MV Electrosystems was incorporated on July 03, 2009. The company designs, develops, and manufactures electrical and power-electronics equipment for railway rolling stock, including propulsion systems, switchgear panels, and cable management products. Its focus on indigenous innovation supports national goals of self-reliance, rail electrification, and decarbonization
| Bidding Dates |
|---|
| 30 Jul 2026 - 03 Aug 2026 |
| Subscription |
|---|
| 188.85x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹13,600 | 1 | 13 | 34 | 6.8 M | ₹400 - ₹425 | 57.68 % | ₹2729.4 M - ₹2900.0 M | RHP DOC |
MV Electrosystems IPO SUBSCRIPTION STATUS
03 Aug '26MV Electrosystems IPO overall subscription rate was 188.85 times the total available shares
MV Electrosystems IPO retail subscription rate was 205.42 times in the retail segment
MV Electrosystems IPO non-institutional investor subscription rate was 374.58 times in the non-institutional investor category
MV Electrosystems IPO Qualified Institutional Bidder subscription rate was 90.47 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 10% | 15% | 75% |
03 Aug 2026 (Day 3) | 205.42x | 374.58x | 90.47x |
31 Jul 2026 (Day 2) | 39.76x | 15.77x | 0.91x |
30 Jul 2026 (Day 1) | 11.92x | 3.76x | 0.82x |
MV Electrosystems FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 49.4 | -12.6 | -57.5 | -75.7 | -20.0% |
| FY25 | 62.6 | 1.4 | 5.0 | 3.0 | 13.8% |
| FY24 | 50.0 | 0.6 | -5.2 | -9.4 | 12.7% |
MV Electrosystems IPO SUBSCRIPTION STATUS DETAILS
MV Electrosystems had 6.8 M shares on offer
MV Electrosystems IPO offer price was in the range ₹400 - ₹425
MV Electrosystems IPO minimum Investment was ₹13600
MV Electrosystems IPO issue size was ₹ 2729.4 M - ₹ 2900.0 M
MV Electrosystems had a minimum lot size of 34 Shares per application
MV Electrosystems NUMBER OF SHARES ON OFFER
MV Electrosystems IPO IMPORTANT DATES
| Issue Open Date | 30 Jul 2026 |
| Issue close Date | 03 Aug 2026 |
| Allotment Date | 04 Aug 2026 |
| Refund Date | 05 Aug 2026 |
| Demat Account Credit Date | 05 Aug 2026 |
| Listing Date | 06 Aug 2026 |
| Listing on Exchange(s) | NSE and BSE |
| MV Electrosystems Allotment Status | Exchange/ Registrar |
MV Electrosystems IPO subscription opened on 30 Jul 2026, and closed on 03 Aug 2026
IPO allotment for MV Electrosystems was finalized on Tuesday, 04 Aug 2026
IPO listing for MV Electrosystems was on NSE and BSE on Thursday, 06 Aug 2026
MV Electrosystems IPO LISTING GAINS
| Issue Price (adjusted) | 425.0 |
| Listing Open Price | 520.0 |
| Listing Close Price | 624.0 |
| Listing Gain% | 22.4% |
| Current Gain% | 43.9% |
MV Electrosystems Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MV Electrosystems Ltd. | 611.7 | 1668.9 | -132.1 | 0.1 | 33.5 | -20.2 | -8.7 | 49.8 | -23 | -12.6 | -1000.1 | -4.6 | -1000.1 |
| KRN Heat Exchanger and Refrigeration Ltd. | 1208.4 | 7511 | 98.2 | 2.2 | 12.5 | 13.3 | 8.2 | 609.8 | 38.1 | 76.5 | 44.6 | 12.3 | 44.6 |
| Centum Electronics Ltd. | 3851.8 | 5684.9 | -110.6 | 0 | 4.6 | -13.6 | -3.6 | 968.6 | -16.8 | -46.7 | -1999.6 | -34.8 | -2567.5 |
| Cyient DLM Ltd. | 685.6 | 5442.1 | 66.3 | 3.7 | 4 | 7.2 | 4.5 | 1297.7 | -16 | 73.3 | 7.6 | 10.3 | 18.1 |
| Marine Electricals (India) Ltd. | 336.9 | 4659.1 | 79.8 | 1.5 | 5.3 | 11.8 | 6.6 | 893.2 | 14.5 | 58.4 | 51.9 | 4.2 | 51.9 |
| Hind Rectifiers Ltd. | 1310.2 | 4503.4 | 100.1 | 4.7 | 4.5 | 21.6 | 6.8 | 1000.8 | 52.4 | 45 | 21.3 | 13.1 | 21.3 |
MV Electrosystems IPO Reports
MV Electrosystems INFORMATION ON IPO ISSUE
About MV Electrosystems
MV Electrosystems was incorporated on July 03, 2009. The company designs, develops, and manufactures electrical and power-electronics equipment for railway rolling stock, including propulsion systems, switchgear panels, and cable management products. Its focus on indigenous innovation supports national goals of self-reliance, rail electrification, and decarbonization
Object of the Issue
- Funding long-term working capital requirements of the company
- Investment in research design and development activities for new power electronic equipment
- General corporate purposes
MV Electrosystems - PROMOTERS
| Name |
|---|
| Mohit Vohra |
| Amit Dhawan |
| Sumit Dhawan |
| Rahul Dhawan |
| Sonali Dhawan |
| Ramendra Pratap Singh |
MV Electrosystems - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Sanjeev Mehta | Independent Chairman |
| Pankaj Rastogi | Managing Director |
| Vipin Sharma | Independent Director |
| Kanika Bhutani | Independent Director |
| Mohit Vohra | Non Executive Director |
| Amit Dhawan | Non-Executive Director |
| Sumit Dhawan | Non Executive Director |
| Rahul Dhawan | Whole Time Director |
| Sanjay Kumar Singh | Non Executive Director |
MV Electrosystems Book Running Lead Manager
Sundae Capital Advisors Private Limited
mvel.ipo@sundaecapital.com
MV Electrosystems Registrar to the Offer
KFin Technologies Limited
mvelectrosystems.ipo@kfintech.com
MV Electrosystems Strengths
Design & engineering focused
The company is a railway-focused engineering and systems design firm with strong in-house R&D capabilities, integrating mechanical, electrical, and software engineering. Its proprietary 3-Phase IGBT propulsion system and engineering expertise help reduce dependence on external suppliers and support the growing demand for advanced rolling stock in India and globally
Ability to create critical & complex equipment
The railway industry has high entry barriers due to stringent safety approvals, long qualification cycles, complex technology, and the need for deep domain expertise. These capital-intensive requirements strengthen the company’s long-term position by limiting new competition
Client relationship
The company, incorporated in 2009 to supply components to Indian Railways, later expanded into panels, switchboard cabinets, connectors, cable assemblies, and protection products. In 2020, it advanced into high-value engineering by developing indigenous propulsion equipment for locomotives
MV Electrosystems Risks
Permits & registrations
The company’s operations depend on timely statutory approvals, and any delay, non-renewal, or non-compliance could harm its business. Since it has not obtained registration under the Contract Labour Act, it may face regulatory action that could further impact operations
Inspections & audits
The company must meet strict quality standards, inspections, and audits, and any failure could lead to recalls, order cancellations, and reputational damage. Its switchgear, panels, cable protection products, and upcoming propulsion systems must comply with stringent Indian Railways and RDSO performance requirements
Confidentiality
The company depends heavily on proprietary technical knowledge, and any unauthorized disclosure of trade secrets, processes, or confidential information could weaken its competitive position. Loss or misuse of this information may allow competitors to replicate its products, harming its business and financial performance
IPO FAQs
The promoters of the company are Mohit Vohra, Amit Dhawan, Sumit Dhawan, Rahul Dhawan, Sonali Dhawan and Ramendra Pratap Singh.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 400.0 - 425.0.
The IPO application opens on Jul 30, 2026 and closes on Aug 03, 2026.
The minimum lot size for the IPO is 34. The maximum lot size for the IPO is 442.
For all category investors, the minimum application amount for this IPO is Rs. 13,600.0, the maximum value for this IPO is Rs 187,850.0.
This IPO will be allotted on Aug 04, 2026.
The refund will be credited to your account on Aug 05, 2026.
The allotted shares will be credited to your demat on Aug 05, 2026.
MV Electrosystems Ltd.’s shares listed on the stock exchanges on Aug 06, 2026.