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G V Electricals Ltd IPO
G V Electricals Ltd
₹2,46,000 /2000 sharesMinimum investment
IPO details
Minimum investment
₹2,46,000
Price range
₹123 - ₹130
Lot size
1,000
Issue size
42.25 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
31 Jul 2026
IPO open date
4 Aug 2026
IPO close date
5 Aug 2026
Allotment date
5 Aug 2026
Funds unblock or debit
7 Aug 2026
Tentative listing date
About
Founded in
1985
MD/CEO
Mr Sunil Lakshman Vatsa
Parent organisation
G V Electricals Ltd
G V Electricals Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company operates across multiple electrical distribution service verticals. It provides services through three business segments: Network Operation and Maintenance (O&M) Services, Electrical Infrastructure and Network Development Works, and Metering and Meter Management Services. This allows it to undertake a range of work for electricity distribution utilities under a single organisation.
The company claims to have a sizeable order book that provides revenue visibility. As of June 30, 2026, it had 34 ongoing projects with an unexecuted order book of approximately Rs 553.70 crore, primarily from electricity distribution utilities. These projects are spread across operation and maintenance services, metering services, and electrical infrastructure works.
A significant portion of the company’s revenue comes from repeat customers. Revenue from repeat customers accounted for 99.28% in FY24, 97.14% in FY25, and 88.29% in FY26, indicating continued business from existing electricity distribution utilities and government authorities.
The company is led by an experienced management team and supported by a large workforce. Its Chairman and Whole-time Director, Jawed Akhtar, and Managing Director, Sunil Lakshman Vatsa, each have over 30 years of experience in the electrical infrastructure sector. As of May 31, 2026, the company had a workforce of 4,473 employees, including technical personnel such as linemen, supervisors, safety engineers, and project managers.
The company derives most of its revenue from operation and maintenance (O&M) services, which contributed 76.90% of revenue in FY26, 79.26% in FY25, and 75.81% in FY24. These services are generally executed through annual maintenance contracts and similar arrangements that involve recurring billing over the contract period.
The company is certified under multiple international management system standards. It is ISO 9001:2015 certified for quality management systems, ISO 14001:2015 certified for environmental management systems, ISO 45001:2018 certified for occupational health and safety management systems, and SA 8000:2014 certified for social accountability. These certifications cover various aspects of its operational and management practices.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 111.79 crore in FY24 to Rs 131.23 crore in FY25 and Rs 156.41 crore in FY26. PAT increased from Rs 2.80 crore in FY24 to Rs 4.66 crore in FY25 and Rs 10.46 crore in FY26.
The company’s business is heavily dependent on electricity distribution utilities. Revenue from electricity distribution utilities contributed Rs 123.72 crore (79.10%), Rs 116.44 crore (88.73%), and Rs 99.35 crore (88.87%) in FY26, FY25, and FY24, respectively. Any adverse changes in government policies, regulatory framework, or capital expenditure by electricity distribution utilities, or a slowdown in investments in the power distribution sector can negatively impact the company’s business, financial condition, and cash flows.
The company’s revenue is largely dependent on its Network Operation and Maintenance (O&M) Services segment. This segment contributed Rs 120.28 crore (76.90%), Rs 104.01 crore (79.26%), and Rs 84.75 crore (75.81%) to revenue from operations in FY26, FY25, and FY24, respectively. Reduction in the demand for O&M services, non-renewal of existing contracts, or changes in maintenance and outsourcing policies of electricity distribution utilities can adversely affect the company’s business, financial condition, and cash flows.
The company’s revenue is highly concentrated among a limited number of customers. The top 10 customers contributed Rs 148.22 crore (94.76%), Rs 128.26 crore (97.74%), and Rs 110.48 crore (98.82%) to revenue from operations in FY26, FY25, and FY24, respectively. Any failure to retain these key customers, secure new projects from them, or delays in payments from these customers can hurt the company’s business, financial condition, and cash flows.
A substantial portion of the company’s revenue is generated from repeat customers. Revenue from repeat customers stood at Rs 138.09 crore (88.29%), Rs 127.49 crore (97.14%), and Rs 110.99 crore (99.28%) in FY26, FY25, and FY24, respectively. Any reduction, delay, cancellation, or non-receipt of work orders from these repeat customers, or changes in procurement policies and tendering processes, can adversely affect the company’s business, cash flows, and financial condition.
There are certain outstanding legal proceedings involving the company, primarily relating to labour matters and tax proceedings, and any adverse outcome in such proceedings may adversely affect our business, results of operations, financial condition, and cash flows.
The company has reported negative cash flows from operating activities in the past. It recorded negative operating cash flows of Rs 3.31 crore in FY26, compared with positive operating cash flows of Rs 1.08 crore in FY25 and Rs 0.39 crore in FY24. According to the company, the negative cash flow was primarily due to higher working capital requirements, delays in receiving payments from customers, capital expenditure, and other operational requirements. Sustained negative operating cash outflows could adversely affect the company’s liquidity, financial condition, and ability to fund its operations and future growth.
A significant portion of the company’s revenue comes from Odisha and Maharashtra. Odisha contributed Rs 108.00 crore (69.05%), Rs 97.79 crore (74.52%), and Rs 75.00 crore (67.09%) to revenue from operations in FY26, FY25, and FY24, respectively, while Maharashtra contributed Rs 19.47 crore (12.45%), Rs 13.36 crore (10.18%), and Rs 11.06 crore (9.89%) during the same period. Any adverse political, regulatory, economic, social, or weather-related developments in these regions, or delays in infrastructure spending by electricity distribution utilities, can negatively impact the company’s business, financial condition, and cash flows.
The company has contingent liabilities that could impact its financial position if they materialise. As of FY26 and FY25, it had contingent liabilities of Rs 8.72 crore and Rs 4.95 crore, respectively.
As of May 31, 2026, the company had total secured borrowings of Rs 16.35 crore. These borrowings primarily comprise working capital facilities, vehicle loans, term loans, and raw material assistance financing obtained from lenders such as the Bank of Maharashtra, the Bank of Baroda, and the National Small Industries Corporation Ltd. Failure to service or repay these borrowings can hurt the company’s business, financial condition, and cash flows.
Application details
For G V Electricals IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹123 - ₹130 | ₹2 - ₹5 Lakhs | 1000 |
About
Objective of G.V. Electricals Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|---|---|
|
Repayment of a portion of certain borrowings availed by the company |
6.00 |
|
Funding of working capital requirements |
22.00 |
|
General Corporate Purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of G.V. Electricals
|
Book Running Lead Manager |
Seren Capital Private Limited |
|
Registrar to the Issue |
Mudra RTA Ventures Private Limited |
|
Market Maker to the Issue |
Mansi Share & Stock Broking Private Limited |
Key Performance Indicators (KPIs) of G.V. Electricals Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
36.81 |
|
ROCE (%) |
31.13 |
|
EBITDA Margin (%) |
10.90 |
|
Debt/Equity Ratio |
0.49 |
|
PAT Margin (%) |
6.69 |
|
Return on Net Worth (RoNW) (%) |
31.09 |
|
Net Asset Value (NAV) per share (₹) |
40.66 |
|
EPS (Pre-IPO) (₹) |
12.64 |
G.V. Electricals Contact Details
|
Company Name |
G.V. Electricals Limited |
|
Registered Office |
Unit no 324, 3rd floor, Plot no 416, Hammersmith Industrial Premises Co-op Society Ltd, Narayan Pathare Marg, Off. Sitladevi Temple Road, Mahim, Mumbai, Maharashtra, India, 400016 |
|
Phone |
011-43083804 |
|
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|
Website |
G.V. Electricals Registrar Contact Details
|
Company Name |
Mudra RTA Ventures Private Limited |
|
Phone |
+91 99588 08069 |
|
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Website |