MV Electrosystems IPO
MV Electrosystems IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹400-425 |
| Face Value | ₹5 |
| Lot Size | 34 Shares |
| Issue Size | ₹290 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| NSE Symbol | MVELECTRO.NS |
| BSE Scrip Code | 7855 |
| Min Investment | ₹14,450 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 34 | ₹14,450 |
| Retail (Max) | 13 | 442 | ₹187,850 |
| S-HNI (Min) | 14 | 476 | ₹202,300 |
| B-HNI (Min) | 70 | 2,380 | ₹1,011,500 |
Strengths & Risks
Strengths
- Railway company focused on engineering and system design, with strong in-house research, design and development for complex railway systems.
- Precision design work on safety critical railway electrical equipment creates a high entry barrier for new players in this segment.
- Long standing and deep relationship with Indian Railways.
- Experienced promoter and management team with good execution and operating skills.
- IGBT based 3-Phase Drive Propulsion System approved by Chittaranjan Locomotive Works and RDSO, with commercial supplies starting in FY26.
- Executable order book of Rs 921.64 crore as on June 30, 2026 for supply of 564 propulsion equipment to Indian Railways.
Risks
- The company made a loss of Rs 12.63 crore in FY26. As earnings are negative, a P/E ratio cannot be worked out for this issue.
- Revenue from operations fell about 21% in FY26 to Rs 49.43 crore, mainly because sales to Indian Railways came down.
- The business is highly concentrated. Indian Railways gave 76.72% of FY26 revenue from operations and the top ten customers gave 93.04%.
- Cash flow from operating activities was negative at Rs 57.55 crore in FY26, and was also negative in FY24.
- The business needs a lot of working capital. Rs 180 crore of the Rs 290 crore issue will go into long term working capital.
- Orders come through a tender process, so future orders are not certain. Most customer orders also carry a liquidated damage clause for delay.
- The company imports some raw materials, so supply problems or price changes abroad can push up costs.
- Return ratios turned negative in FY26 - ROE is -31.55% and ROCE is -17.69%, against 8.04% and 22.13% in FY25.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 145.74 | 74.12 | 65.58 |
| Total Income | 49.79 | 64.64 | 50.57 |
| Profit After Tax | -12.63 | 1.40 | 0.56 |
| EBITDA | -9.94 | 8.92 | 6.41 |
| NET Worth | 62.57 | 17.91 | 16.53 |
| Reserves and Surplus | 52.34 | 8.77 | 9.15 |
| Total Borrowing | 49.89 | 27.50 | 27.59 |
About The Company
MV Electrosystems Limited was set up in 2009. The company designs, develops, assembles and manufactures electrical and power electronics equipment used in railway rolling stock. Its main products are IGBT based 3-Phase Drive Propulsion equipment for electric locomotives, switchgear panels for railway coaches and EMUs, cable protection and cable management products, and other electrical components, systems and sub-systems.
The company works mainly with Indian Railways. In FY26, Indian Railways was its largest customer and gave 76.72% of its revenue from operations. Its IGBT based 3-Phase Drive Propulsion System is approved by Chittaranjan Locomotive Works and RDSO, and commercial supplies started in FY26.
The company has its own Research, Design and Development Centre at Faridabad, Haryana. As on May 31, 2026, this centre had 45 permanent employees, which is about 21.84% of the total staff. The company had 208 permanent employees as on March 31, 2026.
As on June 30, 2026, the company had an executable order book of Rs 921.64 crore for supply of 564 propulsion equipment to Indian Railways.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 90.47× | 2,174,994 | — |
| Non-Institutional Investors (NII) | 374.58× | 1,087,498 | — |
| Retail Individual Investors (RII) | 205.42× | 724,999 | — |
| Employee | 0× | — | — |
| Shareholder | 0× | — | — |
| Total | 188.85× | 3,987,491 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
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