G V Electricals
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 72.53×
- Big non-institutionalbNII · above ₹10 lakh
- 309.72×
- Small non-institutionalsNII · ₹2–10 lakh
- 181.21×
- Retail individualRII · up to ₹2 lakh
- 156.49×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 12 Aug 2026 | ₹25 | +19.23% | ₹19,000 | ₹155 | ₹25,000 |
| 11 Aug 2026 | ₹25 | +19.23% | ₹19,000 | ₹155 | ₹25,000 |
| 10 Aug 2026 | ₹25 | +19.23% | ₹19,000 | ₹155 | ₹25,000 |
| 09 Aug 2026 | ₹26 | +20.00% | ₹19,800 | ₹156 | ₹26,000 |
| 08 Aug 2026 | ₹26 | +20.00% | ₹19,800 | ₹156 | ₹26,000 |
| 07 Aug 2026 | ₹26 | +20.00% | ₹19,800 | ₹156 | ₹26,000 |
| 06 Aug 2026 | ₹26 | +20.00% | ₹19,800 | ₹156 | ₹26,000 |
| 05 Aug 2026 | ₹26 | +20.00% | ₹19,800 | ₹156 | ₹26,000 |
| 04 Aug 2026 | ₹24 | +18.46% | ₹18,200 | ₹154 | ₹24,000 |
| 03 Aug 2026 | ₹26 | +20.00% | ₹19,800 | ₹156 | ₹26,000 |
| 02 Aug 2026 | ₹26 | +20.00% | ₹19,800 | ₹156 | ₹26,000 |
| 01 Aug 2026 | ₹26 | +20.00% | ₹19,800 | ₹156 | ₹26,000 |
| 31 Jul 2026 | ₹25 | +19.23% | ₹19,000 | ₹155 | ₹25,000 |
| 30 Jul 2026 | ₹25 | +19.23% | ₹19,000 | ₹155 | ₹25,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 31 Jul 2026 – 07 Aug 2026
- Listing date
- 12 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹123 – ₹130
- Issue price
- ₹130 per share
- Lot size
- 1,000 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹42.25 Cr
- Fresh issue
- ₹35.36 Cr 27,20,000 shares
- Offer for sale
- ₹3.25 Cr 2,50,000 shares
- Market cap at offer price
- ₹147 Cr
- Promoter holding
- 95.65% → 67.99% pre-issue → post-issue
- ISIN
- INE1ZGR01024
- CIN
- U43210MH1985PLC035529
- Registrar
- Mudra RTA Ventures Private Limited
- Lead managers
- Seren Capital Pvt.Ltd.
- Registered office
- Unit no 324, 3rd floor, Plot no 416, Hammersmith Industrial Premises Co-op Society Ltd, Narayan Pathare Marg, Off. Sitladevi Temple Road, Mahim, Mumbai, Maharashtra, India, 400016
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 5,92,000 | 28.43% | 25.06% |
| Anchor investor · within QIB | 8,88,000 | — | 37.60% |
| NII (HNI) | 4,50,000 | 21.61% | 19.05% |
| bNII > ₹10L · within NII | 3,00,000 | — | 12.70% |
| sNII < ₹10L · within NII | 1,50,000 | — | 6.35% |
| Retail (RII) | 10,40,000 | 49.95% | 44.03% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,80,000 | — | 11.85% |
| Total issue | 23,62,000 | — | 100.00% |
Net offer to the public of 20,82,000 shares, out of a total issue of 23,62,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,000 shares per lot, in multiples, at ₹130
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,30,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,60,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,10,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,40,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹130 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.64 | 9.28 |
| P/E (×) | 10.28 | 14.01 |
| Price to book (×) | 3.20 | — |
| Market cap | — | ₹147 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 31.09%
- ROCE
- 41.00%
- Debt / equity
- 0.49
- PAT margin
- 6.69%
- EBITDA margin
- 10.90%
- NAV per share
- ₹40.66
- Price to book
- 3.20
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 156.66 | 131.36 | 112.03 |
| Revenue from operations | 156.41 | 131.24 | 111.8 |
| Other income | 0.25 | 0.12 | 0.24 |
| Total expenses | 142.36 | 124.61 | 106.57 |
| Operating profit | 14.3 | 6.75 | 5.46 |
| Operating margin | 9.13% | 5.14% | 4.87% |
| Profit before tax | 14.3 | 6.75 | 5.47 |
| Profit after tax | 10.47 | 4.66 | 2.8 |
| PAT margin | 6.68% | 3.55% | 2.50% |
| Balance sheet | |||
| Total assets | 78.4 | 51.43 | 42.06 |
| Current assets | 65.49 | 40.71 | 35.85 |
| Current liabilities | 37.67 | 24.36 | 22.75 |
| Total liabilities | 44.73 | 28.23 | 25.01 |
| Net worth | 33.67 | 23.2 | 17.05 |
| Current ratio | 1.74× | 1.67× | 1.58× |
| Return on equity | 31.10% | 20.09% | 16.42% |
| Cash flow | |||
| Operating cash flow | -3.31 | 1.08 | 0.39 |
| Investing cash flow | -5.43 | -2.06 | -1.2 |
| Financing cash flow | 7.32 | 3.72 | -0.06 |
| Net cash flow | -1.42 | 2.74 | -0.87 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment of a portion of certain borrowings availed by the Company ₹6 Cr
The company proposes to utilize funds towards repayment of cash credit loan to Bank of Maharashtra. The repayment will help reduce outstanding indebtedness, debt servicing costs, assist in maintaining a favourable debt-to-equity ratio and enable utilisation of internal accruals for further investment in business growth and expansion.
2 Funding of Working Capital Requirements ₹22 Cr
The company requires additional working capital for funding its incremental working capital requirements due to business expansion. The funds will be utilized towards the company's working capital requirements for FY 2026-27 and up to September 30, 2027.
3 General Corporate Purpose —
The company intends to deploy the balance proceeds towards general corporate purposes to drive business growth including meeting operating expenses, initial development costs for projects, strengthening business development and marketing capabilities, and meeting exigencies as approved by the Board of Directors.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| Jawed Akhtar | Promoter | 1,25,000 | ₹0 |
| Sunil Lakshman Vatsa | Promoter | 1,25,000 | ₹0 |
2 sellers offering 2,50,000 shares.
About G V Electricals
G V Electricals Ltd, incorporated in 1985 and converted to a public limited company in 2025, is engaged in providing operation and maintenance ('O&M') and allied support services primarily to electricity distribution utilities in India. The company operates across three service verticals: Network Operation and Maintenance Services (76.90% of FY2026 revenue), Electrical Infrastructure and Network Development Works (14.66%), and Metering and Meter Management Services (8.44%). With a workforce of 4,473 employees as of May 2026, the company executes contracts through competitive tendering for defined service areas and contract periods. The company has an ongoing order book of ₹553.70 crores as of June 30, 2026, primarily from electricity distribution utilities. Revenue from operations grew from ₹11,179.56 lakhs in FY2024 to ₹15,641.29 lakhs in FY2026, with 88.29% from repeat customers.
Management
Jawed Akhtar
MD
Sunil Lakshman Vatsa
CEO
Rakesh Kumar Yadav
Director
Manoj Kumar
Director
Deepshikha Yadav
Director
Furquan Akhtar
CFO
Dharmendra Shahi
COO
Aarti Garg
Director of Operations
Mohammad Amir
Director of Operations
Roshan Kumar Thakur
CTO
Bindu Vatsa
Director of HR
Nahid Naazli
VP of Marketing
Strengths
As stated in the offer document
Presence Across Electrical Infrastructure Activities with Major Revenue from O&M Services
The company operates across three principal service verticals: Network O&M Services (76.90% of revenue in FY 2025-26), Electrical Infrastructure and Network Development Works (14.66%), and Metering and Meter Management Services (8.44%), providing comprehensive electrical infrastructure solutions.
Order Book Providing Revenue Visibility
The company maintains an order book of ₹553.70 crores as of June 30, 2026, comprising 34 ongoing projects primarily from electricity distribution utilities, enabling planning of resource deployment and providing revenue visibility over contract tenures.
Majority of Revenue from Repetitive Customers
The company derives 88.29% of revenue from repeat customers in FY 2025-26, indicating strong customer relationships and reduced mobilization time for new projects through existing contractual arrangements with electricity distribution utilities.
Experienced Management Team and Manpower Strength
The company is led by experienced management with over 30 years in electrical infrastructure and maintains a workforce of 4,473 employees as of May 31, 2026, including specialized personnel for operations across multiple voltage levels and project locations.
Risk factors
As stated in the offer document
Heavy Dependence on Power Distribution Utilities
The company derives a major portion of revenue from power distribution utilities, with 79.10%, 88.73%, and 88.87% of revenue from operations coming from electricity distribution utilities in fiscal years 2026, 2025, and 2024 respectively. Any reduction in business from such customers or adverse changes in procurement practices may severely impact operations.
Concentration of Revenue in Network O&M Services
The company's revenue is substantially dependent on Network Operation and Maintenance Services, contributing approximately 76.90%, 79.26%, and 75.81% of revenue from operations for fiscal years 2026, 2025, and 2024 respectively. Any adverse changes affecting this service vertical may have material adverse effects on business.
Customer Concentration Risk
The company derives significant revenue from a limited number of customers, with top 10 customers accounting for 94.76%, 97.74%, and 98.82% of revenue from operations for fiscal years 2026, 2025, and 2024 respectively. Any reduction in business from such customers may adversely affect financial performance.
Working Capital Intensive Operations
The company's business requires significant working capital with trade receivables standing at ₹5,115.56 lakhs, ₹3,088.25 lakhs, and ₹2,620.75 lakhs for fiscal years 2026, 2025, and 2024 respectively. Any inability to arrange adequate funding or efficiently manage working capital may adversely affect liquidity and operations.
Negative Cash Flow from Operations
The company experienced negative cash flows from operating activities of ₹330.99 lakhs in fiscal 2026, compared to positive cash flows of ₹108.18 lakhs and ₹38.67 lakhs in fiscal years 2025 and 2024 respectively. Sustained negative cash flows may require reliance on external financing and adversely affect financial condition.
Competitive Tendering Process Dependency
The company's business is substantially dependent on securing contracts through competitive tendering processes conducted by electricity distribution utilities. The company's ability to secure contracts depends on meeting eligibility requirements and maintaining competitive pricing, which may limit operating margins.
Statutory Compliance Delays and Penalties
The company has experienced delays in payment of statutory dues including GST (up to 116 days delay with ₹2,260.23 lakhs delayed amount in 2025-26), PF (up to 214 days delay with ₹911.39 lakhs in 2025-26), and ESIC payments. Future delays may result in penalties and adverse effects on business operations.
Geographic Revenue Concentration
The company has significant revenue concentration in certain geographical regions, particularly Odisha (69.05% of revenue in fiscal 2026) and Maharashtra (12.45% in fiscal 2026). Any adverse developments affecting these regions may adversely impact business operations and financial performance.
High Indebtedness and Financial Risk
The company has significant outstanding indebtedness of ₹1,635.51 lakhs as of May 31, 2026. This substantial debt service obligation increases vulnerability to economic conditions, limits flexibility in business planning, and may adversely affect profitability and cash flows.
Order Book Execution Uncertainty
The company's ongoing order book of approximately ₹553.70 crores as of June 30, 2026, comprises projects under rate contracts and maintenance arrangements that do not assure minimum quantum of work or guaranteed revenue. Actual execution depends on issuance of specific work orders by customers based on their operational requirements.
Company Analysis
from RHPG V Electricals Ltd is a power distribution infrastructure services provider offering operation and maintenance, electrical infrastructure development, and metering services across 33 kV to low-tension electricity distribution networks in India.
G V Electricals Ltd, incorporated in 1985 and converted to a public limited company in 2025, is engaged in providing operation and maintenance ('O&M') and allied support services primarily to electricity distribution utilities in India. The company operates across three service verticals: Network Operation and Maintenance Services (76.90% of FY2026 revenue), Electrical Infrastructure and Network Development Works (14.66%), and Metering and Meter Management Services (8.44%). With a workforce of 4,473 employees as of May 2026, the company executes contracts through competitive tendering for defined service areas and contract periods. The company has an ongoing order book of ₹553.70 crores as of June 30, 2026, primarily from electricity distribution utilities. Revenue from operations grew from ₹11,179.56 lakhs in FY2024 to ₹15,641.29 lakhs in FY2026, with 88.29% from repeat customers.
Objects of the Issue
- Repayment of a portion of certain borrowings availed by our Company ₹600.00 lakhs p.94
- Funding of Working Capital Requirements ₹2,200.00 lakhs p.94
- General Corporate Purpose p.97
Issue Structure
- Total Issue
- Up to 32,50,000 Equity Shares aggregating to ₹[●] Lakhs
- Fresh Issue
- Up to 30,00,000 Equity Shares aggregating to ₹[●] Lakhs
- Offer for Sale
- Up to 2,50,000 Equity Shares aggregating to ₹[●] Lakhs
- Price Band
- ₹[●] to ₹[●]
- Lot Size
- [●] equity shares
- Face Value
- ₹10 each
Business Model
The company earns revenue through three primary channels: (1) Network Operation and Maintenance Services - providing maintenance and operational support for distribution systems across 33 kV, 11 kV, and low-tension networks under annual maintenance contracts and rate contracts; (2) Electrical Infrastructure and Network Development Works - executing installation and development of distribution infrastructure including pole erection, cable laying, and civil works; (3) Metering and Meter Management Services - providing meter installation, replacement, testing, and reading services. Contracts are typically awarded through competitive bidding with work orders issued periodically based on customer operational requirements.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Jawed Akhtar | Promoter | 41.51% | — |
| Sunil Lakshman Vatsa | Promoter | 41.51% | — |
| Furquan Akhtar | Promoter | 1.94% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| G V ELECTRICALS Limited THIS ISSUE | 12.64 | 40.66 | 14.01, computed at the offer price | 3.20, computed at the offer price | 31.09% |
| 79.52 | 225.56 | 10.69 | 3.78 | 35.26% | |
| 11.35 | 81.54 | 39.20 | 5.48 | 12.78% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.