🚫 Avoid
Listed
Diversified Commercial Services
Innovision Limited IPO
₹323 Cr · Fresh Issue & OFS · Diversified Commercial Services
Price Band
₹521 – ₹548
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹323 Cr
Fresh Issue & OFS
Market Cap
₹1290.72 Cr
At upper band
P/E Ratio
44.5x
P/S: 1.4x
Listing Date
23 Mar 2026
BSE & NSE
IPO Timeline
✓
Opens
10 Mar 2026
✓
Closes
17 Mar 2026
✓
Allotment
18 Mar 2026
✓
Refund
19 Mar 2026
✓
Listing
23 Mar 2026
IPO India Hub: Avoid
Conviction
3/10
The company trades at 1.93× sector midpoint (44.5x P/E vs. 23x niche baseline), which exceeds the 2.0× threshold for Avoid territory. Revenue has contracted 2.9% over two years despite PAT growth, signaling operational instability and margin compression risk in a low-NPM (4.1%) business.
Listing Performance
Issue Price
₹548
Allotment price
Listing Price
₹466
-14.96% on listing day
Current Price (CMP)
₹261.1
-52.4% vs issue
Listed On
23 Mar 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Strong PAT growth masks revenue decline
Net profit CAGR of 39.5% over two years shows operational leverage, and ROCE of 40.77% indicates efficient capital deployment. However, this growth is built on a shrinking revenue base (₹896 Cr → ₹483 Cr), suggesting cost-cutting rather than organic expansion.
✓ Strength
Healthy balance sheet and debt reduction
D/E ratio of 0.97x is conservative, and ₹51 Cr of the IPO proceeds are earmarked for debt repayment. Promoter commitment remains strong at 74.17% post-issue, with only 20.1% OFS, reducing secondary selling pressure.
⚠ Risk
Revenue contraction signals business stress
FY0 revenue of ₹483.1 Cr represents a 46% year-on-year collapse from FY-1's ₹896 Cr. This sharp decline raises questions about client concentration, contract losses, or market headwinds that the prospectus does not adequately explain.
⚠ Risk
Razor-thin margins limit valuation support
NPM of 4.1% and EBITDA margin of 5.79% are below the 15% threshold needed to justify premium valuations. At 44.5x P/E, the company offers no margin cushion for operational hiccups or competitive pressure in diversified commercial services.
₹ Valuation
Valuation exceeds sector norms without justification
P/E of 44.5x is 1.93× the niche/unlisted sector midpoint of 23x, placing it in Avoid territory. P/S of 1.4x is also elevated for a low-margin services business. The premium is not supported by consistent revenue growth or industry-leading profitability.
👁 Watch
Monitor FY1 revenue and client concentration
Investors must track whether the revenue decline stabilizes or continues post-listing. Demand detailed disclosure on top 5 clients and contract pipeline to assess sustainability of the PAT recovery.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Innovision Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹893.13 Cr
Net Profit
₹29.02 Cr
Industry
Diversified Commercial Services
Issue Type
Fresh Issue & OFS
Promoters
LT COL RANDEEP HUNDAL AND UDAY PAL SINGH
Lead Managers
Emkay Global Financial Services
Quick Actions
Frequently Asked Questions
Avoid. The company trades at 1.93× sector midpoint (44.5x P/E vs. 23x niche baseline), which exceeds the 2.0× threshold for Avoid territory. Revenue has contracted 2.9% over two years despite PAT growth, signaling operational instability and margin compression risk in a low-NPM (4.1%) business.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹521 – ₹548.
The IPO opens on 10 Mar 2026. It closes on 17 Mar 2026. Allotment is expected on 18 Mar 2026. Refunds initiate on 19 Mar 2026. Listing on BSE and NSE is on 23 Mar 2026.
The lead managers for the IPO are Emkay Global Financial Services. Check the SEBI filing for the registrar details.
The IPO listed on 23 Mar 2026 at ₹466 against an issue price of ₹548 (-14.96% on listing day). The current market price (CMP) is approximately ₹261.1 (-52.4% vs issue).
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 17 Mar 2026. The company trades at 1.93× sector midpoint (44.5x P/E vs. 23x niche baseline), which exceeds the 2.0× threshold for Avoid territory. Revenue has contracted 2.9% over two years despite PAT growth, signaling operational instability and margin compression risk in a low-NPM (4.1%) business.
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 17 Mar 2026. The IPO is priced at a P/E of 44.5x. Market cap at issue price is ₹1290.72 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 17 Mar 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Innovision Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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