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MV Electrosystems Ltd
Consumer DurablesIPO
₹425 - 425
We are 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 components, systems & sub-systems. On September 15, 2025, we have received approval from CLW, Indian Railways for our in-house designed and developed IGBT Based 3-Phase Drive Propulsion equipment which includes traction converter inverter system, auxiliary converter, vehicle control units / train control management system and driver display units - all designed and developed by our Company indigenously to meet international safety and performance standards.
Lot34Min Invest₹14,450Face Value₹5Issue Size₹290 CrFresh Issue₹290 CrListing Price₹519CMP₹730
Timeline
30 Jul
Bidding opens
3 Aug
Bidding closes
4 Aug
Allotment
5 Aug
Refund & demat credit
6 Aug
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹290 Cr0.68 Cr shares
Fresh Issue₹290 Cr
Face Value₹5
Lot Size34 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,4501-13 lots
sNII₹2,02,300from 14 lots
bNII₹10,11,500from 70 lots
Managers & Registrar
Lead ManagerSundae Capital Advisors Private Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group76.92%57.67%Public23.08%42.33%
Objects of the Issue
- Funding long-term working capital requirements of the Company
- Investment in research design and development activities for new power electronic equipment
- General Corporate Purpose
Anchor Book
Bid Date29-Jul-2026
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 68 | 50 | 63 | 49 |
| Operating ProfitCr | 6 | 6 | 7 | -10 |
| OPM% | 8.6 | 11.6 | 11.0 | -20.9 |
| PBTCr | 2 | 1 | 3 | -17 |
| PATCr | 1 | 1 | 1 | -13 |
| EPS | 2 | 1 | 1 | -7 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 0 | 7 | 9 | 10 |
| ReservesCr | 12 | 9 | 9 | 52 |
| BorrowingsCr | 21 | 33 | 32 | 55 |
| Total AssetsCr | 45 | 66 | 74 | 146 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | 3 | -5 | 5 | -58 |
| Investing Cash FlowCr | -10 | -4 | -1 | -18 |
| Financing Cash FlowCr | 8 | 7 | -4 | 76 |
| Net Cash FlowCr | 1 | -2 | 0 | 0 |
Strengths & Risks
Strengths · as stated in the DRHP
- Engineering and systems design focused railways company with strong in-house research, design & development capabilities for highly engineered and complex railway systems, combining precision and domain expertise.
- Ability to create precision driven design & development capabilities and safety critical & complex railway electric equipment acts as high barriers to entry in this segment.
- Long-standing and deep relationship with Indian Railways.
- Experienced Promoter and management team with strong implementation skills and operational effectiveness.
Strategies · as stated in the DRHP
- Leverage our domain experience and capabilities by continuing to diversify our product base and increase penetration across different global regions & synergetic potential applications like Renewable Energy Projects.
- Development and / or acquisition of new products that are used in conjunction with propulsion equipment in line with the newer opportunities under Indian Railways.
- Increase our manufacturing capabilities, reduce operating costs and improve operating efficiencies.
- Make in India and focus on developing in-house intellectual property rights.
- Scalable Business Model with Focus on High-Value Products and opportunity to enter into rolling stock manufacturing capabilities.
Risks · as stated in the DRHP
- We are dependent on and derive a substantial portion of our revenue from a limited number of customers. Further, Indian Railway, through is various units or workshops, has been the single largest customer of our Company and constituted 76.72%, 72.96% and 67.80% of our revenue from operations during the Financial Years ended March 31, 2026, March 31, 2025 and March 31, 2024 respectively. Cancellation of orders, if any, by customers or delay or reduction in their orders could have a material adverse effect on our business, results of operations and financial condition.
- Any delay or failure in obtaining, renewing or maintaining statutory and regulatory approvals, or non-compliance with applicable laws, could adversely affect our business and operations.
- Our existing assembling cum manufacturing facility, Research, Design & Development Centre and the location where existing cable protection & interconnected products facility is proposed to be shifted, all are situated in the state of Haryana. Concentration of all the facilities in the state of Haryana, India, may expose us to regional risks that could adversely affect our business, results of operations, financial condition, and cash flows.
- We are in the process of shifting operations for existing cable protection & interconnected products facility from Village Baghola, Palwal, Haryana, India ("Unit 1"), where it is presently situated, to Nangla Bhiku, Pawal, Haryana, India ("Unit 2") and installing new machinery for 3-Phase Propulsion Equipment, and any delays, cost overruns or execution failures may adversely affect our business and financial condition.
- Our revenue from operations have been constant in the past as our Company focused on the development of 3-Phase Propulsion Equipment. Our Company has received significant purchase orders aggregating to Rs. 7,376.60 million (excluding GST and AMC) for supply of 450 (four hundred fifty) 3-Phase Propulsion Equipment during the Financial Year ended March 31, 2026. Any inability to execute these orders in accordance with their terms, including with respect to production capacity, working capital requirements, operational execution, delivery schedules, quality standards or warranty and maintenance obligations, may have a material adverse effect on our business, financial condition, results of operations, cash flows and future prospects.
- The determination of the Price Band and Issue Price is based on various factors and assumptions and the Issue Price may not be indicative of the Market Price of the Equity Shares after the Issue. Further, there are no listed companies that is of similar size of our operations and also undertake the production of propulsion equipment and therefore qualitative or quantitative peer comparison cannot be undertaken. Also, the current market price of securities of one of the company listed pursuant to previous issue managed by the BRLM is below its issue price.