MV Electrosystems
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 90.47×
- Big non-institutionalbNII · above ₹10 lakh
- 394.98×
- Small non-institutionalsNII · ₹2–10 lakh
- 331.04×
- Retail individualRII · up to ₹2 lakh
- 198.27×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 9 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 06 Aug 2026 | ₹109 | +25.65% | ₹2,800 | ₹534 | ₹3,706 |
| 05 Aug 2026 | ₹106 | +24.94% | ₹2,700 | ₹531 | ₹3,604 |
| 04 Aug 2026 | ₹102 | +24.00% | ₹2,600 | ₹527 | ₹3,468 |
| 03 Aug 2026 | ₹100 | +23.53% | ₹2,600 | ₹525 | ₹3,400 |
| 02 Aug 2026 | ₹115 | +27.06% | ₹3,000 | ₹540 | ₹3,910 |
| 01 Aug 2026 | ₹110 | +25.88% | ₹2,800 | ₹535 | ₹3,740 |
| 31 Jul 2026 | ₹133 | +31.29% | ₹3,400 | ₹558 | ₹4,522 |
| 30 Jul 2026 | ₹125 | +29.41% | ₹3,200 | ₹550 | ₹4,250 |
| 29 Jul 2026 | ₹106 | — | ₹2,700 | — | ₹3,604 |
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
- 30 Jul 2026 – 03 Aug 2026
- Listing date
- 06 Aug 2026
- Face value
- ₹5 per share
- Price band
- ₹400 – ₹425
- Issue price
- ₹425 per share
- Lot size
- 34 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹290 Cr
- Fresh issue
- ₹290 Cr 68,23,528 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹1,160 Cr
- Promoter holding
- 76.92% → 57.68% pre-issue → post-issue
- ISIN
- INE0OWZ01020
- CIN
- U31401HR2009PLC140536
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Sundae Capital Advisors Pvt.Ltd.
- Registered office
- Plot No. 7, Site No 2, 14/3, Mathura Road, Faridabad - 121 003, Haryana, India
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 | 21,74,994 | 54.55% | 54.55% |
| Anchor investor · within QIB | 30,70,587 | — | 77.01% |
| NII (HNI) | 10,87,498 | 27.27% | 27.27% |
| bNII > ₹10L · within NII | 7,24,999 | — | 18.18% |
| sNII < ₹10L · within NII | 3,62,499 | — | 9.09% |
| Retail (RII) | 7,24,999 | 18.18% | 18.18% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 39,87,491 | — | 100.00% |
Net offer to the public of 39,87,491 shares, out of a total issue of 39,87,491. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 34 shares per lot, in multiples, at ₹425
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 34 | ₹14,450 |
| Retail (max) | 13 | 442 | ₹1,87,850 |
| S-HNI (min) | 14 | 476 | ₹2,02,300 |
| S-HNI (max) | 69 | 2,346 | ₹9,97,050 |
| B-HNI (min) | 70 | 2,380 | ₹10,11,500 |
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
₹425 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | -6.17 | -4.63 |
| Price to book (×) | 13.90 | — |
| Market cap | — | ₹1,160 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period, standalone
- Return on net worth
- -20.29%
- ROCE
- -15.00%
- Debt / equity
- 0.80
- PAT margin
- -25.36%
- EBITDA margin
- -19.97%
- NAV per share
- ₹30.58
- Price to book
- 13.90
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 | 49.79 | 64.64 | 50.56 |
| Revenue from operations | 49.43 | 62.64 | 49.96 |
| Other income | 0.36 | 2 | 0.61 |
| Total expenses | 66.59 | 62.24 | 49.47 |
| Operating profit | -16.8 | 2.4 | 1.09 |
| Operating margin | -33.74% | 3.71% | 2.16% |
| Profit before tax | -16.8 | 2.56 | 1.02 |
| Profit after tax | -12.63 | 1.4 | 0.56 |
| PAT margin | -25.37% | 2.17% | 1.11% |
| Balance sheet | |||
| Total assets | 145.74 | 74.12 | 65.58 |
| Current assets | 98.27 | 48.45 | 38.68 |
| Current liabilities | 66.99 | 45.24 | 35.64 |
| Total liabilities | 83.17 | 56.21 | 49.05 |
| Net worth | 62.57 | 17.91 | 16.53 |
| Current ratio | 1.47× | 1.07× | 1.09× |
| Return on equity | -20.19% | 7.82% | 3.39% |
| Cash flow | |||
| Operating cash flow | -57.55 | 5.04 | -5.21 |
| Investing cash flow | -17.87 | -1.49 | -3.56 |
| Financing cash flow | 75.52 | -3.63 | 6.57 |
| Net cash flow | 0.1 | -0.08 | -2.2 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding long-term working capital requirements of the Company ₹180 Cr
The company proposes to utilize funds for working capital requirements including procurement of raw materials and electronic components, managing credit cycle for receivables realization, supporting increased business operations with make in India initiatives, and providing performance bank guarantees to customers.
2 Investment in research design and development activities for new power electronic equipment ₹21 Cr
The company intends to invest in research, design and development activities to improve existing propulsion systems, develop new power electronics equipment, and expand product offerings for Indian Railways and international markets including manpower and non-manpower costs.
3 General corporate purposes —
The company proposes to utilize funds for general corporate purposes including working capital for routine business execution, meeting ongoing contingencies, funding growth opportunities, capital expenditure, and other purposes as approved by the Board, subject to not exceeding twenty five percent of gross proceeds.
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.
About MV Electrosystems
MV Electrosystems Limited is a railway power electronics equipment manufacturer incorporated in 2009, headquartered in Faridabad, Haryana. The company operates in three segments: (1) 3-Phase Propulsion Equipment for electric locomotives and trains, (2) Switchgear & rail coach/EMU panels for railway rolling stock, and (3) Cable protection & management products. The company received final prototype approval for its IGBT-based 3-Phase Propulsion Equipment from Chittaranjan Locomotive Works on September 15, 2025, enabling commercial supply. As of June 30, 2026, the company has executable orders for 564 Propulsion Equipment units worth ₹9,216.40 million (excluding GST and AMC). Historically focused on R&D, the company is now transitioning to commercial production and scaling operations.
Management
Sanjeev Mehta
CEO
Pankaj Rastogi
MD
Vipin Sharma
Director
Kanika Bhutani
Director
Mohit Vohra
Director
Amit Dhawan
Director
Sumit Dhawan
Director
Rahul Dhawan
COO
Sanjay Kumar Singh
Director
Ajay Kumar
CFO
Sourabh Bansal
Director
Pradeep Bansal
VP of Operations
Sanjay Mann
CTO
Rajat Kumar Kaushal
VP of Sales
Sunil Kumar
Director
Rheesabh Dwivedi
Director
Anand Kumar
Director of Operations
Mohd Irshad Saifi
Director
Manoj Kumar Sharma
Director of HR
Strengths
As stated in the offer document
Engineering and systems design focused railways company with strong in-house research, design & development capabilities
The company is distinguished by strong in-house research, design & development capabilities with an integrated approach combining mechanical, electrical, and software engineering. The company has successfully developed IGBT based 3-Phase Drive Propulsion System meeting stringent performance, safety, and regulatory requirements.
Ability to create precision driven design & development capabilities and safety critical & complex railway electric equipment
The railway industry has substantial entry barriers from stringent product development processes, technology complexity, deep domain expertise, and long qualification cycles. The company's dedicated R&D centre has specialized teams across multiple engineering domains enabling swift response to design changes.
Long-standing and deep relationship with Indian Railways
The company was incorporated in 2009 to supply components to Indian Railways and has gradually expanded product categories. The company's continuing relationship serves as testament to quality commitment, research capabilities, and operational effectiveness with Indian Railways as the top customer.
Experienced Promoter and management team with strong implementation skills
The company has an experienced senior management team led by Promoter Mohit Vohra with over 17 years of railway experience. The team includes qualified engineers and management professionals enabling anticipation of market opportunities and efficient response to technical requirements.
Risk factors
As stated in the offer document
Ongoing Legal and Regulatory Proceedings
The company, its directors, promoters, key managerial personnel, and senior management are involved in ongoing legal and regulatory proceedings. Any adverse outcome could negatively impact the company's business operations, financial condition, cash flows, and results of operations.
High Outstanding Borrowings
The company had outstanding borrowings of Rs 53.81 crore as of June 30, 2026. Failure to service these borrowings or comply with loan covenants could adversely affect the company's business, financial condition, and cash flows.
Negative Operating Cash Flows
The company reported negative operating cash flows of Rs 57.54 crore in FY26 and Rs 5.21 crore in FY24, along with continued negative investing cash flows. Continued reliance on borrowings to fund operations and capital expenditure could adversely affect liquidity, debt servicing capability, and working capital requirements.
Exposure to Liquidated Damages Under Customer Contracts
The company's customer contracts contain liquidated damages clauses for delays or non-performance, resulting in penalties of Rs 0.41 crore, Rs 0.25 crore, and Rs 0.05 crore in FY26, FY25, and FY24, respectively. Future execution delays or contractual breaches could lead to higher penalties, contract terminations, and reduced profitability.
Dependence on a Limited Number of Suppliers
The company is dependent on a limited number of suppliers, with the top 10 suppliers accounting for 94.87%, 76.37%, and 66.82% of material procurement in FY26, FY25, and FY24, respectively. Supply disruptions, quality issues, or raw material price volatility could adversely affect production, profitability, and timely order execution.
Contingent Liabilities
The company had contingent liabilities of Rs 3.54 crore as of March 31, 2026, primarily relating to bank guarantees and GST matters. If these liabilities materialize, they could adversely affect the company's financial condition, cash flows, and operating results.
High Customer Concentration Risk
The company derives a significant portion of its revenue from a limited customer base, with the top 10 customers contributing 93.04% of revenue in FY26 and Indian Railways alone contributing 76.72%. The loss of key customers, reduction in orders, or changes in procurement patterns could materially impact business performance and cash flows.
Geographical Concentration of Operations
The company's manufacturing facilities and research centre are concentrated in Haryana. Any adverse political, regulatory, economic, social, or natural events in the region could disrupt operations and negatively affect production, financial performance, and business continuity.
Execution Risk Associated with Large Order Book
The company secured purchase orders worth Rs 738.76 crore in FY26 for the supply of 450 propulsion systems to Indian Railways. Any failure to execute these orders on time, maintain quality standards, or manage production capacity and working capital could adversely affect future growth, profitability, and customer relationships.
Company Analysis
from DRHPMV Electrosystems designs, develops, assembles and manufactures IGBT-based 3-Phase Drive Propulsion Equipment, switchgear panels, and cable protection products for Indian Railways and railway rolling stock applications.
MV Electrosystems Limited is a railway power electronics equipment manufacturer incorporated in 2009, headquartered in Faridabad, Haryana. The company operates in three segments: (1) 3-Phase Propulsion Equipment for electric locomotives and trains, (2) Switchgear & rail coach/EMU panels for railway rolling stock, and (3) Cable protection & management products. The company received final prototype approval for its IGBT-based 3-Phase Propulsion Equipment from Chittaranjan Locomotive Works on September 15, 2025, enabling commercial supply. As of June 30, 2026, the company has executable orders for 564 Propulsion Equipment units worth ₹9,216.40 million (excluding GST and AMC). Historically focused on R&D, the company is now transitioning to commercial production and scaling operations.
Objects of the Issue
- Funding long-term working capital requirements of our Company ₹1,800.00 million p.124
- Investment in research design and development activities for new power electronic equipment ₹210.00 million p.139
- General corporate purposes p.124
Issue Structure
- Total Issue
- ₹2,900.00 million
- Fresh Issue
- Up to [●] Equity Shares of face value ₹5 each aggregating to ₹2,900.00 million
- Offer for Sale
- Not applicable
- Price Band
- To be decided by the Company in consultation with the BRLM and advertised at least 2 Working Days prior to the Issue Opening Date
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereof
- Face Value
- ₹5 per Equity Share
Business Model
The company operates on a tender-based business model for Indian Railways contracts, earning revenue from (1) design, development, assembly and manufacturing of 3-Phase Propulsion Equipment for locomotives; (2) production of switchgear and rail coach panels; (3) cable protection and interconnected products manufacturing. Revenue is generated through purchase orders placed by Indian Railways production units (CLW, BLW, PLW), with contracts including performance warranties, annual maintenance contracts, and milestone-based payments.
Business Segments
SWOT Analysis
- • Proprietary IGBT-based 3-Phase Propulsion Equipment with prototype approval(p.31)
- • Significant executable order book for 3-Phase Propulsion Equipment(p.25)
- • In-house capability for complete design, development and manufacturing(p.134)
- • Long-standing customer relationships with Indian Railways(p.27)
- • Demonstrated market share capture in propulsion equipment segment(p.131)
- • Heavy dependence on limited number of customers, particularly Indian Railways(p.27)
- • Concentration of all manufacturing and R&D facilities in single state (Haryana)(p.29)
- • Limited operating history and no experience in bulk production of propulsion equipment(p.37)
- • Significant reliance on foreign suppliers for critical electronic components(p.37)
- • Accumulated losses and negative cash flows from operations(p.32)
- • Government's Make in India initiative and focus on domestic manufacturing(p.48)
- • Expansion of order book under integrated propulsion kit concept(p.59)
- • Development of new power electronic equipment and propulsion systems(p.47)
- • Potential for overseas market expansion(p.48)
- • Growth of Indian railway sector and increased fleet modernization(p.132)
- • Supply chain disruptions for imported electronic components(p.37)
- • Competition from domestic and international manufacturers(p.65)
- • Volatility in raw material prices and foreign exchange fluctuations(p.72)
- • Regulatory changes and compliance risks(p.76)
- • Risks from procurement on tender-based business model(p.52)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mohit Vohra | Promoter | 28.77% | — |
| Amit Dhawan | Promoter | 5.21% | — |
| Sumit Dhawan | Promoter | 6.91% | — |
| Rahul Dhawan | Promoter | 9.78% | — |
| Sonali Dhawan | Promoter | 7.15% | — |
| Ramendra Pratap Singh | Promoter | 10.17% | — |
Leadership
Auto-extracted from the company's DRHP 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 DRHP 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 |
|---|---|---|---|---|---|
| MV Electrosystems Ltd. THIS ISSUE | -6.52 | 30.58 | — | 13.90, computed at the offer price | -20.29% |
| 13.10 | 60.69 | 88.83 | — | 21.37% |
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/BV here is computed at the offer price, on the post-issue share count, and is comparable to a listed peer's.