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Victory Electric Vehicles IPO
Victory Electric Vehicles International Ltd
₹2,46,000 /3000 sharesMinimum Investment
Victory Electric Vehicles IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 7 Jan ‘26 - 9 Jan ‘26 | ₹2,46,000 | 3,000 | ₹41 - ₹41 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 34.56 Cr | RHP PDF | 12 Jan ‘26 | 14 Jan ‘26 |
| Face value |
|---|
| 5 |
Subscription rate
As of 07 Jan'26, 02:31 PM
| Qualified Institutional Buyers | 0.00x |
| Non-Institutional Investor | 0.05x |
| Retail Individual Investor | 0.24x |
| Total | 0.14x |
About Victory Electric Vehicles
Founded in
2018
MD/CEO
Mr Sanjay Kumar Popli
Parent organisation
Victory Electric Vehicles International Ltd
Strengths & Risks of Victory Electric Vehicles
Strengths
Risks
The company claims to have a wide geographical presence across India, reflecting its focus on promoting sustainable mobility. It has established operations in states, including Uttar Pradesh, Rajasthan, Haryana, Bihar, Madhya Pradesh, Jharkhand, Delhi, Chandigarh, Uttarakhand, Jammu and Kashmir, Gujarat, and Maharashtra. The company claims that such a wide presence supports market access and regional diversification.
The company states that its continued business growth is supported by the strong industry knowledge and experience of its senior management team. It further states that its promoters and senior management together have more than 10 years of hands-on experience, enabling them to identify market opportunities effectively and develop products and services that meet the needs of specific customer segments.
The company has witnessed a consistent increase in profit after tax (PAT). It increased from Rs 0.79 crore in FY23 to Rs 4.89 crore in FY24 and Rs 5.17 crore in FY25.
The company manufactures electric vehicles. If these vehicles have manufacturing defects, fail to meet industry standards, or do not achieve the advertised performance levels, the company’s brand image and reputation could be harmed. Such issues could negatively affect the company’s operations and finances.
The company depends on third-party suppliers for raw materials and does not have long-term supply contracts or exclusive arrangements with its suppliers. The loss of any supplier could adversely affect its business and finances.
The National Company Law Tribunal initiated the Corporate Insolvency Resolution Process against the company through an order dated May 9, 2025. Following a settlement with the operational creditor and with no objection from the sole financial creditor, the NCLT allowed the withdrawal of the CIRP proceedings through an order dated August 21, 2025. Although the proceedings were withdrawn, they temporarily affected business operations, financial flexibility, and strategic initiatives. Despite the resumption of normal operations, the past CIRP proceedings may continue to create residual risks, including negative investor perception and reduced ability to raise capital on favourable terms.
The company’s promoter and managing director, Sanjay Kumar Popli, was involved in a road accident near his residence, in which the victim later succumbed to injuries. A criminal case was filed against him under Sections 279 and 304A of the Indian Penal Code in the Tis Hazari Court, New Delhi. He was arrested on March 26, 2018, and released on bail the same day. As per court records and the charge sheet, the case is still pending at the prosecution evidence stage, and his next date of hearing is March 2, 2026. Any adverse judgment against Popli during any proceedings could be detrimental to the company’s business prospects.
The company consistently receives customer complaints related to its products. In FY25, it received a total of 225 customer complaints. Unresolved complaints, product defects, or failure to perform as advertised could hurt the company’s reputation and finances.
A significant portion of the company’s revenue is generated from Uttar Pradesh. The state accounted for 17.04 percent of total revenue for the period ended September 30, 2025, 23.33 percent in FY25, 38.41 percent in FY24, and 30.70 percent in FY23. Any adverse political, social, economic conditions, regulatory actions or policy changes by state authorities could negatively affect the business and adversely affect its financial condition.
Distributors and dealers accounted for Rs 16.81 crore (100%) of the company’s total revenue for the period ended September 30, 2025, Rs 50.86 crore (100%) in FY25, Rs 48.44 crore (100%) in FY24, and Rs 51.91 crore (100%) in FY23. Any reduction in sales or revenue from one or more of these key distributors or dealers could adversely affect the company’s business performance and operating results.
The company derives the majority of its revenue from a limited number of electric vehicle rickshaw and scooter models. If these electric rickshaws and scooters are not well accepted by the market, the company’s business operations and financial performance could be adversely affected.
As of September 30, 2025, the company had outstanding borrowings of Rs 7.59 crore. Any failure to service or repay these loans could harm the company’s operations and financial position.
Victory Electric Vehicles Financials
*All values are in Rs. Cr
No Graph Data To Display
Application Details of Victory Electric Vehicles IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹41 - 41 | ₹2 - 5 Lakh | 3000 |
For Victory Electric Vehicles IPO, eligible investors can apply as Individual investor.