| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 49.96 | 62.64 | 49.43 |
| Expenses | 49.47 | 62.24 | 66.59 |
| Other Income | 0.61 | 2.00 | 0.36 |
| Total Revenue | 50.56 | 64.64 | 49.79 |
| Profit Before Tax | 1.02 | 2.56 | -16.80 |
| Net Profit | 0.56 | 1.40 | -12.63 |
MV Electrosystems
MV Electrosystems IPO
₹13,600
3.59 xOver-subscribedBidding Dates 30 Jul, 26 -03 Aug, 26
Min Investment ₹13,600
Lot Size34
Price Range ₹400 – ₹425
Issue Size ₹290.00 Cr.
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IPO Subscription Details
Retail Subscription Details
11.71 x
Non-Institutional Buyers (sHNI)
5.73 x
Non-Institutional Buyers (bHNI)
2.69 x
Qualified Institutional Buyers (QIB)
0.82 x
Total3.59 x
3.59 x IPO Timeline
IPO Offer Start
30 Jul,26
IPO Offer Ends
03 Aug,26
Allotment Finalisation
04 Aug,26
Refund Initiation
05 Aug,26
Listing of Shares
06 Aug,26
IPO Analysis
Strengths
The company is distinguished by strong in-house research, design & development capabilities with an integrated approach combining mechanical, electrical, and software engineering. The company has successfully developed IGBT based 3-Phase Drive Propulsion System meeting stringent performance, safety, and regulatory requirements.
The railway industry has substantial entry barriers from stringent product development processes, technology complexity, deep domain expertise, and long qualification cycles. The company's dedicated R&D centre has specialized teams across multiple engineering domains enabling swift response to design changes.
The company was incorporated in 2009 to supply components to Indian Railways and has gradually expanded product categories. The company's continuing relationship serves as testament to quality commitment, research capabilities, and operational effectiveness with Indian Railways as the top customer.
Risks
The company, its directors, promoters, key managerial personnel, and senior management are involved in ongoing legal and regulatory proceedings. Any adverse outcome could negatively impact the company's business operations, financial condition, cash flows, and results of operations.
The company had outstanding borrowings of Rs 53.81 crore as of June 30, 2026. Failure to service these borrowings or comply with loan covenants could adversely affect the company's business, financial condition, and cash flows.
The company reported negative operating cash flows of Rs 57.54 crore in FY26 and Rs 5.21 crore in FY24, along with continued negative investing cash flows. Continued reliance on borrowings to fund operations and capital expenditure could adversely affect liquidity, debt servicing capability, and working capital requirements.
Objectives
The company proposes to utilize funds for working capital requirements including procurement of raw materials and electronic components, managing credit cycle for receivables realization, supporting increased business operations with make in India initiatives, and providing performance bank guarantees to customers.
The company intends to invest in research, design and development activities to improve existing propulsion systems, develop new power electronics equipment, and expand product offerings for Indian Railways and international markets including manpower and non-manpower costs.
The company proposes to utilize funds for general corporate purposes including working capital for routine business execution, meeting ongoing contingencies, funding growth opportunities, capital expenditure, and other purposes as approved by the Board, subject to not exceeding twenty five percent of gross proceeds.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 65.58 | 74.12 | 145.74 |
| Current Assets | 38.68 | 48.45 | 98.27 |
| Fixed Assets | 26.90 | 25.67 | 47.47 |
| Total Equity & Liabilities | 65.58 | 74.12 | 145.74 |
| Total Liabilities | 49.05 | 56.21 | 83.17 |
| Current Liabilities | 35.64 | 45.24 | 66.99 |
| Non Current Liabilities | 13.41 | 10.97 | 16.18 |
| Total Equity | 16.53 | 17.91 | 62.57 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -2.20 | -0.08 | 0.10 |
| Investing Activities | -3.56 | -1.49 | -17.87 |
| Operating Activities | -5.21 | 5.04 | -57.55 |
| Financing Activities | 6.57 | -3.63 | 75.52 |
About MV Electrosystems
MV Electrosystems Limited is a technology-driven company engaged in the design, development, assembly and manufacturing of electrical & power electronics equipment used in railway rolling stock including IGBT based 3-Phase Drive Propulsion equipment for electric locomotives, switchgear panels for railway coaches & EMU's, cable protection & management products and electrical...more
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Managing DirectorPankaj Rastogi
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