MV Electrosystems IPO

The MV Electrosystems IPO is a 100% book-built issue, with the DRHP filed on November 27, 2025. The total issue size consists entirely of a fresh issue of equity shares aggregating up to ₹290 crore, which is entirely a fresh issue of shares. 

The price band, minimum bid lot and the opening and closing dates for the MV Electrosystems IPO have not yet been finalized but will be announced at least two working days before the bidding opens. The equity shares are proposed to be listed on both the BSE and the NSE platforms. Sundae Capital Advisors Private Ltd. is the only Book Running Lead Manager (BRLM), and KFin Technologies Ltd. is the appointed Registrar for MV Electrosystems IPO.

Company Background

MV Electrosystems Ltd., previously known as MV Electrosystems Pvt. Ltd., was incorporated on July 3, 2009, in New Delhi. The company became a public ltd. company in November 2021. Although the company is headquartered in New Delhi, it has recently decided to change its registered office to Haryana, where its corporate office in Faridabad and manufacturing facilities are located.

The day MV Electrosystem came into the market, it consistently evolved to be a specialized player in the railway electronics space. It focuses on the design and assembly of critical electrical and power electronics equipment, particularly for the modern IGBT-based 3-phase electric locomotives and high-speed train sets like the Vande Bharat.

Operations & Product Range

The operations of MV Electrosystems Ltd. are centered around providing polished electrical solutions for railway rolling stock. Their product portfolio includes:

• Core electrical control systems for locomotives and coaches.
• Cable Protection and Interconnected Products
• 3-Phase Propulsion Systems, a developed systems that drive modern electric trains.

The company's primary customers are the Indian Railways and original equipment manufacturers (OEMs) involved in the production of rolling stock.

Facilities & Capacity

MV Electrosystems Ltd.'s operational infrastructure is concentrated in Haryana. Its primary facilities include:

• Unit 1: An assembling and manufacturing facility located in Prithla.
• Unit 2: Dedicated to specific product lines and testing.
• Research, Design & Development (RD&D) Centre: A critical hub for technological innovation.

As of the latest reports, the company has achieved high capacity utilization for its core products. For instance, the utilization for Switch Board Cabinets reached 101.82% during the 4 months ended July 31, 2025 and consistently stayed near 100% in previous years. The company is also in the process of shifting its cable protection facility to a more integrated location in Haryana.

Brands & Market Presence

Operating under the "MV Electro" and "MV Electrosystems" identities, the company has built a reputation for indigenous product development. A major milestone for the company was the design and approval of its proprietary 3-Phase Propulsion System, which received critical approvals from the Research Designs and Standards Organisation (RDSO).

This achievement places them in a competitive position within the Indian market, which is seeing a rapid CAGR of 11.5% in railway cable assemblies and related electronics. Their focus remains domestic, catering to the massive expansion of the Indian metro and national rail networks.

Revenue Streams & Business Model

The primary revenue stream for MV Electrosystems Ltd. is the sale of manufactured and assembled electrical equipment for railways. 

Business Model

MV Electrosystem Ltd. follows a B2G (business-to-government) and OEM-centric model, where success is built on indigenous R&D and high regulatory barriers.

• MV Electrosystems acts as a CDMO (Contract Development and Manufacturing Organization), designing and assembling complex power electronics in-house to replace expensive imports.
• The business depends on stringent RDSO and CLW approvals. These technical certifications act as a significant barrier to entry, ensuring long-term contracts and a "preferred vendor" status.
• Expansion into systems, like from selling individual components to supplying integrated propulsion kits, which significantly increases the total contract value per locomotive.

Key Revenue Channels

• Propulsion Equipment: Flagship IGBT-based 3-Phase Drive systems for electric locomotives.
• Rolling Stock Electrics: Sale of Train Control Management Systems (TCMS) and driver display units for coaches and EMUs.
• Switchgear & Panels: Supply of electrical control panels and switchboard cabinets for railway rolling stock.
• Infrastructure & OHE: Sales of specialized cable protection, wiring harnesses, and overhead electrification (OHE) products.
• Government Tenders: Over 90% of revenue flows from direct orders with Indian Railways, backed by a robust ₹207.5 crore order book.

Management & Shareholding

Promoters & Shareholding

The MV Electrosystems IPO is backed by a group of individual promoters, including Mohit Vohra, Amit Dhawan, Sumit Dhawan, Rahul Dhawan, Sonali Dhawan and Ramendra Pratap Singh. Before the IPO, the promoter group held a dominant stake in the company.

Board & Key Management

Managing Director Pankaj Rastogi leads the board of MV Electrosystems Ltd. and is responsible for strategic growth and the execution of operations. He is supported by Independent Chairman Sanjeev Mehta, who provides high corporate governance oversight. The leadership team also consists of Whole Time Director Rahul Dhawan, along with Ajay Kumar, the CFO, who is responsible for the company’s financial management, and Company Secretary Sourabh Bansal, who manages compliance, investor relations, and regulations.