At a Glance
Supertech EV Ltd is launching a ₹29.90 crore IPO on BSE SME from June 25–27, 2025. With 12 electric models, 445 dealers, and dreams bigger than their EBITDA margin, they want to be the “Ola Electric of Tier-2 India.” But are they really Supertech or just “Slightly Above Average-Tech”?
🔌 1. What Do They Actually Do?
- They assemble EVs – 8 two-wheeler variants + 4 E-rickshaw variants.
- Founded in 2022. Yes, you read that right — they’re still in startup diapers.
- Their vehicles? Names like CARGO MAX, ZAPSTER PRO, and PASSENGER MAX. Basically, they sell “Zindagi on Wheels”.
🌍 Reach:
445 distributors in 19 states – from Delhi to Assam. Sounds amazing, until you remember… distribution ≠ demand.
🛵 Target Market:
- Budget-conscious buyers
- Tier-2/3 cities
- EV Rickshaw fleets
TL;DR: It’s the Hero Electric for the Haryana belt.
💰 2. IPO Breakdown – Charging You at ₹92/unit
| Item | Details |
|---|---|
| Issue Size | ₹29.90 Cr (100% fresh) |
| Shares Offered | 32.5 lakh |
| Price Band | ₹87 – ₹92 |
| Lot Size | 1,200 shares |
| Retail Min Investment | ₹1.10 lakh |
| HNI Min Investment | ₹2.21 lakh |
| Market Maker | Asnani Stock Broker |
| Lead Manager | Corporate Makers Capital |
🔧 Where’s the money going?
| Use | Amount (₹ Cr) |
|---|---|
| Working Capital | 16.50 |
| Loan Repayment | 3.00 |
| General Corporate + Costs | Remaining |
🎯 Translation: “Give us money so we can afford batteries, pay past dues, and build more ZAPSTERs.”
📊 3. Financials – Fast Growth or Flashy Ride?
| ₹ in Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 2.38 | 65.14 | 75.19 |
| PAT | 0.06 | 5.02 | 6.19 |
| EBITDA | 0.09 | 7.39 | 9.48 |
| Net Worth | 1.07 | 9.70 | 16.90 |
| Borrowings | 0.00 | 5.52 | 12.27 |
📈 Margin Highlights:
- PAT Margin: 8.25%
- EBITDA Margin: 12.62%
- ROE: 36.66%
- ROCE: 30.86%
🤔 But wait…
- The 2023 to 2024 jump is MASSIVE. From ₹2.3 Cr revenue to ₹65 Cr.
- And that’s exactly what smells fishy. Too fast, too super.
🔍 4. Valuation: EV = Electric + Valuation?
- EPS (Post IPO): ₹3.93
- P/E at ₹92: 23.4x
- Book Value: ₹13.70 → P/B = 6.7x
- Market Cap: ₹113.7 Cr
For comparison:
| Company | P/E | Comment |
|---|---|---|
| Wardwizard EV | 26x | Larger, listed EV two-wheeler maker |
| Revolt Motors | NA | Still burning cash |
| Ola Electric | NA | Pre-IPO, loss-making unicorn |
| Supertech EV | 23.4x | For SME with 2-year ops? 😬 |
⚙️ EduFair Value Estimate: ₹55 – ₹70
- At 18x FY25 EPS = ₹71
- At 4x Book = ₹54
- FV Range: ₹55–₹70
- Asking Price: ₹92
Verdict: “Slightly Overcharged EV” territory.
🧔♂️ 5. Promoters, Pedigree & Publicity
👑 Promoters:
- Mr. Yetender Sharma
- Mr. Jitender Kumar Sharma
- Ms. Geetanjali Sharma
👥 Promoter Holding:
- Pre-IPO: 94.04%
- Post-IPO: 69.31%
📦 Employees: 115 full-time
📦 Top Customers: Gk Autovehicles, Hindustan Energysavers, EVS Tritech, and more.
But who’s buying the vehicles and where are the real retail customers? No clarity on revenue mix from distributors vs fleet vs individual.
📉 6. Red Flags & Risky Signals
🚩 Founded in 2022, now raising ₹30 Cr – too soon?
🚩 30x revenue jump in 12 months? No organic business works like that without magic or marketing voodoo.
🚩 Fragmented EV market – no visible moat.
🚩 “EV” in name, but how much is actually manufactured vs assembled?
🚩 Expensive valuation for a company still building credibility.
🤔 7. EduInvesting Verdict: Vroom Vroom or Doom Doom?
👎 What we don’t like:
- ❌ Suspiciously fast growth
- ❌ High P/E for such a young player
- ❌ ₹1.10 lakh ticket for retail = barrier
- ❌ SME EVs still face battery sourcing & servicing issues
👍 What we do like:
- ✅ Distribution reach (445 dealers)
- ✅ High ROE & ROCE
- ✅ Asset-light assembly + outsourcing model = good scalability (if sustainable)
- ✅ Tier-2 EV trend is real
⚡ Final Word: Not-so-Super Pricing
The EV dream is real. The distribution is wide. But this IPO? Overhyped and overpriced. If you’re feeling green, test-ride the ZAPSTER. If you’re feeling smart, wait for listing, or better yet — skip.
Don’t let the IPO “charge” fry your investing brain.
🧾 Tags: Supertech EV IPO, SME EV Stocks India, Electric Vehicle IPO 2025, Ola Electric SME Peer, Two-Wheeler EV IPO, EduInvesting IPO Review
✍️ Written by Prashant | 📅 June 23, 2025
