.
- Lastly, the remaining funds will be utilized for the general corporate purposes.
Innovision IPO — Should You Apply or Not?
Started its business as a private security services company, and now focuses on toll plaza management and manpower services, Innovision IPO is opening for subscription on the 10th of March. Under the manpower services, they offer security services, cleaning, housekeeping, support staff, and recruitment solutions for various industries like healthcare, warehousing and logistics, government departments, retail, and BFSI.Â
As of January 2026, Innovision Limited has worked with 180 clients across various sectors. Coming to its financials, in FY25, the revenue surged to â‚ą895.95 crore, which was â‚ą257.62 crore in FY23, indicating a strong CAGR of around 87%, strengthening its market presence. Moreover, its PAT also grew by â‚ą29.02 crore in FY25, from â‚ą8.88 crore in FY23, reflecting a healthy GAGR of 81%. Furthermore, the company’s EPS and margin are also expanding. However, high dependency on NHAI tenders for toll plaza management, and only 1% allocation for QIB investors, can present risk and affect investors’ confidence.
Now coming to its valuation, on the upper price band, the Innovision IPO is trading at a PE of 35.69x. When compared to its peer groups from RHP, the valuation seems neither too expensive nor too cheap. As of March 9, there is no movement in the Innovision IPO GMP, indicating a neutral sentiment in the market. Connect with IPO Watch to get the latest updates on GMP and IPO insights.
The growing toll plaza management and manpower services businesses, healthy financials, experienced promoters, and if GMP and subscription numbers stay in support, then investors can apply for short-term goals. But, high dependency on contract renewals, 1% QIB allocation, and expensive valuations must not be ignored by the investors before subscribing.
Please note:Â
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
