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.
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Stock Price
As the IPO is listed, here is the Live Share Price for MV Electrosystems
IPO Summary
What is the MV Electrosystems IPO Timetable?
Track the IPO schedule and key events.
| Event | Date | Day |
|---|---|---|
| IPO Open Date | 30 Jul, 2026 | Thursday |
| IPO Close Date | 03 Aug, 2026 | Monday |
| Basis of Allotment | 04 Aug, 2026 | Tuesday |
| Refunds Initiated | 05 Aug, 2026 | Wednesday |
| Credit to Demat | 05 Aug, 2026 | Wednesday |
| Listing Date | 06 Aug, 2026 | Thursday |
What is the MV Electrosystems IPO Lot Size?
Bidding in multiples of 34 shares.
| 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 | 2346 | ₹9,97,050 |
| B-HNI (Min) | 70 | 2380 | ₹10,11,500 |
About MV Electrosystems
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.
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MV Electrosystems Key Performance Indicators (KPIs)
Objects of the Issue
| Issue Object | Estimate Amount |
|---|---|
| Funding long-term working capital requirements of the Company | ₹180.00 Cr. |
| Investment in research design and development activities for new power electronic equipment | ₹21.00 Cr. |
| General corporate purposes |
Strengths & Risks
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.
Company Financials
The MV Electrosystems company's financial performance (in ₹ Cr.) is summarized below:
| 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 |
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IPO Reservation
| Investor Category | Reservation |
|---|---|
| QIB | 51,17,647 shares (75.00% of the Offer) |
| NII | 10,23,529 shares (15.00% of the Offer) |
| Retail | 6,82,353 shares (10.00% of the Offer) |
Promoters and Shareholding Details
Mohit Vohra, Amit Dhawan, Sumit Dhawan, Rahul Dhawan, Sonali Dhawan, Ramendra Pratap Singh
The Promoter and Promoter Group hold 1,57,37,200 shares, which is 76.92% of the pre-issue capital. This is a fresh issue only, so the promoters are not selling any shares. Their holding comes down to 57.68% after the issue because of the new shares, on a post-issue base of 2,72,82,728 shares.
| Particular | % Share |
|---|---|
| Promoter Holding Pre Issue | 76.92% |
| Promoter Holding Post Issue | 57.68% |
Frequently Asked Questions
What is the GMP of MV Electrosystems?
The current Grey Market Premium (GMP) of MV Electrosystems is ₹ 109.
What is the MV Electrosystems IPO Price Band?
The price band for MV Electrosystems IPO is ₹400 to ₹425.
When is the MV Electrosystems IPO Allotment?
The allotment date for MV Electrosystems IPO is August 4, 2026.
How to check MV Electrosystems IPO Allotment Status?
You can check the allotment status on the IPO Allotment Status page or on the registrar's website (KFin Technologies Limited).
Official Documents
Company Contact Details
MV Electrosystems
Plot No. 7, Site No. 2, 14/3, Mathura Road, Faridabad, Haryana - 121003
+91 92 1199 9711
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