Victory Electric Vehicles IPO offers investors a focused play on India’s fast‑growing electric two‑wheeler and three‑wheeler market, backed by double‑digit margins and strong return ratios, but with SME‑segment risks and a relatively high minimum application size.
Victory Electric Vehicles IPO overview
- Victory Electric Vehicles International Limited designs, manufactures and distributes electric vehicles, primarily E‑rickshaws, E‑cargo/loaders and electric scooters, along with customised e‑3‑wheelers for uses like food vending and ice‑cream sales.
- The company positions itself as an eco‑friendly EV maker providing sustainable mobility solutions across electric two‑wheelers, three‑wheelers and commercial EVs, targeting the shift toward green transport.
- Victory Electric Vehicles IPO is an NSE SME listing, giving investors exposure to an emerging EV brand in the affordable mass‑market segment rather than premium passenger cars.
Key IPO details, dates and market lot
- IPO type: Fixed price SME IPO with an issue price of ₹72 per equity share of face value ₹5.
- Issue size: Approx ₹40.66 crore, entirely a fresh issue, which will add primary capital to the company.
- Listing: NSE SME platform.
- IPO schedule:
- IPO open date: January 7, 2026.
- IPO close date: January 9, 2026.
- Basis of allotment: January 12, 2026.
- Refunds and credit to Demat: January 13, 2026.
- Listing date: January 14, 2026.
- Market lot / minimum investment (as per shared page data):
- Minimum lot: 6,000 shares.
- Retail minimum / maximum: 6,000 shares, application amount approx ₹2,46,000 at ₹72 per share, making this a high‑ticket SME EV IPO.
- S‑HNI minimum: 9,000 shares (₹3,69,000).
- Investor reservation (as per data):
- NII: 40,02,000 shares (47.47%).
- Retail: 40,05,000 shares (47.51%).
- Promoters and holding:
- Promoters: Sanjay Kumar Popli, Seema and Palak Poply.
- Promoter holding pre‑issue: 1,56,60,000 shares (97.41%).
- Promoter holding post‑issue: 2,40,90,000 shares (63.33%), indicating meaningful dilution but continued majority control.
- Objective of the issue:
- Capital expenditure – ₹5.00 crore.
- Working capital – ₹18.00 crore.
- General corporate purposes – ₹6.78 crore.
Business and financial snapshot
- Business profile: Victory Electric Vehicles operates in EV design, production and distribution across E‑rickshaws, cargo/loader E‑rickshaws, electric scooters and customised three‑wheelers for commercial applications like vending and last‑mile delivery.
- The company targets B2B and B2C segments through its portfolio of electric two‑wheelers, three‑wheelers and commercial vehicles, aligned with India’s focus on clean mobility and urban last‑mile transport.
- Financial performance (₹ in crore):
|
Period Ended |
30 Sep 2025 |
31 Mar 2025 |
31 Mar 2024 |
31 Mar 2023 |
|
33.19 |
31.29 |
21.94 |
19.17 |
|
|
16.90 |
51.06 |
48.76 |
52.14 |
|
|
1.62 |
5.17 |
4.89 |
0.79 |
|
|
2.60 |
7.79 |
6.99 |
1.80 |
|
|
16.50 |
14.87 |
9.70 |
4.24 |
|
|
8.67 |
7.04 |
7.09 |
2.20 |
|
|
4.85 |
9.29 |
5.30 |
2.90 |
|
|
Amount in ₹ Crore |
||||
- Profitability and valuation metrics – FY2025:
- ROE: 42.10%.
- ROCE: 31.27%.
- EBITDA margin: 15.32%.
- PAT margin: 10.17%.
- Debt‑equity ratio: 0.62, showing moderate leverage.
- EPS (basic): ₹3.30.
- P/E: 12.42x at the issue price.
- NAV: ₹9.50; RoNW: 42.11%.
- Peer comparison (from the EV space):
- Wardwizard Innovations & Mobility: EPS 0.26, P/E 32.58, RoNW 6.50%, NAV ₹4.08.
- Tunwal E‑Motors: EPS 2.32, P/E 15.32, RoNW 19.26%, NAV ₹20.09, indicating Victory trades at a lower P/E than Wardwizard, with higher return ratios but a smaller net‑worth base.
Strengths :-
- Niche positioning in the fast‑growing electric two‑wheeler and three‑wheeler space with products like E‑rickshaws, E‑cargo/loader vehicles and electric scooters targeting last‑mile mobility.
- Diversified EV portfolio including customised E‑three‑wheelers for use cases such as food vending and ice‑cream carts, which can create higher‑margin, solution‑oriented segments.
- Strong improvement in profitability, with PAT rising from ₹0.79 crore in FY2023 to ₹5.17 crore in FY2025, showing operational scale‑up and better cost control.
- Healthy return ratios with ROE of 42.10%, ROCE of 31.27% and PAT margin above 10%, making the Victory Electric Vehicles IPO financially attractive relative to several listed EV peers.
- Moderate leverage profile with a debt‑equity ratio of 0.62, leaving room to raise further debt if needed while still maintaining balance sheet flexibility.
- Reasonable valuation at P/E of 12.42x compared with higher multiples for some listed EV players, potentially offering upside if growth sustains.
- IPO proceeds earmarked for capital expenditure and working capital (₹5 crore and ₹18 crore respectively), which should support capacity, inventory and dealer funding in a growing EV market.
- Promoters retaining over 63% post‑issue shareholding, signalling continued skin in the game and alignment with minority shareholders.
- Listing on NSE SME gives focused investor visibility in the EV SME IPO space and can benefit from thematic interest in green mobility stocks.
- Tailwinds from government support for EV adoption, pollution reduction, urban last‑mile electrification and state‑level incentives for electric three‑wheelers and e‑scooters.
Risks
- SME IPO on NSE SME platform, implying lower liquidity, higher impact costs and potentially sharp price swings post listing compared with mainboard EV stocks.
- High minimum application size (6,000 shares costing about ₹2.46 lakh) restricts participation to investors with higher risk appetite and capital, limiting retail diversification.
- Revenue volatility with FY2024 revenue lower than FY2023 and moderate topline scale (~₹51 crore in FY2025), indicating the business is still in a growth‑and‑stabilisation phase.
- EV segment faces intense competition from organised and unorganised players in E‑rickshaws and low‑speed scooters, exerting pricing pressure and affecting margins.
- Policy and regulatory risk linked to subsidies, FAME‑like incentive schemes, state EV policies and battery norms, any adverse change can hurt demand and profitability.
- Technology and product‑obsolescence risk in EVs, especially around batteries, motors and controllers, requiring continuous R&D and capex to remain competitive.
- Working‑capital‑intensive business, reflected in IPO use of ₹18 crore for working capital, suggests longer receivable cycles or dealer credit that can strain cash flows.
- Customer concentration and dependence on specific geographies or dealer networks may expose Victory Electric Vehicles to regional demand shocks or regulatory changes.
- Smaller net‑worth base and asset size compared with larger EV OEMs, creating vulnerability during downturns or if scale‑up plans get delayed.
- Execution risk in utilising IPO proceeds effectively for capex, network expansion and product development to justify current valuation and sustain growth.
How To Apply for the IPO ?
- Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services 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 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.
How To Check the Allotment Status of IPO?
Steps to check IPO allotment status on JM Pro app:
- Log in to the JM Pro 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.
JM Financial Services will notify you of your IPO allotment status via push notification and email
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