G V Electricals Ltd IPO
Status: Closed
Overview
IPO date
31 Jul 2026 to 07 Aug 2026
Face value
₹ 10 per share
Price
₹ 123 to ₹130 per share
Issue Size
3,250,000 shares
(aggregating up to ₹ 42.25 Cr)
(aggregating up to ₹ 42.25 Cr)
Allotment Date
10 Aug 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Engineering
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T&C*
Strengths vs Risks of G V Electricals Ltd
Know the pros & cons
Strengths
- Presence Across Electrical Infrastructure Activities with O&M-based Revenue Contribution.
- Order Book Providing Revenue Visibility.
- Majority of Revenue from Repetitive Customers.
- Experienced Management Team and Manpower Strength.
Risks
- A major portion of the company's revenue is derived from power distribution utilities, and any reduction in business from such customers, adverse changes in procurement practices or failures to secure new contracts may adversely affect its business, results of operations, financial condition and cash flows.
- The company's revenue from operations is substantially dependent on Network Operation and Maintenance ("O&M") Services, and any adverse changes affecting this service vertical may have a material adverse effect on its business.
- The company's business is dependent on securing contracts through competitive tendering processes, and its inability to successfully participate in or secure such tenders, or maintain competitive pricing, may adversely affect the company's business.
- A significant portion of the company's revenue from operations is derived from a limited number of customers, and any reduction in business from such customers may adversely affect its business, results of operations, financial condition and cash flows.
- The company is required to obtain and maintain various statutory licenses, registrations and approvals for its business operations, and any failures to obtain, renew or update such approvals may adversely affect its business, operations and financial condition.
- A significant portion of the company's revenue is derived from repeat customers. Any reduction, delay, cancellation or non-receipt of work orders from such customers may adversely affect its business, results of operations, cash flows and financial condition.
- The company's business is dependent on procurement of electrical materials and equipment from third-party suppliers, and any significant fluctuation in prices or disruption in supply of such materials, including dependence on a limited number of suppliers, may adversely affect its business.
- The company's business operations is dependent on availability and deployment of skilled and semi-skilled manpower, and any inability to effectively manage or deploy such workforce may adversely affect its business, results of operations, financial condition and cash flows.
- The company's ongoing order book may not be indicative of assured revenues, as a significant portion of its projects are executed under rate contracts, maintenance arrangements and work order-based engagements, where actual execution is dependent on issuance of specific work orders and operational requirements of customers.
- The company's business is working capital intensive and any inability to arrange adequate funding or efficiently manage its working capital, including trade receivables, inventories and project-related cash flows, may adversely affect its liquidity, operations and financial condition.
- There are certain outstanding legal proceedings involving the Company, primarily relating to labour matters and tax proceedings, and any adverse outcome in such proceedings may adversely affect its business, results of operations, financial condition and cash flows.
- The Company has experienced negative cash flows in the past and may experience negative cash flows in the future, which may adversely affect its business, results of operations, cash flows and financial condition.
- Certain of the company's premises, including its registered office, area offices, warehouses and guest houses, are occupied under lease, rent or leave and license arrangements, and any non-renewal, termination or dispute in relation to such arrangements may adversely affect the company's business, results of operations, cash flows and financial condition.
- The company's business is dependent on timely and efficient execution of operation and maintenance services as well as electrical infrastructure works, and any delay or deficiency in execution may adversely affect its business, results of operations, financial condition and cash flows.
- A significant portion of the company's revenue from operations is concentrated in certain geographical regions, and any adverse developments affecting such regions may adversely affect its business, results of operations, financial condition and cash flows.
- There has been certain delays in payment of statutory dues in the past. Any delay in payment of statutory dues in future, may result in the imposition of penalties and in turn may have an adverse effect on the company's business, financial condition, results of operation and cash flows.
- Certain discrepancies, clerical errors and delays in filings with the Registrar of Companies may expose it to regulatory action and penalties, which could adversely affect the company's business, financial condition and reputation.
- The Company has previously delayed compliance with Corporate Social Responsibility ("CSR") obligations under the Companies Act, 2013 and any future non-compliance with applicable CSR provisions may expose it to penalties and regulatory action.
- The company has been unable to trace certain historical corporate and secretarial records, which may expose it to regulatory scrutiny and could adversely affect its business and reputation.
- The company's operations is spread across multiple project locations, and any inability to effectively manage and coordinate such geographically dispersed operations may adversely affect its business, results of operations, financial condition and cash flows.
- The company's operations involve engagement of third-party contractors and subcontractors for certain activities, and any failures on their part to perform their obligations in a timely and satisfactory manner may adversely affect its business, results of operations, financial condition and cash flows.
- Any inability to pass on increases in labour, material, logistics and subcontracting costs to the company's customers may adversely affect its margins and financial performance.
- The company has certain contingent liabilities and commitments, which, if they materialize, may adversely affect its results of operations, financial condition and cash flows.
- The Company uses certain trademarks which are not yet registered in its name under the Trade Marks Act, 1999, and any delay or failures in obtaining such registration may expose it to risks relating to intellectual property claims or restrictions on the use of such trademarks.
- The company's payroll processing is outsourced to third-party service providers, and any errors, delays or non-compliance in payroll processing may adversely affect its operations and statutory compliance.
- The company's operations involve execution and maintenance of electrical distribution systems, which expose it to operational and safety risks that could result in injury to persons or damage to property and adversely affect its business, results of operations, cash flows and financial condition.
- The company's business requires it to furnish bank guarantees in favour of the company's customers, and any invocation of such bank guarantees may adversely affect its financial condition, liquidity and reputation.
- The company relies on third-party logistics and transportation providers for procurement and movement of materials and equipment required for execution of its projects, and any disruption in such services may adversely affect the company's business, results of operations, cash flows and financial condition.
- The company operates in a competitive industry, and increased competition may adversely affect its ability to secure projects and service assignments, which may result in reduced revenues, lower margins or loss of market share.
- The company's failure to identify and adapt to evolving industry trends, technological developments and customer requirements in the power distribution and electrical infrastructure sector may materially and adversely affect its business, results of operations and financial condition.
- The company's business is dependent on the experience and expertise of its Promoters, Key Managerial Personnel and Senior Management Personnel, and any inability to retain such personnel may adversely affect the company's business, results of operations, financial condition and cash flows.
- The company may be subject to third-party claims, contractual liabilities or invocation of performance guarantees arising from defects in execution of projects, accidents at project sites or damage to third-party property or infrastructure, which may adversely affect its business, financial condition, results of operations and reputation.
- The Promoters (including Promoter Group) and Directors hold 95.65% of the Equity Shares of the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- The company has in the past entered into related party transactions and may continue to does so in the future.
- The company's insurance coverage may not be adequate to protect it against certain operating hazards, and this may have a material adverse effect on its business, results of operations, cash flows and financial condition.
- The company's trade licenses are subject to verification, renewal and cancellation by municipal authorities, and any adverse action may affect its operations.
- The average cost of acquisition of Equity Shares by the company's Promoters could be lower than the Offer price.
- The company's industry is labour intensive, and its business operations may be materially adversely affected by strikes, work stoppages or increased wage demands by the company's employees or those of its suppliers.
- Employee misconduct, fraud, negligence or errors may expose it to operational, regulatory and reputational risks, which may adversely affect the company's business, financial condition and results of operations.
- The company has incurred significant indebtedness which exposes it to various risks which may have an adverse effect on its business and results of operations.
- The company is subject to the restrictive covenants of banks in respect of the Loans/Credit Limits and other banking facilities availed from them.
- Loans availed by the Company has been secured on personal guarantees of the company's promoters. Its business, financial condition, results of operations, cash flows and prospects may be adversely affected in case of invocation of any personal guarantees provided by the company's Promoters.
- The company could be harmed by employee misconduct or errors that are difficult to detect, and any such incidence could adversely affect its financial condition, results of operations and reputation.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Offer proceeds may delay the implementation schedule.
- The Company will not receive any proceeds from the Offer for Sale portion of the Offer.
- The Objects of the Offer for which funds are being raised, are based on the company's management estimates and has not been appraised by any bank or financial institution or any independent agency.
- Any variation in the utilization of the Net Proceeds will be subject to certain compliance requirements, including prior shareholders' approval.
- The company's ability to pay any dividends will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- Certain key performance indicators for certain listed industry peers included in this Red Herring Prospectus has been sourced from public sources and there is no assurance that such financial and other industry information is complete.
- The company's Promoter and the Promoter Group will jointly continue to retain majority shareholding in the Company after the Offer, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- There is no guarantee that the Equity Shares of the Company will be listed on the Stock Exchanges in a timely manner or at all.
- Certain sections of this Red Herring Prospectus disclose information from industry report commissioned and paid for by it and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- Risks inherent to power sector and electrical infrastructure projects may adversely affect the company's business, financial condition, cash flows and results of operations.
- Prior to handing over completed projects, inspections are undertaken by officials of public sector units to ascertain errors or deviations from approved procedures or drawings while executing projects, and any adverse findings may adversely affect the company's business and results of operations.
- Maintaining the company's reputation and relationships with existing and potential customers is important to its business. Any damage to the company's reputation may adversely affect its ability to secure new projects, obtain repeat orders and maintain customer relationships, which may adversely affect the company's business, financial condition and results of operations.
- The company's operations is subject to safety, health, environmental, labour and other applicable laws and regulations. Any non-compliance with such laws or occurrence of accidents or safety-related incidents may expose it to penalties, liabilities, operational restrictions and project delays, which may adversely affect the company's business, financial condition and results of operations.
- The Offer price of the company's Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company's Equity Shares may decline below the offer price and you may not be able to sell your Equity Shares at or above the offer Price.
- The company's Promoters or directors does not possess experience in managing publicly listed companies.
G V Electricals Ltd Peer Comparison
Understand the company’s industry standing
GV Electricals Ltd
Rajesh Power Services Limited
Parth Electricals & Engineering Limited
Face Value
10
10
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
156.66
1633.41
200.95
EPS-Basis
12.64
79.52
11.35
EPS-Diluted
12.64
79.52
11.35
NAV Per Share
---
---
---
P/E-Basic EPS
---
10.69
39.20
P/E-Diluted EPS
---
---
---
RONW(%)
31.09
35.26
12.78
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 31 Jul 2026 & closes on 07 Aug 2026.
G V Electricals Limited was incorporated as 'G.V. Electricals Private Limited' on February 28, 1985, pursuant to a Certificate of incorporation issued by Registrar of Companies, Maharashtra. The Company was converted from Private limited to Public limited with effect from November 4, 2025 and the name of the company was changed from 'G.V. Electricals Private Limited' to 'G V Electricals Limited. The Company is engaged in the business of electrical infrastructure projects, operation and maintenance (O&M) services and meter and metering related services.
Its scope of services includes installation, testing and commissioning of distribution systems across 33 kV, 11 kV, high-tension (HT) and low-tension (LT) networks, as well as system monitoring, fault detection, troubleshooting and repair of distribution networks and substations. The Company undertake installation and development of electricity distribution systems and associated infrastructure, including pole-related works such as erection and shifting of poles, cable-related works including laying, jointing and termination of underground and overhead cables, and installation of distribution network components. In addition, the services consist of installation and replacement of energy meters, meter testing, meter reading and related metering support activities, carried out in accordance with requirements specified by the relevant utilities.
The Company undertook an international EPC assignment in the Middle East involving erection, testing and commissioning of substations during the period 2004. In 2016, the Company executed O&M contracts for power distribution infrastructure in the state of Haryana, executed an additional O&M contract for power distribution infrastructure in Haryana in 2019, secured Rs 200 crore contract for electrical infrastructure works in Eastern India in FY23 and has secured power distribution utilities for maintenance of LT/HT lines and substations in 2025.
The Company came up with IPO by issuing 32,50,000 equity shares of Rs 10 each and raised Rs 42.25 crore, which comprise a fresh issue of 30,00,000 equity shares amounting to Rs 39 crore and the offer for sale of 2,50,000 equity shares amounting to Rs 3.25 crore on August 7, 2026.
G V Electricals Ltd IPO will close on 07 Aug 2026.
- Presence Across Electrical Infrastructure Activities with O&M-based Revenue Contribution.
- Order Book Providing Revenue Visibility.
- Majority of Revenue from Repetitive Customers.
- Experienced Management Team and Manpower Strength.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Jawed Akhtar | 3436995 | 41.51 | 3311995 | 29.36 |
| 2 | Sunil Lakshman Vatsa | 3436995 | 41.51 | 3311995 | 29.36 |
| 3 | Furquan Akhtar | 160800 | 1.94 | 160800 | 1.43 |
| 4 | Nahid Naazli | 201000 | 2.43 | 201000 | 1.78 |
| 5 | Areeba Akhtar | 160800 | 1.94 | 160800 | 1.43 |
| 6 | Bindu Sunil Vatsa | 281400 | 3.4 | 281400 | 2.49 |
| 7 | Rutvik Sunil Vatsa | 241200 | 2.91 | 241200 | 2.14 |
- A major portion of the company's revenue is derived from power distribution utilities, and any reduction in business from such customers, adverse changes in procurement practices or failures to secure new contracts may adversely affect its business, results of operations, financial condition and cash flows.
- The company's revenue from operations is substantially dependent on Network Operation and Maintenance ("O&M") Services, and any adverse changes affecting this service vertical may have a material adverse effect on its business.
- The company's business is dependent on securing contracts through competitive tendering processes, and its inability to successfully participate in or secure such tenders, or maintain competitive pricing, may adversely affect the company's business.
- A significant portion of the company's revenue from operations is derived from a limited number of customers, and any reduction in business from such customers may adversely affect its business, results of operations, financial condition and cash flows.
- The company is required to obtain and maintain various statutory licenses, registrations and approvals for its business operations, and any failures to obtain, renew or update such approvals may adversely affect its business, operations and financial condition.
- A significant portion of the company's revenue is derived from repeat customers. Any reduction, delay, cancellation or non-receipt of work orders from such customers may adversely affect its business, results of operations, cash flows and financial condition.
- The company's business is dependent on procurement of electrical materials and equipment from third-party suppliers, and any significant fluctuation in prices or disruption in supply of such materials, including dependence on a limited number of suppliers, may adversely affect its business.
- The company's business operations is dependent on availability and deployment of skilled and semi-skilled manpower, and any inability to effectively manage or deploy such workforce may adversely affect its business, results of operations, financial condition and cash flows.
- The company's ongoing order book may not be indicative of assured revenues, as a significant portion of its projects are executed under rate contracts, maintenance arrangements and work order-based engagements, where actual execution is dependent on issuance of specific work orders and operational requirements of customers.
- The company's business is working capital intensive and any inability to arrange adequate funding or efficiently manage its working capital, including trade receivables, inventories and project-related cash flows, may adversely affect its liquidity, operations and financial condition.
- There are certain outstanding legal proceedings involving the Company, primarily relating to labour matters and tax proceedings, and any adverse outcome in such proceedings may adversely affect its business, results of operations, financial condition and cash flows.
- The Company has experienced negative cash flows in the past and may experience negative cash flows in the future, which may adversely affect its business, results of operations, cash flows and financial condition.
- Certain of the company's premises, including its registered office, area offices, warehouses and guest houses, are occupied under lease, rent or leave and license arrangements, and any non-renewal, termination or dispute in relation to such arrangements may adversely affect the company's business, results of operations, cash flows and financial condition.
- The company's business is dependent on timely and efficient execution of operation and maintenance services as well as electrical infrastructure works, and any delay or deficiency in execution may adversely affect its business, results of operations, financial condition and cash flows.
- A significant portion of the company's revenue from operations is concentrated in certain geographical regions, and any adverse developments affecting such regions may adversely affect its business, results of operations, financial condition and cash flows.
- There has been certain delays in payment of statutory dues in the past. Any delay in payment of statutory dues in future, may result in the imposition of penalties and in turn may have an adverse effect on the company's business, financial condition, results of operation and cash flows.
- Certain discrepancies, clerical errors and delays in filings with the Registrar of Companies may expose it to regulatory action and penalties, which could adversely affect the company's business, financial condition and reputation.
- The Company has previously delayed compliance with Corporate Social Responsibility ("CSR") obligations under the Companies Act, 2013 and any future non-compliance with applicable CSR provisions may expose it to penalties and regulatory action.
- The company has been unable to trace certain historical corporate and secretarial records, which may expose it to regulatory scrutiny and could adversely affect its business and reputation.
- The company's operations is spread across multiple project locations, and any inability to effectively manage and coordinate such geographically dispersed operations may adversely affect its business, results of operations, financial condition and cash flows.
- The company's operations involve engagement of third-party contractors and subcontractors for certain activities, and any failures on their part to perform their obligations in a timely and satisfactory manner may adversely affect its business, results of operations, financial condition and cash flows.
- Any inability to pass on increases in labour, material, logistics and subcontracting costs to the company's customers may adversely affect its margins and financial performance.
- The company has certain contingent liabilities and commitments, which, if they materialize, may adversely affect its results of operations, financial condition and cash flows.
- The Company uses certain trademarks which are not yet registered in its name under the Trade Marks Act, 1999, and any delay or failures in obtaining such registration may expose it to risks relating to intellectual property claims or restrictions on the use of such trademarks.
- The company's payroll processing is outsourced to third-party service providers, and any errors, delays or non-compliance in payroll processing may adversely affect its operations and statutory compliance.
- The company's operations involve execution and maintenance of electrical distribution systems, which expose it to operational and safety risks that could result in injury to persons or damage to property and adversely affect its business, results of operations, cash flows and financial condition.
- The company's business requires it to furnish bank guarantees in favour of the company's customers, and any invocation of such bank guarantees may adversely affect its financial condition, liquidity and reputation.
- The company relies on third-party logistics and transportation providers for procurement and movement of materials and equipment required for execution of its projects, and any disruption in such services may adversely affect the company's business, results of operations, cash flows and financial condition.
- The company operates in a competitive industry, and increased competition may adversely affect its ability to secure projects and service assignments, which may result in reduced revenues, lower margins or loss of market share.
- The company's failure to identify and adapt to evolving industry trends, technological developments and customer requirements in the power distribution and electrical infrastructure sector may materially and adversely affect its business, results of operations and financial condition.
- The company's business is dependent on the experience and expertise of its Promoters, Key Managerial Personnel and Senior Management Personnel, and any inability to retain such personnel may adversely affect the company's business, results of operations, financial condition and cash flows.
- The company may be subject to third-party claims, contractual liabilities or invocation of performance guarantees arising from defects in execution of projects, accidents at project sites or damage to third-party property or infrastructure, which may adversely affect its business, financial condition, results of operations and reputation.
- The Promoters (including Promoter Group) and Directors hold 95.65% of the Equity Shares of the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- The company has in the past entered into related party transactions and may continue to does so in the future.
- The company's insurance coverage may not be adequate to protect it against certain operating hazards, and this may have a material adverse effect on its business, results of operations, cash flows and financial condition.
- The company's trade licenses are subject to verification, renewal and cancellation by municipal authorities, and any adverse action may affect its operations.
- The average cost of acquisition of Equity Shares by the company's Promoters could be lower than the Offer price.
- The company's industry is labour intensive, and its business operations may be materially adversely affected by strikes, work stoppages or increased wage demands by the company's employees or those of its suppliers.
- Employee misconduct, fraud, negligence or errors may expose it to operational, regulatory and reputational risks, which may adversely affect the company's business, financial condition and results of operations.
- The company has incurred significant indebtedness which exposes it to various risks which may have an adverse effect on its business and results of operations.
- The company is subject to the restrictive covenants of banks in respect of the Loans/Credit Limits and other banking facilities availed from them.
- Loans availed by the Company has been secured on personal guarantees of the company's promoters. Its business, financial condition, results of operations, cash flows and prospects may be adversely affected in case of invocation of any personal guarantees provided by the company's Promoters.
- The company could be harmed by employee misconduct or errors that are difficult to detect, and any such incidence could adversely affect its financial condition, results of operations and reputation.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Offer proceeds may delay the implementation schedule.
- The Company will not receive any proceeds from the Offer for Sale portion of the Offer.
- The Objects of the Offer for which funds are being raised, are based on the company's management estimates and has not been appraised by any bank or financial institution or any independent agency.
- Any variation in the utilization of the Net Proceeds will be subject to certain compliance requirements, including prior shareholders' approval.
- The company's ability to pay any dividends will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- Certain key performance indicators for certain listed industry peers included in this Red Herring Prospectus has been sourced from public sources and there is no assurance that such financial and other industry information is complete.
- The company's Promoter and the Promoter Group will jointly continue to retain majority shareholding in the Company after the Offer, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- There is no guarantee that the Equity Shares of the Company will be listed on the Stock Exchanges in a timely manner or at all.
- Certain sections of this Red Herring Prospectus disclose information from industry report commissioned and paid for by it and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- Risks inherent to power sector and electrical infrastructure projects may adversely affect the company's business, financial condition, cash flows and results of operations.
- Prior to handing over completed projects, inspections are undertaken by officials of public sector units to ascertain errors or deviations from approved procedures or drawings while executing projects, and any adverse findings may adversely affect the company's business and results of operations.
- Maintaining the company's reputation and relationships with existing and potential customers is important to its business. Any damage to the company's reputation may adversely affect its ability to secure new projects, obtain repeat orders and maintain customer relationships, which may adversely affect the company's business, financial condition and results of operations.
- The company's operations is subject to safety, health, environmental, labour and other applicable laws and regulations. Any non-compliance with such laws or occurrence of accidents or safety-related incidents may expose it to penalties, liabilities, operational restrictions and project delays, which may adversely affect the company's business, financial condition and results of operations.
- The Offer price of the company's Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company's Equity Shares may decline below the offer price and you may not be able to sell your Equity Shares at or above the offer Price.
- The company's Promoters or directors does not possess experience in managing publicly listed companies.
The Issue type of G V Electricals Ltd is Book Building - SME.
The minimum application for shares of G V Electricals Ltd is 2000.
The total shares issue of G V Electricals Ltd is 3250000.
Initial public offer of 32,50,000 equity shares of face value of Rs. 10/- each (the "Equity Shares") of G V Electricals Ltd ("the Company" or "GVEL" or "the Issuer") at an offer price of Rs. 130 per equity share for cash, aggregating to Rs. 42.25 Crores ("Public Offer") comprising of a fresh issue of 30,00,000 equity shares aggregating to Rs. 39 (the "Fresh Issue") and an offer for sale of 2,50,000 equity shares by the promoter selling shareholders, Jawed Akhtar and Sunil Lakshman Vatsa ("Offer For Sale") aggregating to Rs. 3.25 Crores (hereinafter refferd as "Promoter Selling Shareholders") out of which 2,80,000 equity shares of face value of Rs. 10 each, at an offer price of Rs. 130 per equity share for cash, aggregating to Rs. 3.64 Crores will be reserved for subscription by the market maker to the offer (the "Market Maker Reservation Portion"). The public offer less market maker reservation portion i.e. Offer of 29,70,000 equity shares of face value of Rs. 10 each, at an offer price of Rs. 130 per equity share for cash, aggregating Rs. 38.61 Crores is herein after referred to as the "Net Offer". The public offer and net offer will constitute 28.81% and 26.33% respectively of the post-offer paid-up equity share capital of the company.
Price Band: Rs. 130/- per equity share of face value of Rs. 10/- each.
The floor price is 13.00 times the face value of the equity shares.
Bids can be made for a minimum of 2000 equity shares and in multiples of 1000 equity shares thereafter.