Victory Electric Vehicles International
IPOIssue Details
Issue Size
– Cr
Fresh Issue
– Cr
OFS
– Cr
Price Band
₹41 – ₹41
Lot Size
3000
₹1,23,000
Face Value
₹5
Listing Price
₹34.45
Important Dates
Open Date
07 Jan 2026
Close Date
09 Jan 2026
Allotment
12 Jan 2026
Refund
13 Jan 2026
Listing
14 Jan 2026
About Company
Incorporated in October 2018, Victory Electric Vehicles International Limited designs, manufactures, and distributes electric vehicles.
The company provides sustainable mobility solutions through a range of electric two-wheelers, three-wheelers, and commercial vehicles.
Its product portfolio includes E-rickshaws, E-cargo and loader E-rickshaws, and scooters.
The company also offers customized E-three wheelers such as food vans and ice-cream three wheelers.
Vehicles integrate lithium-ion battery systems, efficient electric drivetrains, and smart connectivity features.
The company caters to domestic and international markets with a focus on reliable performance and cost-effective ownership.
Victory Electric Vehicles International Limited aims to support the shift towards green energy by promoting electric transportation.
The company’s vision is aligned with global efforts to reduce carbon emissions and dependence on fossil fuels.
Objects of the Issue
| # | Description | Amount (₹ Cr) |
|---|---|---|
| 1 | Capital expenditure for business expansion and related assets. | ₹5 |
| 2 | Funding working capital requirements of the company. | ₹18 |
| 3 | General corporate purposes. | ₹6.78 |
Financial Performance
Share Reservations
QIB
0
Anchor
0
NII
40,02,000
Retail
40,05,000
Employee
0
Total
84,30,000
RHP Insights
AI-powered analysis from Red Herring Prospectus
Exceptional Growth in Return on Net Worth (RoNW)
The company demonstrated a massive spike in its RoNW, which surged from 22.47% in FY 2022-23 to 70.19% in FY 2023-24, highlighting extreme capital efficiency and profitability growth in the latest full fiscal year.
Impact: HighConsistent Profitability Amid Global Challenges
Victory EV maintained a steady track record of profitability even through the COVID-19 pandemic, with Profit After Tax (PAT) growing from ₹64.55 Lakhs in FY 2022 to ₹489.22 Lakhs in FY 2024.
Impact: HighSignificant Capital Restructuring
The company transitioned from a private to a public limited entity in February 2020 and has proposed a fresh issue of up to 56,47,000 Equity Shares to facilitate its listing on the NSE EMERGE platform.
Impact: HighHeavy Reliance on External Components
The business faces a high degree of risk regarding the supply of EV components; any increase in demand leading to higher material costs or supply chain delays could adversely affect manufacturing timelines and margins.
Impact: LowTechnological Obsolescence Risk
Operating in the fast-evolving EV sector, the company's financial condition is highly sensitive to its ability to anticipate technological changes and continuously engineer innovative or improved products.
Impact: LowSWOT Analysis
AI-generated strategic view
Strengths
- •Geographical presence in 12 states with an established dealer network.
- •Experienced leadership supported by a skilled professional team.
- •Robust financial performance with improving profitability.
- •Focus on eco-friendly and sustainable mobility solutions.
- •Product portfolio addressing both passenger and cargo segments in EVs.
Weaknesses
- •Operating in a highly competitive and fragmented EV segment.
- •Inconsistent top-line performance over reported periods.
- •Recent surge in profitability may not be fully seasoned.
- •Smaller scale compared to established auto and EV players.
Opportunities
- •Growing adoption of electric vehicles in India and abroad.
- •Favorable government policies and incentives for EVs.
- •Scope to expand dealer network beyond current 12 states.
- •Potential for product diversification within commercial EV segment.
Threats
- •Intense competition from organized and unorganized EV manufacturers.
- •Dependence on EV-related policies and subsidy regimes.
- •Technological obsolescence risk in rapidly evolving EV technology.
- •Volatility in battery raw material prices impacting costs.
Victory Electric Vehicles International IPO Peer Comparison
The table below shows peer comparison from DRHP/RHP.
| Company | EPS Basic | EPS Diluted | NAV | P/E(x) | RoNW | Financial statements |
|---|---|---|---|---|---|---|
| Victory Electric Vehicles International Limited | 2.08 | 2.08 | 10.54 | 12.42 | 10.35 | Consolidated |
| Wardwizard Innovations & Mobility Limited | 0.26 | 0.26 | 4.08 | 32.58 | 6.5 | Consolidated |
| Tunwal E-motors Limited | 2.32 | 2.32 | 20.09 | 15.32 | 19.26 | Consolidated |
Victory Electric Vehicles International - Documents & Links
Registrar
Company contact
Victory Electric Vehicles International Ltd
Address: Plot no 6, Second Floor, A-5, Maa Bhagwati Apartment, Paschim Vihar, West Delhi, New Delhi, 110063
compliance@victoryevindia.comhttp://www.victoryevehilceindia.com/Lead managers
Frequently Asked Questions
Common questions about Victory Electric Vehicles International IPO.