MV Electrosystems IPO is a book-built public issue with a total issue size of ₹290 crore. The IPO consists entirely of a fresh issue of 68.23 lakh equity shares, with no offer for sale component. The company has fixed the price band at ₹400 to ₹425 per share. Investors can apply for a minimum of 34 shares, requiring a minimum investment of ₹14,450 at the upper end of the price band.
Sundae Capital Advisors Pvt. Ltd. is acting as the book-running lead manager for the issue, while Kfin Technologies Ltd. has been appointed as the registrar.
Industry Outlook
- The Government of India continues to prioritise the railway sector through higher budget allocations and initiatives such as Dedicated Freight Corridors (DFC), PM Gati Shakti, the National Logistics Policy (NLP), Gati Cargo Terminals (GCT), and multimodal logistics parks.
- Passenger rail infrastructure is also expanding with projects such as the High-Speed Rail Corridor and Vande Bharat Express, creating additional demand for modern rolling stock and railway electrical equipment.
- Indian Railways is expected to significantly increase procurement of rolling stock to support rising freight and passenger traffic.
- The wagon fleet requirement is expected to increase from 3.5 lakh wagons in FY25 to 5.4 lakh wagons by FY31, with Indian Railways likely to procure around 2.5 lakh additional wagons between FY25 and FY30, representing a sizeable market opportunity.
- Growth in key end-user industries such as agriculture, mining, steel, cement, automobiles, crude oil, and logistics is expected to support higher demand for railway transportation and related infrastructure.
- Rising food grain production and continued government support for agriculture are expected to increase freight movement through railways.
- Expansion in coal production, iron ore mining, and limestone output, along with higher steel consumption driven by infrastructure development, is likely to boost demand for railway freight services.
- Strong growth in the automobile sector, including passenger vehicles, two-wheelers, three-wheelers, and tractors, is expected to support transportation demand and industrial activity.
- India's logistics sector is projected to benefit from the rapid growth of e-commerce, manufacturing, FMCG, and pharmaceuticals. Government efforts to reduce logistics costs and improve multimodal connectivity are expected to further strengthen the sector.
MV Electrosystems IPO Objectives
- The company plans to utilise the net proceeds from the IPO primarily to fund its long-term working capital requirements, with an allocation of ₹180 crore.
- It will also invest ₹21 crore in research, design, and development activities to develop new power electronic equipment.
- The remaining proceeds will be used for general corporate purposes, supporting the company's overall business operations and growth initiatives.
About MV Electrosystems Limited
Established in 2009, MV Electrosystems Ltd. designs, develops, assembles, and manufactures electrical and power electronics equipment for railway rolling stock. Its product portfolio includes IGBT-based three-phase drive propulsion systems for electric locomotives, switchgear panels for railway coaches and EMUs, cable protection and management products, and various electrical components, systems, and sub-systems.
The company operates in India's expanding railway infrastructure sector, benefiting from broad-gauge electrification, the government's Make in India initiative, and the development of high-speed rail corridors. It follows an integrated approach covering product design, manufacturing, testing, and quality assurance, with a focus on innovation, precision engineering, and customised solutions to deliver reliable railway equipment.
MV Electrosystems has an in-house Research, Design and Development Centre in Faridabad, Haryana, which serves as the company's technology hub for developing advanced power electronics and railway systems. As of May 31, 2026, the company had a workforce of 206 employees.
How To Check the Allotment Status of the MV Electrosystems 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 MV Electrosystems 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 MV Electrosystems 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 MV Electrosystems IPO
Registered Office:MV Electrosystems Ltd. Address- Plot No. 7, Site No 2, 14/3, Mathura Road, Faridabad, Haryana, 121003
Phone: +91 92 1199 9711
E-mail:cs@mvelectrosystems.com
MV Electrosystems IPO Reservation
| Investor Category | Shares Offered |
| Qualified Institutional Buyers (QIBs) | Not less than 75% of the Net Issue |
| Non-Institutional Investors (NIIs) | Not more than 15% of the Net Offer |
| Retail Individual Investors (RIIs) | Not more than 10% of the Net Issue |
MV Electrosystems IPO Prospectus
MV Electrosystems IPO Registrar and Lead Managers
MV Electrosystems IPO Lead Managers
- Sundae Capital Advisors Pvt.Ltd
Registrar for MV Electrosystems IPO
Kfin Technologies Ltd.
- Contact Number: 040-79615565
- Email Address:mvelectrosystems.ipo@kfintech.com
Financial Performance of MV Electrosystems Limited
| Particulars (₹ Crore) | FY26 (Mar 31, 2026) | FY25 (Mar 31, 2025) | FY24 (Mar 31, 2024) |
| Assets | 145.74 | 74.12 | 65.58 |
| Total Income | 49.79 | 64.64 | 50.57 |
| Profit After Tax (PAT) | -12.63 | 1.40 | 0.56 |
| EBITDA | -9.94 | 8.92 | 6.41 |
| Net Worth | 62.57 | 17.91 | 16.53 |
| Reserves & Surplus | 52.34 | 8.77 | 9.15 |
| Total Borrowings | 49.89 | 27.50 | 27.59 |
MV Electrosystems Limited Peer Details Comparison
| Company | Basic EPS (₹) | Diluted EPS (₹) | NAV per Share (₹) | P/E (x) | RoNW (%) |
| MV Electrosystems Ltd. | -6.52 | -6.52 | 30.58 | N.A. (Negative EPS) | -20.29 |
| Hind Rectifiers Ltd. | 13.10 | 13.50 | 60.69 | 88.83 | 21.37 |
Strengths and Opportunities of MV Electrosystems IPO
- Strong engineering expertise with in-house research, design, and development capabilities for advanced railway electrical and power electronics systems.
- Specialises in manufacturing precision-engineered, safety-critical railway equipment, creating high entry barriers for new competitors.
- Maintains long-standing business relationships with Indian Railways, supported by a proven execution track record.
- Led by an experienced promoter and management team with strong operational and project implementation capabilities.
- Expand its product portfolio and strengthen its presence in domestic and international markets, while exploring opportunities in renewable energy, industrial power conversion, energy storage systems, electric mobility, and charging infrastructure.
- Develop and acquire complementary products that enhance its railway propulsion equipment offerings and address emerging opportunities within Indian Railways.
- Increase manufacturing capacity, improve operational efficiency, and optimise production costs.
- Strengthen the Make in India initiative by developing in-house technologies and intellectual property.
Risks and Threats of MV Electrosystems IPO
- MV Electrosystems derives a significant portion of its revenue from a limited customer base, with Indian Railways contributing around 76.7% of revenue in FY26. Any reduction, delay, or cancellation of orders from key customers could materially impact its financial performance.
- The company's business is largely driven by tenders and purchase orders from Indian Railways. Changes in government spending, procurement policies, or tender schedules may affect future revenues.
- The company has secured a large order book for propulsion equipment. Delays in manufacturing, capacity expansion, working capital availability, product quality, or timely delivery could affect project execution and profitability.
- The business depends on obtaining and renewing various statutory approvals, licences, permits, and certifications. Any delay or non-compliance may disrupt operations.
- The company's manufacturing facilities and R&D centre are located in Haryana. Any regional disruptions, including natural disasters, labour issues, or regulatory changes, could adversely affect operations.
- MV Electrosystems is shifting part of its manufacturing operations to a new facility and installing additional production capacity. Delays, cost overruns, or implementation challenges may impact business performance.
- The business operates on a tender-based model without long-term contracts for most customers, resulting in fluctuations in order inflows and quarterly financial performance.
- The IPO valuation may not reflect the post-listing market price. In addition, the company has limited comparable listed peers due to its niche business model.
