Victory Electric Vehicles IPO

Victory Electric Vehicles International Limited makes battery-electric three-wheelers and two-wheelers at a leased plant at Rohad, Bahadurgarh, Haryana. The range covers L3-series passenger e-rickshaws, L5-series electric autos, cargo and loader e-rickshaws, electric scooters, and custom three-wheelers fitted out for food and ice-cream vending. It sells nothing directly: all revenue from FY23 through the half-year to 30 September 2025 came through dealers and distributors trading under the Victory brand, concentrated in Uttar Pradesh, Haryana, Delhi, Bihar and Madhya Pradesh. End buyers are largely owner-operators who run the vehicles as public transport or last-mile goods carriers. Installed capacity was 4,300 units in FY25, of which 65.72% was used, and the company had 110 permanent employees at 30 September 2025.

Revenue is the wholesale price of vehicles invoiced to dealers, who hold the retail relationship; there are no long-term dealer agreements and supply runs purchase-order by purchase-order. Production is largely assembly of bought-in parts, including lithium-ion battery packs from third-party suppliers: purchases were ₹3,642.11 lakh in FY25 against revenue from operations of ₹5,086.18 lakh, with the top five suppliers accounting for 87.07% of purchases and imports 9.40% of raw-material purchases. The constraint is the plant: 65.72% of a 4,300-unit annual capacity was used in FY25, at an EBITDA margin of 15.32% against 3.47% in FY23.