Innovision Limited
Innovision Limited is a diversified manpower and services company that offers manned security, facility management, toll plaza operations, and skill development training across 23 states and 5 union territories in India. The company raised approximately ₹319 crores through its mainboard IPO, which listed on BSE and NSE on March 23, 2026.
Overview
About the Company
Innovision Limited was established in January 2007 under the name SRT Innovision Services Private Limited. It was later converted to a public limited company in 2010 and rebranded as Innovision Limited in 2011. Headquartered in Delhi with its corporate office in Gurgaon, the company is promoted by Lt. Col. Randeep Hundal and Uday Pal Singh. From its origins as a manned private security provider, Innovision has grown into a multi-service organisation offering manpower solutions, toll plaza management, and skill development training. It operates 35 offices spanning 23 states and 5 union territories across India, serving more than 180 clients across sectors including retail, healthcare, warehousing, logistics, and BFSI. Notable clients include Max Healthcare Limited, Stellar Value Chain, and Sequel Logistics. The company's manpower division covers three sub-segments: Manned Private Security Services, Integrated Facility Management (IFM) Services, and Manpower Sourcing and Payroll. Skill development activities commenced in FY2014, and toll management services were added in FY2019. Innovision also conducts physical and classroom training for security personnel at its training centre in Turkiawas, Rewari, Haryana, in accordance with the Private Security Agency Regulatory Act, 2025, and maintains partnerships with government bodies such as NSDC, MoRD, and NCVT.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › Partial or full repayment and pre-payment of certain outstanding borrowings of the company, amounting to ₹51.00 crores.
- › Meeting the working capital requirements of the company, amounting to ₹119.00 crores.
- › General corporate purposes, amounting to ₹39.80 crores.
✅ Strengths
- ✓ Extensive pan-India operational footprint spanning 23 states and 5 union territories through 35 offices, enabling broad geographic reach.
- ✓ A diversified portfolio of services across manpower (security, IFM, payroll), toll plaza management, and skill development reduces reliance on any single business vertical.
- ✓ Well-established systems and scalable processes that support expansion and operational efficiency.
- ✓ Strong relationships with government bodies such as NSDC, MoRD, and NCVT supporting the skill development segment.
- ✓ Experienced management and operational team with deep domain knowledge in manpower solutions and labour regulations.
- ✓ Robust recruitment capabilities and a large trained workforce pool facilitating rapid manpower deployment.
⚠️ Risks
- ! Significant revenue concentration in the toll management segment through NHAI contracts creates vulnerability to policy changes or contract non-renewals.
- ! The business is highly labour-intensive and is susceptible to disruptions arising from any shortage of qualified or skilled personnel.
- ! Elevated employee attrition rates can drive up costs related to recruitment, onboarding, and training, thereby squeezing margins.
- ! Non-compliance or delays in meeting statutory filing and regulatory obligations could attract financial penalties and reputational harm.
- ! Variability in return on capital employed poses a risk to the company's profitability outlook over time.