MV Electrosystems IPO GMP today is Rs 100. Investors can use this GMP along with price band and subscription status for a better IPO review.
Open
Mainboard IPO
MVELECTRO
MV Electrosystems
MV Electrosystems Limited manufactures switchgear panels for railway coaches and EMUs, cable protection and interconnected products, and electrical components, systems, and sub-systems for railway rolling stock. The company operates through its assembling cum manufacturing facilities in Haryana, along with a dedicated Research, Design and Development Centre. Its operations expand into power electronics equipment, including the development, assembly, and supply of microprocessor-controlled IGBT-based 3-Phase Drive Propulsion Equipment for Indian Railways. The company generates revenue by selling its products directly and through tenders to public- and private-sector clients, with Indian Railways as its primary customer. MV Electrosystems’ offerings also include annual maintenance services following warranty periods for its propulsion equipment.
IPO Details
Complete IPO information
| Current GMP | ₹100 |
|---|---|
| Estimated Listing Gain | +23.53% |
| Price Band | ₹400.00 - ₹425.00 |
| Issue Price | ₹425.00 |
| Listing Price | TBA |
| Lot Size | 34 Shares |
| Issue Type | Mainboard |
| Issue Size | Approx ₹290 Cr |
| Registrar | TBA |
| Exchange | BSE, NSE |
| Retail Quota | TBA |
| Overall Subscription | TBA |
| Listing Date | 06 Aug 2026 |
| Minimum Investment | ₹14,450 |
Timeline
IPO roadmap at a glance
01
Bidding Opens
30 Jul 2026
02
Bidding Closes
03 Aug 2026
03
Allotment
04 Aug 2026
04
Listing
06 Aug 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 28 July | ₹105 | +₹30.00 | 24.71% |
| 27 July | ₹75 | - | 17.64% |
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 34 | ₹14,450 |
| Retail Maximum | 13 Lot | 442 | ₹1,87,850 |
| S-HNI Minimum | 14 Lot | 476 | ₹2,02,300 |
| S-HNI Maximum | 69 Lot | 2,346 | ₹9,97,050 |
| B-HNI Minimum | 70 Lot | 2,380 | ₹10,11,500 |
Issue Notes
Important takeaways before applying
Strengths
- Strong in-house engineering and R&D capabilities for designing complex railway power electronics and propulsion systems.
- High technical and regulatory entry barriers in the railway equipment sector due to stringent safety and approval standards.
- Established long-standing supplier relationships with Indian Railways across multiple operating units.
- Integrated product lifecycle approach combining in-house product design, manufacturing, and quality testing.
- Experienced promoter and management team with extensive domain knowledge in railway systems.
Risks
- Heavy reliance on Indian Railways, which accounts for the majority of total operational revenues.
- All manufacturing and R&D facilities are concentrated geographically in the state of Haryana.
- Significant dependency on foreign suppliers for critical imported raw materials and electronic components.
- Operational reliance on temporary purchase orders and competitive tenders rather than long-term customer contracts.
- History of negative cash flows from operating activities in recent financial years.
Analysis
MV Electrosystems IPO Details
MV Electrosystems Limited is launching its Initial Public Offering (IPO) through the Book Building Issue route. The IPO consists entirely of a Fresh Issue, and the proceeds will primarily be utilised to support the company's expansion plans, strengthen its business operations, and meet other corporate objectives as outlined in the offer documents.
The equity shares of MV Electrosystems Limited are proposed to be listed on both the BSE and the NSE. Investors can apply for the IPO during the subscription period within the announced price band.
| Particular | Details |
|---|---|
| IPO Open Date | July 30, 2026 |
| IPO Close Date | August 3, 2026 |
| Face Value | ₹5 Per Equity Share |
| IPO Price Band | ₹400 to ₹425 Per Share |
| Issue Size | Approx ₹290 Crores |
| Fresh Issue | Approx ₹290 Crores |
| Issue Type | Book Building Issue |
| IPO Listing | BSE, NSE |
Analysis
MV Electrosystems IPO Reservation
The MV Electrosystems IPO follows the SEBI-prescribed allocation structure for a Book Building Issue. The issue is reserved across various investor categories, including Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), Retail Individual Investors (RIIs), and Anchor Investors. This allocation ensures balanced participation from institutional and retail investors.
The category-wise reservation below shows the percentage of shares reserved for each investor segment. The final allotment in each category will depend on the subscription received during the IPO period.
| Investor Category | Shares Offered | Reservation (%) |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 75% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 10% |
Note: The exact number of shares reserved for each category, including the Anchor Investor allocation, will be updated once the company announces the final issue structure before the IPO opens.
Analysis
MV Electrosystems IPO Anchor Investors
The MV Electrosystems IPO has scheduled its Anchor Investor Bidding on July 29, 2026, one working day before the public issue opens. The anchor portion is reserved for Qualified Institutional Buyers (QIBs) and is intended to attract institutional participation before the IPO opens for subscription.
After the completion of the anchor book process, the company will announce the names of the participating anchor investors, the number of shares allotted, and the total amount raised. The allotted shares will remain subject to the mandatory lock-in period prescribed under SEBI regulations.
| Particular | Details |
|---|---|
| Anchor Bidding Date | July 29, 2026 |
| Anchor Investors List | |
| Shares Offered | [.] Shares |
| Anchor Issue Size | [.] Cr. |
| Lock-in Period End Date (50% Shares – 30 Days) | August 28, 2026 |
| Lock-in Period End Date (Remaining 50% Shares – 90 Days) | October 30, 2026 |
Note: The final Anchor Investor list, total shares allotted, and anchor issue size will be updated after the completion of the anchor allocation process and the official announcement by the company.
Analysis
MV Electrosystems IPO Dates
The MV Electrosystems IPO will open for subscription on July 30, 2026 and close on August 3, 2026. During this period, eligible investors can submit their IPO applications through the ASBA facility or supported online platforms offered by banks and stockbrokers.
The basis of allotment is expected to be finalised on August 4, 2026. Refunds for unsuccessful applicants and the credit of equity shares to successful investors' demat accounts are scheduled for August 5, 2026. The equity shares of MV Electrosystems Limited are proposed to be listed on both the BSE and the NSE on August 6, 2026.
| Event | Date |
|---|---|
| IPO Open Date | July 30, 2026 |
| IPO Close Date | August 3, 2026 |
| Basis of Allotment | August 4, 2026 |
| Refunds | August 5, 2026 |
| Credit to Demat Account | August 5, 2026 |
| IPO Listing Date | August 6, 2026 |
Note: The above IPO schedule is based on the announced timeline. The dates are subject to change if revised by the company, the registrar to the issue, or the stock exchanges before the completion of the IPO process.
Analysis
MV Electrosystems IPO Promoters and Holding Pattern
MV Electrosystems Limited is promoted by Mohit Vohra, Amit Dhawan, Sumit Dhawan, Rahul Dhawan, Sonali Dhawan, and Ramendra Pratap Singh. The promoter group has been instrumental in establishing the company's presence in the electrical and power solutions industry while driving its operational growth and business expansion.
Following the completion of the IPO, the promoters will continue to retain a majority stake in the company, reflecting their long-term commitment and confidence in the future growth of MV Electrosystems Limited.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 2,04,59,200 | 78.75% |
| Promoter Holding Post Issue | 2,72,82,728 | 76.92% |
Note: The post-issue promoter shareholding is based on the proposed issue structure and may be subject to minor changes upon completion of the IPO process and final allotment.
Analysis
MV Electrosystems IPO Objects of the Issue & Utilisation of Proceeds
MV Electrosystems Limited plans to utilise the net proceeds from its fresh issue primarily to strengthen its working capital position and support future business expansion. The company intends to deploy a significant portion of the funds towards meeting its long-term working capital requirements, enabling it to execute larger projects, improve operational efficiency, and support business growth.
In addition, the company proposes to invest in research, design, and development activities for new power electronic equipment. This investment is expected to enhance product innovation, expand the company's technology capabilities, and strengthen its competitive position in the electrical and power electronics sector. The remaining proceeds, where applicable, will be utilised for general corporate purposes.
| Purpose | Amount |
|---|---|
| Funding long-term working capital requirements of the Company | ₹180.00 Crores |
| Investment in research, design and development activities for new power electronic equipment | ₹21.00 Crores |
| General Corporate Purpose | ₹- |
Note: The utilisation of IPO proceeds is based on the objects stated in the Red Herring Prospectus (RHP). The company may utilise the funds in accordance with the approved objectives and applicable SEBI regulations.
Analysis
About MV Electrosystems IPO
MV Electrosystems is one of the leading electrical and power electronics equipment manufacturers for railway rolling stock. Its main products include indigenous IGBT-based 3-Phase Drive Propulsion Equipment for electric locomotives, switchgear panels for coaches and EMUs, cable protection systems and related electrical components.
The firm focuses on the design, development, assembly, and production of electrical and power electronics equipment. Moreover, the firm has also received approval for the prototype of its in-house developed traction converter-inverter, auxiliary converter, vehicle control unit, and driver display systems. The firm has an R&D centre with its manufacturing facilities in Palwal, Haryana, that follows high-quality manufacturing standards. Moreover, the firm has developed its own propulsion technology (a technology that powers trains), one of the few companies to have this capability.
Analysis
MV Electrosystems IPO Company Financial Report
MV Electrosystems Limited has reported its financial performance for the last four financial years, providing investors with an overview of the company's operational growth, profitability, and financial position. The financial statements indicate changes in revenue, expenses, profit after tax (PAT), and total assets over the reported period.
While revenue has fluctuated over the years, the company reported a significant improvement in profitability during FY2026. The company's asset base has also grown considerably, reflecting investments in business expansion and operational capabilities ahead of its proposed public issue.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹68.13 Cr. | ₹66.37 Cr. | ₹1.19 Cr. | ₹44.76 Cr. |
| 2024 | ₹50.57 Cr. | ₹49.47 Cr. | ₹0.56 Cr. | ₹65.58 Cr. |
| 2025 | ₹64.64 Cr. | ₹62.24 Cr. | ₹1.40 Cr. | ₹74.12 Cr. |
| 2026 | ₹49.79 Cr. | ₹66.59 Cr. | ₹12.63 Cr. | ₹145.74 Cr. |
Amount in ₹ Crores: The above financial information is based on the latest available financial statements of MV Electrosystems Limited and is intended to provide investors with a historical overview of the company's financial performance before the IPO.
Analysis
MV Electrosystems IPO Valuation – FY2026
The valuation metrics of MV Electrosystems Limited provide investors with an overview of the company's financial position before the IPO. Key indicators such as Earnings Per Share (EPS), Return on Equity (ROE), Return on Capital Employed (ROCE), EBITDA Margin, Return on Net Worth (RoNW), Debt-to-Equity Ratio, and Net Asset Value (NAV) help evaluate the company's profitability, capital efficiency, and overall financial health.
Several profitability ratios for FY2026 are reported as negative, indicating that the company faced operational or accounting challenges during the financial year despite maintaining a positive net asset value. Investors should review these metrics alongside the company's future growth strategy, business fundamentals, and peer comparison before making an investment decision.
| KPI | Values |
|---|---|
| ROE | (31.55%) |
| ROCE | (17.69%) |
| EBITDA Margin | (19.97%) |
| PAT Margin | (25.36%) |
| Debt to Equity Ratio | 0.80 |
| Earning Per Share (EPS) | ₹(6.52) (Basic) |
| Price / Earnings (P/E) Ratio | N/A |
| Return on Net Worth (RoNW) | (20.29%) |
| Net Asset Value (NAV) | ₹30.58 |
Note: The above valuation figures are based on the FY2026 financial statements of MV Electrosystems Limited. The final Price-to-Earnings (P/E) ratio will be available after the IPO price is finalized and post-issue earnings per share are determined.
Analysis
MV Electrosystems IPO Peer Group Comparison
A peer group comparison helps investors evaluate MV Electrosystems Limited against other listed companies operating in a similar business segment. Comparing financial metrics such as Earnings Per Share (EPS), Price-to-Earnings (P/E) Ratio, Return on Net Worth (RoNW), Net Asset Value (NAV), and total income provides additional perspective on the company's valuation and financial performance.
The comparison below is based on publicly available financial information of a comparable listed company and should be considered along with MV Electrosystems' own financial performance, business model, and future growth prospects.
| Company | EPS | P/E Ratio | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Hind Rectifiers Limited | 13.10 | 88.83 | 21.37% | 60.69 | ₹999.13 Cr. |
Note: The above peer comparison is intended for informational purposes only. Investors should compare multiple financial parameters and industry factors before making an investment decision regarding the MV Electrosystems IPO.
Analysis
IPO Lead Managers aka Merchant Bankers
- Sundae Capital Advisors Pvt. Ltd.
FAQ
MV Electrosystems IPO FAQs
MV Electrosystems IPO price band is Rs 400.00 to Rs 425.00. Check the latest issue price, lot size and GMP together before applying.
MV Electrosystems IPO open date is 30 Jul 2026, close date is 03 Aug 2026, and listing date is 06 Aug 2026.
MV Electrosystems IPO lot size is 34 shares. The minimum retail investment is Rs 14,450.
MV Electrosystems is classified as a Mainboard IPO. This helps investors quickly understand the issue category and exchange segment.
MV Electrosystems IPO subscription status currently shows Subscription data is currently awaited.
MV Electrosystems Limited manufactures switchgear panels for railway coaches and EMUs, cable protection and interconnected products, and electrical components, systems, and sub-systems for railway rolling stock. The company operates through its assembling cum manufacturing facilities in Haryana, along with a dedicated Research, Design and Development Centre. Its operations expand into power electronics equipment, including the development, assembly, and supply of microprocessor-controlled IGBT-based 3-Phase Drive Propulsion Equipment for Indian Railways. The company generates revenue by selling its products directly and through tenders to public- and private-sector clients, with Indian Railways as its primary customer. MV Electrosystems’ offerings also include annual maintenance services following warranty periods for its propulsion equipment.
MV Electrosystems IPO issue size is 290 and the expected allotment date is 04 Aug 2026.