Minerva Capital Research Solutions

MV Electrosystems

RHP
ListedListed 6 Aug 2026MainboardNSE: MVELECTROCheck allotment
Current price₹ 759.3+78.66% since issue
Listing day+22.35%
Issue price
₹ 425
Issue size
₹ 290 Cr.
Min. investment
₹ 14,450
Listing price
₹ 520
Subscribed
188.85x
Lot size
34 shares
P/E
-ve
RoNW
-20.29%
RoCE
-17.69%
Debt / Equity
0.80
PAT margin
-25.36%
EBITDA margin
-19.97%
RoE
-31.55%
EPS
₹ -ve
NAV
₹ 30.58
Promoter stake
57.68%

About

MV Electrosystems Limited was set up in 2009. The company designs, develops, assembles and manufactures electrical and power electronics equipment used in railway rolling stock. Its main products are IGBT based 3-Phase Drive Propulsion equipment for electric locomotives, switchgear panels for railway coaches and EMUs, cable protection and cable management products, and other electrical components, systems and sub-systems. The company works mainly with Indian Railways. In FY26, Indian Railways was its largest customer and gave 76.72% of its revenue from operations. Its IGBT based 3-Phase Drive Propulsion System is approved by Chittaranjan Locomotive Works and RDSO, and commercial supplies started in FY26. The company has its own Research, Design and Development Centre at Faridabad, Haryana. As on May 31, 2026, this centre had 45 permanent employees, which is about 21.84% of the total staff. The company had 208 permanent employees as on March 31, 2026. As on June 30, 2026, the company had an executable order book of Rs 921.64 crore for supply of 564 propulsion equipment to Indian Railways.

Timeline

  1. Opens
    30 Jul
    done
  2. Closes
    3 Aug
    done
  3. Allotment
    4 Aug
    done
  4. Refunds
    5 Aug
    done
  5. Demat credit
    5 Aug
    done
  6. Listing
    6 Aug
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 133 on 31 Jul 2026
Lowest
₹ 60 on 25 Jul 2026
First quoted
₹ 60 on 25 Jul 2026

Subscription

How many times each investor group bid for its share, as of 08 Aug 2026, 04:05 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)134₹ 14,450
Retail (Max)13442₹ 1,87,850
S-HNI (Min)14476₹ 2,02,300
B-HNI (Min)702,380₹ 10,11,500

Company overview

Financials

Financials by year
Assets145.7474.1265.58
Total Income49.7964.6450.57
Profit After Tax−12.631.40.56
EBITDA−9.948.926.41
NET Worth62.5717.9116.53
Reserves and Surplus52.348.779.15
Total Borrowing49.8927.527.59

Strengths

  • Railway company focused on engineering and system design, with strong in-house research, design and development for complex railway systems.
  • Precision design work on safety critical railway electrical equipment creates a high entry barrier for new players in this segment.
  • Long standing and deep relationship with Indian Railways.
  • Experienced promoter and management team with good execution and operating skills.
  • IGBT based 3-Phase Drive Propulsion System approved by Chittaranjan Locomotive Works and RDSO, with commercial supplies starting in FY26.
  • Executable order book of Rs 921.64 crore as on June 30, 2026 for supply of 564 propulsion equipment to Indian Railways.

Risks

  • The company made a loss of Rs 12.63 crore in FY26. As earnings are negative, a P/E ratio cannot be worked out for this issue.
  • Revenue from operations fell about 21% in FY26 to Rs 49.43 crore, mainly because sales to Indian Railways came down.
  • The business is highly concentrated. Indian Railways gave 76.72% of FY26 revenue from operations and the top ten customers gave 93.04%.
  • Cash flow from operating activities was negative at Rs 57.55 crore in FY26, and was also negative in FY24.
  • The business needs a lot of working capital. Rs 180 crore of the Rs 290 crore issue will go into long term working capital.
  • Orders come through a tender process, so future orders are not certain. Most customer orders also carry a liquidated damage clause for delay.
  • The company imports some raw materials, so supply problems or price changes abroad can push up costs.
  • Return ratios turned negative in FY26 - ROE is -31.55% and ROCE is -17.69%, against 8.04% and 22.13% in FY25.

What the money is for

Objects of the issue
Funding long-term working capital requirements of the Company180
Investment in research design and development activities for new power electronic equipment21
General corporate purposes—

Promoters

  • Mohit Vohra
  • Amit Dhawan
  • Sumit Dhawan
  • Rahul Dhawan
  • Sonali Dhawan
  • Ramendra Pratap Singh
Promoter holding76.92%→57.68%before → after the issue · down 19.24 points

Anchor investors

14 anchors put in ₹ 130.5 Cr., including 3 mutual funds.

Anchor investors
KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND5,61,40823.8618.28%
KOTAK MANUFACTURE IN INDIA FUND3,36,87214.3210.97%
KOTAK SPECIAL OPPORTUNITIES FUND3,36,83814.3210.97%
SHUBHKAM VENTURES (INDIA) PVT.LTD.4,23,5381813.79%
SHINE STAR BUILD-CAP PVT.LTD.2,35,293107.66%
FINAVENUE CAPITAL TRUST-FINAVENUE GROWTH FUND1,70,5787.255.56%
FOUNDERS COLLECTIVE FUND1,64,73075.36%
360 ONE PRIME LTD.1,17,67453.83%
360 ONE LVF TREASURY SOLUTIONS FUND1,17,67453.83%
ASHIKA GLOBAL FINANCE PVT.LTD.1,17,67453.83%
ASHIKA INDIA SELECT FUND1,17,67453.83%
TATTVAM AIF TRUST-Aanjay Ageless AIF Fund1,35,2865.754.41%
VENTUREX FUND I1,17,67453.83%
MERU INVESTMENT FUND PCC-CELL 11,17,67453.83%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 5 a share
Registrar
KFin Technologies Limited
Lead managers
Sundae Capital Advisors
Red herring prospectus (RHP)
Open
Draft prospectus (DRHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.