All IPOs 
MV Electrosystems
Mainboard · BSE listed
+22.35%
Listing gain
Price Band
₹400 – ₹425
Issue Size
₹290 Cr
1 lot at upper band
₹14,450
Lot Size
34
Open
30 Jul 2026
Close
03 Aug 2026
Allotment
—
Listing
06 Aug 2026
Scheduled dates
- Open30 Jul 2026
- Close03 Aug 2026
- Refund05 Aug 2026
- Demat credit05 Aug 2026
- Listing06 Aug 2026
Listing Performance
Listing Price
₹520
Listing Gain
+22.35%
Day Close
—
Current (LTP)
— (—)
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹109 9 sessions
Subscription (times)
Latest per-category subscription · as of 03 Aug, 06:56 pm IST.
QIB 96.13x
NII 397.99x
BHNI 419.67x
SHNI 354.63x
RII 218.25x
Total 200.66x
About MV Electrosystems
MV Electrosystems Limited is a technology-driven company engaged in the design, development, assembly and manufacturing of electrical & power electronics equipment used in railway rolling stock including IGBT based 3-Phase Drive Propulsion equipment for electric locomotives, switchgear panels for railway coaches & EMU's, cable protection & management products and electrical components, systems & sub-systems. The company received approval from CLW, Indian Railways for its in-house designed and developed IGBT Based 3-Phase Drive Propulsion equipment in September 2025 and commenced commercial supplies to Indian Railways in March 2026.
www.mvelectrosystems.com ↗Strengths
- Engineering and systems design focused railways company with strong in-house research, design & development capabilitiesThe 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 equipmentThe 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 RailwaysThe 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 skillsThe 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
- Ongoing Legal and Regulatory ProceedingsThe 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 BorrowingsThe 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 FlowsThe 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 ContractsThe 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 SuppliersThe 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 LiabilitiesThe 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 RiskThe 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 OperationsThe 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 BookThe 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.
Objects of the Issue
- Funding long-term working capital requirements of the CompanyThe 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.180.00 crores
- Investment in research design and development activities for new power electronic equipmentThe 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.21.00 crores
- General corporate purposesThe 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.
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 | 49.79 | -23.0% | -12.63 | -1002.1% | 145.74 | 62.57 | -57.55 |
| 31/03/2025 | 64.64 | +27.8% | 1.40 | +150.0% | 74.12 | 17.91 | 5.04 |
| 31/03/2024 | 50.56 | — | 0.56 | — | 65.58 | 16.53 | -5.21 |
Units: crores
Issue Details
- Face Value
- ₹5
- P/E
- -68.88
- ROCE
- -15.00%
- Shares / Lot
- 34
- Minimum Bid
- 34 shares
- Refund
- 05 Aug 2026
- Credit to Demat
- 05 Aug 2026
- 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
Management
Sanjeev MehtaCEO
Pankaj RastogiMD
Vipin SharmaDirector
Kanika BhutaniDirector
Mohit VohraDirector
Amit DhawanDirector
Sumit DhawanDirector
Rahul DhawanCOO
Sanjay Kumar SinghDirector
Ajay KumarCFO
Sourabh BansalDirector
Pradeep BansalVP of Operations
Sanjay MannCTO
Rajat Kumar KaushalVP of Sales
Sunil KumarDirector
Rheesabh DwivediDirector
Anand KumarDirector of Operations
Mohd Irshad SaifiDirector
Manoj Kumar SharmaDirector of HR
* 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.