Victory Electric Vehicles International Ltd. IPO

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Victory Electric Vehicles International Limited was originally incorporated on October 26, 2018. The Company is engaged in the manufacturing of electric vehicles (EVs), primarily catering to India’s growing demand for affordable and sustainable mobility solutions. Its product portfolio includes battery-operated e-rickshaws, e-cargo/loaders, scooters, and customised electric three-wheelers such as food delivery and ice-cream vending vehicles. The Company also intends to explore export opportunities in select international markets over the medium term.

Product Portfolio

The Company’s key offerings include:

1. Battery Operated E-Rickshaws (standard and customised)

2. Battery Operated Scooters

These products are designed to support last-mile connectivity and commercial mobility requirements across urban and semi-urban markets.

Geographical Presence and Distribution Network

Victory Electric Vehicles International Limited has established a pan-India presence across 12 states, supported by a strong dealer and distribution network. The Company operates in key regions including Uttar Pradesh, Rajasthan, Haryana, Bihar, Madhya Pradesh, Jharkhand, Delhi, Chandigarh, Uttarakhand, Jammu & Kashmir, Gujarat, and Maharashtra, reflecting its focus on scalable EV adoption across diverse markets.

Competitive Strengths

i) Geographical Presence: Presence across 12 states with an established dealer network, primarily focused on e-rickshaws for urban and rural mobility.

ii) Experienced Leadership: Led by a seasoned management team with over a decade of industry experience, driving strategy and execution.

iii) Financial Performance: Consistent profitability, including during COVID-19, supported by strong EBITDA and operational efficiencies.

Objects of the Victory Electric Vehicles International Ltd. IPO:

Company proposes to utilize the funds towards funding the following objects: 1. Capital Expenditure (₹5 cr) 2. Working Capital Requirements (₹18 cr) 3. General Corporate Expenses (₹6.78 cr)
DRHP of Victory Electric Vehicles International Ltd. IPO
RHP of Victory Electric Vehicles International Ltd. IPO

Victory Electric Vehicles International Ltd. IPO Details:

Open Date: Jan 07 2026
Close Date: Jan 09 2026
Total Shares: 84,30,000
Face Value: ₹ 5 Per Equity Share
Issue Type: Book Building
Issue Size: 35 Cr.
Lot Size: 3000 Shares
Issue Price: ₹ 41 Per Equity Share
Listing At: NSE Emerge
Listing Date: Jan 14 2026

Promoters And Management:

1. Mr. Sanjay Kumar Popli (52) has been associated with the Company since inception and is the Managing Director with effect from June 20, 2024. He holds a B.Com, B.Ed, MBA (Financial Management) and a Diploma in Electrical Engineering. He has over 9 years of experience as Operations Head and 3 years in marketing and communications, with expertise spanning manufacturing operations and the electrical/EV sector. 2. Ms. Seema (54) is a Non-Executive Director of the Company since June 20, 2024. She holds a Master’s degree in Commerce and B.Ed degrees and has experience in operations, administration, and academics. Her background in finance and entrepreneurship adds value to the Company’s governance. 3. Ms. Palak Popli (25) has been a Director since November 11, 2019 and was appointed Whole-Time Director from June 20, 2024. She holds a B.Com, a Master’s in Digital Marketing, and a PGPM, with over 2 years of experience in marketing and backend systems. She contributes to digital strategy and modern business practices as a next-generation leader.

Financials of Victory Electric Vehicles International Ltd. IPO:

Particulars 6M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 17 51 48 52
EBITDA (Cr) 3 8 7 2
EBITDA Margins 15.5% 15.3% 14% 4%
PAT (Cr) 2 5 5 0.78
PAT Margins 9.7% 10.2% 10.1% 1.50%
ROCE 10.23% 31% 45% 14.13%
D/E Ratio 0.46 0.62 0.55 1.47
OPerating Cash Flow 13.8 -0.15 2.3 2.9

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Victory Electric Vehicles International Limited 51 15.3% 10.2% 31% 0.62 98.8 19.8
Wardwizard Innovations & Mobilitity Limited 302 12% 2.32% 12.50% 1.32 221 19.0
Tunwal E-Motors Limited 179 7% 6.70% 19.90% 0.27 216 14.4
Note: Forward P/E is 24.69 According to FY 2026

Lead Manager of Victory Electric Vehicles International Ltd. IPO:

  1. Corpwis Advisors Private Limited

Registrar of Victory Electric Vehicles International Ltd. IPO:

  1. Maashitla Securities Pvt. Limited.

Discussion on Victory Electric Vehicles International Ltd. IPO:

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