Victory Electric Vehicles International Limited IPO

Apply 0
Avoid 0

Victory Electric Vehicles International Limited (“Victory EV”) is a dynamic player in India’s rapidly evolving electric mobility space. Victory EV specializes in the design, manufacturing, and distribution of a diverse range of electric vehicles (EVs) including:

i. E-Rickshaws
ii. E-Cargo/Loader Rickshaws
iii. Electric Scooters
iv. Customized Electric Three-Wheelers such as food delivery vehicles and ice cream vending units

The Company’s product line is strategically designed to serve both utility and lifestyle needs, offering cost-effective and eco-friendly alternatives to traditional fuel-based vehicles.

With a vision to capitalize on the electrification wave in India, Victory EV is not only expanding its footprint in the domestic market but is also exploring opportunities to export its electric vehicles to select international geographies. The Company operates through a robust and growing distribution network that spans across the country, ensuring widespread reach and serviceability.

Victory EV’s growth story is rooted in its commitment to sustainability, innovation, and accessibility, making it a promising name in India’s electric mobility landscape.

Objects of the Victory Electric Vehicles International Limited IPO:

IPO proposes to utilise the Net Proceeds from the Issue towards the following objects: i. Capital Expenditure. ii. Working Capital Requirement. iii. General Corporate Purposes.
DRHP of Victory Electric Vehicles International Limited IPO
RHP of Victory Electric Vehicles International Limited IPO

Victory Electric Vehicles International Limited IPO Details:

Total Shares: 56,47,000
Face Value: ₹ 5 Per Equity Share
Issue Size: 40.66 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 72 Per Equity Share
Listing At: NSE Emerge

Promoters And Management:

Sanjay Kumar Popli, aged 52, is the Managing Director of the Company since June 20, 2024, and has been associated with the Company since its inception. He holds a Bachelor’s in Commerce, a B.Ed, and an MBA in Financial Management, along with a Diploma in Electrical Engineering, reflecting both business and technical expertise. With over 9 years of experience as Operations Head, he has effectively managed production and plant operations, and 3 years of experience in Marketing and Communications. His strong foundation in both traditional manufacturing and the electric vehicle industry enables him to lead in a fast-evolving technological landscape. Seema, aged 54, has been associated with the Company since its inception and was appointed as a Non-Executive Director on June 20, 2024. She holds a Master’s in Commerce from Himachal Pradesh University and dual B.Ed. degrees from the University of Delhi and Ch. Charan Singh University. With 3 years of experience as Operations and Admin Head in her partnership firm and 4 years as a commerce lecturer, she brings valuable financial acumen and entrepreneurial insight to the Company. Palak Popli, aged 25, has been a Director of the Company since November 11, 2019, and was appointed as Whole-Time Director on June 20, 2024. She holds a Bachelor’s in Commerce from the University of Delhi, a Master’s in Digital Marketing from Delhi School of Internet Marketing, and a Post Graduate Program in Management from IBS School, Gurgaon. With over 2 years of experience in marketing and backend systems, she brings strong digital acumen and analytical skills. As the daughter of the Managing Director, she represents the next generation of leadership, contributing innovative ideas and a modern approach to the Company’s growth.

Financials of Victory Electric Vehicles International Limited IPO:

In Cr.
Particulars December 31, 2024 March 31, 2024 March 31, 2023  March 31, 2022 
Revenue from Operations 39.50 48.44 51.90 47.40
EBITDA 5.80 6.99 1.80 1.16
EBITDA Margins 14.70% 14.44% 3.47% 2.45%
PAT 3.89 4.89 0.78 0.64
PAT Margins 9.85% 10.10% 1.52% 1.36%
ROCE 24.82% 44.78% 14.13% 8.51%
D/E Ratio 0.67 0.55 1.47 2.81
CFOA 9.59 2.15 2.52 2.51

Comparison With Peers:

Companies Revenue EBITDA Margins PAT Margins D/E Ratio MCap P/E
Victory Electric Vehicles International  (FY 2024) 48.44 Cr. 14.44% 10.10% 0.55 153 Cr. 31.37*
Wardwizard Innovations & Mobilitity (TTM) 56 Cr. -33% In Loss 0.35 112 Cr. In Loss
Tunwal E-Motors (TTM) 105 Cr. 17% 11.42% 0.40 176 Cr. 14.90
*Forward PE is 29.54 on the basis of FY 25 PAT.

Recommendation on Victory Electric Vehicles International Limited IPO:

Review and Recommendation of Victory Electric Vehicles International IPO be team IZ is 3/10.

Lead Manager of Victory Electric Vehicles International Limited IPO:

  1. Corpwis Advisors Private Limited

Registrar of Victory Electric Vehicles International Limited IPO:

  1. Maashitla Securities Pvt. Limited

Company Address:

Victory Electric Vehicles International Limited Plot no 6, Second Floor A-5, Maa Bhagwati Apartment Paschim Vihar Phone: +91 9643108966 Email: compliance@victoryevindia.com Website: http://www.victoryevehilceindia.com/

Discussion on Victory Electric Vehicles International Limited IPO:

Leave a Reply