MV Electrosystems IPO

About the company

Incorporated in 2009, MV Electrosystems is a technology-focused company that designs, develops, assembles and manufactures electrical and power electronics equipment for railway rolling stock. Over the years, the company has expanded into panels, switchboard cabinets, connectors, cable assemblies and cable protection products. In 2020, it moved into high-value engineering by starting the indigenous designed and developed propulsion equipment. On September 15, 2025, the company received approval from CLW, Indian Railways, for its in-house designed and developed IGBT-based 3-Phase drive propulsion equipment. The equipment includes the traction converter-inverter system, auxiliary converter, vehicle control units/train control management system and driver display units. It started commercial supplies to Indian Railways in March 2026. The company operates its assembling-cum-manufacturing facility, Unit 1, at Village Baghola, Palwal, Haryana. It also has an in-house research, design & development centre in Faridabad, Haryana. The company also plans to install three new test setups at Unit 2. It will fund these investments through internal accruals or equipment financing. The company's existing R&D Centre is located at Mathura Road, Faridabad, Haryana. The centre handles the complete product engineering process, starting from concept design, simulation, going through prototyping and validation. MV Electrosystems product portfolio covers three main categories: 1) Propulsion equipment which includes traction converters, with 2 units per locomotive rated at 2.7MW x 2, auxiliary converters, with 3 units of 130 kVA per locomotive, vehicle control units and driver consoles for WAP-7 and similar 6000 HP locomotives. 2) switchgear and rail coach/EMU Panels: This category includes electrical and control panels, switchboard cabinets and junction boxes. 3) cable protection and management products: These products include flexible conduits, cable protection conduit tubing, conduit end fittings and expandable cable jackets. The company had an executable order book of 564 units for 3-Phase propulsion equipment, with a total order value of ₹989.32 crore excluding GST. These orders came from Banaras Locomotive Works, Patiala Locomotive Works and Chittaranjan Locomotive Works, all of which are units of Indian Railways. In addition, the company had developmental-category orders worth ₹94.72 crore excluding GST. These included orders for MEMU propulsion equipment, received through a Letter of Acceptance dated June 27, 2026, with a value of ₹91.23 crore including AMC, as well as orders for a composite converter and hotel load converter. Indian Railways remains the company's largest customer and accounted for 76.7% of revenue from operations in FY26, compared with 72.9% in FY25. The company's top three customers contributed 82.6% of revenue in FY26, while its top ten customers contributed 93.1%. Its largest supplier, Pelf Power Electronics Private Limited, accounted for 39.2% of the company's cost of goods sold in FY26. Unit 1 had an installed annual capacity of 114 propulsion system units. The company produced only 3 units in FY26, resulting in capacity utilisation of 2.63%. The company reported nil utilisation in FY25 and FY24 because commercial production started only in March 2026. The switch board cabinet panel line operated at 100% capacity utilisation in FY26. The cable protection conduit tubing line operated at 46.19% utilisation, while the conduits end fittings line operated at 50.95% utilisation. Separately, the proposed Unit 2 has a certified installed capacity of 171 Propulsion System units per annum. In FY26, the company participated in 462 tenders with a total value of ₹4,996.00 crore. It won 75 tenders worth ₹1,002.30 crore. This resulted in a success ratio of 16.23% by count and 20.06% by value. The railway propulsion equipment and cable assemblies industry is benefiting from India's rapid rail electrification, metro expansion and major projects such as Vande Bharat, Amrit Bharat and the Mumbai–Ahmedabad bullet train. The Indian propulsion equipment market grew from $56.11 crore in CY20 to $93.70 crore in CY25, registering a 10.8% CAGR and is expected to reach $124.93 crore by CY30P. Similarly, the Indian cable assemblies market increased from $4.24 crore in CY20 to $7.19 crore in CY25 at an 11.2% CAGR and is expected to touch $11.15 crore by CY30P. Government initiatives such as PM Gati Shakti, Dedicated Freight Corridors and Make in India/Atmanirbhar Bharat are also further supporting industry growth. The industry is also evolving towards advanced technologies such as IGBT/SiC based converters, Integrated Propulsion Kits and TCMS and towards green emerging technologies such as hydrogen and battery-based propulsion. The Ministry of Railways has approved the procurement of an integrated propulsion kit, with BLW and CLW each set to procure 50 units. The company sees this shift from component-wise procurement to system-level sourcing as a key opportunity to expand its product portfolio. It plans to explore complementary products such as bogies, suspension systems, transmission systems, transformers, cooling units, traction motors, TCMS components, cable harnessing and connectors. This shift could help the company diversify its business, increase its share of customer spending and gradually expand into broader rolling stock manufacturing and system integration. Now, MV Electrosystems is launching its initial public offering (IPO), which is a fresh issue of ₹290 crore. Its shares will be listed on the NSE and BSE. ### **How to pre-apply for MV Electrosystems IPO? ** You can pre-apply for MV Electrosystems IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription. Follow these steps to pre-apply for the IPO: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘MV Electrosystems IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Pre-Apply’ - Accept the mandate on your UPI app ### **How to apply for MV Electrosystems IPO? ** If you are interested in this investment opportunity but unsure how to apply for MV Electrosystems IPO, here are the steps that you need to follow. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for MV Electrosystems IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘MV Electrosystems IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app ### **How to check the MV Electrosystems IPO allotment status? ** When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes. Here’s a step-by-step guide on how to check the MV Electrosystems IPO allotment status: - Login to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ page, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, you will find the ‘View all’ option - Once you click on ‘View all’, you will be directed to the ‘IPO’ tab - In the ‘IPO’ tab, click on ‘My applications’ - In ‘My applications’, under the History section, your MV Electrosystems IPO allotment status will be mentioned

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   30 Jul 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   03 Aug 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   04 Aug 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   05 Aug 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   05 Aug 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   06 Aug 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.