Victory Electric Vehicles International
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Victory Electric Vehicles International IPO

₹2,46,000
0.94 xOver-subscribed
Bidding Dates 07 Jan, 26 -09 Jan, 26
Min Investment ₹2,46,000
Lot Size3,000
Price Range ₹41 – ₹41
Issue Size ₹34.56 Cr.
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IPO Subscription Details
Retail Subscription Details
0.92 x
Non-Institutional Buyers (bHNI)
0.36 x
Total
0.94 x
IPO Timeline
IPO Offer Start
07 Jan,26
IPO Offer Ends
09 Jan,26
Allotment Finalisation
12 Jan,26
Refund Initiation
13 Jan,26
Listing of Shares
14 Jan,26

IPO Analysis

Strengths
Strenghts

The company has widespread geographical reach across India with strategic presence in Uttar Pradesh, Rajasthan, Haryana, Bihar, Madhya Pradesh, Jharkhand, Delhi, Chandigarh, Uttarakhand, Jammu & Kashmir, Gujarat and Maharashtra, showcasing commitment to sustainable mobility.

Strenghts

The company's sustained business growth is attributed to extensive industry knowledge of senior management with collectively more than a decade of hands-on experience, enabling identification of market opportunities and tailored products for specific customer segments.

Strenghts

The company demonstrated consistent profitability with profit after tax of ₹162.42 Lakhs, ₹517.37 Lakhs, ₹489.22 Lakhs and ₹78.80 Lakhs for respective periods, maintaining strong EBITDA of ₹260.38 Lakhs, ₹779.30 Lakhs, ₹699.49 Lakhs and ₹180.36 Lakhs.

Risks
Risk

The company depends on third-party suppliers for all raw materials without firm commitments or exclusive arrangements. Loss of suppliers or defective/delayed supplies could cause losses or reputation damage, with limited supplier base exacerbating risks of finding alternatives.

Risk

The company underwent CIRP proceedings from May 09, 2025 to August 21, 2025, which temporarily constrained financial resources and stakeholder engagement. This caused business slowdown, supply chain disruptions, and delays in expansion plans that may continue to affect investor confidence and competitive position.

Risk

The company earns majority revenue from five states (Uttar Pradesh, Haryana, Bihar, Delhi, Madhya Pradesh) without long-term dealer agreements. Any adverse regulations from state governments or change in customer preference in these states will have major impact on revenue operations.

Objectives

The company plans to invest in capital expenditure including installation of Optical CNC Cutting Machine, Conveyorized Liquid Painting Plant, and Supply & Erection of Steel Structure- Pre-Engineered Building to enhance manufacturing capabilities and production efficiency.

The company proposes to utilize funds for incremental working capital requirements to support business growth and achieve proposed targets as per the business plan in Fiscal 2026.

The company intends to deploy funds towards general corporate purposes including meeting company expenses, payment of taxes, strategic initiatives, brand building, marketing activities and other corporate exigencies as approved by the Board.

Yearly Financial Results

Annual Financials
Mar 2023
Mar 2024
Mar 2025
Revenue
51.91
48.44
50.86
Expenses
51.04
42.19
44.05
Other Income
0.23
0.32
0.20
Total Revenue
52.14
48.76
51.06
Profit Before Tax
1.09
6.58
7.01
Net Profit
0.79
4.89
5.17

Balance Sheet

Balance Sheet
Mar 2023
Mar 2024
Mar 2025
Total Assets
19.17
21.94
31.29
Current Assets
16.79
20.16
29.30
Fixed Assets
2.38
1.78
1.99
Total Equity & Liabilities
19.17
21.94
31.29
Total Liabilities
14.93
12.24
16.41
Current Liabilities
13.68
11.27
15.49
Non Current Liabilities
1.26
0.97
0.92
Total Equity
4.24
9.70
14.87

Cash Flow

Cash Flow
Mar 2023
Mar 2024
Mar 2025
Net Cash Flow
-0.46
0.42
0.41
Investing Activities
-1.43
-0.90
-0.61
Operating Activities
2.52
2.15
-1.97
Financing Activities
-1.55
-0.83
2.98

About Victory Electric Vehicles International

Victory Electric Vehicles International Limited was incorporated in 2018 and converted to a public limited company in 2020. The company manufactures electric vehicles including E-rickshaws, E-Cargo/Loader E-Rickshaws, and Scooters, with a portfolio extending to customized E-Three Wheelers such as Food Three Wheelers and Ice Cream Three Wheelers. The company focuses...more
Managing DirectorSanjay Kumar Popli