1. At a Glance – EV Hai, Voltage High Hai
Victory Electric Vehicles International Ltd is coming to the market with a ₹34.56 crore fixed-price IPO at ₹41 per share, asking investors to believe that small is beautiful, EV is the future, and SME volatility is just “character building”. Pre-IPO, the company commands a market cap of ₹98.77 crore, which for an EV SME is neither pocket change nor pocket-friendly either. Promoters are reducing their holding from a muscular 97.41% to 63.33%, which is less “confidence shake” and more “IPO gym workout”.
Financially, FY25 looked like the hero arc with ₹51.06 crore revenue and ₹5.17 crore PAT, while H1 FY26 sobers things up at ₹16.90 crore revenue and ₹1.62 crore PAT, thanks to an NCLT-induced business shutdown that literally put the factory lights off for three months. The IPO is priced at a post-issue P/E of ~30x, which means the company is selling optimism, future recovery, and lithium-ion hope in one neat ₹41 package. Curious already, or already sweating? Let’s dig.
2. Introduction – EV Future, SME Reality Check
Electric Vehicles are the new Bollywood debutants – everyone wants to launch one, most don’t survive the second film. Into this crowded EV mela walks Victory Electric Vehicles International Limited, founded in 2018, pitching itself as a clean mobility warrior with scooters, e-rickshaws, cargo loaders, and even ice-cream carts that don’t melt the planet. Sounds noble. Sounds trendy. Sounds… expensive at 30x earnings.
The IPO story is classic SME cinema. Early years: low margins, low scale, low attention. Middle years: sudden profitability, bonus shares, polished DRHP, and confidence that “now is the right time”. Add a dash of litigation-induced shutdown in FY26, and suddenly the narrative becomes resilience instead of inconsistency. Convenient? Maybe. Documented? Yes.
The company wants ₹18 crore for working capital, ₹5 crore for capex, and the rest for general corporate purposes – aka “trust us, we’ll need it”. The question is not whether EVs are the future (they are), but whether this particular EV, on this particular SME road, at this particular valuation, deserves front-seat enthusiasm. Ready to judge, or still charging your opinion?
3. Business Model – WTF Do They Even Do?
Victory Electric Vehicles does what its name screams: manufacture electric vehicles, mainly in the L3 and L5 segments. Translation for lazy investors: e-rickshaws, electric loaders, scooters, and custom three-wheelers that sell pani puri, ice cream, and probably hope-on-wheels.
The model is straightforward:
- Design EV models
- Manufacture and assemble
- Sell through a dealer network across 12 states
- Occasionally customize vehicles for niche commercial use
Technology-wise, they use lithium-ion batteries, electric drivetrains, and basic smart connectivity features. Nothing futuristic enough to scare Tesla, but enough to satisfy Indian last-mile economics. The company caters to both passenger and cargo mobility, which is smart diversification but also operationally messy.
The business is
