01 — At a Glance
The IPO That Brokers Are Actively Telling You to Skip
- CompanyInnovision Limited
- Issue Size₹322.84 Cr
- Price Band₹521–548
- Lot Size27 shares
- Min Investment (Retail)₹14,796
- Post-IPO EPS₹16.99
- Post-IPO P/E32.26x
- Pre-IPO P/E35.69x
- Price-to-Book12.65x
- Listing DateMar 17, 2026
The Broker’s Take: Dilip Davda from the lead manager’s side: “The issue appears exorbitantly priced. Well-informed cash surplus investors may park moderate funds for long term. There is no harm in skipping this pricey bet.” Translation: The IPO pricing is aggressive. Very aggressive. The fundamentals don’t justify a 35x multiple. But if you have cash sitting around and time on your side, maybe. Or just walk past.
02 — Introduction
Manpower. Toll Plazas. Security Training. The Most Unsexy IPO of March 2026.
Innovision Limited, incorporated in 2007, does three things: supplies manpower (manned security, integrated facility management, payroll sourcing), manages toll plazas, and runs a training centre for security personnel in Rewari, Haryana. Not exactly the kind of business that makes investors lie awake at night fantasizing about 10x returns.
The company operates 35 offices across India, serves over 180 clients including Max Healthcare, Stellar Value Chain, and Sequel Logistics, and employs its workforce across 23 states and 5 union territories. Revenue in H1 FY26 was ₹483 crore. PAT was ₹20 crore. That’s a 4.17% PAT margin — which is respectable for manpower, but not exciting when you’re paying a 32x P/E premium for it.
The IPO opens March 10, 2026, closes March 12, 2026, and is expected to list on March 17, 2026. Fresh issue of ₹255 crore plus offer for sale of ₹68 crore. Promoters Lt Col Randeep Hundal and Uday Pal Singh currently own 100% of the equity. Post-IPO, they’ll own 74.99%. The money raised will go toward debt repayment (₹51 crore), working capital (₹119 crore), and general corporate purposes.
Emkay Global is the book running lead manager. Kfin is the registrar. And somewhere, a spreadsheet is being updated to reflect yet another IPO entering the Indian market. Let’s dig in.
💬 Have you ever worked with a manpower company? What was your experience? Is this the kind of business you’d invest in for the long haul?
03 — Business Model: The Unglamorous Trifecta
Three Revenue Streams. One Decidedly Average Margin.
Innovision’s business breaks into three segments, and understanding the revenue mix is crucial to understanding why the valuation is what it is.
Manpower Services (Largest)
Manned Private Security, Integrated Facility Management, and Manpower Sourcing/Payroll. This is the core. Clients include retail chains, hospitals, logistics parks, and BFSI institutions. Recurring, sticky business — once you’re embedded, you stay embedded. But scaling requires hiring more bodies, training them, managing turnover. The business model is straightforward: hire at ₹X, charge at ₹X+margin. Margin depends on utilization rates, client concentration, and labour cost inflation.
Toll Plaza Management
Operates toll plazas on Indian national highways. Revenue is stable, predictable, and boring — which is exactly what investors want in a mature infrastructure play. The risk: regulatory changes. The upside: highway traffic keeps growing. The reality: this segment appears to contribute significantly to top-line revenue but the exact percentage isn’t disclosed.
Skill Development Training
Private Security Agency Regulatory Act, 2025 now mandates security personnel training. Innovision runs a training centre at Turkiawas, Rewari, Haryana. High margin. Small revenue. Early stage. Could be a 4–5 year multi-bagger story. Or it could stay a rounding error. The law is only recent — we won’t know for 2–3 years.
Key Numbers: 180+ clients served, 1,000+ client premises, 35 offices, 23 states + 5 UTs. That’s distribution breadth. But depth? The largest client concentration isn’t disclosed. Red flag or just prudent secrecy? Unknown.
💬 If you ran a security company, would you go public at a 32x P/E or wait for better fundamentals?
04 — Financials Overview
H1 FY26 Numbers: The Reality Check
Result type: Half-Yearly Results (H1 FY26) | H1 FY26 EPS: ₹10.70 (annualised) | Full-year FY25 EPS: ₹14.71 (actual)
| Metric (₹ Cr) |
H1 FY26
Sep 2025 |
FY25
Mar 2025 |
FY24
Mar 2024 |
FY23
Mar 2023 |
Growth % |
| Total Income | 483.10 | 895.95 | 512.13 | 257.62 | +87.4% |
| EBITDA | 30.42 | 51.75 | 19.66 | 16.36 | +35.1% |
| EBITDA Margin % | 6.34% | 5.79% | 3.84% | 6.35% | +55 bps |
| PAT | 20.00 | 29.02 | 10.27 | 8.88 | -31.0% |
| PAT Margin % | 4.17% | 3.25% | 2.00% | 3.45% | +92 bps |
The Valuation Problem Distilled: H1 FY26 PAT ₹20 crore annualised = ₹40 crore PAT run-rate. Full-year FY25 PAT was ₹29.02 crore. FY24 was ₹10.27 crore. So growth has been real, but it’s also lumpy. The IPO is pricing at ₹548/share cap, which values the company at post-IPO ₹1,613 crore market cap. Divided by estimated ₹40 crore PAT (annualised from H1)? That’s 40.3x P/E. Divided by FY25 PAT of ₹29 crore? That’s 55.6x. Even the most charitable math gives you 32–40x P/E. For a manpower company. With 4% PAT margins. You do the roasting.
05 — Valuation: Is There Even a Fair Price?
Three Methods. All of Them Screaming “Overpriced.”
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