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Victory Electric Vehicles International Ltd IPO

Status: Closed

Overview

IPO date
07 Jan 2026 to 09 Jan 2026
Face value
₹ 5 per share
Price
₹ 41 to ₹41 per share
Issue Size
8,430,000 shares
(aggregating up to ₹ 34.56 Cr)
Allotment Date
12 Jan 2026
Listing at
NSE
Issue type
Fixed Price - SME
Sector
Automobile

Objectives of Victory Electric Vehicles International Ltd IPO

Victory Electric Vehicles International Ltd IPO Strategy

About Victory Electric Vehicles International Ltd

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T&C*

Strengths vs Risks of Victory Electric Vehicles International Ltd

Know the pros & cons

Strengths

  • arrowGeographical presence in 12 states with dealers in all 12 states.
  • arrowExperienced Leadership Backed by a Skilled Professional Team.
  • arrowRobust Financial Performance: Maintaining Profitability through COVID-19 Challenges.

Risks

  • arrowIts success depends on the company ability to successfully develop, introduce, manufacture, market and deliver new electric vehicle models of high quality on schedule and on a large scale, which may expose it to new and increased challenges and risks.
  • arrowIf the company electric vehicles contain defects, does not perform as per industry standards and/or fail to meet the performance levels advertised, its brand and reputation and the company ability to develop, market and sell its electric vehicles could be adversely impacted, and its may be compelled to undertake product recalls or similar corrective actions and have legal actions taken against the company.
  • arrowThe company depends on third parties for the supply of raw materials and does not have firm commitments for supply or exclusive arrangements with any of its suppliers. Loss of suppliers may have an adverse effect on its business, results of operations and financial condition.
  • arrowIf the company is not able to provide regular repair services, attract and retain customers, its business, prospects, financial condition, results of operations, and cash flows would be materially harmed.
  • arrowThe Company, its Promoters and its Directors have pending litigations against them. Any adverse order on such pending litigations may adversely impact its business operations and financial statements.
  • arrowThe company receives customer complaints related to its product. There are pending unresolved customer complaints as on December 31, 2024.
  • arrowThe company could experience defects, quality issues or disruptions in the supply or increase in prices of components used in its electric vehicles thus increasing material costs and the price of its electric vehicles and impacting its projected manufacturing and delivery timelines.
  • arrowIts may not be able to accurately estimate the supply and demand for its electric vehicles leading to either a shortage or excess in inventory, which in turn could prevent the company from effectively managing its manufacturing requirements, resulting in additional costs, production delays. Low demand for its vehicles and low-capacity utilization of its factory may limit the company ability to leverage economies of scale.
  • arrowThe company's success depends on its ability to successfully develop, introduce, manufacture, market and deliver new electric vehicle models of high quality on schedule and on a large scale, which may expose it to new and increased challenges and risks.
  • arrowSome of its Promoters Group Entities/Group Companies have objects which would allow them to engage in the line of business similar to the Company. There are no non- compete agreements between the Company and such Promoter Group/Group Companies. This exposes it to the risk of bidding for similar projects in which the Company is interested.
  • arrowThe company operates in a competitive environment, cheap substitutions, faces fair competition and absence of entry barriers into electric vehicle industry from organized and unorganized players, which may adversely affect its business operations and financial condition.
  • arrowThe objects of the Issue include funding working capital requirements of the Company, which is based on certain assumptions and estimates.
  • arrowIts Promoters have provided personal guarantees for loan facilities obtained by the Company and any failures or default to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively to effectively service their role as a promoter and directors and thereby, impact its business and operations.
  • arrowIts electric vehicles make use of batteries which are made up of lithium-ion cells, and if such cells catch fire or vent smoke and flames, the company could be subject to adverse publicity and its brand, business, financial condition, results of operations and prospects could be harmed.
  • arrowIts business depends substantially on the continued efforts of its Key Managerial Personnel and other qualified personnel, and its operations may be disrupted if the company lose their services.
  • arrowIf the company is unable to anticipate, identify, understand and respond timely to rapidly evolving technological and market trends and preferences and develop new products to meet its customers' demands and to adapt to major changes and shifts in the automotive market, its business may be materially adversely affected.
  • arrowThe company depends on its distributors and dealers for its revenue, and any decrease in revenues or sales from any one of its key intermediaries may adversely affect its business and results of operations.
  • arrowPricing pressure from its customers may adversely affect its gross margin and profitability. Inability to increase its prices, which may have a material adverse effect on its results of operations and financial condition.
  • arrowThe company is dependent on few international suppliers for purchase of raw materials. Loss of any of these suppliers may affect its business operations.
  • arrowIts may not be able to compete successfully in the highly competitive and fast evolving automotive market.
  • arrowThe company currently derive its revenue majorly from the sale of few electric vehicle rickshaws and scooter models. If its electric vehicle rickshaws and scooters are not well-received by the market, its business could be adversely affected.
  • arrowInadequate access to public charger stations for consumers could materially and adversely affect demand for its electric vehicles.
  • arrowThe company does not own its Registered Office and Manufacturing Unit which have been taken on leave and license basis from its Promoter Ms. Seema and Promoter Group Entity M/s Victory Electric International respectively. Any revocation or adverse changes in the terms of the leave and license may have an adverse effect on its business, prospects, results of operations and financial condition.
  • arrowThe company is subject to counter party credit risk and any delay in receiving payments or non-receipt of payments may adversely impact its results of operations.
  • arrowThe company does not have proof of payment of stamp duty on issuance/allotment of securities.
  • arrowNon-Compliance of procedural requirements of the provisions of Companies Act, 2013 on rights issue.
  • arrowThe Company may face issue of bad debts due to dealing with many small dealers.
  • arrowSignificant security breaches in its computer systems and network infrastructure, fraud, systems failures and calamities would adversely impact its business.
  • arrowIts may not succeed in continuing to establish, maintain and strengthen the Victory brand and its reputation and brand could be harmed by complaints and negative publicity which could materially and adversely affect customer acceptance of its electric vehicles and the company business revenue and prospects.
  • arrowIts funding requirements and the proposed deployment of Net Proceeds are based on management estimates and the company has not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the Issue.
  • arrowThe range of its electric vehicles on a single charge declines over time which may negatively influence potential customers' decisions whether to purchase its electric vehicles.
  • arrowIf electric vehicle owners customize its electric vehicles or change the charging infrastructure with aftermarket products, the electric vehicle may not operate properly which could harm its business.
  • arrowThe company is dependent on third party logistics for the transportation and timely delivery of its raw materials and finished products to customers.
  • arrowThe company requires a number of approvals, NOCs, licenses, registrations and permits in the ordinary course of its business. Some of these approvals are required to be transferred in the name of "Victory Electric Vehicles International Limited" from "Victory Electric Vehicles International Private Limited" pursuant to conversion and name change of the company and any failures or delay in obtaining such approvals or renewal of the same in a timely manner may adversely affect its operations.
  • arrowThe company is subject to various environmental, health and safety laws and regulations that could impose substantial costs upon it.
  • arrowThere are pending litigations against the Company, and group companies. Any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect its business, cash flows and reputation.
  • arrowIf the company has contingent liabilities in the future, and they materialize, it may affect its results of operations, financial condition and cash flows.
  • arrowBreaches in data security, failures of information security systems and privacy concerns could adversely impact its financial condition, subject us to penalties, damage its reputation and brand, and harm its business, prospects, results of operations and cash flows.
  • arrowBreaches in data security, failures of information security systems and privacy concerns could adversely impact its financial condition, subject it to penalties, damage its reputation and brand, and harm its business, prospects, results of operations and cash flows.
  • arrowThe company has entered into, and will continue to enter into, related party transactions that may involve conflicts of interest.
  • arrowIts Promoter, Directors and Key Managerial Personnel have interests in the Company in addition to their remuneration and reimbursement of expenses.
  • arrowThe company relies primarily on third-party insurance policies to insure its operations-related risks. If its insurance coverage is inadequate, it may have an adverse effect on its business, financial condition and results of operations.
  • arrowIts may need to seek additional financing in the future to support its growth strategies. Any failures to raise additional financing could have an adverse effect on its business, results of operations, financial condition and cash flows.
  • arrowThe activities carried out at factory can cause injury to people or property in certain circumstances.
  • arrowIts results of operations may vary significantly from period to period due to the seasonality of its business and fluctuations in the company operating costs.
  • arrowIf the company cannot maintain its culture as the company grow, its could lose the innovation, teamwork, and passion that the company believe contribute to its success and the company business may be harmed.
  • arrowIts business may be adversely affected by labour unrest and union activities.
  • arrowIts ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of its financing arrangements.
  • arrowThe company has issued Equity Shares during the preceding 12 months at prices that may be lower than the Issue Price.
  • arrowIf the company is unable to manage its growth effectively or if its estimates or assumptions used in developing its strategic plan are inaccurate or the company is unable to execute its strategic plan effectively, its business and prospects may be materially and adversely affected.
  • arrowIts electric vehicles are subject to motor vehicle standards as laid down by the Automotive Research Association of India and any changes in such standards or failures to satisfy such standards could materially and adversely affect its business and results of operations.
  • arrowIts may not be able to protect its intellectual property rights and prevent the unauthorized use of its intellectual property, which could harm its business and competitive position.
  • arrowIts may not be able to protect the company intellectual property rights and prevent the unauthorized use of its intellectual property, which could harm its business and competitive position.
  • arrowUpon completion of the Issue, its Promoter / Promoter Group may continue to retain significant control, which will allow them to influence the outcome of matters submitted to the shareholders for approval.
  • arrowEmployee misconduct, errors or fraud could expose it to business risks or losses that could adversely affect its business prospects, results of operations and financial condition.
  • arrowThe deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
  • arrowIts ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in its financing arrangements.
  • arrowThe requirements of being a public listed company may strain its resources and impose additional requirements.
  • arrowIts Promoters and the Promoter Group will jointly continue to retain majority shareholding in the Company after the Issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
  • arrowIts business is substantially affected by prevailing economic, political and other prevailing conditions in India.
  • arrowPresently the company does not have any access to third party funding, NBFCs who can provide loans for purchase of unregistered vehicles.
  • arrowIf the company's electric vehicles contain defects, do not perform as per industry standards and/or fails to meet the performance levels advertised, the company's brand and reputation and its ability to develop, market and sell the company's electric vehicles could be adversely impacted, and the company may be compelled to undertake product recalls or similar corrective actions and have legal actions taken against it.
  • arrowThe company depends on third parties for the supply of raw materials and do not have firm commitments for supply or exclusive arrangements with any of its suppliers. Loss of suppliers may have an adverse effect on the company's business, results of operations and financial condition.
  • arrowIf the company is not able to provide regular repair services, attract and retain customers, the company's business, prospects, financial condition, results of operations, and cash flows would be materially harmed.
  • arrowThe impact of past NCLT Proceedings on the Company's Business and Growth Plans.
  • arrowThe Company, the company's Promoters and its Directors have pending litigation against them. Any adverse order on such pending litigations may adversely impact its business operations and financial statements.
  • arrowThe company receives customer complaints related to its product. There are pending unresolved customer complaints as on September 30, 2025.
  • arrowThe company could experience defects, quality issues or disruptions in the supply or increase in prices of components used in the company's electric vehicles thus increasing material costs and the price of its electric vehicles and impacting the company's projected manufacturing and delivery timelines.
  • arrowThe company may not be able to accurately estimate the supply and demand for its electric vehicles leading to either a shortage or excess in inventory, which in turn could prevent it from effectively managing the company's manufacturing requirements, resulting in additional costs, production delays. Low demand for our vehicles and low-capacity utilization of its factory may limit the company's ability to leverage economies of scale.
  • arrowThe Company earns majority of revenue from few states like Uttar Pradesh, Haryana, Bihar, Delhi and Madhya Pradesh. Change in customer preference or any adverse regulation from the state governments in these states will have a major impact on its revenue from operations.
  • arrowSome of the company's Promoters Group Entities/Group Companies have objects which would allow them to engage in the line of business similar to the Company. There are no non- compete agreements between the Company and such Promoter Group/Group Companies. This exposes it to the risk of bidding for similar projects in which the Company is interested.
  • arrowThe company operates in a competitive environment, cheap substitutions, face fair competition and absence of entry barriers into electric vehicle industry from organized and unorganized players, which may adversely affect the company's business operations and financial condition
  • arrowThe objects of the Issue include funding working capital requirements of the Company, which is based on certain assumptions and estimates.
  • arrowThe company's Promoters have provided personal guarantees for loan facilities obtained by the Company and any failures or default to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively to effectively service their role as a promoter and directors and thereby, impact the company's business and operations
  • arrowThe company's electric vehicles make use of batteries which are made up of lithium-ion cells, and if such cells catch fire or vent smoke and flames, the company could be subject to adverse publicity and its brand, business, financial condition, results of operations and prospects could be harmed.
  • arrowThe company's business depends substantially on the continued efforts of its Key Managerial Personnel and other qualified personnel, and the company's operations may be disrupted if the company lose their services.
  • arrowIf the company is unable to anticipate, identify, understand and respond timely to rapidly evolving technological and market trends and preferences and develop new products to meet its customers' demands and to adapt to major changes and shifts in the automotive market, the company's business may be materially adversely affected.
  • arrowThe company depends on its distributors and dealers for the company's revenue, and any decrease in revenues or sales from any one of our key intermediaries may adversely affect the company's business and results of operations.
  • arrowPricing pressure from the company's customers may adversely affect its gross margin and profitability. Inability to increase the company's prices, which may have a material adverse effect on its results of operations and financial condition.
  • arrowThe company is dependent on few international suppliers for purchase of raw materials. Loss of any of these suppliers may affect its business operations.
  • arrowThe company may not be able to compete successfully in the highly competitive and fast evolving automotive market.
  • arrowThe company currently derive our revenue majorly from the sale of few electric vehicle rickshaws and scooter models. If the company's electric vehicle rickshaws and scooters are not well-received by the market, the company's business could be adversely affected.
  • arrowInadequate access to public charger stations for consumers could materially and adversely affect demand for its electric vehicles.
  • arrowThe company does not own its Registered Office and Manufacturing Unit which have been taken on leave and license basis from the company's Promoter Ms. Seema and Promoter Group Entity M/s Victory Electric International respectively. Any revocation or adverse changes in the terms of the leave and license may have an adverse effect on its business, prospects, results of operations and financial condition
  • arrowThe company is subject to counterparty credit risk and any delay in receiving payments or non-receipt of payments may adversely impact its results of operations
  • arrowThe company does not have proof of payment of stamp duty on issuance/allotment of securities
  • arrowNon-Compliance of procedural requirements of the provisions of Companies Act, 2013 on rights issue.
  • arrowThe Company may face issue of bad debts due to dealing with many small dealers.
  • arrowSignificant security breaches in the company's computer systems and network infrastructure, fraud, systems failures and calamities would adversely impact its business.
  • arrowThe company may not succeed in continuing to establish, maintain and strengthen the Victory brand and its reputation and brand could be harmed by complaints and negative publicity which could materially and adversely affect customer acceptance of the company's electric vehicles and its business revenue and prospects.
  • arrowThe company's funding requirements and the proposed deployment of Net Proceeds are based on management estimates and the company has not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the Issue.
  • arrowThe range of its electric vehicles on a single charge declines over time which may negatively influence potential customers' decisions whether to purchase the company's electric vehicles.
  • arrowIf electric vehicle owners customize our electric vehicles or change the charging infrastructure with aftermarket products, the electric vehicle may not operate properly which could harm the company's business.
  • arrowThe company is dependents on third party logistics for the transportation and timely delivery of its raw materials and finished products to customers.
  • arrowThe company requires a number of approvals, NOCs, licenses, registrations and permits in the ordinary course of its business. Some of these approvals are required to be transferred in the name of "Victory Electric Vehicles International Limited" from "Victory Electric Vehicles International Private Limited" pursuant to conversion and name change of the company and any failures or delay in obtaining such approvals or renewal of the same in a timely manner may adversely affect its operations.
  • arrowThe company is subject to various environmental, health and safety laws and regulations that could impose substantial costs upon it.
  • arrowThere are pending litigations against the Company, and group companies. Any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect the company's business, cash flows and reputation.
  • arrowIf the company contingent liabilities in the future, and they materialize, it may affect its results of operations, financial condition and cash flows.
  • arrowBreaches in data security, failures of information security systems and privacy concerns could adversely impact the company's financial condition, subject us to penalties, damage its reputation and brand, and harm the company's business, prospects, results of operations and cash flows.
  • arrowAny failures to protect or enforce our rights to own or use the company's trademark could have an adverse effect on its business and competitive position.
  • arrowThe company has entered into, and will continue to enter into, related party transactions that may involve conflicts of interest
  • arrowThe company's Promoter, Directors and Key Managerial Personnel have interests in the Company in addition to their remuneration and reimbursement of expenses.
  • arrowThe company rely primarily on third-party insurance policies to insure its operations-related risks. If the company's insurance coverage is inadequate, it may have an adverse effect on its business, financial condition and results of operations.
  • arrowThe company may need to seek additional financing in the future to support its growth strategies. Any failures to raise additional financing could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • arrowThe activities carried out at factory can cause injury to people or property in certain circumstances.
  • arrowThe company results of operations may vary significantly from period to period due to the seasonality of its business and fluctuations in the company's operating costs.
  • arrowIf the company cannot maintain its culture as the company grow, the company could lose the innovation, teamwork, and passion that the company believe contribute to our success and its business may be harmed.
  • arrowThe company's business may be adversely affected by labour unrest and union activities.
  • arrowThe company'sability to pay dividends in the future will depend on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of its financing arrangements.
  • arrowThe company has issued Equity Shares during the preceding 12 months at prices that may be lower than the Issue Price.
  • arrowIf the company is unable to manage its growth effectively or if the company's estimates or assumptions used in developing its strategic plan are inaccurate or the company is unable to execute its strategic plan effectively, the company's business and prospects may be materially and adversely affected.
  • arrowThe company's electric vehicles are subject to motor vehicle standards as laid down by the Automotive Research Association of India and any changes in such standards or failures to satisfy such standards could materially and adversely affect its business and results of operations.
  • arrowThe company may not be able to protect the company's intellectual property rights and prevent the unauthorized use of its ntellectual property, which could harm our business and competitive positiz.
  • arrowThe company faces risks associated with potential international operations, including unfavourable regulatory, political, currency, tax, and labour conditions, which could harm our business, prospects, financial condition, results of operations, and cash flows.
  • arrowUpon completion of the Issue, the company's Promoter / Promoter Group may continue to retain significant control, which will allow them to influence the outcome of matters submitted to the shareholders for approval.
  • arrowEmployee misconduct, errors or fraud could expose it to business risks or losses that could adversely affect the company's business prospects, results of operations and financial condition.
  • arrowThe deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
  • arrowThe company's ability to pay dividends in the future will depend upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company's financing arrangements.
  • arrowThe requirements of being a public listed company may strain the company's resources and impose additional requirements.
  • arrowThe company's Promoters and the Promoter Group will jointly continue to retain majority shareholding in the Company after the Issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
  • arrowThe company's business is substantially affected by prevailing economic, political and other prevailing conditions in India.
  • arrowPresently the company does not have any access to third party funding, NBFCs who can provide loans for purchase of unregistered vehicles.

Victory Electric Vehicles International Ltd Peer Comparison

Understand the company’s industry standing

Victory Electric Vehicles Intl. Ltd
Wardwizard Innovations & Mobilitity Limited
Tunwal E-Motors Limited
Face Value
5
1
2
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
---
---
---
EPS-Basis
2.08
0.26
2.32
EPS-Diluted
2.08
0.26
2.32
NAV Per Share
10.54
4.08
20.09
P/E-Basic EPS
12.42
32.58
15.32
P/E-Diluted EPS
---
---
---
RONW(%)
10.35
6.5
19.26
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 07 Jan 2026 & closes on 09 Jan 2026.

Victory Electric Vehicles International Limited was incorporated as ' Victory Electric Vehicles International Private Limited ' on October 26, 2018, as a Private Company, pursuant to a Certificate of Incorporation dated October 26, 2018, issued by the RoC, Central Registration Centre. Subsequently, Company was converted to a Public Limited Company, and the name was changed to 'Victory Electric Vehicles International Limited' dated February 28, 2020. The Company is in the business of manufacturing Electric Vehicles which includes Electric Rickshaws, Passenger Rickshaws, E-Loaders, Cargo Rickshaws and Electric Scooters. Company has widespread geographical reach, showcasing their commitment to sustainable mobility across India. It has strategically established a strong presence in states including Uttar Pradesh, Rajasthan, Haryana, Bihar, Madhya Pradesh, Jharkhand, Delhi, Chandigarh, Uttarakhand, Jammu & Kashmir, Gujarat and Maharashtra. These regions reflect its focus on E-Rickshaws, which are important in urban and rural transportation. The Company increased the production capacity to 6,000 electric vehicles in 2024 and has launched a new variant of electric vehicles L-5, with 5 new models. The Company launched the IPO comprising a fresh issue of 56,47,000 equity shares of Rs 10 by raising funds aggregating to Rs 40.66 crore on May 23, 2025.

Victory Electric Vehicles International Ltd IPO will close on 09 Jan 2026.

  • Geographical presence in 12 states with dealers in all 12 states.
  • Experienced Leadership Backed by a Skilled Professional Team.
  • Robust Financial Performance: Maintaining Profitability through COVID-19 Challenges.

S.No Promoters Name Pre Issue Shares Pre Issue Percentage Post Issue Shares Post Issue Percentage
1 Sanjay Kumar Popli 6460000 41.25 6460000 26.82
2 Seema 8740000 55.81 8740000 36.28
3 Palak Poply 54000 0.34 54000 0.22
4 Kanwal Nain 1500 0.01 1500 0.01

  • Its success depends on the company ability to successfully develop, introduce, manufacture, market and deliver new electric vehicle models of high quality on schedule and on a large scale, which may expose it to new and increased challenges and risks.
  • If the company electric vehicles contain defects, does not perform as per industry standards and/or fail to meet the performance levels advertised, its brand and reputation and the company ability to develop, market and sell its electric vehicles could be adversely impacted, and its may be compelled to undertake product recalls or similar corrective actions and have legal actions taken against the company.
  • The company depends on third parties for the supply of raw materials and does not have firm commitments for supply or exclusive arrangements with any of its suppliers. Loss of suppliers may have an adverse effect on its business, results of operations and financial condition.
  • If the company is not able to provide regular repair services, attract and retain customers, its business, prospects, financial condition, results of operations, and cash flows would be materially harmed.
  • The Company, its Promoters and its Directors have pending litigations against them. Any adverse order on such pending litigations may adversely impact its business operations and financial statements.
  • The company receives customer complaints related to its product. There are pending unresolved customer complaints as on December 31, 2024.
  • The company could experience defects, quality issues or disruptions in the supply or increase in prices of components used in its electric vehicles thus increasing material costs and the price of its electric vehicles and impacting its projected manufacturing and delivery timelines.
  • Its may not be able to accurately estimate the supply and demand for its electric vehicles leading to either a shortage or excess in inventory, which in turn could prevent the company from effectively managing its manufacturing requirements, resulting in additional costs, production delays. Low demand for its vehicles and low-capacity utilization of its factory may limit the company ability to leverage economies of scale.
  • The company's success depends on its ability to successfully develop, introduce, manufacture, market and deliver new electric vehicle models of high quality on schedule and on a large scale, which may expose it to new and increased challenges and risks.
  • Some of its Promoters Group Entities/Group Companies have objects which would allow them to engage in the line of business similar to the Company. There are no non- compete agreements between the Company and such Promoter Group/Group Companies. This exposes it to the risk of bidding for similar projects in which the Company is interested.
  • The company operates in a competitive environment, cheap substitutions, faces fair competition and absence of entry barriers into electric vehicle industry from organized and unorganized players, which may adversely affect its business operations and financial condition.
  • The objects of the Issue include funding working capital requirements of the Company, which is based on certain assumptions and estimates.
  • Its Promoters have provided personal guarantees for loan facilities obtained by the Company and any failures or default to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively to effectively service their role as a promoter and directors and thereby, impact its business and operations.
  • Its electric vehicles make use of batteries which are made up of lithium-ion cells, and if such cells catch fire or vent smoke and flames, the company could be subject to adverse publicity and its brand, business, financial condition, results of operations and prospects could be harmed.
  • Its business depends substantially on the continued efforts of its Key Managerial Personnel and other qualified personnel, and its operations may be disrupted if the company lose their services.
  • If the company is unable to anticipate, identify, understand and respond timely to rapidly evolving technological and market trends and preferences and develop new products to meet its customers' demands and to adapt to major changes and shifts in the automotive market, its business may be materially adversely affected.
  • The company depends on its distributors and dealers for its revenue, and any decrease in revenues or sales from any one of its key intermediaries may adversely affect its business and results of operations.
  • Pricing pressure from its customers may adversely affect its gross margin and profitability. Inability to increase its prices, which may have a material adverse effect on its results of operations and financial condition.
  • The company is dependent on few international suppliers for purchase of raw materials. Loss of any of these suppliers may affect its business operations.
  • Its may not be able to compete successfully in the highly competitive and fast evolving automotive market.
  • The company currently derive its revenue majorly from the sale of few electric vehicle rickshaws and scooter models. If its electric vehicle rickshaws and scooters are not well-received by the market, its business could be adversely affected.
  • Inadequate access to public charger stations for consumers could materially and adversely affect demand for its electric vehicles.
  • The company does not own its Registered Office and Manufacturing Unit which have been taken on leave and license basis from its Promoter Ms. Seema and Promoter Group Entity M/s Victory Electric International respectively. Any revocation or adverse changes in the terms of the leave and license may have an adverse effect on its business, prospects, results of operations and financial condition.
  • The company is subject to counter party credit risk and any delay in receiving payments or non-receipt of payments may adversely impact its results of operations.
  • The company does not have proof of payment of stamp duty on issuance/allotment of securities.
  • Non-Compliance of procedural requirements of the provisions of Companies Act, 2013 on rights issue.
  • The Company may face issue of bad debts due to dealing with many small dealers.
  • Significant security breaches in its computer systems and network infrastructure, fraud, systems failures and calamities would adversely impact its business.
  • Its may not succeed in continuing to establish, maintain and strengthen the Victory brand and its reputation and brand could be harmed by complaints and negative publicity which could materially and adversely affect customer acceptance of its electric vehicles and the company business revenue and prospects.
  • Its funding requirements and the proposed deployment of Net Proceeds are based on management estimates and the company has not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the Issue.
  • The range of its electric vehicles on a single charge declines over time which may negatively influence potential customers' decisions whether to purchase its electric vehicles.
  • If electric vehicle owners customize its electric vehicles or change the charging infrastructure with aftermarket products, the electric vehicle may not operate properly which could harm its business.
  • The company is dependent on third party logistics for the transportation and timely delivery of its raw materials and finished products to customers.
  • The company requires a number of approvals, NOCs, licenses, registrations and permits in the ordinary course of its business. Some of these approvals are required to be transferred in the name of "Victory Electric Vehicles International Limited" from "Victory Electric Vehicles International Private Limited" pursuant to conversion and name change of the company and any failures or delay in obtaining such approvals or renewal of the same in a timely manner may adversely affect its operations.
  • The company is subject to various environmental, health and safety laws and regulations that could impose substantial costs upon it.
  • There are pending litigations against the Company, and group companies. Any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect its business, cash flows and reputation.
  • If the company has contingent liabilities in the future, and they materialize, it may affect its results of operations, financial condition and cash flows.
  • Breaches in data security, failures of information security systems and privacy concerns could adversely impact its financial condition, subject us to penalties, damage its reputation and brand, and harm its business, prospects, results of operations and cash flows.
  • Breaches in data security, failures of information security systems and privacy concerns could adversely impact its financial condition, subject it to penalties, damage its reputation and brand, and harm its business, prospects, results of operations and cash flows.
  • The company has entered into, and will continue to enter into, related party transactions that may involve conflicts of interest.
  • Its Promoter, Directors and Key Managerial Personnel have interests in the Company in addition to their remuneration and reimbursement of expenses.
  • The company relies primarily on third-party insurance policies to insure its operations-related risks. If its insurance coverage is inadequate, it may have an adverse effect on its business, financial condition and results of operations.
  • Its may need to seek additional financing in the future to support its growth strategies. Any failures to raise additional financing could have an adverse effect on its business, results of operations, financial condition and cash flows.
  • The activities carried out at factory can cause injury to people or property in certain circumstances.
  • Its results of operations may vary significantly from period to period due to the seasonality of its business and fluctuations in the company operating costs.
  • If the company cannot maintain its culture as the company grow, its could lose the innovation, teamwork, and passion that the company believe contribute to its success and the company business may be harmed.
  • Its business may be adversely affected by labour unrest and union activities.
  • Its ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of its financing arrangements.
  • The company has issued Equity Shares during the preceding 12 months at prices that may be lower than the Issue Price.
  • If the company is unable to manage its growth effectively or if its estimates or assumptions used in developing its strategic plan are inaccurate or the company is unable to execute its strategic plan effectively, its business and prospects may be materially and adversely affected.
  • Its electric vehicles are subject to motor vehicle standards as laid down by the Automotive Research Association of India and any changes in such standards or failures to satisfy such standards could materially and adversely affect its business and results of operations.
  • Its may not be able to protect its intellectual property rights and prevent the unauthorized use of its intellectual property, which could harm its business and competitive position.
  • Its may not be able to protect the company intellectual property rights and prevent the unauthorized use of its intellectual property, which could harm its business and competitive position.
  • Upon completion of the Issue, its Promoter / Promoter Group may continue to retain significant control, which will allow them to influence the outcome of matters submitted to the shareholders for approval.
  • Employee misconduct, errors or fraud could expose it to business risks or losses that could adversely affect its business prospects, results of operations and financial condition.
  • The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
  • Its ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in its financing arrangements.
  • The requirements of being a public listed company may strain its resources and impose additional requirements.
  • Its Promoters and the Promoter Group will jointly continue to retain majority shareholding in the Company after the Issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
  • Its business is substantially affected by prevailing economic, political and other prevailing conditions in India.
  • Presently the company does not have any access to third party funding, NBFCs who can provide loans for purchase of unregistered vehicles.
  • If the company's electric vehicles contain defects, do not perform as per industry standards and/or fails to meet the performance levels advertised, the company's brand and reputation and its ability to develop, market and sell the company's electric vehicles could be adversely impacted, and the company may be compelled to undertake product recalls or similar corrective actions and have legal actions taken against it.
  • The company depends on third parties for the supply of raw materials and do not have firm commitments for supply or exclusive arrangements with any of its suppliers. Loss of suppliers may have an adverse effect on the company's business, results of operations and financial condition.
  • If the company is not able to provide regular repair services, attract and retain customers, the company's business, prospects, financial condition, results of operations, and cash flows would be materially harmed.
  • The impact of past NCLT Proceedings on the Company's Business and Growth Plans.
  • The Company, the company's Promoters and its Directors have pending litigation against them. Any adverse order on such pending litigations may adversely impact its business operations and financial statements.
  • The company receives customer complaints related to its product. There are pending unresolved customer complaints as on September 30, 2025.
  • The company could experience defects, quality issues or disruptions in the supply or increase in prices of components used in the company's electric vehicles thus increasing material costs and the price of its electric vehicles and impacting the company's projected manufacturing and delivery timelines.
  • The company may not be able to accurately estimate the supply and demand for its electric vehicles leading to either a shortage or excess in inventory, which in turn could prevent it from effectively managing the company's manufacturing requirements, resulting in additional costs, production delays. Low demand for our vehicles and low-capacity utilization of its factory may limit the company's ability to leverage economies of scale.
  • The Company earns majority of revenue from few states like Uttar Pradesh, Haryana, Bihar, Delhi and Madhya Pradesh. Change in customer preference or any adverse regulation from the state governments in these states will have a major impact on its revenue from operations.
  • Some of the company's Promoters Group Entities/Group Companies have objects which would allow them to engage in the line of business similar to the Company. There are no non- compete agreements between the Company and such Promoter Group/Group Companies. This exposes it to the risk of bidding for similar projects in which the Company is interested.
  • The company operates in a competitive environment, cheap substitutions, face fair competition and absence of entry barriers into electric vehicle industry from organized and unorganized players, which may adversely affect the company's business operations and financial condition
  • The objects of the Issue include funding working capital requirements of the Company, which is based on certain assumptions and estimates.
  • The company's Promoters have provided personal guarantees for loan facilities obtained by the Company and any failures or default to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively to effectively service their role as a promoter and directors and thereby, impact the company's business and operations
  • The company's electric vehicles make use of batteries which are made up of lithium-ion cells, and if such cells catch fire or vent smoke and flames, the company could be subject to adverse publicity and its brand, business, financial condition, results of operations and prospects could be harmed.
  • The company's business depends substantially on the continued efforts of its Key Managerial Personnel and other qualified personnel, and the company's operations may be disrupted if the company lose their services.
  • If the company is unable to anticipate, identify, understand and respond timely to rapidly evolving technological and market trends and preferences and develop new products to meet its customers' demands and to adapt to major changes and shifts in the automotive market, the company's business may be materially adversely affected.
  • The company depends on its distributors and dealers for the company's revenue, and any decrease in revenues or sales from any one of our key intermediaries may adversely affect the company's business and results of operations.
  • Pricing pressure from the company's customers may adversely affect its gross margin and profitability. Inability to increase the company's prices, which may have a material adverse effect on its results of operations and financial condition.
  • The company is dependent on few international suppliers for purchase of raw materials. Loss of any of these suppliers may affect its business operations.
  • The company may not be able to compete successfully in the highly competitive and fast evolving automotive market.
  • The company currently derive our revenue majorly from the sale of few electric vehicle rickshaws and scooter models. If the company's electric vehicle rickshaws and scooters are not well-received by the market, the company's business could be adversely affected.
  • Inadequate access to public charger stations for consumers could materially and adversely affect demand for its electric vehicles.
  • The company does not own its Registered Office and Manufacturing Unit which have been taken on leave and license basis from the company's Promoter Ms. Seema and Promoter Group Entity M/s Victory Electric International respectively. Any revocation or adverse changes in the terms of the leave and license may have an adverse effect on its business, prospects, results of operations and financial condition
  • The company is subject to counterparty credit risk and any delay in receiving payments or non-receipt of payments may adversely impact its results of operations
  • The company does not have proof of payment of stamp duty on issuance/allotment of securities
  • Non-Compliance of procedural requirements of the provisions of Companies Act, 2013 on rights issue.
  • The Company may face issue of bad debts due to dealing with many small dealers.
  • Significant security breaches in the company's computer systems and network infrastructure, fraud, systems failures and calamities would adversely impact its business.
  • The company may not succeed in continuing to establish, maintain and strengthen the Victory brand and its reputation and brand could be harmed by complaints and negative publicity which could materially and adversely affect customer acceptance of the company's electric vehicles and its business revenue and prospects.
  • The company's funding requirements and the proposed deployment of Net Proceeds are based on management estimates and the company has not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the Issue.
  • The range of its electric vehicles on a single charge declines over time which may negatively influence potential customers' decisions whether to purchase the company's electric vehicles.
  • If electric vehicle owners customize our electric vehicles or change the charging infrastructure with aftermarket products, the electric vehicle may not operate properly which could harm the company's business.
  • The company is dependents on third party logistics for the transportation and timely delivery of its raw materials and finished products to customers.
  • The company requires a number of approvals, NOCs, licenses, registrations and permits in the ordinary course of its business. Some of these approvals are required to be transferred in the name of "Victory Electric Vehicles International Limited" from "Victory Electric Vehicles International Private Limited" pursuant to conversion and name change of the company and any failures or delay in obtaining such approvals or renewal of the same in a timely manner may adversely affect its operations.
  • The company is subject to various environmental, health and safety laws and regulations that could impose substantial costs upon it.
  • There are pending litigations against the Company, and group companies. Any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect the company's business, cash flows and reputation.
  • If the company contingent liabilities in the future, and they materialize, it may affect its results of operations, financial condition and cash flows.
  • Breaches in data security, failures of information security systems and privacy concerns could adversely impact the company's financial condition, subject us to penalties, damage its reputation and brand, and harm the company's business, prospects, results of operations and cash flows.
  • Any failures to protect or enforce our rights to own or use the company's trademark could have an adverse effect on its business and competitive position.
  • The company has entered into, and will continue to enter into, related party transactions that may involve conflicts of interest
  • The company's Promoter, Directors and Key Managerial Personnel have interests in the Company in addition to their remuneration and reimbursement of expenses.
  • The company rely primarily on third-party insurance policies to insure its operations-related risks. If the company's insurance coverage is inadequate, it may have an adverse effect on its business, financial condition and results of operations.
  • The company may need to seek additional financing in the future to support its growth strategies. Any failures to raise additional financing could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • The activities carried out at factory can cause injury to people or property in certain circumstances.
  • The company results of operations may vary significantly from period to period due to the seasonality of its business and fluctuations in the company's operating costs.
  • If the company cannot maintain its culture as the company grow, the company could lose the innovation, teamwork, and passion that the company believe contribute to our success and its business may be harmed.
  • The company's business may be adversely affected by labour unrest and union activities.
  • The company'sability to pay dividends in the future will depend on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of its financing arrangements.
  • The company has issued Equity Shares during the preceding 12 months at prices that may be lower than the Issue Price.
  • If the company is unable to manage its growth effectively or if the company's estimates or assumptions used in developing its strategic plan are inaccurate or the company is unable to execute its strategic plan effectively, the company's business and prospects may be materially and adversely affected.
  • The company's electric vehicles are subject to motor vehicle standards as laid down by the Automotive Research Association of India and any changes in such standards or failures to satisfy such standards could materially and adversely affect its business and results of operations.
  • The company may not be able to protect the company's intellectual property rights and prevent the unauthorized use of its ntellectual property, which could harm our business and competitive positiz.
  • The company faces risks associated with potential international operations, including unfavourable regulatory, political, currency, tax, and labour conditions, which could harm our business, prospects, financial condition, results of operations, and cash flows.
  • Upon completion of the Issue, the company's Promoter / Promoter Group may continue to retain significant control, which will allow them to influence the outcome of matters submitted to the shareholders for approval.
  • Employee misconduct, errors or fraud could expose it to business risks or losses that could adversely affect the company's business prospects, results of operations and financial condition.
  • The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
  • The company's ability to pay dividends in the future will depend upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company's financing arrangements.
  • The requirements of being a public listed company may strain the company's resources and impose additional requirements.
  • The company's Promoters and the Promoter Group will jointly continue to retain majority shareholding in the Company after the Issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
  • The company's business is substantially affected by prevailing economic, political and other prevailing conditions in India.
  • Presently the company does not have any access to third party funding, NBFCs who can provide loans for purchase of unregistered vehicles.

The Issue type of Victory Electric Vehicles International Ltd is Fixed Price - SME.

The minimum application for shares of Victory Electric Vehicles International Ltd is 6000.

The total shares issue of Victory Electric Vehicles International Ltd is 8430000.

Initial public issue of up to 84,30,000 equity shares of face value of Rs. 5/- each ( the"Equity Shares") of Victory Electric Vehicles International Limited("the Company" or the "Issuer") for cash at a price of Rs. 41/- per equity share (Including a Premium of Rs. 36/- per equity share) ("Issue Price") Aggregating up to Rs. 34.56 crores ("the Issue'), out of which 4,23,000 equity shares of face value of Rs. 5/- each for a cash price of Rs. 41/- per equity share, aggregating to Rs. 1.73 crores will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. Issue of 80,07,000 equity shares of face value of Rs. 5/- each at an issue price of Rs. 41/- per equity share aggregating of Rs.32.83 crores (is hereinafter referred to as the"Net Issue"). The issue and the net issue will constitute 35.00% and 33.24% respectively of the post issue paid up equity share capital of the company. Issue Price: Rs. 41/- per equity share of face value of Rs. 5/- each. The issue price is 8.20 times of the face value. Bids can be made for a minimum of 6,000 equity shares and in multiples of 3,000 equity shares thereafter.