MV Electrosystems IPO

MV Electrosystems Limitedmvelectrosystems.com

ListedMainboardIndustrialsNSE · BSE

Price band: ₹400 – ₹425
Issue size: ₹290 Cr
Lot size: 34 sh
Bidding: 30 Jul – 3 Aug
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

MV Electrosystems designs and manufactures electrical and power-electronics equipment for railway rolling stock, and the record's company description states that Indian Railways accounted for 76.72% of revenue from operations in FY26. Revenue was Rs 49.96 Cr in FY24, rose 25.38% to Rs 62.64 Cr in FY25, then fell 21.09% to Rs 49.43 Cr in FY26. EBITDA was Rs 6.41 Cr in FY24 and Rs 8.92 Cr in FY25 before turning negative at minus Rs 9.94 Cr in FY26, and the bottom line went from a profit of Rs 1.40 Cr in FY25 to a loss of Rs 12.63 Cr in FY26. The Rs 290 Cr issue was entirely fresh equity; it was subscribed 200.66 times on its final bidding day and listed at Rs 520 against a band top of Rs 425.

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.

36Stretched

IPOVista score

Growing the top line, losing money

58% of the scoring model was backed by disclosed data for MV Electrosystems, giving low 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

Loss-making in the latest full year
The company reported a net loss of ₹12.6 Cr in FY26. P/E is undefined, so valuation is scored on sales instead of earnings.

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 2009 · Plot No. 7, Site No. 2, 14/3, Mathura Road, Faridabad 121003, Haryana, India · 206 employees

MV Electrosystems designs, develops, assembles and manufactures electrical and power-electronics equipment used in railway rolling stock. Its products include IGBT-based 3-phase drive propulsion equipment for electric locomotives — traction converter-inverter systems, auxiliary converters, vehicle control units and driver display units — alongside switchgear panels for railway coaches and EMUs, and cable protection and management products. Its dominant customer is Indian Railways, which accounted for 76.72% of revenue from operations in FY26, buying through tenders and purchase orders placed by production units including Chittaranjan Locomotive Works, Banaras Locomotive Works and Patiala Locomotive Works. The company received CLW approval for its in-house designed propulsion equipment on 15 September 2025 and began commercial supply in March 2026. It is based in Faridabad, Haryana, and had 206 permanent employees as of 31 May 2026.

The company earns by supplying equipment against Indian Railways tenders and purchase orders. Revenue from operations was ₹494.28 million in FY26, down from ₹626.37 million in FY25; of the FY26 figure, ₹447.29 million still came from the older cable protection, interconnected products and switchgear and panels lines, as propulsion supplies only began in March 2026. Raw material consumed was ₹383.62 million in FY26, and imports equalled 19.12% of revenue from operations. FY26 produced a loss of ₹126.29 million. The structural constraint is working capital: inventory and receivables build ahead of tender deliveries, and ₹1,800.00 million of net proceeds was earmarked for FY27 and FY28 working capital against total borrowings of ₹498.93 million.

The company on paper

Legal name: MV Electrosystems Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 3 Jul 2009
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U31401HR2009PLC140536
Sector: Industrials · Electrical and power-electronics equipment for railway rolling stock
Employees: 206
Registered office: Plot No. 7, Site No. 2, 14/3, Mathura Road, Faridabad 121003, Haryana, India
Promoters: Mohit Vohra, Amit Dhawan, Sumit Dhawan, Rahul Dhawan, Sonali Dhawan, Ramendra Pratap Singh
Promoter holding, pre-issue: 76.9%
Promoter holding, post-issue: 57.7%
Website: mvelectrosystems.com

The numbers

Financial performance

Revenue has compounded at −0.5% 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

100% 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: ₹290 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹290 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 19.2% 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 3. Anchor allocations are excluded.

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

Total subscription200.66×

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: ₹425.00
Listed at: ₹520.00
Listing gain: up 22.4%
Since listing: up 40.1%
Against the issue price: up 71.4%

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: 34
At cut-off price: ₹425.00
Amount blocked: ₹14,450

One lot is 34 shares at ₹14,450. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

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.

~0.5%

chance of one lot, per application

Retail subscription: 218.25×
Applicants per share available: 218.3× 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.

₹520.00

listed at, 22.4% against the issue price

Issue price: ₹425.00
Premium said: —
If allotted 34 shares: ₹3,230

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

Total borrowings measured against net worth fell at every step on record: 1.67x in FY24 (Rs 27.59 Cr over Rs 16.53 Cr), 1.54x in FY25 (Rs 27.50 Cr over Rs 17.91 Cr) and 0.80x in FY26 (Rs 49.89 Cr over Rs 62.57 Cr). Net worth itself was Rs 16.53 Cr in FY24, Rs 17.91 Cr in FY25 and Rs 62.57 Cr in FY26 — a rise of Rs 44.66 Cr in the last year, in a year that recorded a loss of Rs 12.63 Cr.
The Rs 290 Cr issue was entirely fresh, with the offer-for-sale recorded at Rs 0 Cr at both ends of the band. Promoter holding is 76.92% before the issue and 57.68% after, a dilution of 19.24 percentage points.
On the final day of bidding, 3 August 2026, the book stood at 200.66 times overall: 96.13 times from QIBs, 363.27 times from non-institutional bidders and 218.25 times from retail. The record carries subscription data for that day only.
It listed at Rs 520 on 6 August 2026 against a band top of Rs 425, a gain of 22.35%; it closed the first day at Rs 624, 20.00% above the Rs 520 listing price, and last traded at Rs 788 on 23 October 2026, 85.41% above the band top.

What to weigh against it

FY26 was loss-making: a loss of Rs 12.63 Cr on revenue of Rs 49.43 Cr, a margin of minus 25.55%, against a profit of Rs 1.40 Cr on Rs 62.64 Cr (2.23%) in FY25 and Rs 0.56 Cr on Rs 49.96 Cr (1.12%) in FY24. EBITDA margin was 12.83% in FY24 (Rs 6.41 Cr on Rs 49.96 Cr), 14.24% in FY25 (Rs 8.92 Cr on Rs 62.64 Cr) and minus 20.11% in FY26 (minus Rs 9.94 Cr on Rs 49.43 Cr). FY26 revenue of Rs 49.43 Cr is 1.06% below the FY24 level of Rs 49.96 Cr.
The record's company description puts Indian Railways at 76.72% of FY26 revenue from operations, bought through tenders and purchase orders placed by production units including Chittaranjan Locomotive Works, Banaras Locomotive Works and Patiala Locomotive Works. The record names no other customers (keyCustomers is empty).
On the record's own split of FY26 revenue from operations of Rs 49.43 Cr (Rs 494.28 million), Rs 44.73 Cr (Rs 447.29 million) came from the older cable protection, interconnected products and switchgear and panels lines, leaving Rs 4.70 Cr from everything else. The record states CLW approval for the in-house designed propulsion equipment came on 15 September 2025 and commercial supply began in March 2026, the final month of FY26.
Raw material consumed in FY26 was Rs 38.36 Cr (Rs 383.62 million) against revenue from operations of Rs 49.43 Cr (Rs 494.28 million), or 77.61%, and the record states imports equalled 19.12% of revenue from operations. Total borrowings were Rs 27.59 Cr in FY24, Rs 27.50 Cr in FY25 and Rs 49.89 Cr in FY26 — an increase of Rs 22.39 Cr, or 81.42%, in the last year.

Easy to miss in the prospectus

The record carries no valuation, peer or allocation data (valuation, peers, allocation and anchor are all empty, and offerObjects is empty), so the Rs 788 price as of 23 October 2026 is not set against earnings anywhere here; FY26 earnings were a loss of Rs 12.63 Cr.
FY27 reporting is where revenue either moves from the FY26 figure of Rs 49.43 Cr back towards the FY25 figure of Rs 62.64 Cr or does not, and where EBITDA either returns above zero from minus Rs 9.94 Cr or does not.
The record's business-model note states Rs 180.00 Cr (Rs 1,800.00 million) of net proceeds is earmarked for FY27 and FY28 working capital; total borrowings stood at Rs 49.89 Cr (Rs 498.93 million) at FY26. Subsequent balance sheets are where those two figures can be read together.

Straight from the filing

Read it yourself

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

MV Electrosystems — Red Herring Prospectus dated 2026-07-2323 Jul 2026The document the issue was bid on. Carries the price band and the dates.Opens on mvelectrosystems.com

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: Sundae Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Reconciled to MV Electrosystems's own prospectus and to exchange disclosures, then cross-checked against 5 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.

Red Herring Prospectus dated 23 July 2026 (company website) · read 15 Oct 2026
NSE public past issues API (price band, bid window, listing date, symbol MVELECTRO) · read 15 Oct 2026

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

At a glance

Board: Mainboard
Opens: 30 Jul 2026
Closes: 3 Aug 2026
Allotment: 4 Aug 2026
Lists: 6 Aug 2026
Revenue (FY26): ₹49.43 Cr
Profit (FY26): −₹12.63 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.