G.V. Electricals IPO is a book-built issue worth ₹42.25 crore, comprising a fresh issue of 30 lakh shares aggregating to ₹39 crore and an offer for sale (OFS) of 2.5 lakh shares amounting to ₹3.25 crore.
Retail investors are required to apply for a minimum of 2 lots (2,000 shares), which translates to a minimum investment of ₹2,60,000 at the upper price band. For HNI investors, the minimum application size is 3 lots (3,000 shares), requiring an investment of ₹3,90,000. Seren Capital Pvt. Ltd. is the book-running lead manager to the issue, while Mudra RTA Ventures Private Limited has been appointed as the registrar. Mansi Share & Stock Broking Pvt. Ltd. will act as the market maker for the IPO.
Industry Outlook
- India's power sector is witnessing sustained growth, supported by rising electricity demand, rapid urbanisation, renewable energy expansion, and significant government investments in power infrastructure.
- The Indian Power EPC market is estimated at USD 23.57 billion in 2025 and is projected to reach USD 60.72 billion by 2030, growing at a CAGR of 20.83%.
- According to the Central Electricity Authority (CEA), India's electricity demand reached approximately 1,694 TWh in FY25, while the country's installed power generation capacity crossed 475 GW by February 2026, making India the world's third-largest power producer by installed capacity.
- The government continues to strengthen the transmission network through the National Electricity Plan (NEP-Transmission), which targets the addition of nearly 1.91 lakh circuit kilometres of transmission lines and 1,274 GVA of transformation capacity by FY32.
- The Revamped Distribution Sector Scheme (RDSS), with an outlay of around ₹3.03 lakh crore, is driving investments in smart meters, feeder segregation, underground cabling, substations, and distribution network upgrades, creating significant opportunities for EPC contractors.
- Utilities are increasingly outsourcing operations and maintenance (O&M) services to improve network reliability and reduce downtime. This is expected to generate recurring revenue opportunities for companies with long-term maintenance capabilities.
- Growing renewable energy capacity, grid digitalisation, smart metering, SCADA systems, and automation are expanding demand for advanced power infrastructure and lifecycle maintenance services.
- Increasing industrialisation, commercial development, metro rail projects, and data centre expansion are driving investments in dedicated power infrastructure, high-reliability substations, and underground distribution networks.
- The industry's long-term outlook remains positive, supported by policy-led infrastructure spending, renewable energy integration, digital grid modernisation, and rising demand for integrated EPC and O&M solutions.
G.V.Electricals IPO Objectives
The company intends to utilise the net proceeds from the IPO for the following purposes:
- Repayment of Borrowings: ₹6 crore will be used to repay or prepay a portion of the company's existing borrowings.
- Working Capital Requirements: ₹22 crore has been earmarked to fund the company's working capital needs and support business operations.
- General Corporate Purposes: The remaining proceeds will be used for general corporate requirements and other business-related expenses.
About G.V.Electricals Limited
G.V. Electricals Limited, incorporated in 1985, is a power distribution infrastructure company that provides operation, maintenance, and support services to electricity distribution utilities across India. \
The company operates through 3 key business segments: Network Operation and Maintenance (O&M) Services, Electrical Infrastructure and Network Development Works, and Metering and Meter Management Services. Its services include the operation and maintenance of electrical distribution networks across 33 kV, 11 kV, and low-tension (LT) systems, along with substation maintenance, line inspection, fault rectification, and other field operations.
The company holds ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and SA 8000:2014 certifications, reflecting its focus on quality, environmental management, occupational health and safety, and social accountability. As of June 30, 2026, G.V. Electricals had an order book of 34 ongoing projects worth approximately ₹553.70 crore. The company also had a workforce of 4,473 employees as of May 31, 2026, comprising 4,332 permanent employees and 141 contract workers
How To Check the Allotment Status of the G.V.Electricals IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for G.V.Electricals IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the G.V.Electricals IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of G.V.Electricals IPO
Registered Office:G.V.Electricals Ltd. Address- Unit no 324, 3rd floor, Plot no 416, Hammersmith Industrial Premises Co-op Society Ltd, Off. Sitladevi Temple Road, Mahim,
Mumbai, Maharashtra, 400016
Phone: 011-43083804
E-mail: info@gvelectricals.com
G.V.Electricals IPO Reservation
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
| QIB (Qualified Institutional Buyers) | 14,80,000 | 49.83% | 45.54% |
| ├─ Anchor Investors | 8,88,000 | — | 27.32% |
| └─ QIB (Excluding Anchor) | 5,92,000 | — | 18.22% |
| NII (HNI) | 4,50,000 | 15.15% | 13.85% |
| ├─ bNII (> ₹10 lakh) | 3,00,000 | — | 9.23% |
| └─ sNII (< ₹10 lakh) | 1,50,000 | — | 4.62% |
| Retail Individual Investors (RII) | 10,40,000 | 35.02% | 32.00% |
| Market Maker | 2,80,000 | — | 8.62% |
| Total | 32,50,000 | 100.00% | 100.00% |
G.V.Electricals IPO Promoter Holding
The promoters of the company are Furquan Akhtar, Jawed Akhtar and Sunil Lakshman Vatsa.
| Share Holding Pre-Issue | 100.00% |
| Share Holding Post Issue | 100.00% |
G.V.Electricals IPO Prospectus
G.V.Electricals IPO Registrar and Lead Managers
G.V.Electricals IPO Lead Managers
Seren Capital Pvt.Ltd
Registrar for G.V.Electricals IPO
Mudra RTA Ventures Private Limited
- Contact Number: 9870297591/9870297592
- Email Address:ipo@mudrarta.com
Financial Performance of G.V.Electricals Limited
| Particulars | FY26 (31 Mar 2026) | FY25 (31 Mar 2025) | FY24 (31 Mar 2024) |
| Assets (₹ Cr) | 78.40 | 51.43 | 42.06 |
| Total Income (₹ Cr) | 156.66 | 131.36 | 112.03 |
| Profit After Tax (PAT) (₹ Cr) | 10.47 | 4.66 | 2.80 |
| EBITDA (₹ Cr) | 17.05 | 8.04 | 6.14 |
| Net Worth (₹ Cr) | 33.67 | 23.20 | 17.05 |
| Reserves & Surplus (₹ Cr) | 25.39 | 23.16 | 17.01 |
| Total Borrowings (₹ Cr) | 16.47 | 7.84 | 4.95 |
G.V.Electricals Limited Peer Details Comparison
| Company Name | Basic EPS (₹) | Diluted EPS (₹) | NAV (₹/Share) | P/E (x) | RoNW (%) | P/BV Ratio (x) |
| G.V. Electricals Ltd. | 12.64 | 12.64 | 40.66 | — | 31.09 | — |
| Rajesh Power Services Ltd. | 79.52 | 79.52 | 225.56 | 10.69 | 35.26 | 3.78 |
| Parth Electricals & Engineering Ltd. | 11.35 | 11.35 | 81.54 | 39.20 | 12.78 | 5.48 |
Strengths and Opportunities of G.V.Electricals IPO
- The company has a strong presence across the electrical infrastructure value chain, with a significant share of its revenue generated from operations and maintenance (O&M) services.
- A robust order book provides strong revenue visibility and supports future business growth.
- A large portion of the company's revenue comes from repeat business, reflecting long-standing relationships with existing clients.
- G.V. Electricals benefits from an experienced leadership team and a large, technically qualified workforce, enabling efficient execution of projects and maintenance services.
Risks and Threats of G.V.Electricals IPO
- A significant share of the company's revenue is generated from electricity distribution utilities, exposing it to sector-specific risks.
- The company's financial performance is largely dependent on its Network Operation and Maintenance (O&M) business, making it vulnerable to changes in demand for these services.
- Growth depends on successfully securing contracts through competitive bidding processes, which may impact order inflows.
- A substantial portion of revenue is derived from a limited number of customers, increasing the risk of revenue fluctuations if key contracts are not renewed.
- The company relies on external vendors for the procurement of electrical materials and equipment, making it susceptible to supply chain disruptions, price volatility, or delays.
