Innovision Limited is engaged in providing manpower services, toll plaza management, and skill development training across India. The company started operations in 2007 with private security services and gradually diversified its offerings. Its manpower services include manned security services, integrated facility management (IFM), and payroll management, while toll operations involve user fee collection at toll plazas on national highways. The company also runs skill development training programs under various government schemes to train youth for employment.

Innovision serves more than 180 clients across different industries and provides services at over 1,000 client locations across India. Some key clients include Max Healthcare Limited, Stellar Value Chain and Sequel Logistics. The company operates through multiple subsidiaries including Aerodrone Robotics Private Limited and Innovision International Private Limited, which focus on drone training, recruitment consultancy and overseas placement services.

The company’s product and service portfolio primarily includes manpower services, toll plaza management and skill development training. Manpower services include security services, facility management and payroll outsourcing. Toll plaza management involves operating toll collection systems and managing traffic operations at highways. These services support clients’ operational efficiency and infrastructure management. Revenue from manpower services contributed about 41–42% while toll management contributed around 56–57% of revenue in FY25, showing strong execution of contracts especially in the toll segment.

Innovision is also focusing on expansion into emerging sectors such as drone training and international recruitment services through its subsidiaries. The company is developing drone pilot training programs and international placement consultancy to diversify its revenue streams. In addition, expansion in manpower services and participation in government tenders for toll operations and skill development programs are part of its long-term growth strategy.

The company operates with a structured management team led by Lt. Col. Randeep Hundal (Chairman & Managing Director) and Uday Pal Singh (CEO). The IPO is managed by Emkay Global Financial Services Limited as the Book Running Lead Manager, while KFin Technologies Limited acts as the registrar to the issue.

Employees and Bankers
As on January 15, 2026, the company had 14,146 full time employees. The Banker to the Company is HDFC Bank Limited, State Bank of India, Kotak Mahindra Bank Limited, Yes Bank Limited

Management and Growth Vision

Innovision Limited is led by an experienced management team with leadership from Lt. Col. Randeep Hundal, who has been associated with the company since its inception and has played a key role in expanding the business across multiple service verticals. The CEO, Uday Pal Singh, oversees the operational execution and business development of the company.

The management’s growth strategy focuses on expanding manpower services, increasing toll plaza management contracts, and strengthening skill development programs under government initiatives. The company also plans to scale its drone training programs and international recruitment services through subsidiaries.

For expansion and capital expenditure, the company plans to utilize funds raised through the fresh issue in the IPO along with internal accruals and bank credit facilities. The company has already established working capital arrangements with banks to support its operational growth and contract execution.

The management aims to grow the company by expanding into more states, increasing training centers, strengthening government partnerships, and leveraging technology in toll and manpower services.

Industry Overview

Innovision Limited operates in multiple service industries including manpower services, toll management and vocational skill development, which are all growing sectors in India.

The Indian manned security services market was valued at around ₹547 billion in CY2019 and increased to about ₹988 billion in CY2024, growing at a CAGR of 12.6%. The demand is driven by growth in corporate offices, infrastructure projects, retail establishments and logistics operations.

The Integrated Facility Management (IFM) services market in India has also witnessed strong growth. The market expanded from ₹609 billion in CY2019 to around ₹1,134 billion in CY2024, growing at a CAGR of approximately 13.2%. Rising outsourcing by companies and increasing demand for professional facility management are key growth drivers.

The toll collection industry is another important segment for Innovision. Toll collection across Indian highways reached around ₹558.4 billion in FY24, representing a year-on-year growth of about 16.3% compared to FY23. With government focus on expanding national highways and expressways, toll operations are expected to grow steadily in the coming years.

Additionally, the vocational training and skill development industry in India is growing rapidly due to government programs like PMKVY, DDU-GKY and NSDC initiatives. The vocational training industry reached approximately ₹274 billion in CY2024, growing at a CAGR of 14.6% from CY2021 to CY2024.
Globally, manpower outsourcing, training services and infrastructure operations are also expanding with increasing demand for outsourced workforce solutions and professional training programs.

Key Risk Factors

1. High Dependence on Toll Segment Revenue

A significant portion of the company’s revenue comes from toll plaza management operations. In FY25, the toll segment contributed around 56–57% of total revenue, which creates dependence on this single vertical for business growth.

2. Dependence on Government Contracts

The toll management and skill development divisions depend largely on government tenders and programs. Any reduction in government spending or inability to win new tenders may affect revenue growth and contract pipeline.

3. Revenue Concentration Risk

A large part of revenue in the toll segment is derived from contracts with NHAI, creating customer concentration risk. Any termination or non-renewal of these contracts may significantly affect revenue.

4. Competitive Industry

The manpower and facility management industry is highly competitive with several organized and unorganized players. Larger companies with better resources and technology may increase competition and put pressure on margins.

5. Contract Execution Risk

The company operates through service contracts with fixed pricing and service level commitments. Any incorrect cost estimation, delays or operational inefficiencies may reduce profit margins or lead to contract losses.

6. New Business Segment Risk

The company is entering the drone training industry, which is still emerging. Technological changes or competition from established players may affect the success of this new segment.

7. Dependence on Skilled Workforce

Manpower services require a large workforce and operational management. Shortage of trained manpower or high employee attrition could affect service quality and operational efficiency.

Key Strengths and Opportunities

1. Diversified Service Portfolio

The company operates across multiple service verticals including manpower services, toll plaza management and skill development training. This diversification helps reduce dependence on a single business segment.

2. Large Client Base

Innovision serves more than 180 clients across multiple industries and operates at over 1,000 client locations, providing stable demand and long-term relationships with customers.

3. Strong Presence Across India

The company operates in 23 states and 5 union territories, providing wide geographical reach and enabling it to participate in large government and private sector contracts.

4. Strong Growth in Toll Segment

The toll management division has grown rapidly and contributes a major portion of the company’s revenue. Expansion of highway infrastructure in India provides long-term growth opportunities.

5. Government Skill Development Programs

Participation in government skill development schemes like PMKK and DDU-GKY provides opportunities for training programs and partnerships with government agencies.

6. Expansion into Emerging Segments

The company has started entering new sectors such as drone pilot training and international recruitment services, which can become high-growth segments in the future.

Innovision Limited is engaged in providing manpower services, toll plaza management, and skill development training across India. The company started operations in 2007 with private security services and gradually diversified its offerings. Its manpower services include manned security services, integrated facility management (IFM), and payroll management, while toll operations involve user fee collection at toll plazas on national highways. The company also runs skill development training programs under various government schemes to train youth for employment.

Innovision serves more than 180 clients across different industries and provides services at over 1,000 client locations across India. Some key clients include Max Healthcare Limited, Stellar Value Chain and Sequel Logistics. The company operates through multiple subsidiaries including Aerodrone Robotics Private Limited and Innovision International Private Limited, which focus on drone training, recruitment consultancy and overseas placement services.

The company’s product and service portfolio primarily includes manpower services, toll plaza management and skill development training. Manpower services include security services, facility management and payroll outsourcing. Toll plaza management involves operating toll collection systems and managing traffic operations at highways. These services support clients’ operational efficiency and infrastructure management. Revenue from manpower services contributed about 41–42% while toll management contributed around 56–57% of revenue in FY25, showing strong execution of contracts especially in the toll segment.

Innovision is also focusing on expansion into emerging sectors such as drone training and international recruitment services through its subsidiaries. The company is developing drone pilot training programs and international placement consultancy to diversify its revenue streams. In addition, expansion in manpower services and participation in government tenders for toll operations and skill development programs are part of its long-term growth strategy.

The company operates with a structured management team led by Lt. Col. Randeep Hundal (Chairman & Managing Director) and Uday Pal Singh (CEO). The IPO is managed by Emkay Global Financial Services Limited as the Book Running Lead Manager, while KFin Technologies Limited acts as the registrar to the issue.

Employees and Bankers
As on January 15, 2026, the company had 14,146 full time employees. The Banker to the Company is HDFC Bank Limited, State Bank of India, Kotak Mahindra Bank Limited, Yes Bank Limited

Management and Growth Vision

Innovision Limited is led by an experienced management team with leadership from Lt. Col. Randeep Hundal, who has been associated with the company since its inception and has played a key role in expanding the business across multiple service verticals. The CEO, Uday Pal Singh, oversees the operational execution and business development of the company.

The management’s growth strategy focuses on expanding manpower services, increasing toll plaza management contracts, and strengthening skill development programs under government initiatives. The company also plans to scale its drone training programs and international recruitment services through subsidiaries.

For expansion and capital expenditure, the company plans to utilize funds raised through the fresh issue in the IPO along with internal accruals and bank credit facilities. The company has already established working capital arrangements with banks to support its operational growth and contract execution.

The management aims to grow the company by expanding into more states, increasing training centers, strengthening government partnerships, and leveraging technology in toll and manpower services.

Industry Overview

Innovision Limited operates in multiple service industries including manpower services, toll management and vocational skill development, which are all growing sectors in India.

The Indian manned security services market was valued at around ₹547 billion in CY2019 and increased to about ₹988 billion in CY2024, growing at a CAGR of 12.6%. The demand is driven by growth in corporate offices, infrastructure projects, retail establishments and logistics operations.

The Integrated Facility Management (IFM) services market in India has also witnessed strong growth. The market expanded from ₹609 billion in CY2019 to around ₹1,134 billion in CY2024, growing at a CAGR of approximately 13.2%. Rising outsourcing by companies and increasing demand for professional facility management are key growth drivers.

The toll collection industry is another important segment for Innovision. Toll collection across Indian highways reached around ₹558.4 billion in FY24, representing a year-on-year growth of about 16.3% compared to FY23. With government focus on expanding national highways and expressways, toll operations are expected to grow steadily in the coming years.

Additionally, the vocational training and skill development industry in India is growing rapidly due to government programs like PMKVY, DDU-GKY and NSDC initiatives. The vocational training industry reached approximately ₹274 billion in CY2024, growing at a CAGR of 14.6% from CY2021 to CY2024.
Globally, manpower outsourcing, training services and infrastructure operations are also expanding with increasing demand for outsourced workforce solutions and professional training programs.

Key Risk Factors

1. High Dependence on Toll Segment Revenue

A significant portion of the company’s revenue comes from toll plaza management operations. In FY25, the toll segment contributed around 56–57% of total revenue, which creates dependence on this single vertical for business growth.

2. Dependence on Government Contracts

The toll management and skill development divisions depend largely on government tenders and programs. Any reduction in government spending or inability to win new tenders may affect revenue growth and contract pipeline.

3. Revenue Concentration Risk

A large part of revenue in the toll segment is derived from contracts with NHAI, creating customer concentration risk. Any termination or non-renewal of these contracts may significantly affect revenue.

4. Competitive Industry

The manpower and facility management industry is highly competitive with several organized and unorganized players. Larger companies with better resources and technology may increase competition and put pressure on margins.

5. Contract Execution Risk

The company operates through service contracts with fixed pricing and service level commitments. Any incorrect cost estimation, delays or operational inefficiencies may reduce profit margins or lead to contract losses.

6. New Business Segment Risk

The company is entering the drone training industry, which is still emerging. Technological changes or competition from established players may affect the success of this new segment.

7. Dependence on Skilled Workforce

Manpower services require a large workforce and operational management. Shortage of trained manpower or high employee attrition could affect service quality and operational efficiency.

Key Strengths and Opportunities

1. Diversified Service Portfolio

The company operates across multiple service verticals including manpower services, toll plaza management and skill development training. This diversification helps reduce dependence on a single business segment.

2. Large Client Base

Innovision serves more than 180 clients across multiple industries and operates at over 1,000 client locations, providing stable demand and long-term relationships with customers.

3. Strong Presence Across India

The company operates in 23 states and 5 union territories, providing wide geographical reach and enabling it to participate in large government and private sector contracts.

4. Strong Growth in Toll Segment

The toll management division has grown rapidly and contributes a major portion of the company’s revenue. Expansion of highway infrastructure in India provides long-term growth opportunities.

5. Government Skill Development Programs

Participation in government skill development schemes like PMKK and DDU-GKY provides opportunities for training programs and partnerships with government agencies.

6. Expansion into Emerging Segments

The company has started entering new sectors such as drone pilot training and international recruitment services, which can become high-growth segments in the future.