Victory Electric Vehicles International IPO Overview
Bahadurgarh (Haryana)-based electric vehicle manufacturer raising โน34.56-35 cr (100% fresh issue, no OFS). Price: โน41 (Fixed Price). Lot: 3,000 shares (โน2,46,000 min investment for 6,000 shares / 2 lots).
Funds for capital expenditure (capacity expansion), working capital requirements, general corporate purposes (specific amounts not disclosed).
Lead: Corpwis Advisors.
Registrar: Maashitla Securities.
Market Maker: Alacrity Securities.
Founded October 2018 (incorporated 2018 in Haryana; converted to public limited February 2020). Part of Victory Group with roots since 2011. ICAT-approved L5 electric three-wheelers, L3 E-Rickshaws, E-Cargo/Loaders, Electric Scooters manufacturer. Customized vehicles for food vending, ice-cream distribution.
Products: L5 electric three-wheelers (37% revenue FY25 – higher-speed, 25 km/h+ certification), L3 E-Rickshaws (lower-speed category), E-Cargo/Loaders, Electric Scooters, customized commercial EVs. Manufacturing capacity transitioned from 5,220 units/year L3 (FY24) to 2,670 L3 + 1,200 L5 units/year (FY25) – strategic shift to L5.
Dealer network: 15+ states pan-India. In-house manufacturing at Bahadurgarh, Haryana with proprietary eight-step cleaning and paint process for durability.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | SME (NSE SME Emerge) |
| IPO Open Date | 07 January 2026 (Tuesday) |
| IPO Close Date | 09 January 2026 (Thursday) |
| Anchor Investor Bidding | Data not specified |
| Allotment Date | 12 January 2026 (Sunday) – Expected |
| Credit to Demat | 13 January 2026 (Monday) – Expected |
| Refund Initiation | Data not specified |
| Listing Date | 14 January 2026 (Tuesday) – Tentative |
| Price Band | โน41 per share (Fixed Price) |
| Face Value | โน5 per share |
| Lot Size | 3,000 shares (minimum lot) |
| Min Investment (Retail) | โน2,46,000 (6,000 shares / 2 lots at โน41) |
| sNII Investment | โน3,69,000 (3 lots / 9,000 shares) minimum |
| bNII Investment | Data not specified |
| Issue Size | โน34.56 crore (some sources: โน35 cr – data variance) |
| Fresh Issue | โน34.56 crore (100%) – 84,30,000 shares |
| Offer for Sale (OFS) | NIL – No OFS component (Note: Some sources mention OFS โน33 cr / 80.07 lakh shares – conflicting data!) |
| Total Shares Offered | 84,30,000 equity shares (8.43 million shares) |
| Listing | NSE SME Emerge |
| Post-Issue Market Cap | Data not fully disclosed in available sources |
Issue Break-up
| Category | Allocation |
| NII (Non-Institutional Investors) | 47.47% (40,02,000 shares) |
| RII (Retail Individual Investors) | 47.51% (40,05,000 shares) |
| Market Maker | 5.02% (4,23,000 shares) |
| QIB | 0% – No QIB allocation |
Note: No QIB allocation – unusual structure. NII and RII almost equal at ~47.5% each.
Selling Shareholders (OFS โน0 crore – Conflicting Data!)
Conflicting Information:
- Most sources: 100% fresh issue, no OFS
- One source (a2zipo): Fresh โน2 cr (4.23 lakh shares) + OFS โน33 cr (80.07 lakh shares)
Assuming 100% Fresh Issue (majority source consensus):
Note: This appears to be 100% fresh issue with no Offer for Sale per majority of sources. All proceeds go to company. Promoters not exiting.
MAJOR RED FLAG: Data inconsistency regarding OFS requires urgent clarification from official RHP/DRHP.
Objects of the Issue (Fund Utilization)
Fresh Issue Proceeds (โน34.56 crore) will be used for:
Specific amounts not disclosed in available public documents. General utilization:
- Capital Expenditure for Capacity Expansion
- Expanding manufacturing capacity beyond current levels
- Equipment and machinery for increased production
- Technology upgrades for L5 and new product lines
- Meeting Working Capital Requirements
- Day-to-day operational expenses
- Inventory management (components, batteries, finished vehicles)
- Managing dealer credit and receivables
- MD’s Comment: “Working capital is typically the binding constraint” in dealer-led manufacturing as L5 scales
- General Corporate Purposes
- Strategic initiatives
- Dealer network expansion
- Offer-related expenses
Strategic Focus:
- MD Sanjay Popli: “Proceeds will be utilised to expand manufacturing capacity, support working capital requirements, and enhance presence across new and existing markets”
- Lead Manager Nikunj Konodia (Corpwis): “Company well aligned with structural growth opportunities in India’s electric mobility ecosystem”
- Focus on L5 segment scaling (already 37% revenue FY25)
- Dealer network expansion from 15+ states
- Capitalizing on last-mile mobility demand
OFS Proceeds:
- NIL (per majority sources) – No promoter exit
Note: 100% fresh issue for growth capital. Specific allocation breakdown not disclosed. MD’s comment highlights working capital as “binding constraint” suggesting significant allocation to WC.
Lead Managers & Registrar
Book Running Lead Manager (BRLM):
- Corpwis Advisors Private Limited
- MD: Nikunj Konodia
Registrar:
- Maashitla Securities Private Limited
- Address: 451, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, New Delhi – 110034
- Phone: +91-11-45121795-96
- Website: www.maashitla.com
Market Maker:
- Alacrity Securities Limited
Promoters & Management
Key Promoters (3 Promoters – Popli Family):
Individual Promoters:
- Mr. Sanjay Kumar Popli – Promoter & Managing Director
- Founder and key operational leader
- Oversees strategy, manufacturing, dealer network expansion
- Spokesperson for IPO and company vision
- Ms. Seema – Promoter
- Co-promoter, family member
- Ms. Palak Popli – Promoter
- Co-promoter, family member
Promoter Holding:
- Pre-IPO: 1,56,60,000 shares
- Post-IPO: 2,40,90,000 shares total (per some sources)
Company History:
- Victory Group Roots: Since 2011 (partnership/proprietorship operating under Victory Group)
- Incorporated: October 2018 as private limited company
- Certificate of Commencement: Data not disclosed
- Converted to Public Limited: February 2020
- Operations: 8 years as incorporated entity (2018-2026); 15 years total if including Victory Group roots (2011-2026)
- Evolution:
- 2011: Victory Group operations started (partnership/proprietorship)
- 2018: Incorporated as Victory Electric Vehicles International Limited
- 2020: Converted to public limited company
- Built product portfolio: L3 E-Rickshaws, L5 electric three-wheelers, E-Cargo, scooters, customized vehicles
- Achieved ICAT approvals for L5 models
- Expanded dealer network to 15+ states
- FY24-25: Strategic capacity shift from 5,220 L3 units/year to 2,670 L3 + 1,200 L5 units/year
- L5 contribution reached 37% of revenue by FY25
- FY25: Revenue โน50.86 cr, PAT โน5.17 cr (10.17% margin)
- Workforce: Data not disclosed in available sources
- Milestone:
- ICAT-approved L5 electric three-wheelers
- 37% revenue from L5 segment (FY25)
- Dealer network: 15+ states
- P/E 12.42x vs. peers Wardwizard 32.58x, Tunwal 15.32x
Company Contact:
- Registered Office: Data not disclosed in available sources (Bahadurgarh/Jhajjar, Haryana mentioned as manufacturing base)
COMPANY DETAIL
Establishment & Background:
- Victory Group Roots: Since 2011 (partnership operations)
- Incorporated: October 2018 (8 years as company); Converted to public: February 2020
- Industry: Electric Vehicle Manufacturing – Three-Wheelers & Two-Wheelers
- Headquarters: Delhi-NCR region; Manufacturing in Bahadurgarh/Jhajjar, Haryana
- Positioning: Last-mile electric mobility provider focusing on L3/L5 three-wheelers, cargo, and commercial EVs with dealer-led distribution
Business Model:
Product Portfolio – Electric Vehicles:
1. L5 Electric Three-Wheelers (37% Revenue FY25) – Strategic Focus
- Higher-speed category: 25 km/h+ certification
- ICAT-approved models
- Premium segment vs. L3
- FY25 Capacity: 1,200 units/year (repurposed from L3 line)
- Revenue Contribution: 37% (FY25) – material and growing
- MD’s Insight: “We anticipated saturation in parts of market, so moved early to build capabilities in L5 segment”
2. L3 E-Rickshaws (Lower-Speed Category)
- Traditional e-rickshaw segment
- Lower price point vs. L5
- FY24 Capacity: 5,220 units/year
- FY25 Capacity: 2,670 units/year (reduced due to L5 repurposing)
- Mature, competitive segment facing restrictions in some markets
3. E-Cargo/Loaders (Commercial EVs)
- Goods transportation for last-mile delivery
- Commercial and tourist applications
- Growing demand from e-commerce, logistics
4. Electric Scooters (Two-Wheelers)
- Electric two-wheeler segment
- Personal mobility solution
5. Customized Electric Three-Wheelers
- Food vending vehicles
- Ice-cream delivery/distribution vehicles
- Specific commercial applications
Manufacturing Excellence:
- Eight-Step Cleaning & Paint Process: Proprietary process ensuring proper surface bonding, corrosion resistance, durable finish
- Systems Integration: Motors, controllers, wiring, batteries, suspension, braking installed step-by-step
- Testing & Quality: Electrical safety, performance, road readiness checks before dispatch
- Manufacturing Mindset: Focus on quality over low-cost assembly
- Location: Bahadurgarh, Haryana (Delhi-NCR region)
Technology Integration:
- Lithium-ion battery systems
- Efficient electric drivetrains
- Smart connectivity features
- Performance, reliability, user experience focus
Dealer Network:
- 15+ States: Pan-India presence
- Dealer-Led Distribution: Sales through dealer network
- Route Economics: Products positioned around use cases and operational economics
Revenue Model:
- Sales of electric vehicles (L5, L3, cargo, scooters) to dealers
- Dealer-led B2B2C distribution model
- Domestic sales under “Victory” brand (primary)
- Focus on last-mile mobility solutions
Value Proposition:
- L5 Strategic Positioning: Early move into higher-speed segment before market saturation
- ICAT Approvals: Regulatory compliance for L5 models
- Manufacturing Discipline: Eight-step paint process, quality focus, thorough testing
- Customization: Specialized vehicles for food, ice-cream, commercial applications
- Dealer Network: 15+ state coverage for distribution
- Affordable Mobility: Cost-effective ownership with low operating costs
- Victory Group Legacy: 15-year roots (2011-2026) in EV space
Market Position:
- 8 years as incorporated entity (2018-2026); 15 years total with Victory Group roots
- ICAT-approved L5 electric three-wheelers
- Dealer network: 15+ states
- Manufacturing base: Bahadurgarh, Haryana
Operations
Service Delivery:
- Headquarters: Delhi-NCR region
- Manufacturing: Bahadurgarh/Jhajjar, Haryana
- Distribution: Dealer network across 15+ states
Company Strengths
- Reasonable Valuation – P/E 12.42x vs. Peers Wardwizard 32.58x, Tunwal 15.32x:
- IPO priced at P/E 12.42x (FY25 EPS โน3.30 at price โน41)
- Significantly cheaper than listed peers: Wardwizard 32.58x, Tunwal 15.32x
- Value entry point for EV three-wheeler exposure
- Strong Profitability – 10.17% PAT Margin (FY25):
- PAT margin 10.17% (FY25 PAT โน5.17 cr on revenue โน50.86 cr)
- EBITDA โน7.79 cr demonstrating operational efficiency
- Improving profitability and operational efficiency per analyst
- Strategic L5 Positioning – 37% Revenue from Higher-Speed Segment:
- L5 three-wheelers already contributing 37% of FY25 revenue
- Early mover in L5 before market saturation
- Higher realization and margins vs. L3 commodity segment
- MD: “Anticipated saturation, moved early to L5 capabilities”
- India’s EV Boom – Last-Mile Mobility Demand, Policy Support:
- Government’s FAME subsidies, state EV policies driving adoption
- Rising fuel prices making electric three-wheelers economically attractive
- Last-mile delivery boom (e-commerce, logistics) creating cargo EV demand
- Urban pollution, climate goals accelerating EV transition
- Manufacturing Excellence – Eight-Step Paint Process, Quality Focus:
- Proprietary eight-step cleaning and paint process ensuring durability
- Thorough testing: electrical safety, performance, road readiness
- Manufacturing mindset over low-cost assembly approach
- Quality differentiation in competitive market
- Pan-India Dealer Network – 15+ States Coverage:
- Established dealer network across 15+ states
- Dealer-led distribution model ensuring wide reach
- Route economics-focused product positioning
- Growing dealer acceptance of L5 models
Key Risks & Challenges
- DATA INCONSISTENCY – OFS Conflicting Information, Limited Disclosures:
- Major inconsistency: Most sources say 100% fresh, one source (a2zipo) mentions OFS โน33 cr
- Limited financial data publicly available (only FY25 figures disclosed)
- No detailed breakup of revenue by product line, state, customer segment
- Lack of FY23, FY24 comparative financials raising transparency concerns
- Intense Competition – Mahindra, TVS, Bajaj, Chinese Imports:
- Competes with auto giants: Mahindra Electric, TVS Motor (iQube Electric), Bajaj Auto
- Chinese OEMs offering cheaper alternatives
- Numerous unorganized players in e-rickshaw space
- Wardwizard, Tunwal (listed peers) with established presence
- Short Track Record – Only 8 Years Old (Incorporated 2018):
- Incorporated October 2018 – just 8 years as company
- Victory Group roots since 2011 add 15 years total, but limited as corporate entity
- Single-year FY25 financials disclosed – no multi-year trend
- Unproven long-term sustainability and crisis resilience
- High Minimum Investment – โน2.46 Lakh (2 Lots) Entry Barrier:
- Minimum investment โน2,46,000 (6,000 shares / 2 lots)
- Per analyst: “High minimum investment ticket size” a concern
- Limits retail investor participation
- Unusual for SME IPOs to have such high entry threshold
- Supply Chain & Component Risks – Battery, Electronics Dependency:
- Dependent on lithium-ion batteries (price volatility, import dependency)
- Electronic components (controllers, motors) from external suppliers
- Per analyst: “Supply chain risks” flagged
- Semiconductor shortages, China dependency affecting EV industry globally
- Past Legal History – Analyst Red Flag:
- Per analyst (MrMoneyFrugal): “Past legal history” is a factor that “risk-averse investors must weigh carefully”
- Details not disclosed in available public documents
- Raises governance and compliance questions
- Requires investigation in detailed RHP/DRHP
Disclaimer
This information is based on publicly available sources. Investors should conduct their own research and consult financial advisors before investing.
The company reported (FY25: revenue โน50.86 cr, EBITDA โน7.79 cr, PAT โน5.17 cr, 10.17% PAT margin, EPS โน3.30, P/E 12.42x cheaper than peers Wardwizard 32.58x and Tunwal 15.32x) as 8-year-old entity (incorporated October 2018, converted public February 2020) with Victory Group roots since 2011, manufactures ICAT-approved L5 electric three-wheelers (37% FY25 revenue), L3 E-Rickshaws, E-Cargo/Loaders, electric scooters, customized commercial vehicles with eight-step paint process for quality, serves 15+ states via dealer network from Bahadurgarh/Haryana manufacturing base, capacity shifted from 5,220 L3 units/year to 2,670 L3 + 1,200 L5 units/year (FY25) reflecting strategic L5 focus, benefiting from India’s EV boom, last-mile mobility demand, policy support (FAME), but faces significant risks including major data inconsistency (OFS conflicting information – most sources say 100% fresh, one says โน33 cr OFS), limited financial disclosure (only FY25 data, no FY23-24 comparatives), intense competition from Mahindra, TVS, Bajaj giants and Chinese imports, short 8-year track record (incorporated 2018), high minimum investment โน2.46 lakh creating entry barrier, supply chain risks (battery, electronics dependency), and analyst-flagged “past legal history” warranting careful due diligence. SME listing on NSE Emerge.
