MV Electrosystems
MV Electrosystems IPO — date, price band, GMP & allotment 2026
MV Electrosystems Limited designs and makes power electronics for railways, including IGBT based 3-Phase propulsion equipment for electric locomotives. Indian Railways is its biggest customer, and it had an order book of Rs 921.64 crore as on June 30, 2026.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 8 September.
- Open 30 Jul
- Close 3 Aug
- Allotment 4 Aug
- Refund/credit 5 Aug
- Listing 6 Aug
Issue summary
The terms of the offer, as filed.
Stock price
MV Electrosystems is listed — here is the live share price.
What will it cost me?
Bidding is in multiples of 34 shares at the ₹425 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 34 | ₹14,450 |
| Retail (max) | 13 | 442 | ₹1,87,850 |
| S-HNI (min) | 14 | 476 | ₹2,02,300 |
| S-HNI (max) | 69 | 2,346 | ₹9,97,050 |
| B-HNI (min) | 70 | 2,380 | ₹10,11,500 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 6
- 01Railway company focused on engineering and system design, with strong in-house research, design and development for complex railway systems.
- 02Precision design work on safety critical railway electrical equipment creates a high entry barrier for new players in this segment.
- 03Long standing and deep relationship with Indian Railways.
- 04Experienced promoter and management team with good execution and operating skills.
- 05IGBT based 3-Phase Drive Propulsion System approved by Chittaranjan Locomotive Works and RDSO, with commercial supplies starting in FY26.
- 06Executable order book of Rs 921.64 crore as on June 30, 2026 for supply of 564 propulsion equipment to Indian Railways.
Risks · 8
- 01The 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.
- 02Revenue from operations fell about 21% in FY26 to Rs 49.43 crore, mainly because sales to Indian Railways came down.
- 03The business is highly concentrated. Indian Railways gave 76.72% of FY26 revenue from operations and the top ten customers gave 93.04%.
- 04Cash flow from operating activities was negative at Rs 57.55 crore in FY26, and was also negative in FY24.
- 05The business needs a lot of working capital. Rs 180 crore of the Rs 290 crore issue will go into long term working capital.
- 06Orders come through a tender process, so future orders are not certain. Most customer orders also carry a liquidated damage clause for delay.
- 07The company imports some raw materials, so supply problems or price changes abroad can push up costs.
- 08Return ratios turned negative in FY26 - ROE is -31.55% and ROCE is -17.69%, against 8.04% and 22.13% in FY25.
Three years of numbers
All figures in ₹ crore, as reported in the MV Electrosystems offer document.
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 145.74 | 74.12 | 65.58 |
| Total Income | 49.79 | 64.64 | 50.57 |
| Profit After Tax | -12.63 | 1.40 | 0.56 |
| EBITDA | -9.94 | 8.92 | 6.41 |
| NET Worth | 62.57 | 17.91 | 16.53 |
| Reserves and Surplus | 52.34 | 8.77 | 9.15 |
| Total Borrowing | 49.89 | 27.50 | 27.59 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the MV Electrosystems RHP.
Where the money goes
₹201.00 Cr of the issue is earmarked to named objects.
MV Electrosystems IPO Anchor Investors
14 anchor investors across 12 fund houses committed ₹130.50 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
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.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
+91 92 1199 9711
The bankers & the filings
Who is running the book, and the documents this page is built from.
MV Electrosystems IPO Documents
Read the filings this page is built from.
Company contact
Frequently asked
What is the GMP of MV Electrosystems?
The current Grey Market Premium is ₹109, or 25.65% over the issue price.
What is the MV Electrosystems IPO price band?
₹400 to ₹425, on a face value of ₹5.
When is the allotment?
The basis of allotment is 4 August 2026, with listing on 6 August 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
