G.V. Electricals Limited IPO Overview
G.V. Electricals Limited is a Mumbai-headquartered power distribution infrastructure services provider incorporated in 1985, offering Operation & Maintenance (O&M) and allied support services to electricity distribution utilities across India. The company operates through three distinct service verticals — Network Operation & Maintenance Services (contributing 76.90% of FY26 revenue), Electrical Infrastructure & Network Development Works (14.66%), and Metering & Meter Management Services (8.44%) — primarily serving electricity distribution companies (DISCOMs) through competitive tender processes. With over four decades of operational experience and a strong workforce, G.V. Electricals has built a solid reputation in India’s power sector.
The company is now launching its SME IPO on the BSE SME platform. The IPO is a book-built issue of 32.50 lakh shares worth up to ₹42.25 crore, comprising a fresh issue of ₹39 crore and an offer for sale of ₹3.25 crore, with a face value of ₹10 per share. The price band is set between ₹123 and ₹130 per share, with a lot size of 1,000 shares. The IPO opens on 31 July 2026 and closes on 4 August 2026, with listing expected on 7 August 2026 on the BSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 31 July 2026 |
| IPO Close Date | 4 August 2026 |
| Allotment Date | 5 August 2026 (Expected) |
| Refund Initiation | 6 August 2026 |
| Credit to Demat | 6 August 2026 |
| Listing Date | 7 August 2026 (Tentative) |
| Price Band | ₹123 – ₹130 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,000 shares |
| Minimum Investment (Retail) | ₹2,60,000 (2 lots = 2,000 shares) |
| Issue Size | ₹42.25 crore |
| Fresh Issue | 30,00,000 shares (₹39 crore) |
| Offer For Sale (OFS) | 2,50,000 shares (₹3.25 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
The offer-for-sale component consists of up to 2,50,000 equity shares being sold by promoter selling shareholders Jawed Akhtar and Sunil Lakshman Vatsa.
Before the IPO, the promoter held an 89.32% stake and the promoter group held a 10.68% stake in the company. After listing, the promoters’ shareholding will be slightly diluted due to the OFS component.
Objects of the Issue (Fund Utilization)
The company proposes to utilise the net proceeds from the fresh issue towards the following:
- Repayment of a portion of existing borrowings — ₹5 crore
- Funding of working capital requirements — ₹22 crore
- General corporate purposes — remaining proceeds
The OFS proceeds will go directly to the selling promoter shareholders and will not be received by the company.
Lead Managers & Registrar
- Book Running Lead Manager: Seren Capital Pvt. Ltd.
- Registrar to the Issue: Mudra RTA Ventures Private Limited
Promoters & Management
G.V. Electricals Limited is promoted by Jawed Akhtar, Sunil Lakshman Vatsa, and Furquan Akhtar.
The management team has over 30 years of industry experience in power distribution infrastructure and electrical contracting services.
Company Details
G.V. Electricals’ core business involves maintenance and operational support for 33 kV, 11 kV, HT, and LT power distribution networks, substations, cables, poles, and feeders. The company also undertakes installation, testing, commissioning, fault rectification, underground and overhead cable laying, pole erection, and meter-related services such as installation, testing, and meter reading.
Sectors Served:
- Electricity Distribution Companies (DISCOMs)
- State Power Utilities
- Electrical Infrastructure Contractors
Key Service Verticals:
- Network Operation & Maintenance Services (O&M) — 76.90% of FY26 revenue
- Electrical Infrastructure & Network Development Works — 14.66%
- Metering & Meter Management Services — 8.44%
Key Capabilities:
- One of the largest manpower bases among SME infrastructure companies, with operations spanning substations, distribution networks, and field maintenance across multiple states.
- Annual maintenance contracts and rate contracts providing recurring revenue visibility
Geographic Presence:
- Operations are heavily concentrated in Odisha (69.05% of FY26 revenue) and Maharashtra (12.45%), which together account for approximately 81.50% of total revenue.
Order Book:
- As of 30 June 2026, the company had 34 ongoing projects with an aggregate order book of approximately ₹553.70 crore, providing strong business visibility.
Workforce:
- As of February 28, 2026, the company had a total workforce of 4,770 employees, including 4,629 permanent staff and 141 contract workers across offices and projects.
Certifications:
- ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management), ISO 45001:2018 (Occupational Health & Safety), and SA 8000:2014 (Social Accountability).
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹112.03 | ₹2.80 |
| FY25 | ₹131.36 | ₹4.66 |
| FY26 | ₹156.66 | ₹10.47 |
Key Financial Metrics
- Revenue grew consistently from ₹104.43 crore in FY23 to ₹131.36 crore in FY25 — a growth of ~17.25% YoY. PAT surged 66.4% YoY in FY25, from ₹2.80 crore to ₹4.66 crore.
- Revenue in FY26 rose to ₹156.66 crore with PAT more than doubling to ₹10.47 crore — indicating sharp improvement in profitability.
- EBITDA expanded from ₹6.14 crore in FY24 to ₹8.04 crore in FY25, with EBITDA margin at 6.12% in FY25.
- Repeat customer revenue: 88.29% of FY26 revenue came from repeat clients — indicating strong client stickiness.
Company Strengths
- Over four decades of operational experience since 1985 in power distribution infrastructure services, with a well-established reputation among DISCOMs and state utilities.
- Strong and growing order book of ₹553.70 crore across 34 ongoing projects as of June 2026, providing significant near-term revenue visibility.
- High repeat customer rate — 88.29% of FY26 revenue was derived from existing clients, reflecting strong long-term relationships and service quality.
- Diversified service portfolio across O&M, infrastructure development, and metering — providing multiple revenue streams within the power sector
- Multiple internationally recognised certifications across quality, environment, safety, and social accountability — enabling eligibility for government and utility tenders.
- Sharp turnaround in profitability — PAT more than doubled from ₹4.66 crore in FY25 to ₹10.47 crore in FY26, demonstrating improving operational leverage
Key Risks & Challenges
- Negative operating cash flow of ₹3.31 crore reported — indicating working capital stress that could affect short-term liquidity.
- Highly concentrated customer base, with top customers accounting for 94.76% of revenue — any loss of a major DISCOM contract could significantly impact revenues.
- Geographic concentration risk — Odisha alone accounts for 69.05% of FY26 revenue. Any state-level policy change or tender disruption in Odisha could materially affect performance.
- Revenue from government and quasi-government utilities — payment delays from DISCOMs are common in India and can increase working capital requirements
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform
- Working capital intensity of the business could offset the benefit of IPO proceeds if execution timelines on large contracts slip.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
