G.V. Electricals IPO
G.V. Electricals IPO was an SME book-built issue of ₹42.25 crore, comprising a Fresh Issue of ₹39.00 crore and an Offer for Sale of ₹3.25 crore. The price band was ₹123 to ₹130 per share, with a lot size of 1,000 shares and a minimum application of 2,000
G.V. Electricals IPO Details
G.V. Electricals IPO opened for public subscription on July 31, 2026 and closed on August 7, 2026. The basis of allotment was finalized on August 10, refunds and share credit were scheduled for August 11, and the shares were listed on BSE SME on August 12, 2026. The final issue price was ₹130 per share and the shares listed at ₹158 per share.
G.V. Electricals IPO GMP
The reported G.V. Electricals IPO GMP was approximately ₹26 on August 7, 2026, against the upper issue price of ₹130. This represented an unofficial premium of about 20%. GMP is grey-market information and is not an official exchange price or a guaranteed indication of listing performance.
G.V. Electricals IPO Timeline (Tentative)
G.V. Electricals IPO opened on July 31, 2026 and closed on August 7, 2026. The basis of allotment was completed on August 10, followed by refunds and Demat credit on August 11. The shares were listed on BSE SME on August 12, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Fri, Jul 31, 2026 |
| IPO Close Date | Fri, Aug 7, 2026 |
| Basis of Allotment | Mon, Aug 10, 2026 |
| Initiation of Refunds | Tue, Aug 11, 2026 |
| Credit of Shares to Demat | Tue, Aug 11, 2026 |
| Listing Date | Wed, Aug 12, 2026 |
| IPO Opens | July 31, 2026 |
| IPO Closes | August 7, 2026 |
| Basis of Allotment | August 10, 2026 |
| Refund Initiation | August 11, 2026 |
| Credit of Shares to Demat | August 11, 2026 |
| Listing Date | August 12, 2026 |
G.V. Electricals IPO Lot Size
The G.V. Electricals IPO lot size was 1,000 shares, while the minimum bid for individual investors was 2,000 shares. At the upper price band of ₹130, the minimum investment was ₹2,60,000. S-HNI investors could apply for a minimum of 3,000 shares, while B-HNI investors could apply for at least 8,000 shares.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | 2,60,000 |
| Retail (Max) | 2 | 2,000 | 2,60,000 |
| S-HNI (Min) | 3 | 3,000 | 3,90,000 |
| S-HNI (Max) | 7 | 7,000 | 9,10,000 |
| B-HNI (Min) | 8 | 8,000 | 10,40,000 |
G.V. Electricals IPO Reservation
After excluding the market-maker portion, the net public offer was allocated among QIBs, NIIs and Retail Individual Investors. The reported reservation was approximately 49.83% for QIBs, 15.15% for NIIs and 35.02% for retail investors.
G.V. Electricals IPO Subscription
G.V. Electricals IPO received strong demand during the subscription period. The issue was subscribed approximately 169.39 times overall. QIBs subscribed 91.55 times, NIIs 273.41 times and individual investors 168.69 times.
| Category | Subscription (times) |
|---|---|
| QIB | 91.55x |
| NII | 273.41x |
| RII | 168.69x |
| Total | 169.39x |
About G.V. Electricals
G.V. Electricals Limited, formerly known as G.V. Electricals Private Limited, was incorporated in 1985. The company operates in the power infrastructure sector and provides electrical infrastructure, operation and maintenance and related services to power distribution utilities and other customers.
The company undertakes turnkey EPC projects involving electrical infrastructure and has experience in low-tension and high-tension electrical installations. Its official website states that it has executed electrical installations extending up to 400 kV.
Its service portfolio includes Operations & Maintenance, turnkey EPC projects, power distribution, electro-civil work, meter management and governance, metering and billing solutions, EV charging infrastructure and renewable-energy solutions.
The company works with power generation, transmission and distribution utilities as well as industrial and infrastructure customers. Its project portfolio disclosed on the company website includes work associated with Adani Electricity Mumbai, ABB, Siemens, Schneider Electric and Tata Power.
Strengths
- More than four decades of operating experience in the electrical infrastructure sector.
- Capabilities across EPC, operations and maintenance and utility services.
- Experience in low-tension and high-tension electrical installations.
- Diversified service portfolio covering power distribution, metering and electrical infrastructure.
- Established relationships with utilities and infrastructure customers.
- Experienced promoter and management team.
- Order execution experience across multiple electrical infrastructure projects.
- Exposure to India's power transmission and distribution infrastructure requirements.
Risks to Consider
- A substantial portion of revenue is derived from electricity distribution utilities.
- Changes in government policies, utility spending and procurement practices could affect project opportunities.
- The company operates in a competitive electrical infrastructure and EPC market.
- EPC projects can be affected by delays, cost increases and execution-related issues.
- The business requires working capital to support ongoing projects and operations.
- Dependence on key customers can affect revenue if contracts are not renewed or new orders are not secured.
- The company depends on third-party suppliers for materials and equipment required for project execution.
- Changes in raw-material and input costs can affect project margins.
- Delays in customer payments may affect cash flows and working-capital requirements.
- The business is exposed to regulatory and contractual requirements applicable to the power sector.
G.V. Electricals Financials (₹ Cr)
G.V. Electricals recorded growth in revenue and profitability during FY2024 to FY2026. Revenue increased from ₹112.03 crore in FY2024 to ₹156.66 crore in FY2026, while PAT increased from ₹2.80 crore to ₹10.47 crore. Total assets increased from ₹42.06 crore to ₹78.40 crore during the same period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 112.03 | 2.80 | 42.06 | 17.05 |
| FY2025 | 131.36 | 4.66 | 51.43 | 23.20 |
| FY2026 | 156.66 | 10.47 | 78.40 | 33.67 |
KPIs & Valuation
At the upper price band of ₹130, G.V. Electricals had a pre-IPO EPS of ₹12.64 and post-IPO EPS of ₹9.28. The pre-IPO P/E was 10.28x and the post-IPO P/E was 14.01x. FY2026 RoNW was 31.09%, ROCE was 31.13% and NAV was ₹40.66 per share.
Objects of the Issue
The company proposed to use the Net Proceeds from the Fresh Issue primarily for repayment of a portion of certain borrowings and funding its working-capital requirements. A portion was also allocated towards general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Repayment of a portion of certain borrowings availed by the company – ₹6.00 crore.
- Funding of working-capital requirements – ₹22.00 crore.
- General corporate purposes – ₹5.49 crore.
- Issue expenses – ₹5.97 crore.
Promoters, Lead Managers & Registrar
G.V. Electricals Limited is promoted by Jawed Akhtar, Sunil Lakshman Vatsa and Furquan Akhtar. Seren Capital Private Limited acted as the Book Running Lead Manager, while Mudra RTA Ventures Private Limited acted as the Registrar to the Issue. Mansi Share & Stock Broking Private Limited acted as the Market Maker.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Mudra RTA Ventures Private Limited |
|---|---|
| Phone | +91 98702 97591 / +91 98702 97592 |
| ipo@mudrarta.com | |
| Website | https://mudrarta.com/ |
G.V. Electricals IPO Review
G.V. Electricals recorded total income of ₹112.03 crore in FY2024, ₹131.36 crore in FY2025 and ₹156.66 crore in FY2026. Profit after tax increased from ₹2.80 crore in FY2024 to ₹4.66 crore in FY2025 and ₹10.47 crore in FY2026.
The company also reported improvement in EBITDA, increasing from ₹6.14 crore in FY2024 to ₹8.04 crore in FY2025 and ₹17.05 crore in FY2026. Net worth increased from ₹17.05 crore in FY2024 to ₹23.20 crore in FY2025 and ₹33.67 crore in FY2026.
G.V. Electricals has a focused business model around power infrastructure, electrical EPC and O&M services. Its long operating history and project execution experience provide a base for its business, while its dependence on utilities and project-based contracts remains an important factor for investors to evaluate.
At the upper issue price of ₹130, the reported pre-IPO EPS was ₹12.64 and post-IPO EPS was ₹9.28. The corresponding P/E ratios were approximately 10.28x and 14.01x respectively.
The company reported a FY2026 RoNW of 31.09%, ROCE of 31.13% and debt-to-equity ratio of 0.49. Its FY2026 NAV was ₹40.66 per share.
How to Apply
G.V. Electricals IPO applications could be made through the applicable ASBA and UPI-supported IPO application process. The minimum individual application was 2,000 shares, requiring ₹2,60,000 at the upper price band of ₹130.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select G.V. Electricals IPO.
- Enter the required number of shares or lots.
- Select the applicable bid price or Cut-off option where permitted.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application after receiving the mandate request.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account until the allotment process is completed.
Prospectus & Documents
Investors can refer to the company's official investor section and IPO offer documents for information relating to its business, financial statements, risk factors, issue objectives, capital structure and statutory disclosures. The company maintains an IPO Documents section containing its offer-document materials.
Last updated Sep 1, 2026.