G V Electricals IPO

ListedSMEIndustrialsBSE SME

Price band: ₹123 – ₹130
Issue size: ₹42.25 Cr
Lot size: 1000 sh
Bidding: 31 Jul – 7 Aug
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

G V Electricals is a services contractor to India's electricity distribution utilities; the record states it does not manufacture equipment but operates and maintains networks the utilities own, splitting FY26 revenue from operations between operation and maintenance at 76.90%, electrical infrastructure and network development at 14.66% and metering services at 8.44%. Revenue was Rs 111.80 Cr in FY24, Rs 131.24 Cr in FY25 and Rs 156.41 Cr in FY26, with profit after tax of Rs 2.80 Cr, Rs 4.66 Cr and Rs 10.47 Cr in those years, giving PAT margins of 2.50%, 3.55% and 6.69%. The Rs 42.25 Cr issue, made up of Rs 39 Cr fresh and Rs 3.25 Cr offer for sale in a band of Rs 123 to Rs 130, was subscribed 169.26 times overall at the close on 7 August 2026. It listed on BSE SME on 12 August 2026 at Rs 158 against a band top of Rs 130, closed day one at Rs 165.90, and last traded at Rs 92.35 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

73Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for G V Electricals, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1985 · Mumbai, Maharashtra, India · 4,473 employees

G V Electricals is a services contractor to India's electricity distribution utilities. It does not manufacture equipment; it operates and maintains distribution networks that utilities own. Work splits into three verticals: operation and maintenance of 33 kV, 11 kV and low-tension lines, feeders and 33/11 kV substations, 76.90% of FY26 revenue from operations; electrical infrastructure and network development, such as erecting and shifting poles, laying and jointing underground and overhead cables, and associated civil work, 14.66%; and metering services, including installing, replacing, testing and reading energy meters, 8.44%. Contracts are won mainly through competitive tenders from state distribution utilities and run as rate contracts or annual maintenance contracts under which work orders are issued. Odisha supplied 69.05% of FY26 revenue. The company employed 4,473 people on 31 May 2026.

Revenue is billed against work orders issued under rate contracts and annual maintenance contracts, so it tracks deployed manpower rather than product sales. The cost base is labour, not materials: employee benefit expense was ₹106.53 crore in FY26 against ₹156.41 crore of revenue from operations, while materials consumed came to ₹3.67 crore. Margins are correspondingly thin: FY26 EBITDA was ₹17.05 crore and PAT ₹10.47 crore. The structural constraint is getting paid: trade receivable days stretched from 86 in FY25 to 119 in FY26 and receivables rose to ₹51.16 crore, which is why the business is working-capital intensive. The top ten customers were 94.76% of FY26 revenue.

The company on paper

Legal name: G V Electricals Ltd
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 28 Feb 1985
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U43210MH1985PLC035529
Sector: Industrials · Operation and maintenance services for electricity distribution networks
Employees: 4,473
Registered office: Mumbai, Maharashtra, India
Promoters: Jawed Akhtar, Sunil Lakshman Vatsa, Furquan Akhtar
Promoter holding, pre-issue: 95.7%
Promoter holding, post-issue: 68.0%
Website: gvelectricals.com

The numbers

Financial performance

Revenue has compounded at 18.3% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

92% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹39.00 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹3.25 Cr
Total issue size: ₹42.25 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 2,80,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 27.7% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 6. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription169.26×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹130.00
Listed at: ₹158.00
Listing gain: up 21.5%
Since listing: down 39.7%
Against the issue price: down 26.8%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,000
At cut-off price: ₹130.00
Amount blocked: ₹2,60,000

One lot is 1000 shares at ₹1,30,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,60,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~0.6%

chance of one lot, per application

Retail subscription: 168.69×
Applicants per share available: 168.7× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹158.00

listed at, 21.5% against the issue price

Issue price: ₹130.00
Premium said: —
If allotted 1000 shares: ₹28,000

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue was Rs 111.80 Cr in FY24 and rose in each of the two later years on record, to Rs 131.24 Cr in FY25 (up 17.39%) and Rs 156.41 Cr in FY26 (up 19.18%); EBITDA and profit after tax rose in both of those years too, EBITDA from Rs 6.14 Cr to Rs 8.04 Cr to Rs 17.05 Cr and PAT from Rs 2.80 Cr to Rs 4.66 Cr (up 66.43%) to Rs 10.47 Cr (up 124.68%).
The EBITDA margin was 5.49% in FY24 (Rs 6.14 Cr on Rs 111.80 Cr) and was higher in each later year, at 6.13% in FY25 (Rs 8.04 Cr on Rs 131.24 Cr) and 10.90% in FY26 (Rs 17.05 Cr on Rs 156.41 Cr); on the same revenue figures the PAT margin ran 2.50%, 3.55% and 6.69%.
Net worth was Rs 17.05 Cr at FY24, Rs 23.20 Cr at FY25 and Rs 33.67 Cr at FY26. The fresh issue of Rs 39 Cr is 15.83% larger than that FY26 net worth of Rs 33.67 Cr, and is 92.31% of the Rs 42.25 Cr total issue size.
At the close on 7 August 2026 the book stood at 169.26 times overall, with the non-institutional category at 272.79 times, retail at 168.69 times and QIB at 91.55 times.

What to weigh against it

Concentration is high on the figures the record gives: the top ten customers were 94.76% of FY26 revenue, and Odisha supplied 69.05% of FY26 revenue.
Trade receivable days were 86 in FY25 and 119 in FY26, and receivables stood at Rs 51.16 Cr, equal to 32.71% of FY26 revenue from operations of Rs 156.41 Cr.
Total borrowings were Rs 4.95 Cr in FY24, Rs 7.84 Cr in FY25 and Rs 16.47 Cr in FY26, a rise of 232.73% across the two years against revenue 39.90% higher over the same span (Rs 111.80 Cr to Rs 156.41 Cr). Measured against net worth, borrowings were 0.29x of Rs 17.05 Cr in FY24, 0.34x of Rs 23.20 Cr in FY25 and 0.49x of Rs 33.67 Cr in FY26.
The share last traded at Rs 92.35 on 23 October 2026: 28.96% below the Rs 130 issue price, 41.55% below the Rs 158 listing price and 44.33% below the Rs 165.90 day-one close.

Easy to miss in the prospectus

Receivable days and receivables in later disclosures, against FY26's 119 days (FY25: 86) and Rs 51.16 Cr.
The concentration figures in later disclosures, against FY26's 69.05% of revenue from Odisha and 94.76% from the top ten customers.
The labour-weighted cost base, against FY26 employee benefit expense of Rs 106.53 Cr on revenue from operations of Rs 156.41 Cr (68.11%) and materials consumed of Rs 3.67 Cr (2.35%).

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Seren Capital Private Limited
RegistrarAllotment status is checked on the registrar's own site: Mudra RTA Ventures Private Limited

How these figures were checked

Reconciled to G V Electricals's own prospectus and to exchange disclosures, then cross-checked against 2 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Prospectus (final, filed with RoC) — G V Electricals Ltd · read 16 Oct 2026
Basis of Allotment public announcement — G V Electricals Ltd · read 16 Oct 2026
Red Herring Prospectus dated July 24, 2026 — G V Electricals Ltd · read 16 Oct 2026
BSE scrip page — G V Electricals Ltd (GVELECTRIC, 544859) · read 16 Oct 2026
BSE cash-market bhavcopy, 12 Aug 2026 (listing day; series MT, NewBrdLotQty 1000) · read 16 Oct 2026
G V Electricals IPO documents page (source of prospectus and allotment PDFs) · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 31 Jul 2026
Closes: 7 Aug 2026
Allotment: 10 Aug 2026
Lists: 12 Aug 2026
Revenue (FY26): ₹156 Cr
Profit (FY26): ₹10.47 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.