Innovision Limited

Innovision Limited in the business of providing manpower services, toll plaza management and skill development training to the clients across India. As on January 15, 2026, they have the operations in 23 states and 5 union territories of India.  The business of manpower services focuses on providing manned private security services, integrated facility management ('IFM') services, manpower sourcing and payroll services. The toll plaza management operations comprise of user fee collection and other related services on toll plazas awarded to by the relevant authority, subsequent to a tender based competitive bidding process. Furthermore, they are also empanelled with NHAI for toll collection services at its various toll plazas. In addition, they also provide skill development training as a training partner for various Central and State Government schemes. The skill development initiatives cover diverse sectors, including management & entrepreneurship, media & entertainment, healthcare, telecommunications, electronics, beauty & wellness, construction, apparel, logistics, BFSI, and retail. Through the wholly owned subsidiary, Innovision International Private Limited ('Innovision International'), they provide services in respect of recruitment, placement consultancy and visa facilitation services. They also provide remote pilot training courses to enthusiasts and budding drone-operations through the subsidiary, Aerodrone Robotics. As at January 15, 2026, they served more than 180 clients across various sectors and rendered the services at more than 1,000 client premises. The portfolio of manpower services and a diverse client base have enable to design and deliver a range of solutions suited to the specific needs of the clients. Some of the key clients include Max Healthcare Limited, Stellar Value Chain and Sequel Logistics. Through the subsidiary, Innovision International Private Limited, they are also providing services in respect of recruitment, placement and consultancy and visa services.  As on January 15, 2026, company is operating 9 toll plazas for user fee collection. As on the date of the RHP, they have undertaken 60 projects including existing 24 toll plaza management projects. The ongoing projects are located across Northern Western and Eastern States in India namely Uttar Pradesh, Assam, Jharkhand, Rajasthan and Haryana. As on January 15, 2026, their toll plaza management business employed more than 550 persons comprising of fee collectors, fee attendants, and shift incharge etc. at the afore mentioned plazas. As per financial performance, Innovision Limited has posted total income / net profits of Rs 257.62 Cr / Rs 8.88 Cr (FY23), Rs 512.12 Cr / Rs 10.27 Cr (FY24), Rs 895.94 Cr / 29.02 Cr (FY25) and Rs 483.10 Cr / 20 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth, but net profit margin is very. Company has an average EPS of Rs 10.74 and average RoNW of 27.94% for last three fiscals. Issue is priced at a P/BV of 10.12 as per NAV of Rs 54.14/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 125.65, 44.47 and 32.26 respectively. As per RHP, comparison between listed peers are shown in the above market. On BRLM's front, Emkay Global Financial Services Limited are associated with this IPO, and has handled 2 IPOs in last three fiscal years. ( As on 05.03.26 ) As per financials, Innovision Limited has shown good growth, RoNW is 35.45% and P/E is 125.65, 44.47 and 32.26 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks aggressively priced when compared with peers. Company is in the business of providing manpower services, toll plaza management and skill development training to the clients across India, which is highly competitive business segment. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Lt Col Randeep Hundal
• 2 Uday Pal Singh