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Tunwal E-Motors IPO
Price Band
₹
Issue Size
₹115.64 Cr
Lot Size
2,000 shares
Min Investment
₹118,000
GMP
+₹5.0 (8.47%)
Issue Price
₹59.0
Subject to Sauda
₹7600
Paid only if allotted
Tunwal E-Motors IPO AI Summary
- Tunwal E-Motors IPO is listed on NSE SME in the 2/3 Wheelers sector.
- Subscription window: 15 Jul–18 Jul 2024, listing on 23 Jul 2024.
- Current GMP is +₹5.0 (8.47%) — unofficial and can change daily.
Tunwal E-Motors Limited is an emerging player in the electric two-wheeler market, showing promising growth in both revenue and profitability. The IPO aims to raise funds for working capital and expansion, with a competitive valuation compared to its peers.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Tunwal E-Motors IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 18 Jul 2024 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Tunwal E-Motors IPO Grey Market Premium (GMP) Today
GMP
+₹5.0
GMP %
+8.47%
Est. Listing
₹64.0
Updated: 25 Jul 2026 14:05
About the Company
Incorporated in December 2018, Tunwal E-Motors Limited is an electric vehicle (EV) manufacturing company that specializes in designing, developing, manufacturing, and distributing high-quality electric two-wheelers. The company has introduced over 23 different models in the local market to cater to various needs. The company has its presence in 19 states through a network of more than 256 dealers. The company has a network of around 256 dealers in India. When a dealer is appointed, the company requires them to provide after-sales services such as routine maintenance, battery management, diagnostics, safety checks, and component replacement to customers. The manufacturing unit of the company is located in Palsana, Sikar spread across an area of 8000 square meters. Tunwal E-Motors Ltd manufactures electric bikes at its plant in Palsana and has the capacity to produce up to 41000 units. As of March 31, 2024, the company had 64 permanent employees. The company trains its employees regularly to increase operational excellence, improve productivity, and maintain compliance standards for quality and safety.
Company Financials (₹ Cr)
As of 2024-03-31
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Assets | 75.83 | 56.94 | 50.37 |
| Total Income | 105.54 | 76.56 | 75.66 |
| Profit After Tax | 11.81 | 3.72 | 2.34 |
| NET Worth | 20.53 | 8.22 | 4.24 |
| Reserves and Surplus | 12.24 | 4.09 | 3.22 |
Key Ratios
EPS
₹2.85
NAV
₹4.95
ROE
57.53%
ROCE
59.38%
RoNW
57.53%
P/B Value
11.92
P/E Ratio
20.71
Market Cap
₹326.28 Cr
PAT Margin
11.29%
Debt/Equity
1.00
Peer Comparison
| Company | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|
| TVS Motors | 23.68% | 66.33 | 35.5 | 35.5 |
| Wardwizard Innovations & Mobililty Limited | 13.27% | 117.96 | 0.52 | 0.52 |
| Tunwal E-Motors Limited This IPO | 57.53% | 20.7 | 2.85 | 2.85 |
Promoters
Jhumarmal Pannaram Tunwal (HUF), Jhumarmal Pannaram Tunwal and Amitkumar Pannaram Mali
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding of working capital requirements of the Company. 35.00 2 Research & Development 5.00 3 Pursuing Inorganic Growth 5.00 4 General Corporate Expenses 20.41
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income increased from ₹75.66 Cr for the period ending 31 Mar 2022 to ₹76.56 Cr by 31 Mar 2023, and further rose to ₹105.54 Cr by 31 Mar 2024. This shows a steady growth in revenue over the periods.
Profit Trend
Profit After Tax grew from ₹2.34 Cr in the period ending 31 Mar 2022 to ₹3.72 Cr by 31 Mar 2023, and further increased to ₹11.81 Cr by 31 Mar 2024. This indicates a significant upward trend in profitability.
Valuation
At the issue price of ₹59.0, Tunwal E-Motors has an implied P/E ratio of approximately 20.7, which is lower than peers like TVS Motors, trading at a P/E of 66.33, and Wardwizard Innovations & Mobility Limited, trading at a P/E of 117.96.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an indicator of the expected listing price of an IPO. It represents the premium at which shares are traded in the grey market before they are officially listed on the stock exchange. A positive GMP suggests that the market expects the stock to list at a higher price than the issue price.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential and market conditions. It's important to consider the business model, competitive landscape, and overall economic environment.
Who May Want to Wait
Investors who are risk-averse or those who prefer stable investments may want to avoid IPOs in sectors with high volatility, such as electric vehicles, especially if they are not comfortable with the associated risks.
Listing Gains — The Risk
Listing day gains can be unpredictable. While some IPOs may experience a surge in price, others may not perform as well. Factors such as market conditions, investor sentiment, and company fundamentals can all influence the stock's performance on its debut.
This evaluation is generated from Tunwal E-Motors's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Tunwal E-Motors IPO GMP today?
Tunwal E-Motors IPO GMP today is +₹5.0 (8.47%). GMP is an unofficial grey-market indicator and can change daily.
When does Tunwal E-Motors IPO open and close?
Tunwal E-Motors IPO opens on 15 July 2024 and closes on 18 July 2024.
When does Tunwal E-Motors IPO list on the stock exchange?
Tunwal E-Motors IPO listed on 23 July 2024 at ₹64.0.
What is the lot size for Tunwal E-Motors IPO?
The lot size for Tunwal E-Motors IPO is 2000 shares, requiring a minimum investment of ₹118,000.
What is the issue price of Tunwal E-Motors IPO?
The issue price is ₹59.0.
What is the lot size for the Tunwal E-Motors IPO?
The lot size is 2000 shares.
When does the Tunwal E-Motors IPO open and close?
The IPO opens on July 15, 2024, and closes on July 18, 2024.
What is the expected listing date for Tunwal E-Motors?
The expected listing date is July 23, 2024.
What does GMP mean?
GMP stands for Grey Market Premium, indicating the expected premium or discount of the stock on its listing day.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
15 Jul 2024
Close
18 Jul 2024
Allotment
19 Jul 2024
Listing
23 Jul 2024
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