MV Electrosystems IPO \u2013 Flattrade Kosh<\/title>\n <style>\n \/* --- PREMIUM UNIFIED EDITORIAL SYSTEM (CMR DESIGN STYLE) --- *\/\n *, *::before, *::after { box-sizing: border-box; margin: 0; padding: 0; }\n\n .cmr-article-wrapper {\n font-family: -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, sans-serif;\n color: #2c3e50;\n max-width: 740px;\n margin: 0 auto;\n line-height: 1.8;\n padding: 32px px 60px;\n }\n\n \/* --- META BAR --- *\/\n .meta-bar {\n display: flex;\n align-items: center;\n gap: 12px;\n font-size: 13px;\n color: #64748b;\n margin-bottom: 16px;\n }\n \n .tag {\n background: #f4faf2;\n color: #339701;\n border: 1px solid rgba(51, 151, 1, 0.2);\n border-radius: 4px;\n padding: 2px 9px;\n font-weight: 600;\n font-size: 12px;\n text-transform: uppercase;\n letter-spacing: .5px;\n }\n\n h1.post-title {\n font-size: 24px;\n font-weight: 800;\n color: #1a252f;\n margin-bottom: 24px;\n line-height: 1.25;\n }\n\n h2.section-heading, .cmr-article-wrapper h2 {\n 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attr(data-label);\n font-weight: 700;\n color: #64748b;\n text-align: left;\n }\n }\n <\/style>\n<\/head>\n<body>\n\n<div class=\"cmr-article-wrapper\">\n\n \n\n \n <div class=\"cmr-glance-title\">IPO at a Glance<\/div>\n \n <div class=\"cmr-glance-grid\">\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Price Band<\/div>\n <div class=\"cmr-g-value\">\u20b9400 to \u20b9425<\/div>\n <div class=\"cmr-g-sub\">Face Value \u20b95 \/ share<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Issue Opens<\/div>\n <div class=\"cmr-g-value\">Jul 30<\/div>\n <div class=\"cmr-g-sub\">Closes Aug 3, 2026<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lot Size<\/div>\n <div class=\"cmr-g-value\">34 Shares<\/div>\n <div class=\"cmr-g-sub\">Min Investment: \u20b914,450<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Total Size<\/div>\n <div class=\"cmr-g-value\">\u20b9290 Cr<\/div>\n <div class=\"cmr-g-sub\">Fresh capital only<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Listing At<\/div>\n <div class=\"cmr-g-value\">BSE & NSE<\/div>\n <div class=\"cmr-g-sub\">Tentative: Aug 6, 2026<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lead Manager<\/div>\n <div class=\"cmr-g-value\" style=\"font-size: 14px; font-weight: 600; color: #006666;\">Sundae Capital Advisors<\/div>\n <div class=\"cmr-g-sub\">Registrar: Kfin Technologies<\/div>\n <\/div>\n <\/div>\n \n\n\n \n <h2>About the Company: Railway Rolling Stock Electronics Specialist<\/h2>\n <p>\n Incorporated in <strong>2009<\/strong>, MV Electrosystems Ltd. is engaged in the design, development, assembly, and manufacturing of electrical and power electronics equipment used in railway rolling stock. Its key product spectrum includes IGBT-based 3-Phase Drive Propulsion equipment for electric locomotives, switchgear panels for railway coaches and EMUs, cable protection & management products, and electrical components, systems & sub-systems.\n <\/p>\n <p>\n The company operates directly within India\u2019s rail infrastructure transition driven by mandated broad-gauge electrification, “Make-in-India” procurement directives, and network expansion including upcoming high-speed corridors. MV Electrosystems Ltd. manages integrated design, production, and quality-testing processes through an in-house Research, Design & Development Centre based at Faridabad, Haryana. As of May 31, 2026, the company employed a workforce of 206 permanent personnel.\n <\/p>\n\n <ul class=\"cmr-feature-list\">\n <li>\n <strong>Core Products:<\/strong> Propulsion Equipment and Cable protection & management products tailored for rolling stock.\n <\/li>\n <li>\n <strong>In-House Innovation:<\/strong> Research & Development facility located in Faridabad, Haryana serving as the technological backbone for complex power electronics.\n <\/li>\n <li>\n <strong>High Entry Barrier:<\/strong> Specialized precision-driven systems design and safety-critical electrical equipment create substantial barriers to new segment entrants.\n <\/li>\n <li>\n <strong>Order Book Strength:<\/strong> Holds an order book valued at \u20b9921.64 Cr as of June 30, 2026.\n <\/li>\n <\/ul>\n\n <p>\n The company\u2019s promoters are <strong>Amit Dhawan, Mohit Vohra, Rahul Dhawan, Ramendra Pratap Singh, Sonali Dhawan, and Sumit Dhawan<\/strong>.\n <\/p>\n\n <hr class=\"divider\" \/>\n\n \n <h2>Financial Trends & Performance<\/h2>\n <p>\n MV Electrosystems Ltd. reported a 23% revenue contraction alongside a sharp drop in net earnings for the fiscal year ending March 31, 2026. The restated financial summary below outlines recent financial trends:\n <\/p>\n\n <div class=\"table-container\">\n <table class=\"fin-table\">\n <thead>\n <tr>\n <th>Period Ended<\/th>\n <th>31 Mar 2026<\/th>\n <th>31 Mar 2025<\/th>\n <th>31 Mar 2024<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr><td>Total Assets<\/td><td data-label=\"31 Mar 2026\">\u20b9145.74 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b974.12 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b965.58 Cr<\/td><\/tr>\n <tr><td>Total Income<\/td><td data-label=\"31 Mar 2026\">\u20b949.79 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b964.64 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b950.57 Cr<\/td><\/tr>\n <tr><td>Profit After Tax (PAT)<\/td><td data-label=\"31 Mar 2026\">\u20b9-12.63 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b91.40 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b90.56 Cr<\/td><\/tr>\n <tr><td>EBITDA<\/td><td data-label=\"31 Mar 2026\">\u20b9-9.94 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b98.92 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b96.41 Cr<\/td><\/tr>\n <tr><td>Net Worth<\/td><td data-label=\"31 Mar 2026\">\u20b962.57 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b917.91 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b916.53 Cr<\/td><\/tr>\n <tr><td>Total Borrowings<\/td><td data-label=\"31 Mar 2026\">\u20b949.89 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b927.50 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b927.59 Cr<\/td><\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n <p class=\"fin-note\">All figures in \u20b9 Crore | Source: Chittorgarh \/ DRHP (Restated)<\/p>\n\n \n <h2>Key Performance Indicators & Valuation (FY2026)<\/h2>\n <div class=\"kpi-grid\">\n <div class=\"kpi-card neg\">\n <div class=\"kpi-value\">-31.55%<\/div>\n <div class=\"kpi-label\">ROE<\/div>\n <\/div>\n <div class=\"kpi-card neg\">\n <div class=\"kpi-value\">-17.69%<\/div>\n <div class=\"kpi-label\">ROCE<\/div>\n <\/div>\n <div class=\"kpi-card neg\">\n <div class=\"kpi-value\">-20.29%<\/div>\n <div class=\"kpi-label\">RoNW<\/div>\n <\/div>\n <div class=\"kpi-card neg\">\n <div class=\"kpi-value\">-25.36%<\/div>\n <div class=\"kpi-label\">PAT Margin<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">\u20b930.58<\/div>\n <div class=\"kpi-label\">NAV per share<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">0.80<\/div>\n <div class=\"kpi-label\">Debt \/ Equity<\/div>\n <\/div>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n \n <h2>Competitive Strengths<\/h2>\n <ul class=\"cmr-feature-list\">\n <li>\n <strong>Engineering Focus:<\/strong> Dedicated in-house systems design, research, and technical development capability built specifically for complex railway electronics.\n <\/li>\n <li>\n <strong>High Entry Moat:<\/strong> Precision manufacturing and safety-critical certification standards create notable barriers to entry.\n <\/li>\n <li>\n <strong>Established Institutional Client Base:<\/strong> Long-standing operational relationship with Indian Railways and associated manufacturing units.\n <\/li>\n <li>\n <strong>Experienced Leadership:<\/strong> Promoter-led executive team providing direct domain experience in power electronics manufacturing.\n <\/li>\n <\/ul>\n\n <hr class=\"divider\" \/>\n\n \n <h2>Issue Reservation<\/h2>\n <div class=\"table-container\">\n <table class=\"res-table\">\n <thead>\n <tr>\n <th>Investor Category<\/th>\n <th>Shares Offered<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr><td>QIB Shares Offered<\/td><td>Not less than 75% of the Net Issue<\/td><\/tr>\n <tr><td>Retail Shares Offered<\/td><td>Not more than 10% of the Net Issue<\/td><\/tr>\n <tr><td>NII Shares Offered<\/td><td>Not more than 15% of the Net Offer<\/td><\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n \n <h2>IPO Structure & Use of Proceeds<\/h2>\n <p>\n The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:\n\n\n <\/p>\n\n <ul class=\"objects-list\">\n <li>\n <span class=\"obj-label\">Funding long-term working capital requirements of the Company<\/span>\n <span class=\"obj-amt\">\u20b9180.00 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">Investment in research design and development activities for new power electronic equipment<\/span>\n <span class=\"obj-amt\">\u20b921.00 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">General corporate purpose<\/span>\n <span class=\"obj-amt\">Balance<\/span>\n <\/li>\n <\/ul>\n\n <p>\n The bidding window opens on <strong>July 30, 2026<\/strong> and closes on <strong>August 3, 2026<\/strong>. Minimum application lot size for retail participants is 34 shares (\u20b914,450 at upper price band).\n <\/p>\n\n \n <div class=\"cmr-verdict-card\">\n <div class=\"cmr-verdict-title\">The Final Verdict<\/div>\n <p>\n MV Electrosystems Ltd. operates in a high-barrier niche, capitalizing on the broader electrification and modernization of Indian Railways rolling stock. The company’s main operational strength lies in its sizeable order book of \u20b9921.64 Cr.\n <\/p>\n <p style=\"margin-top: 12px;\">\n However, financial performance over recent periods exhibits earnings volatility, with FY26 reflecting negative PAT and EBITDA metrics. Investors following the sector will weigh the substantial order pipeline against current financial performance when analyzing the transaction.\n <\/p>\n <\/div>\n\n \n <div class=\"cta-wrap\">\n <a class=\"cta-btn\" href=\"https:\/\/novo.flattrade.in\/\" target=\"_blank\" rel=\"noopener\">\n Apply for MV Electrosystems IPO on Flattrade\n <\/a>\n <\/div>\n\n <div class=\"source-note\">Source: Chittorgarh IPO Filings<\/div>\n\n<\/div>\n\n<\/body>\n<\/html>\n\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e40c5f8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e40c5f8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 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right;\n }\n\n .fin-table th:first-child,\n .res-table th {\n text-align: left;\n }\n\n .fin-table td {\n color: #334155;\n text-align: right;\n }\n\n .res-table td {\n color: #334155;\n text-align: left;\n }\n\n .fin-table td:first-child,\n .res-table td:first-child {\n text-align: left;\n font-weight: 600;\n color: #1e293b;\n }\n\n .fin-table tbody tr:last-child td,\n .res-table tbody tr:last-child td {\n border-bottom: none;\n }\n\n .fin-note {\n font-size: 13px;\n color: #64748b;\n margin-top: -10px;\n margin-bottom: 24px;\n }\n\n \/* --- KPI GRID --- *\/\n .kpi-grid {\n display: grid;\n grid-template-columns: repeat(auto-fit, minmax(130px, 1fr));\n gap: 12px;\n margin: 24px 0;\n }\n\n .kpi-card {\n background: #ffffff;\n border: 1px solid #e2e8f0;\n border-radius: 8px;\n padding: 16px 12px;\n text-align: center;\n transition: all 0.2s ease;\n }\n\n .kpi-card:hover {\n border-color: #cbd5e1;\n }\n\n .kpi-card .kpi-value {\n font-size: 18px;\n font-weight: 700;\n color: #339701;\n line-height: 1.2;\n }\n\n .kpi-card.neg .kpi-value {\n color: #c0392b;\n }\n\n .kpi-card .kpi-label {\n font-size: 11px;\n color: #64748b;\n text-transform: uppercase;\n letter-spacing: 0.5px;\n margin-top: 6px;\n font-weight: 600;\n }\n\n \/* --- OBJECTS MATRIX CONTAINER --- *\/\n .objects-list {\n list-style: none;\n padding: 0;\n margin: 20px 0;\n }\n\n .objects-list li {\n display: flex;\n justify-content: space-between;\n align-items: center;\n padding: 14px 18px;\n border-radius: 8px;\n margin-bottom: 10px;\n background: #f8fafc;\n border: 1px solid #e2e8f0;\n font-size: 15px;\n text-align: justify;\n }\n\n .objects-list li .obj-label {\n color: #334155;\n }\n\n .objects-list li .obj-amt {\n font-weight: 700;\n color: #1e293b;\n white-space: nowrap;\n margin-left: 12px;\n }\n\n \/* --- TAKEAWAY VERDICT CARD --- *\/\n .cmr-verdict-card {\n background: #f4faf2;\n border-left: 4px solid #339701;\n padding: 24px;\n border-radius: 0 8px 8px 0;\n margin: 40px 0;\n }\n\n .cmr-verdict-title {\n font-size: 18px;\n font-weight: 700;\n color: #1a252f;\n margin-bottom: 8px;\n }\n\n \/* --- CALL TO ACTION BUTTON --- *\/\n .cta-wrap {\n text-align: center;\n margin: 36px 0 20px;\n }\n\n .cta-btn {\n display: inline-flex;\n align-items: center;\n justify-content: center;\n background-color: #339701;\n color: #ffffff !important;\n font-size: 16px;\n font-weight: 600;\n text-decoration: none !important;\n padding: 14px 36px;\n border-radius: 8px;\n box-shadow: 0 4px 14px rgba(51, 151, 1, 0.2);\n transition: all 0.2s ease-in-out;\n border: none;\n cursor: pointer;\n letter-spacing: 0.5px;\n }\n\n .cta-btn:hover {\n background-color: #277501;\n transform: translateY(-2px);\n box-shadow: 0 6px 20px rgba(51, 151, 1, 0.3);\n }\n\n .source-note {\n font-size: 12px;\n color: #94a3b8;\n margin-top: 32px;\n border-top: 1px solid #f1f5f9;\n padding-top: 12px;\n text-align: center;\n }\n\n \/* --- CLEAN SEPARATORS --- *\/\n hr.divider {\n border: none;\n border-top: 1px solid #e2e8f0;\n margin: 32px 0;\n }\n\n \/* RESPONSIVE LAYOUT BREAKPOINTS *\/\n @media (max-width: 600px) {\n .cmr-glance-grid {\n grid-template-columns: repeat(2, 1fr);\n }\n .kpi-grid {\n grid-template-columns: repeat(2, 1fr);\n }\n\n \/* AUTOMATED INTERACTIVE BLOCK COMPRESSION FOR SMALL MOBILE PHONES *\/\n .fin-table, .fin-table thead, .fin-table tbody, .fin-table th, .fin-table td, .fin-table tr,\n .res-table, .res-table thead, .res-table tbody, .res-table th, .res-table td, .res-table tr {\n display: block;\n }\n \n .fin-table thead, .res-table thead {\n display: none;\n }\n \n .fin-table tr, .res-table tr {\n margin-bottom: 12px;\n border: 1px solid #e2e8f0;\n border-radius: 8px;\n padding: 8px 0;\n }\n \n .fin-table td, .res-table td {\n text-align: right !important;\n padding: 6px 16px;\n border-bottom: 1px solid #f1f5f9;\n display: flex;\n justify-content: space-between;\n }\n\n .fin-table td:last-child, .res-table td:last-child {\n border-bottom: none;\n }\n\n .fin-table td::before, .res-table td::before {\n content: attr(data-label);\n font-weight: 700;\n color: #64748b;\n text-align: left;\n }\n }\n <\/style>\n<\/head>\n<body>\n\n<div class=\"cmr-article-wrapper\">\n\n \n\n \n <div class=\"cmr-glance-title\">IPO at a Glance<\/div>\n \n <div class=\"cmr-glance-grid\">\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Price Band<\/div>\n <div class=\"cmr-g-value\">\u20b9400 to \u20b9425<\/div>\n <div class=\"cmr-g-sub\">Face Value \u20b95 \/ share<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Issue Opens<\/div>\n <div class=\"cmr-g-value\">Jul 30<\/div>\n <div class=\"cmr-g-sub\">Closes Aug 3, 2026<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lot Size<\/div>\n <div class=\"cmr-g-value\">34 Shares<\/div>\n <div class=\"cmr-g-sub\">Min Investment: \u20b914,450<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Total Size<\/div>\n <div class=\"cmr-g-value\">\u20b9290 Cr<\/div>\n <div class=\"cmr-g-sub\">Fresh capital only<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Listing At<\/div>\n <div class=\"cmr-g-value\">BSE & NSE<\/div>\n <div class=\"cmr-g-sub\">Tentative: Aug 6, 2026<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lead Manager<\/div>\n <div class=\"cmr-g-value\" style=\"font-size: 14px; font-weight: 600; color: #006666;\">Sundae Capital Advisors<\/div>\n <div class=\"cmr-g-sub\">Registrar: Kfin Technologies<\/div>\n <\/div>\n <\/div>\n \n\n\n \n <h2>About the Company: Railway Rolling Stock Electronics Specialist<\/h2>\n <p>\n Incorporated in <strong>2009<\/strong>, MV Electrosystems Ltd. is engaged in the design, development, assembly, and manufacturing of electrical and power electronics equipment used in railway rolling stock. Its key product spectrum includes IGBT-based 3-Phase Drive Propulsion equipment for electric locomotives, switchgear panels for railway coaches and EMUs, cable protection & management products, and electrical components, systems & sub-systems.\n <\/p>\n <p>\n The company operates directly within India\u2019s rail infrastructure transition driven by mandated broad-gauge electrification, “Make-in-India” procurement directives, and network expansion including upcoming high-speed corridors. MV Electrosystems Ltd. manages integrated design, production, and quality-testing processes through an in-house Research, Design & Development Centre based at Faridabad, Haryana. As of May 31, 2026, the company employed a workforce of 206 permanent personnel.\n <\/p>\n\n <ul class=\"cmr-feature-list\">\n <li>\n <strong>Core Products:<\/strong> Propulsion Equipment and Cable protection & management products tailored for rolling stock.\n <\/li>\n <li>\n <strong>In-House Innovation:<\/strong> Research & Development facility located in Faridabad, Haryana serving as the technological backbone for complex power electronics.\n <\/li>\n <li>\n <strong>High Entry Barrier:<\/strong> Specialized precision-driven systems design and safety-critical electrical equipment create substantial barriers to new segment entrants.\n <\/li>\n <li>\n <strong>Order Book Strength:<\/strong> Holds an order book valued at \u20b9921.64 Cr as of June 30, 2026.\n <\/li>\n <\/ul>\n\n <p>\n The company\u2019s promoters are <strong>Amit Dhawan, Mohit Vohra, Rahul Dhawan, Ramendra Pratap Singh, Sonali Dhawan, and Sumit Dhawan<\/strong>.\n <\/p>\n\n <hr class=\"divider\" \/>\n\n \n <h2>Financial Trends & Performance<\/h2>\n <p>\n MV Electrosystems Ltd. reported a 23% revenue contraction alongside a sharp drop in net earnings for the fiscal year ending March 31, 2026. The restated financial summary below outlines recent financial trends:\n <\/p>\n\n <div class=\"table-container\">\n <table class=\"fin-table\">\n <thead>\n <tr>\n <th>Period Ended<\/th>\n <th>31 Mar 2026<\/th>\n <th>31 Mar 2025<\/th>\n <th>31 Mar 2024<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr><td>Total Assets<\/td><td data-label=\"31 Mar 2026\">\u20b9145.74 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b974.12 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b965.58 Cr<\/td><\/tr>\n <tr><td>Total Income<\/td><td data-label=\"31 Mar 2026\">\u20b949.79 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b964.64 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b950.57 Cr<\/td><\/tr>\n <tr><td>Profit After Tax (PAT)<\/td><td data-label=\"31 Mar 2026\">\u20b9-12.63 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b91.40 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b90.56 Cr<\/td><\/tr>\n <tr><td>EBITDA<\/td><td data-label=\"31 Mar 2026\">\u20b9-9.94 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b98.92 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b96.41 Cr<\/td><\/tr>\n <tr><td>Net Worth<\/td><td data-label=\"31 Mar 2026\">\u20b962.57 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b917.91 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b916.53 Cr<\/td><\/tr>\n <tr><td>Total Borrowings<\/td><td data-label=\"31 Mar 2026\">\u20b949.89 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b927.50 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b927.59 Cr<\/td><\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n <p class=\"fin-note\">All figures in \u20b9 Crore | Source: Chittorgarh \/ DRHP (Restated)<\/p>\n\n \n <h2>Key Performance Indicators & Valuation (FY2026)<\/h2>\n <div class=\"kpi-grid\">\n <div class=\"kpi-card neg\">\n <div class=\"kpi-value\">-31.55%<\/div>\n <div class=\"kpi-label\">ROE<\/div>\n <\/div>\n <div class=\"kpi-card neg\">\n <div class=\"kpi-value\">-17.69%<\/div>\n <div class=\"kpi-label\">ROCE<\/div>\n <\/div>\n <div class=\"kpi-card neg\">\n <div class=\"kpi-value\">-20.29%<\/div>\n <div class=\"kpi-label\">RoNW<\/div>\n <\/div>\n <div class=\"kpi-card neg\">\n <div class=\"kpi-value\">-25.36%<\/div>\n <div class=\"kpi-label\">PAT Margin<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">\u20b930.58<\/div>\n <div class=\"kpi-label\">NAV per share<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">0.80<\/div>\n <div class=\"kpi-label\">Debt \/ Equity<\/div>\n <\/div>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n \n <h2>Competitive Strengths<\/h2>\n <ul class=\"cmr-feature-list\">\n <li>\n <strong>Engineering Focus:<\/strong> Dedicated in-house systems design, research, and technical development capability built specifically for complex railway electronics.\n <\/li>\n <li>\n <strong>High Entry Moat:<\/strong> Precision manufacturing and safety-critical certification standards create notable barriers to entry.\n <\/li>\n <li>\n <strong>Established Institutional Client Base:<\/strong> Long-standing operational relationship with Indian Railways and associated manufacturing units.\n <\/li>\n <li>\n <strong>Experienced Leadership:<\/strong> Promoter-led executive team providing direct domain experience in power electronics manufacturing.\n <\/li>\n <\/ul>\n\n <hr class=\"divider\" \/>\n\n \n <h2>Issue Reservation<\/h2>\n <div class=\"table-container\">\n <table class=\"res-table\">\n <thead>\n <tr>\n <th>Investor Category<\/th>\n <th>Shares Offered<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr><td>QIB Shares Offered<\/td><td>Not less than 75% of the Net Issue<\/td><\/tr>\n <tr><td>Retail Shares Offered<\/td><td>Not more than 10% of the Net Issue<\/td><\/tr>\n <tr><td>NII Shares Offered<\/td><td>Not more than 15% of the Net Offer<\/td><\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n \n <h2>IPO Structure & Use of Proceeds<\/h2>\n <p>\n The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:\n\n\n <\/p>\n\n <ul class=\"objects-list\">\n <li>\n <span class=\"obj-label\">Funding long-term working capital requirements of the Company<\/span>\n <span class=\"obj-amt\">\u20b9180.00 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">Investment in research design and development activities for new power electronic equipment<\/span>\n <span class=\"obj-amt\">\u20b921.00 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">General corporate purpose<\/span>\n <span class=\"obj-amt\">Balance<\/span>\n <\/li>\n <\/ul>\n\n <p>\n The bidding window opens on <strong>July 30, 2026<\/strong> and closes on <strong>August 3, 2026<\/strong>. Minimum application lot size for retail participants is 34 shares (\u20b914,450 at upper price band).\n <\/p>\n\n \n <div class=\"cmr-verdict-card\">\n <div class=\"cmr-verdict-title\">The Final Verdict<\/div>\n <p>\n MV Electrosystems Ltd. operates in a high-barrier niche, capitalizing on the broader electrification and modernization of Indian Railways rolling stock. The company’s main operational strength lies in its sizeable order book of \u20b9921.64 Cr.\n <\/p>\n <p style=\"margin-top: 12px;\">\n However, financial performance over recent periods exhibits earnings volatility, with FY26 reflecting negative PAT and EBITDA metrics. Investors following the sector will weigh the substantial order pipeline against current financial performance when analyzing the transaction.\n <\/p>\n <\/div>\n\n \n <div class=\"cta-wrap\">\n <a class=\"cta-btn\" href=\"https:\/\/novo.flattrade.in\/\" target=\"_blank\" rel=\"noopener\">\n Apply for MV Electrosystems IPO on Flattrade\n <\/a>\n <\/div>\n\n <div class=\"source-note\">Source: Chittorgarh IPO Filings<\/div>\n\n<\/div>\n\n<\/body>\n<\/html>\n\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e40c5f8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e40c5f8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 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