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Victory Electric Vehicles IPO
Price Band
₹
Issue Size
₹34.56 Cr
Lot Size
3,000 shares
Min Investment
₹246,000
2 LOTS MIN
GMP
—
Issue Price
₹41.0
Victory Electric Vehicles IPO AI Summary
- Victory Electric Vehicles IPO is listed on NSE SME in the 2/3 Wheelers sector.
- Subscription window: 07 Jan–09 Jan 2026, listing on 14 Jan 2026.
Victory Electric Vehicles International Limited is focused on providing eco-friendly electric mobility solutions. The company has shown a commitment to sustainability and has a diverse product range. Investors should consider the company's financial performance and market conditions when evaluating this IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Victory Electric Vehicles IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
About the Company
Incorporated in October 2018, Victory Electric Vehicles International Limited designs, manufactures, and distributes electric vehicles. The company provides sustainable and eco-friendly mobility solutions by offering a wide range of electric two-wheelers, three-wheelers, and commercial vehicles. Victory Electric Vehicles International Limited aims to contribute to the global shift towards green energy by promoting the adoption of electric transportation. The company offers products ranging from E-rickshaws, E-Cargo/Loader E-rickshaws, Scooters, etc. The portfolio extends beyond conventional offerings to include customized E-Three Wheelers, catering to specific needs such as Food Three Wheelers and Ice Cream Three Wheelers etc. The company integrates advanced technologies into its vehicles, such as lithium-ion battery systems, efficient electric drivetrains, and smart connectivity features. It caters to both domestic and international markets, striving to offer reliable performance, cost-effective ownership, and minimal environmental impact. Victory Electric Vehicles International Limited envisions a cleaner and greener future, aligning its mission with global efforts to reduce carbon emissions and dependence on fossil fuels. Competitive Strength: Geographical presence in 12 states with dealers in all 12 states. Experienced Leadership Backed by a Skilled Professional Team. Robust Financial Performance.
Company Financials (₹ Cr)
As of 2025-09-30
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 33.19 | 31.29 | 21.94 | 19.17 |
| Total Income | 16.90 | 51.06 | 48.76 | 52.14 |
| Profit After Tax | 1.62 | 5.17 | 4.89 | 0.79 |
| EBITDA | 2.60 | 7.79 | 6.99 | 1.80 |
| NET Worth | 16.50 | 14.87 | 9.70 | 4.24 |
| Reserves and Surplus | 8.67 | 7.04 | 7.09 | 2.20 |
| Total Borrowing | 4.85 | 9.29 | 5.30 | 2.90 |
Key Ratios
EPS
₹3.30
NAV
₹9.50
ROE
42.10%
ROCE
31.27%
RoNW
42.11%
P/B Value
4.32
P/E Ratio
12.41
Market Cap
₹98.77 Cr
PAT Margin
10.17%
Debt/Equity
0.62
Promoters
Sanjay Kumar Popli, Seema and Palak Poply
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 Capital Expenditure 5.00 2 Working Capital Requirement 18.00 3 General Corporate Purposes 6.78 4 Issue expenses 4.76 Total 34.54
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹52.14 Cr for the year ended 31 Mar 2023, slightly decreasing to ₹48.76 Cr by 31 Mar 2024, then rising to ₹51.06 Cr for the year ended 31 Mar 2025. However, for the period ending 30 Sep 2025, total income dropped to ₹16.90 Cr, which is a 9-month figure and not directly comparable to the full years.
Profit Trend
Profit After Tax (PAT) was ₹0.79 Cr for the year ended 31 Mar 2023, increasing to ₹4.89 Cr by 31 Mar 2024, and further rising to ₹5.17 Cr for the year ended 31 Mar 2025. By 30 Sep 2025, PAT decreased to ₹1.62 Cr, though this is a 9-month figure and not directly comparable to the full years.
Valuation
The company has an EPS of ₹3.30 and a P/E ratio of 12.41. This suggests that at the issue price, it is priced at roughly 12.41 times trailing earnings.
Grey Market Premium, Explained
The grey market refers to the unofficial trading of shares before they are listed on the stock exchange. It can provide an indication of market sentiment towards an IPO, with the Grey Market Premium (GMP) reflecting the expected listing price compared to 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 fundamentals and market conditions. It's important to consider the company's growth potential and industry trends.
Who May Want to Wait
Investors who prefer stable and established companies may want to avoid IPOs like this, which can be subject to market fluctuations and uncertainties associated with new ventures.
IPO Timeline, Explained
The IPO opens for subscription on 7 January 2026 and closes on 9 January 2026. Allotment of shares is expected on 12 January 2026, with the listing date set for 14 January 2026.
Listing Gains — The Risk
Listing-day gains can be unpredictable and depend on market conditions, investor sentiment, and overall demand for the shares. While some IPOs may see a surge in price on their debut, others may not perform as well, leading to potential losses.
This evaluation is generated from Victory Electric Vehicles'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
When does Victory Electric Vehicles IPO open and close?
Victory Electric Vehicles IPO opens on 07 January 2026 and closes on 09 January 2026.
When does Victory Electric Vehicles IPO list on the stock exchange?
Victory Electric Vehicles IPO listed on 14 January 2026 at ₹41.0.
What is the lot size for Victory Electric Vehicles IPO?
The lot size for Victory Electric Vehicles IPO is 3000 shares, requiring a minimum investment of ₹246,000 (2 lots).
What is the issue price of the IPO?
The issue price of the IPO is ₹41.0.
What is the minimum investment required?
The minimum investment required is ₹246,000, which corresponds to a lot size of 3000 shares.
When does the IPO open and close?
The IPO opens on 7 January 2026 and closes on 9 January 2026.
What is the listing date?
The listing date is 14 January 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected price of the shares on listing day compared to the issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
07 Jan 2026
Close
09 Jan 2026
Allotment
12 Jan 2026
Listing
14 Jan 2026
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