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G V Electricals
SME · BSE listed
+21.54%
Listing gain
Price Band
₹123 – ₹130
Issue Size
₹42.25 Cr
1 lot at upper band
₹1,30,000
Lot Size
1,000
Open
31 Jul 2026
Close
07 Aug 2026
Allotment
—
Listing
12 Aug 2026
Scheduled dates
- Open31 Jul 2026
- Close07 Aug 2026
- Refund11 Aug 2026
- Demat credit11 Aug 2026
- Listing12 Aug 2026
Listing Performance
Listing Price
₹158
Listing Gain
+21.54%
Day Close
—
Current (LTP)
— (—)
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹25 14 sessions
Subscription (times)
Latest per-category subscription · as of 07 Aug, 06:57 pm IST.
QIB 91.55x
NII 272.79x
BHNI 315.34x
SHNI 187.69x
RII 168.69x
Total 169.26x
About G V Electricals
G V Electricals Ltd. is a power distribution infrastructure services provider incorporated in 1985, engaged in providing operation and maintenance (O&M) and allied support services primarily to electricity distribution utilities in India. The company operates through three service verticals: Network Operation and Maintenance Services (covering 33 kV, 11 kV and low-tension networks), Electrical Infrastructure and Network Development Works (including pole erection, cable works and civil construction), and Metering and Meter Management Services (meter installation, testing and reading). The company serves electricity distribution utilities through competitive tender processes and maintains an order book of ₹553.70 crores across 34 ongoing projects as of June 30, 2026.
gvelectricals.com ↗Strengths
- Presence Across Electrical Infrastructure Activities with Major Revenue from O&M ServicesThe 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 VisibilityThe 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 CustomersThe 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 StrengthThe 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
- Heavy Dependence on Power Distribution UtilitiesThe 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 ServicesThe 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 RiskThe 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 OperationsThe 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 OperationsThe 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 DependencyThe 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 PenaltiesThe 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 ConcentrationThe 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 RiskThe 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 UncertaintyThe 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.
Objects of the Issue
- Repayment of a portion of certain borrowings availed by the CompanyThe 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.6.00 crores
- Funding of Working Capital RequirementsThe 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, 2027.22.00 crores
- General Corporate PurposeThe 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.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 156.66 | +19.3% | 10.47 | +124.7% | 78.40 | 33.67 | -3.31 |
| 31/03/2025 | 131.36 | +17.3% | 4.66 | +66.4% | 51.43 | 23.20 | 1.08 |
| 31/03/2024 | 112.03 | — | 2.80 | — | 42.06 | 17.05 | 0.39 |
Units: crores
Issue Details
- Face Value
- ₹10
- P/E
- 14.00
- ROCE
- 41.00%
- Shares / Lot
- 1,000
- Minimum Bid
- 2,000 shares
- Refund
- 11 Aug 2026
- Credit to Demat
- 11 Aug 2026
- 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
Management
Jawed AkhtarMD
Sunil Lakshman VatsaCEO
Rakesh Kumar YadavDirector
Manoj KumarDirector
Deepshikha YadavDirector
Furquan AkhtarCFO
Dharmendra ShahiCOO
Aarti GargDirector of Operations
Mohammad AmirDirector of Operations
Roshan Kumar ThakurCTO
Bindu VatsaDirector of HR
Nahid NaazliVP of Marketing
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.