MV ElectrosystemsIPO Review — Financials, Valuation & Peers
A data-only look at the MV Electrosystems IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 50.57 | 0.56 | 6.41 | 16.53 | 65.58 | 27.59 | — |
| FY 2025 | 64.64 | 1.4 | 8.92 | 17.91 | 74.12 | 27.5 | — |
| FY 2026 | 49.79 | -12.63 | -9.94 | 62.57 | 145.74 | 49.89 | -6.17 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- -68.88x
- P/E (post-issue)
- -91.79x
- RoNW
- -20.29%
- RoE
- -31.55%
- RoCE
- -17.69%
- Debt / Equity
- 0.8
- EPS (pre-issue)
- ₹-6.17
- EPS (post-issue)
- ₹-4.63
- EBITDA Margin
- -19.97%
- PAT Margin
- -25.36%
- P/BV
- 13.9x
- NAV / share
- ₹30.58
- Market Cap
- ₹1,159.52 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| MV Electrosystems | -6.52 | 30.58 | — | -20.29% | Restated |
| Hind Rectifiers Limited | 13.1 | 60.69 | 88.83x | 21.37% | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Mohit Vohra, Amit Dhawan, Sumit Dhawan, Rahul Dhawan, Sonali Dhawan, Ramendra Pratap Singh</p>
- Holding (pre-issue)
- 76.92%
- Holding (post-issue)
- 57.68%
- Dilution
- 19.24%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the MV Electrosystems IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
14 anchor investors participated in the MV Electrosystems IPO ahead of the public offer, together allocated ₹130.5 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND (₹23.86 crore), SHUBHKAM VENTURES (INDIA) PVT.LTD. (₹18 crore) and KOTAK SPECIAL OPPORTUNITIES FUND (₹14.32 crore). Investor categories represented include Other and FII/FPI. The lock-in on half the anchor shares ends on 2 Sept 2026, with the remainder locked until 1 Nov 2026.
Analyst view tally
ipostation tracks 1 third-party reviewer on the MV Electrosystems IPO, including Capital Market. Of the 1 with a stated verdict, 1 says "May Apply". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. MV Electrosystems operates at an EBITDA margin of -19.97% and a net (PAT) margin of -25.36% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of -17.69% and a return on equity (RoE) of -31.55%. At the upper band, the post-issue market capitalisation works out to about ₹1,159.52 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding long-term working capital requirements of the company (₹180 crore), alongside general corporate purpose (₹53.46 crore). In all, 4 objects are disclosed.
Financials
In FY2026, MV Electrosystems reported revenue of ₹49.79 crore and a net loss of ₹12.63 crore. Revenue declined from ₹50.57 crore in FY2024 to ₹49.79 crore in FY2026 (-2.0%). Net worth stood at ₹62.57 crore at the end of FY2026.
Valuation
At the upper band, the issue is priced at -91.79× post-issue earnings and 13.9× book value, against a return on net worth of -20.29% and a debt-to-equity ratio of 0.8. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Mohit Vohra, Amit Dhawan, Sumit Dhawan, Rahul Dhawan, Sonali Dhawan, Ramendra Pratap Singh</p>. Promoter holding stands at 76.92% before the issue and comes down to 57.68% after listing.
Frequently asked questions
- What is the reservation split in the MV Electrosystems IPO?
- Of the total shares offered, retail investors get 10%, QIBs 30% (plus 45% anchor), non-institutional investors 15%.
- Who are the promoters of MV Electrosystems and what is their holding?
- The promoters are <p>Mohit Vohra, Amit Dhawan, Sumit Dhawan, Rahul Dhawan, Sonali Dhawan, Ramendra Pratap Singh</p>. Promoter holding is 76.92% before the issue and 57.68% after listing.
- What is the P/E ratio of the MV Electrosystems IPO?
- At the upper price band, the MV Electrosystems IPO is valued at -68.88× pre-issue earnings and -91.79× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the MV Electrosystems IPO?
- The net proceeds go primarily toward funding long-term working capital requirements of the company, among 4 disclosed objects.