Sai Infinium Limited
DRHP · filed 01 Oct 2026
This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.
Sai Infinium Limited is a company that sources steel scrap from overseas vendors on a spot basis and trades in steel products, with a debt-to-equity ratio of 0.91. The proposed IPO consists entirely of a fresh issue of 280.0 crore, with no offer for sale component. The company faces high-severity risks related to supply chain disruptions, including dependence on a small group of suppliers and the absence of long-term contracts for raw materials. Additionally, the company has withheld payments to two suppliers who have filed insolvency petitions, presenting legal and regulatory risks.
What stands out
Risk factor. The company is highly dependent on third-party suppliers for raw materials and traded goods, with top 10 suppliers contributing 63.98% of material costs in Fiscal 2026. Loss of suppliers or supply disruptions may adversely affect manufacturing.
Risk factor. The company sources a majority of steel scrap from overseas vendors on a spot basis, with no long-term contracts for raw materials. This exposes the company to volatility in international prices, availability, and supply chain disruptions.
Risk factor. The company has withheld payments to two suppliers, Aditya Steels and Anand Multitrade, who filed insolvency petitions against the company. Non-realisation of settlement amounts or breach of settlement agreements could lead to revival of these petitions.
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
How the offer is structured
Fresh issue
₹280 Cr
New capital into the company
OFS share
0%
- funding the capital expenditure requirements of our Company towards expansion of manufacturing capacity of MS Billets by installation of induction melting system of 50 (1x50) tonnes at Survey No. 1016/2 and 1019 Paiky -B, Chamardi Village, taluka – Vallabhipur, Bhavnagar - 364310, Gujarat (Proposed Melting Shop)₹210 Cr
- General corporate purposes
Promoters, litigation & related parties
Promoter (pre)
92.0%
Related-party
6.6%
Share of revenue
Except as disclosed in this section, there are no outstanding (i) criminal proceedings; (ii) actions taken by regulatory or statutory authorities including notices issued by such authorities; (iii) claims related to direct and indirect taxes; (iv) any other outstanding litigation based on lower of the threshold criteria mentioned below: (A) as determined to be material pursuant to the Materiality Policy adopted by the Board of Directors in accordance with the SEBI ICDR Regulations or (B) where the value or expected impact in terms of value, exceeds, (a) 2% of turnover, as per the latest annual restated financial statements of the Company; or (b)2% of net worth, as per the latest annual restated financial statements of the Company, except in case the arithmetic value of the net worth is negative; or (c) 5% of the average of absolute value of profit or loss after tax, as per the last three annual restated financial statements in each case involving our Company, its Promoters and its Directors (Relevant Parties).
Risks the company discloses
The company is highly dependent on third-party suppliers for raw materials and traded goods, with top 10 suppliers contributing 63.98% of material costs in Fiscal 2026. Loss of suppliers or supply disruptions may adversely affect manufacturing.(Supply Chain)
The company sources a majority of steel scrap from overseas vendors on a spot basis, with no long-term contracts for raw materials. This exposes the company to volatility in international prices, availability, and supply chain disruptions.(Supply Chain)
The company has withheld payments to two suppliers, Aditya Steels and Anand Multitrade, who filed insolvency petitions against the company. Non-realisation of settlement amounts or breach of settlement agreements could lead to revival of these petitions.(Legal & Regulatory)
The company sources materials from related parties, including Devansh Infinium Private Limited, Honey Ship Breaking Private Limited, and Axat Impex LLP, which constitute a significant portion of material costs.(Related Party Transactions)
The company has not purchased any ships for dismantling during Fiscal 2026, Fiscal 2025, and Fiscal 2024, resulting in negligible supply of steel scrap from its Ship Recycling Yard.(Operations)
The company relies on a limited set of suppliers, which may constrain its ability to negotiate supply arrangements and procure an uninterrupted supply of raw materials, potentially affecting profit margins.(Supply Chain)
The company's inability to predict market conditions may result in placing supply orders for inadequate quantities of raw materials, potentially disrupting manufacturing and delivery.(Operations)
The company's business is dependent on maintaining good relationships with raw material suppliers, and any delay/failure to deliver or delivery of wrong or sub-standard raw materials may have a material and adverse effect on its business.(Operations)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.

