India’s services sector continues to play a crucial role in supporting business operations across industries. Companies providing manpower solutions, facility management services and toll management have seen increasing demand due to the expansion of retail, logistics, healthcare and infrastructure sectors.
With businesses increasingly outsourcing non core functions such as security services, payroll management and facility operations, the manpower services industry has witnessed steady growth in recent years. The rising demand for organised workforce management and skill development programs is also contributing to the sector’s expansion.
Against this backdrop, Innovision Limited is set to open its IPO on March 10, 2026. Here is a detailed insight into Innovision Limited, its IPO, and the industry outlook.
About Innovision Ltd.
Incorporated in 2007, Innovision Limited provides manpower services, toll plaza management and skill development training to clients across India.
The company operates through three major operational segments under its manpower services division:
• Manned private security services
• Integrated facility management services
• Manpower sourcing and payroll services
As of January 15, 2026, Innovision Limited operates across 23 states and 5 union territories in India, supported by a network of 35 offices including corporate and registered offices.
The company serves more than 180 clients across multiple sectors and provides services at over 1,000 client premises.
Its client base spans sectors including:
• Retail
• Healthcare
• Warehousing
• Logistics
• Banking and financial services
Some of the company’s key customers include Max Healthcare Limited, Stellar Value Chain and Sequel Logistics.
Innovision Limited also conducts physical and classroom training programs for security personnel under the Private Security Agency Regulatory Act at its training centre located in Turkiawas, Rewari, Haryana.
Competitive Strengths
• Wide geographical presence across India
• Diversified manpower services portfolio
• Established operational systems enabling scalable business growth
• Experienced management and operational leadership team
• Strong recruitment capabilities and labour regulation expertise
Innovision Ltd. IPO Details
Innovision IPO is a book building issue of ₹322.84 crore.
The issue consists of a combination of fresh issue and offer for sale.
• Fresh Issue: 46,53,284 shares aggregating to ₹255.00 crore
• Offer for Sale: 12,38,000 shares aggregating to ₹67.84 crore
The IPO price band is ₹521 to ₹548 per share.
The IPO is managed by Emkay Global Financial Services Ltd. as the book running lead manager while Kfin Technologies Ltd. is the registrar to the issue.
Important IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | March 10, 2026 |
| IPO Close Date | March 12, 2026 |
| Allotment Date (Tentative) | March 13, 2026 |
| Initiation of Refunds | March 16, 2026 |
| Credit of Shares to Demat | March 16, 2026 |
| Listing Date (Tentative) | March 17, 2026 |
| Cut off time for UPI mandate confirmation | 5 PM on March 12, 2026 |
Key IPO Details
| Particular | Details |
|---|---|
| Face Value | ₹10 per share |
| Price Band | ₹521 to ₹548 per share |
| Lot Size | 27 Shares |
| Total Issue Size | 58,91,284 shares (₹322.84 Cr) |
| Fresh Issue | 46,53,284 shares |
| Offer for Sale | 12,38,000 shares |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Market Cap (Pre IPO) | ₹1,290.72 Cr |
| Shareholding Pre Issue | 1,89,00,000 shares |
| Shareholding Post Issue | 2,35,53,284 shares |
Lot Size of Innovision Ltd. IPO
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 27 | ₹14,796 |
| Retail (Max) | 13 | 351 | ₹1,92,348 |
| S-HNI (Min) | 14 | 378 | ₹2,07,144 |
| S-HNI (Max) | 67 | 1,809 | ₹9,91,332 |
| B-HNI (Min) | 68 | 1,836 | ₹10,06,128 |
Investors can bid for a minimum of 27 shares and in multiples thereof.
Innovision Ltd. Financials
The Innovision IPO has a pre issue market capitalisation of ₹1,290.72 crore.
The company has demonstrated strong growth in revenue and profitability during the reported periods supported by expansion in manpower services and toll management operations.
Key Company Financials
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | ₹271.66 | ₹220.30 | ₹157.05 | ₹108.17 |
| Total Income | ₹483.10 | ₹895.95 | ₹512.13 | ₹257.62 |
| Profit After Tax | ₹20.00 | ₹29.02 | ₹10.27 | ₹8.88 |
| EBITDA | ₹30.42 | ₹51.75 | ₹19.66 | ₹16.36 |
| Net Worth | ₹102.33 | ₹81.88 | ₹52.35 | ₹40.26 |
| Reserves and Surplus | ₹83.43 | ₹62.98 | ₹33.45 | ₹38.91 |
| Total Borrowing | ₹112.39 | ₹79.05 | ₹48.15 | ₹33.34 |
Amount in ₹ Crore
Key Performance Indicators (KPI)
| KPI | Sep 30 2025 | Mar 31 2025 |
|---|---|---|
| ROE | 19.55% | 35.45% |
| ROCE | 18.19% | 40.77% |
| Debt to Equity | 1.10 | 0.97 |
| RoNW | 19.55% | 35.45% |
| PAT Margin | 4.17% | 3.25% |
| EBITDA Margin | 6.34% | 5.79% |
| Price to Book Value | — | 12.65 |
Innovision Ltd.: Industry Outlook
• Increasing demand for organised manpower services across industries such as logistics, healthcare and retail.
• Rising outsourcing trends among companies for security services, facility management and workforce management.
• Growth in infrastructure development and toll road projects supporting toll plaza management services.
• Expansion of warehousing and logistics infrastructure increasing demand for workforce management services.
• Skill development initiatives and regulatory compliance requirements supporting professional training services.
Conclusion
Innovision Limited operates in the manpower services and toll management sector with a diversified service portfolio catering to clients across multiple industries. The company benefits from its wide geographical presence, strong client relationships and scalable operational systems.
While the company has demonstrated growth in revenue and profitability, investors should consider factors such as industry competition, labour cost dynamics and pricing of the issue before making investment decisions.
