MV Electrosystems IPO - Listing Performance & Details

MV Electrosystems Limited was incorporated in New Delhi in July 2009 and turned into a public limited company in November 2021. The company makes electrical and power electronics equipment for Indian Railways — specifically for railway rolling stock like electric locomotives, EMUs, and coaches.

Its main products are IGBT-based 3-phase drive propulsion systems, switchgear and control panels, cable protection systems, auxiliary converters, vehicle control units, and driver display units. The technology is developed in-house, which puts the company in a small group of domestic players competing in a segment that has long been controlled by multinationals like Alstom, Siemens, and Medha.

Operations run out of two locations in Palwal, Haryana. The first facility in Baghola is already certified and operational for propulsion system manufacturing. A second plant in Nangla Bhiku is under development to handle higher volumes once more orders come through. The R&D centre in Faridabad manages design work end to end — from initial concept and modelling to prototype building, testing, and sign-off.

On orders, the company has five purchase orders from Indian Railways for 123 propulsion systems worth roughly ₹196.48 crore (excluding GST). As of the DRHP filing, 122 of those sets are yet to be delivered, leaving a healthy executable order book.

Revenue in FY25 was ₹62.6 crore, up from ₹50 crore the previous year. Net profit came in at ₹1.4 crore against ₹65 lakh in FY24 — growth, but still thin margins for a company seeking ₹290 crore from public markets. The IPO is entirely a fresh issue, with no shares being sold by existing investors.