Innovision IPO

Innovision Limited is a Delhi-headquartered outsourced services contractor running three lines of business. It supplies manpower — manned private security guards, integrated facility management staff, and sourced-and-payrolled workers — to clients in sectors including retail, healthcare and BFSI. It operates toll plazas for the National Highways Authority of India, collecting user fees from motorists at plazas won through competitive bidding. And it runs vocational skill-development training. Incorporated in January 2007 as SRT Innovision Services Private Limited, it started in manned private security, added skill development in Fiscal 2014 and toll plaza management in Fiscal 2019. As at January 15, 2026 it had 14,146 employees and 39 offices, with operations in 23 states and five union territories of India.

Revenue is contract fees for labour supplied plus toll collections retained. In Fiscal 2025 toll plaza management was 56.14% of revenue from operations — all of it from one client, NHAI — and manpower services 41.38%. Costs are largely pass-through: employee benefit expense ran 39.16% of total income, and direct expenses, mostly the committed bid amount remitted to NHAI within one to seven days of collection, 54.02%. Margins are thin — a 5.79% EBITDA margin on ₹893.13 crore of revenue from operations, PAT ₹29.02 crore. The RHP states the service model leaves very limited hard assets, capping further debt-raising capacity; borrowings stood at ₹79.05 crore at March 31, 2025.