Victory Electric Vehicles SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 17 Jan 2026 | ₹0 | 0.00% | ₹0 | ₹41 | ₹0 |
| 16 Jan 2026 | ₹0 | 0.00% | ₹0 | ₹41 | ₹0 |
| 15 Jan 2026 | ₹0 | 0.00% | ₹0 | ₹41 | ₹0 |
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
- Listing date
- 14 Jan 2026
- Face value
- ₹5 per share
- Issue price
- ₹41 per share
- Lot size
- 3,000 shares
- Total issue size
- ₹34.56 Cr
- Market cap at offer price
- ₹98.77 Cr
- Promoter holding
- 97.41% → 63.33% pre-issue → post-issue
- ISIN
- INE0F8901022
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Corpwis Advisors Pvt.Ltd.
- Registered office
- Plot no 6, Second Floor, A-5, Maa Bhagwati Apartment, Paschim Vihar, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 4,23,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹41
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,23,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,46,000 |
| S-HNI (max) | 8 | 24,000 | ₹9,84,000 |
| B-HNI (min) | 9 | 27,000 | ₹11,07,000 |
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
₹41 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.30 | 1.35 |
| P/E (×) | 12.42 | 30.37 |
| Price to book (×) | 4.32 | — |
| Market cap | — | ₹98.77 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 42.11%
- ROCE
- 31.27%
- Debt / equity
- 0.62
- PAT margin
- 10.17%
- EBITDA margin
- 15.32%
- NAV per share
- ₹9.50
- Price to book
- 4.32
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Victory Electric Vehicles SME
Victory Electric Vehicles International Limited, incorporated on October 26, 2018 and converted to a public company on February 28, 2020, is engaged in the business of manufacturing electric vehicles. The company's portfolio includes electric rickshaws, passenger rickshaws, E-Loaders, cargo rickshaws, and electric scooters, with customized variants such as Food Three Wheelers and Ice Cream Three Wheelers. The company generates revenue through sales to dealers and distributors, with 100% of revenue from dealers/distributors in recent fiscal years. The company serves the Indian market which is experiencing rapid growth in electric vehicle adoption driven by government initiatives like the FAME scheme, rising environmental concerns, and technological advancements.
Company Analysis
from DRHPVictory Electric Vehicles International Limited manufactures electric vehicles including electric rickshaws, passenger rickshaws, E-Loaders, cargo rickshaws, and electric scooters for the Indian EV market.
Victory Electric Vehicles International Limited, incorporated on October 26, 2018 and converted to a public company on February 28, 2020, is engaged in the business of manufacturing electric vehicles. The company's portfolio includes electric rickshaws, passenger rickshaws, E-Loaders, cargo rickshaws, and electric scooters, with customized variants such as Food Three Wheelers and Ice Cream Three Wheelers. The company generates revenue through sales to dealers and distributors, with 100% of revenue from dealers/distributors in recent fiscal years. The company serves the Indian market which is experiencing rapid growth in electric vehicle adoption driven by government initiatives like the FAME scheme, rising environmental concerns, and technological advancements.
Objects of the Issue
- Funding the capital expenditure of the company ₹500.00 lakhs p.23
- Funding the working capital requirement of the Company ₹2,200.00 lakhs p.23
- General corporate purposes p.23
- Capital Expenditure ₹500.00 lakhs p.86
- Working Capital Requirements ₹2,200.00 lakhs p.86
- General Corporate Purposes [●] p.86
- —
Issue Structure
- Total Issue
- Up to 56,47,000 Equity Shares at the Issue Price of ₹[●] each aggregating up to ₹[●] lakh
- Fresh Issue
- Fresh Issue of up to 56,47,000 Equity Shares aggregating up to ₹[●] lakh
- Offer for Sale
- NIL
- Lot Size
- [●] and in multiples of [●] thereafter; subject to a minimum allotment of [●] Equity Shares
- Face Value
- ₹5 per equity share
Business Model
The company manufactures electric vehicles and sells them through a dealer and distributor network. Revenue from operations is derived entirely from sales to dealers and distributors (100% in FY 2024, FY 2023, and FY 2022). The company manufactures E-Rickshaws, Two-Wheelers, and customized variants, with manufacturing capacity as of June 30, 2024 of 1,305 units for E-Rickshaws and 210 units for Two-Wheelers.
Business Segments
SWOT Analysis
- • Strong return on net worth and capital efficiency(p.100)
- • Improving profitability and margins(p.101)
- • Significant operational efficiency improvements(p.101)
- • Widespread geographical presence across 12 Indian states with dealer network(p.138)
- • Experienced leadership with deep industry expertise and over a decade of combined experience(p.138)
- • Consistent profitability maintained even during COVID-19 pandemic(p.139)
- • Strong and improving profit margins with EBITDA margin of 14.44% in FY24(p.139)
- • Healthy balance sheet with declining debt-to-equity ratio from 2.81 to 0.55(p.139)
- • Diversified product portfolio including E-rickshaws, scooters, and customized vehicles(p.129)
- • Established track record and operational profitability(p.246)
- • Strong positive net worth trajectory over three years(p.246)
- • Consistent cash generation from operations(p.246)
- • Significant profit growth year-over-year(p.226)
- • Improved operational efficiency and margin expansion(p.225)
- • ISO certification demonstrating quality standards(p.240)
- • Limited production scale and capacity utilization challenges(p.33)
- • Dependence on few suppliers and lack of formal long-term agreements(p.31)
- • High exposure to bad debts from small dealers(p.39)
- • Significant dependence on few EV models for revenue(p.37)
- • Criminal litigation against Managing Director and Promoter(p.35)
- • Lack of proof of stamp duty payment on equity shares issuance(p.37)
- • Non-compliance with procedural requirements on past rights issue(p.37)
- • Conflict of interest risk from promoter group entities in similar business(p.38)
- • High dependence on few major promoters controlling majority shareholding(p.79)
- • Significant debt burden(p.101)
- • Working capital dependent on short-term borrowings(p.93)
- • Limited company history and track record(p.67)
- • Heavy dependence on top customers with top 5 customers representing 41.26% of revenue as of June 30, 2024(p.139)
- • High supplier concentration with top 5 suppliers accounting for 79.32% of purchases(p.140)
- • Limited warehouse infrastructure with only factory-based warehouse(p.144)
- • Trademark not owned by company but held by promoter with limited-term assignment(p.145)
- • Significant receivables aging issues indicating collection challenges(p.213)
- • Material litigation from major customer impacting operations(p.236)
- • Significant decline in operating cash flow in stub period(p.228)
- • Dependence on limited customer base with concentration risk(p.236)
- • Bad debt provision indicating credit quality concerns(p.216)
- • Promoter involvement in pending criminal case creating governance risk(p.237)
- • Rapidly expanding Indian EV market with government support(p.22)
- • Significant projected market growth through 2030(p.22)
- • Strong global and Indian EV market growth trajectory(p.22)
- • Growing battery market opportunity(p.22)
- • Expansion into charging infrastructure services(p.37)
- • India's strong EV market growth potential(p.113)
- • Government support for renewable energy and EV adoption(p.113)
- • Expansion of manufacturing and capital expenditure in India(p.115)
- • Strong investment environment and rising consumer sentiment(p.113)
- • Capacity expansion and new product lines(p.91)
- • Massive market growth potential with Indian EV market projected to expand from $3.21B in 2022 to $113.99B by 2029(p.122)
- • Government target of 80 million EVs on Indian roads by 2030(p.120)
- • Significant opportunity to establish 1.32 million charging stations requiring 400,000 installations annually through 2030(p.122)
- • Cost-effective manufacturing base with 10-25% cost advantage over Europe and Latin America(p.122)
- • Geographic expansion into remaining states with targeted expansion strategy(p.140)
- • FAME II scheme with $1.43 billion budgetary support for EV incentives(p.122)
- • Growth in electric vehicle market segment(p.197)
- • Expansion of product portfolio across vehicle categories(p.240)
- • Technology upgradation leading to cost savings(p.202)
- • Access to capital markets for growth financing(p.223)
- • Scale production capacity for market expansion(p.195)
- • Intense competition from established and new players(p.36)
- • Regulatory changes and compliance risks(p.51)
- • Customer pricing pressure affecting gross margins(p.34)
- • Dependence on battery technology and lithium-ion fire risks(p.40)
- • Inadequate public charging infrastructure limiting EV adoption(p.37)
- • Dependence on international suppliers with import exposure(p.32)
- • Economic and geopolitical uncertainties in India(p.53)
- • Pandemic and natural disaster risks(p.54)
- • Regulatory changes and compliance burden from new labour codes(p.54)
- • Inflation risks and inability to pass costs to customers(p.55)
- • Geopolitical risks and trade restrictions(p.55)
- • Stock market surveillance measures and trading restrictions(p.56)
- • Volatility and illiquidity risks for newly listed shares(p.56)
- • Promoter control risks(p.57)
- • Supply chain vulnerabilities from dependence on specific materials like lithium and cobalt(p.128)
- • Battery cells sourced from China through promoter group company creating geopolitical risk(p.145)
- • Intense competition from both established automakers and new entrants in EV market(p.128)
- • Insufficient charging infrastructure limiting consumer adoption and confidence(p.128)
- • Economic downturns reducing consumer spending power and EV sales(p.128)
- • Rapid technological advancements making existing models obsolete quickly(p.128)
- • Resistance from consumers preferring traditional vehicles due to range anxiety(p.128)
- • Seasonality impacting demand and revenue consistency(p.231)
- • Competitive pressure in electric vehicle manufacturing sector(p.231)
- • Interest rate exposure on floating rate debt obligations(p.229)
- • Dependence on raw material cost fluctuations(p.225)
- • Regulatory and policy changes affecting electric vehicle industry(p.222)
- • Litigation risk from customers and related parties(p.238)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sanjay Kumar Popli | Promoter | 42.53% | — |
| Seema | Promoter | 57.09% | — |
| Palak Poply | Promoter | 0.34% | — |
| Sanjay Kumar Popli | Promoter | 42.53% | [●] |
| Seema | Promoter | 57.09% | [●] |
| Palak Poply | Promoter | 0.34% | [●] |
| Kanwal Nain | Promoter Group | 0.01% | [●] |
| Sanjay Kumar Popli | Promoter | 42.53% | 31.26% |
| Seema | Promoter | 57.09% | 41.96% |
| Palak Poply | Promoter | 0.34% | 0.25% |
| Sanjay Kumar Popli | Promoter/Director | 42.51% | — |
| Seema | Promoter/Director | 57.10% | — |
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.