IPO Snapshot
Key metrics and details at a glance.
Price Band
₹425
Per ShareLot Size
34 Shares
Minimum Investment
₹14,450
Issue Size
₹290 Cr
Face Value
₹5
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
IPO Timeline
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Subscription Status
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*Real-time data subject to exchange updates
MV Electrosystems Ltd
Business model, operations, and market positioning.
About the Company
We are a technology-driven company engaged in the design, development, assembly and manufacturing of electrical & power electronics equipment used in Railway rolling stock including IGBT based 3-Phase Drive Propulsion equipment for electric locomotives, switchgear panels for railway coaches & EMU's, cable protection & management products and electrical components, systems & sub-systems. On September 15, 2025, we have received approval from CLW, Indian Railways for our in-house designed and developed IGBT Based 3-Phase Drive Propulsion equipment which includes traction converter inverter system, auxiliary converter, vehicle control units / train control management system and driver display units - all designed and developed by our Company indigenously to meet international safety and performance standards.
Industry Overview
Our Company caters to two different category of products in the Railways industry, namely (i) design, development, assembly and manufacturing of electrical & power electronics equipment; and (ii) cable protection & management products and electrical components, systems & sub-systems. The Indian railway propulsion equipment industry has shown growth, increasing from USD 561.1 million in CY20 to USD 855.3 million in CY24, reflecting an 11.1% CAGR over this period. This rapid expansion is supported by India's large-scale railway electrification drive, investments in metro networks, and the government's emphasis on modern, efficient transport systems. Further, the Indian market size of railway cable assemblies rising from USD 42.4 million in CY20 to USD 65.4 million in CY24, reflecting a compound annual growth rate (CAGR) of 11.5% during this period.
Company History
MV Electrosystems Limited ("Company" or "Issuer") was originally incorporated as `MV Electrosystems Private Limited' on July 03, 2009 at Delhi as private limited company under the Companies Act, 1956. Subsequently, our Company was converted into a public limited company, the word `private' was struck off from the name of our Company and consequently, a fresh certificate of incorporation dated November 26, 2021 was issued by the RoC, recording the change of our Company's name to `MV Electro systems Limited'.
Growth Strategy
- Leverage our domain experience and capabilities by continuing to diversify our product base and increase penetration across different global regions & synergetic potential applications like Renewable Energy Projects.
- Development and / or acquisition of new products that are used in conjunction with propulsion equipment in line with the newer opportunities under Indian Railways.
- Increase our manufacturing capabilities, reduce operating costs and improve operating efficiencies.
- Make in India and focus on developing in-house intellectual property rights.
- Scalable Business Model with Focus on High-Value Products and opportunity to enter into rolling stock manufacturing capabilities.
Promoter Holding (Pre-Issue)
76.92%
Promoter Holding (Post-Issue)
57.67%
Issue Type
Book Building
ISIN
INE0OWZ01020
Financial Performance
Revenue, profit, and asset growth over the last three financial years.
Data presented in crores for FY20 to FY24.
Objects of the Issue
How the company plans to utilize IPO proceeds.
The funds raised through this IPO will be used for:
Initial public issue of 68,23,528 equity shares of face value of Rs. 5 each (Equity Shares) of MV Electrosystems Limited (the Company) for cash at a price of Rs. 425 per equity share ( Including a Share Premium of Rs. 420 Per Equity Share) (Issue Price) aggregating up to Rs. 290.00 Crores (Issue). The issue shall constitute 25.01% of the company post-issue paid-up equity share capital of the company. Price Band: Rs. 425 per equity share of face value of Rs. 5 each. The floor price is 85.00 times the face value of the equity shares. Bids can be made for a minimum of 34 equity shares of face value of Rs. 5 each and in multiples of 34 equity shares of face value of Rs. 5 each thereafter.
*Subject to approvals and market conditions.
- Engineering and systems design focused railways company with strong in-house research, design & development capabilities for highly engineered and complex railway systems, combining precision and domain expertise.
- Ability to create precision driven design & development capabilities and safety critical & complex railway electric equipment acts as high barriers to entry in this segment.
- Long-standing and deep relationship with Indian Railways.
- Experienced Promoter and management team with strong implementation skills and operational effectiveness.
- We are dependent on and derive a substantial portion of our revenue from a limited number of customers. Further, Indian Railway, through is various units or workshops, has been the single largest customer of our Company and constituted 76.72%, 72.96% and 67.80% of our revenue from operations during the Financial Years ended March 31, 2026, March 31, 2025 and March 31, 2024 respectively. Cancellation of orders, if any, by customers or delay or reduction in their orders could have a material adverse effect on our business, results of operations and financial condition.
- Any delay or failure in obtaining, renewing or maintaining statutory and regulatory approvals, or non-compliance with applicable laws, could adversely affect our business and operations.
- Our existing assembling cum manufacturing facility, Research, Design & Development Centre and the location where existing cable protection & interconnected products facility is proposed to be shifted, all are situated in the state of Haryana. Concentration of all the facilities in the state of Haryana, India, may expose us to regional risks that could adversely affect our business, results of operations, financial condition, and cash flows.
- We are in the process of shifting operations for existing cable protection & interconnected products facility from Village Baghola, Palwal, Haryana, India ("Unit 1"), where it is presently situated, to Nangla Bhiku, Pawal, Haryana, India ("Unit 2") and installing new machinery for 3-Phase Propulsion Equipment, and any delays, cost overruns or execution failures may adversely affect our business and financial condition.
- Our revenue from operations have been constant in the past as our Company focused on the development of 3-Phase Propulsion Equipment. Our Company has received significant purchase orders aggregating to Rs. 7,376.60 million (excluding GST and AMC) for supply of 450 (four hundred fifty) 3-Phase Propulsion Equipment during the Financial Year ended March 31, 2026. Any inability to execute these orders in accordance with their terms, including with respect to production capacity, working capital requirements, operational execution, delivery schedules, quality standards or warranty and maintenance obligations, may have a material adverse effect on our business, financial condition, results of operations, cash flows and future prospects.