| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 111.80 | 131.24 | 156.41 |
| Expenses | 106.57 | 124.61 | 142.36 |
| Other Income | 0.24 | 0.12 | 0.25 |
| Total Revenue | 112.03 | 131.36 | 156.66 |
| Profit Before Tax | 5.47 | 6.75 | 14.30 |
| Net Profit | 2.80 | 4.66 | 10.47 |
G V Electricals
G V Electricals IPO
₹2,46,000
2.19 xOver-subscribedBidding Dates 31 Jul, 26 -04 Aug, 26
Min Investment ₹2,46,000
Lot Size1,000
Price Range ₹123 – ₹130
Issue Size ₹42.25 Cr.
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IPO Subscription Details
Retail Subscription Details
1.63 x
Non-Institutional Buyers (sHNI)
0.03 x
Non-Institutional Buyers (bHNI)
2.6 x
Qualified Institutional Buyers (QIB)
3.52 x
Total2.19 x
2.19 x IPO Timeline
IPO Offer Start
31 Jul,26
IPO Offer Ends
04 Aug,26
Allotment Finalisation
05 Aug,26
Refund Initiation
06 Aug,26
Listing of Shares
07 Aug,26
IPO Analysis
Strengths
The company operates across three principal service verticals: Network O&M Services (76.90% of revenue in FY 2025-26), Electrical Infrastructure and Network Development Works (14.66%), and Metering and Meter Management Services (8.44%), providing comprehensive electrical infrastructure solutions.
The company maintains an order book of ₹553.70 crores as of June 30, 2026, comprising 34 ongoing projects primarily from electricity distribution utilities, enabling planning of resource deployment and providing revenue visibility over contract tenures.
The company derives 88.29% of revenue from repeat customers in FY 2025-26, indicating strong customer relationships and reduced mobilization time for new projects through existing contractual arrangements with electricity distribution utilities.
Risks
The company derives a major portion of revenue from power distribution utilities, with 79.10%, 88.73%, and 88.87% of revenue from operations coming from electricity distribution utilities in fiscal years 2026, 2025, and 2024 respectively. Any reduction in business from such customers or adverse changes in procurement practices may severely impact operations.
The company's revenue is substantially dependent on Network Operation and Maintenance Services, contributing approximately 76.90%, 79.26%, and 75.81% of revenue from operations for fiscal years 2026, 2025, and 2024 respectively. Any adverse changes affecting this service vertical may have material adverse effects on business.
The company derives significant revenue from a limited number of customers, with top 10 customers accounting for 94.76%, 97.74%, and 98.82% of revenue from operations for fiscal years 2026, 2025, and 2024 respectively. Any reduction in business from such customers may adversely affect financial performance.
Objectives
The company proposes to utilize funds towards repayment of cash credit loan to Bank of Maharashtra. The repayment will help reduce outstanding indebtedness, debt servicing costs, assist in maintaining a favourable debt-to-equity ratio and enable utilisation of internal accruals for further investment in business growth and expansion.
The company requires additional working capital for funding its incremental working capital requirements due to business expansion. The funds will be utilized towards the company's working capital requirements for FY 2026-27 and up to September 30, 2027.
The company intends to deploy the balance proceeds towards general corporate purposes to drive business growth including meeting operating expenses, initial development costs for projects, strengthening business development and marketing capabilities, and meeting exigencies as approved by the Board of Directors.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 42.06 | 51.43 | 78.40 |
| Current Assets | 35.85 | 40.71 | 65.49 |
| Fixed Assets | 6.21 | 10.72 | 12.91 |
| Total Equity & Liabilities | 42.06 | 51.43 | 78.40 |
| Total Liabilities | 25.01 | 28.23 | 44.73 |
| Current Liabilities | 22.75 | 24.36 | 37.67 |
| Non Current Liabilities | 2.26 | 3.88 | 7.06 |
| Total Equity | 17.05 | 23.20 | 33.67 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -0.87 | 2.74 | -1.42 |
| Investing Activities | -1.20 | -2.06 | -5.43 |
| Operating Activities | 0.39 | 1.08 | -3.31 |
| Financing Activities | -0.06 | 3.72 | 7.32 |
About G V Electricals
G V Electricals Ltd. is a power distribution infrastructure services provider incorporated in 1985, engaged in providing operation and maintenance (O&M) and allied support services primarily to electricity distribution utilities in India. The company operates through three service verticals: Network Operation and Maintenance Services (covering 33 kV, 11 kV and...more
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Managing DirectorJawed Akhtar
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