Victory Electric Vehicles International
January 7, 2026 – January 9, 2026
| Price | ₹41 - ₹41 |
| GMP Rumors * | ₹0 |
|---|---|
| Lot size | 3000 |
| Issue size | ₹35.00 cr |
| Allotment | Jan 12, 2026 |
| Listing | Jan 14, 2026 |
Victory Electric Vehicles International Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 6000 | 246000 | 668 |
| HNI | 3 | 9000 | 369000 | 445 |
Victory Electric Vehicles International Reservation
| Category | Shares Offered | % |
|---|---|---|
| HNI | 4002000 | 47.47% |
| INDIVIDUAL | 4005000 | 47.51% |
| Market Maker | 423000 | 5.02% |
| Total | 8430000 | 100% |
Victory Electric Vehicles International About
IPO Details
| Total Issue Size | 84,30,000 shares (aggregating up to ₹35.00 Cr) |
| Fresh Issue | 84,30,000 shares (aggregating up to ₹35.00 Cr) |
| Face Value | ₹5/- Per Share |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,56,60,000 shares |
| Share Holding Post Issue | 2,40,90,000 shares |
| Reserved for Market Maker | 4,23,000 shares (aggregating up to ₹2.00 Cr) |
| Market Maker | Alacrity Securities Ltd. |
Key Performance Indicators (KPI)
| KPI | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| ROE | 10.35% | 42.10% | 70.19% | 22.46% |
| ROCE | 10.23% | 31.72% | 44.78% | 14.13% |
| EPS (BASIC) | 2.08 | 8.93 | 18.95 | 5.76 |
| P/E Pre IPO | 12.41 | |||
| P/E Post IPO | 30.41 |
Company Financial (In ₹Crore)
| Period Ended | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 33.19 | 31.29 | 21.94 | 19.17 |
| Total Income | 16.9 | 51.06 | 48.76 | 52.14 |
| Profit After Tax | 1.62 | 5.17 | 4.89 | 0.79 |
| EBITDA | 2.6 | 7.79 | 6.99 | 1.8 |
| NET Worth | 16.5 | 14.87 | 9.7 | 4.24 |
| Reserves and Surplus | 8.67 | 7.04 | 7.09 | 2.2 |
| Total Borrowing | 4.85 | 9.29 | 5.3 | 2.9 |
Peer Comparision (Valuation)
| Company | P/E (x) | Face value (₹) |
|---|---|---|
| Victory Electric Vehicles International Limited | 12.42 | 5.00 |
| Wardwizard Innovations & Mobilitity Limited | 32.58 | 1.00 |
| Tunwal E-Motors Limited | 15.32 | 2.00 |
Peer Comparision (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Victory Electric Vehicles International Limited | 10.54 | 10.35 | 2.08 |
| Wardwizard Innovations & Mobilitity Limited | 4.08 | 6.50 | 0.26 |
| Tunwal E-Motors Limited | 20.09 | 19.26 | 2.32 |
About Company
The company focuses on delivering sustainable, eco-friendly mobility solutions through a diverse range of electric two-wheelers, three-wheelers, and commercial EVs, supporting the global transition toward green transportation.
Its product portfolio includes E-rickshaws, E-cargo/loader rickshaws, scooters, and a variety of customized E-three-wheelers such as food carts and ice-cream vehicles, tailored for specific commercial needs.
The company integrates advanced technologies across its lineup, including lithium-ion battery systems, efficient electric drivetrains, and smart connectivity features to enhance performance and user experience.
Serving both domestic and international markets, Victory Electric Vehicles International Limited focuses on providing reliable performance, cost-effective ownership, and reduced environmental impact. The company is committed to contributing to a cleaner future and supports global initiatives aimed at lowering carbon emissions and reducing dependence on fossil fuels.
Strength
Expanding Product Portfolio: The company plans to broaden its EV product range across all segments, including passenger electric 3-wheelers, loading 3-wheelers, 2-wheelers, and customizable L3 and L5 series vehicles, enabling it to cater to a wider customer base and tap into the fast-growing EV market.
Improved Distribution Through Multi-Location Warehouses: To reduce delivery time and shipping costs—especially for small dealers—the company aims to establish warehouses at multiple locations, strengthening logistics efficiency and improving dealer accessibility.
Development of Charging Infrastructure: The company intends to set up EV charging stations across India, enhancing customer convenience, supporting EV adoption, and adding value to its electric scooter ecosystem.
Weakness
Product Defects Can Damage Brand and Lead to Recalls: If the company’s EVs contain defects, underperform, or fail to meet advertised standards, it may face negative publicity, warranty costs, product recalls, legal actions, and loss of customer trust—directly affecting revenue and brand reputation.
Dependence on Third-Party Suppliers: The company relies entirely on third-party suppliers without long-term or exclusive agreements. Any defective, delayed, or disrupted raw material supply could affect production, increase costs, harm market reputation, and impact financial performance.
Limited Supplier Base Increases Operational Risk: Due to regulatory requirements for EV components, the company has a restricted supplier base. Any failure of current suppliers and the inability to find timely alternatives could disrupt operations and negatively impact business continuity.
Victory Electric Vehicles International Lead Manager(s)
Victory Electric Vehicles International Address
Plot no 6, Second Floor
A-5, Maa Bhagwati Apartment
Paschim Vihar
West Delhi, New Delhi, 110063
Phone:+919643108966
Email:compliance@victoryevindia.com
Website:https://victoryevindia.com/