Vivid Electromech
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 |
|---|---|---|---|---|---|
| 07 Apr 2026 | ₹0 | 0.00% | ₹0 | ₹555 | ₹0 |
| 06 Apr 2026 | ₹0 | 0.00% | ₹0 | ₹555 | ₹0 |
| 05 Apr 2026 | ₹0 | 0.00% | ₹0 | ₹555 | ₹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
- IPO date
- 25 Mar 2026 – 30 Mar 2026
- Listing date
- 07 Apr 2026
- Face value
- ₹10 per share
- Price band
- ₹528 – ₹555
- Issue price
- ₹555 per share
- Lot size
- 240 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹131 Cr
- Market cap at offer price
- ₹493 Cr
- Promoter holding
- 99.99% → 73.53% pre-issue → post-issue
- ISIN
- INE24H301028
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Plot No.A-173/7, T.T.C Industrial Area, MIDC, Kharine, Maharashtra
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 | 6,68,880 | — | — |
| Market maker | 1,18,800 | — | — |
Application size
Minimum 240 shares per lot, in multiples, at ₹555
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 240 | ₹1,33,200 |
| S-HNI (min) | 2 | 480 | ₹2,66,400 |
| S-HNI (max) | 7 | 1,680 | ₹9,32,400 |
| B-HNI (min) | 8 | 1,920 | ₹10,65,600 |
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
₹555 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 28.90 | 22.78 |
| P/E (×) | 19.20 | 24.36 |
| Price to book (×) | 14.16 | — |
| Market cap | — | ₹493 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 73.76%
- ROCE
- 87.34%
- Debt / equity
- 0.15
- PAT margin
- 13.04%
- EBITDA margin
- 18.28%
- NAV per share
- ₹39.19
- Price to book
- 14.16
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Vivid Electromech
Vivid Electromech Limited, incorporated in 1990 and converted to a public limited company in 2025, manufactures and assembles electrical panels and automation systems. The company operates through two manufacturing units: one in Navi Mumbai (established facility) and one in Pune (Factory Unit-II, acquired on lease basis). Its products serve multiple sectors including data centres, infrastructure, metro projects, construction and real estate, solar and renewable energy, and industrial manufacturing. The company derives revenue from the fabrication, busbar processing, assembly, wiring, powder coating, and testing of LV and MV electrical panels. Revenue grew from ₹5,932.56 lakhs in FY 2022-23 to ₹15,529.32 lakhs in FY 2024-25, with profit after tax increasing from ₹6.29 lakhs to ₹2,024.40 lakhs over the same period.
Company Analysis
from RHPVivid Electromech designs, manufactures, and assembles Low-Voltage (LV) and Medium-Voltage (MV) electrical panels and automation systems for industrial, infrastructure, renewable energy, and data centre applications.
Vivid Electromech Limited, incorporated in 1990 and converted to a public limited company in 2025, manufactures and assembles electrical panels and automation systems. The company operates through two manufacturing units: one in Navi Mumbai (established facility) and one in Pune (Factory Unit-II, acquired on lease basis). Its products serve multiple sectors including data centres, infrastructure, metro projects, construction and real estate, solar and renewable energy, and industrial manufacturing. The company derives revenue from the fabrication, busbar processing, assembly, wiring, powder coating, and testing of LV and MV electrical panels. Revenue grew from ₹5,932.56 lakhs in FY 2022-23 to ₹15,529.32 lakhs in FY 2024-25, with profit after tax increasing from ₹6.29 lakhs to ₹2,024.40 lakhs over the same period.
Objects of the Issue
- Refer to Objects of the Offer chapter (page 92) for specific uses of proceeds p.46
- Funding the capital expenditure requirements towards setting up of a new manufacturing unit ₹4,384.32 lakhs p.96
- Repayment of certain borrowings availed by the Company ₹929.86 lakhs p.96
- To meet working capital requirements of the Company ₹3,600.00 lakhs p.96
- General Corporate Purpose p.96
- Not determinable from this part of the document - Part 5 contains financial statements and does not include the Objects of the Offer section
Issue Structure
- Total Issue
- Upto 23,52,000 Equity Shares having face value of ₹10/- each at an Offer Price of ₹[●] per Equity Share (including a Share premium of ₹[●] per Equity Share) aggregating to ₹[●] Lakhs
- Fresh Issue
- Upto 18,84,000 Equity Shares of ₹10/- each for cash at a price of ₹[●] (including a Share premium of ₹[●] per Equity Share) per share aggregating ₹[●] lakhs
- Offer for Sale
- Offer for sale by existing shareholders upto 4,68,000 equity shares of ₹10/- each at a price of ₹[●] per equity share aggregating to ₹[●] lakhs
- Price Band
- [●]
- Lot Size
- To be determined upon finalization of Offer Price
- Face Value
- ₹10/- per Equity Share
Business Model
The company manufactures and assembles customized electrical panels and automation systems for large multinational corporations and industrial customers with annual capital and maintenance budgets. Revenue is earned through the sale of Low-Voltage and Medium-Voltage electrical panels and automation systems. The company exhibits seasonal revenue patterns, with 65.2% of FY 2024-25 revenues earned in the second half (November to March), driven by customer year-end budget utilization and capital procurement cycles.
Business Segments
SWOT Analysis
- • Growing revenue and profitability trajectory(p.66)
- • Strong capacity utilization improvement at Navi Mumbai facility(p.47)
- • Significant margin expansion and profitability improvement(p.51)
- • Integrated manufacturing with CNC-enabled fabrication lines and in-house testing(p.136)
- • Diverse product portfolio across LV and MV electrical panels serving multiple industries(p.136)
- • Strong presence in high-growth data centre segment(p.137)
- • Strategic partnerships with leading OEMs including ABB and L&T(p.137)
- • ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications with type-tested products(p.138)
- • Strong financial performance with 18.28% EBITDA margin and 13.04% PAT margin in FY 2024-25(p.134)
- • Experienced promoters with 25+ years in electrical panel manufacturing(p.134)
- • BIS certification and IEC 61439 compliance demonstrates manufacturing capability and quality standards(p.166)
- • Strong partnerships with leading electrical equipment manufacturers (Schneider Electric, ABB)(p.166)
- • Established manufacturing footprint with two operational facilities(p.165)
- • Crossed ₹150 crores turnover milestone(p.166)
- • Long operational history and business continuity since 1990(p.164)
- • High dependence on leased factory premises subject to termination risk(p.46)
- • Litigation and non-compliance issues at Navi Mumbai premises(p.46)
- • Pune facility significantly underutilized(p.47)
- • History of non-compliance with statutory obligations(p.49)
- • Auditor remarks on non-compliance with Companies Act sections(p.49)
- • Multiple loans with personal guarantees from directors(p.55)
- • High leverage and concentrated lender dependence(p.54)
- • High dependence on top customers for revenue(p.148)
- • High dependence on single top supplier for 42.20% of purchases(p.148)
- • Limited export revenue with only 2.58% of sales from international markets(p.133)
- • Proposed manufacturing facility not yet appraised by any bank or financial institution(p.98)
- • Implementation risks for new manufacturing unit including delays and cost overruns(p.98)
- • Existing factory unit is licensed rather than owned(p.154)
- • Heavy dependence on few key customers for revenue(p.165)
- • Missing corporate records from pre-2006 period impair governance transparency(p.164)
- • Concentrated manufacturing operations limited to two plants in Maharashtra(p.165)
- • Significant outstanding trade receivables relative to revenue(p.190)
- • Expansion into new markets and geographies(p.48)
- • Emerging demand from key infrastructure sectors(p.55)
- • Technology upgrade and Industry 4.0 integration(p.52)
- • India's data centre market projected to double by 2027 and grow 5-fold by 2030(p.137)
- • Electrical equipment market in India expected to grow from US$ 52.98 billion to US$ 125 billion by 2027(p.126)
- • Strong government capex allocation and infrastructure development(p.126)
- • Rapid expansion of data centre infrastructure with major investments announced(p.131)
- • Significant outstanding order book of Rs. 20,019.18 lakhs as on December 31, 2025(p.146)
- • New integrated manufacturing facility to improve production capacity and efficiency(p.98)
- • Strategic opportunity to expand geographic footprint domestically and internationally(p.138)
- • Opportunity to develop partnerships with established brands and OEMs(p.139)
- • Electrical equipment quality standards create compliance-driven demand for BIS/IEC certified products(p.155)
- • Expansion of manufacturing capacity and geographic footprint in India(p.166)
- • Growing adoption of renewable and electrical infrastructure drives panel/switchboard demand(p.155)
- • Potential to expand system integrator and core component partnerships with ABB, Schneider Electric beyond current scale(p.166)
- • Highly competitive market with low entry barriers(p.51)
- • Significant seasonality in revenue recognition(p.50)
- • Dependence on third-party logistics with exposure to rising transportation costs(p.51)
- • Labour-intensive operations vulnerable to strikes and wage pressures(p.47)
- • Energy-intensive operations exposed to electricity supply disruptions(p.52)
- • Regulatory and environmental compliance costs(p.54)
- • Macroeconomic sensitivity and global financial market volatility(p.60)
- • Highly competitive industry with low entry barriers and both organized and unorganized competitors(p.149)
- • Competitors may have greater financial resources and wider product portfolios(p.149)
- • Dependence on imported machinery and foreign exchange fluctuations(p.100)
- • Risks from delays in procurement and installation of machinery with cost escalation potential(p.103)
- • Subject to unforeseen technical, regulatory or environmental challenges(p.98)
- • Raw material cost inflation and supply chain disruption risks(p.134)
- • India's economy growth subject to global economic uncertainty and policy changes(p.124)
- • Stringent electrical safety and environmental compliance regulatory requirements(p.155)
- • Cyclical nature of electrical equipment demand tied to industrial capacity utilization(p.164)
- • Fluctuations in raw material costs and supply chain disruptions impact manufacturing margins(p.164)
- • Complex and evolving environmental regulations increase compliance costs(p.161)
- • Competition from established electrical equipment manufacturers and new market entrants(p.164)
- • Foreign exchange volatility impacts pricing for export-oriented operations(p.164)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sameer Vishvanath Attavar | Promoter | 48,18,770 equity shares (68.80%) | 47,01,770 equity shares (52.90%) |
| Meeta Sameer Attavar | Promoter | 12,84,880 equity shares (18.35%) | 9,33,880 equity shares (10.51%) |
| Hardik Dinesh Shah | Promoter/Non-Executive Director | — | — |
| Sameer Vishvanath Attavar | Promoter | — | — |
| Meeta Sameer Attavar | Promoter | — | — |
| Sameer Vishvanath Attavar | Promoter | 68.80% | — |
| Meeta Sameer Attavar | Promoter | 18.35% | — |
| Hardik Dinesh Shah | Promoter | — | — |
| Sameer Vishvanath Attavar | Promoter | 48,18,770 equity shares (68.80%) | — |
| Meeta Sameer Attavar | Promoter | 12,84,880 equity shares (18.35%) | — |
| Sameer Vishvanath Attavar | Promoter | — | — |
| Meeta Sameer Attavar | Promoter | — | — |
| Sameer Vishvanath Attavar | Promoter Selling Shareholder | — | — |
| Meeta Sameer Attavar | Promoter Selling Shareholder | — | — |
Auto-extracted from the company's RHP 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 RHP before relying on it.