Updated: 14.01.2026 @ 10:05 AM
Victory Electric Vehicles International Limited is set to open its Initial Public Offering (IPO) on January 7, 2026 and close on January 9, 2026. You can check the details of this and other IPOs at our IPO Calendar which is updated regularly.
It is an Indian electric vehicle manufacturer specialising in L3 and L5 category electric rickshaws and two-wheelers.
Established in 2018, the company has expanded its manufacturing capacity to 6,000 units annually and operates a distribution network across 12 states, including key markets like Uttar Pradesh and Delhi.
The IPO, which is a fixed-price issue aiming to raise approximately ₹34.56 Crores, will be listed on the NSE SME platform, with proceeds intended for capital expenditure and working capital requirements.
In this article, you will find Victory Electric Vehicles IPO GMP today, allotment date, price band, and a detailed review. Check the subscription details of this and other IPOs at our subscription status hub page.
Briefs of Victory Electric Vehicles IPO Details:
- Issue Price: ₹41 per share (Fixed Price)
- IPO Open / Close Dates: January 7, 2026 – January 9, 2026
- Lot Size: 3,000 Shares (Note: Retail Minimum Application is 2 Lots / 6,000 Shares)
- Issue Size: 84,30,000 Equity Shares / ~₹34.56 Crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Maashitla Securities Pvt. Ltd.
- Listing Exchange: NSE SME
What Is The Victory Electric Vehicles IPO GMP Today?
You can check the GMP of this and other issues at our GMP hub page.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Listing Updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 41 | 34.45 | -16.0 |
What Are The Important Victory Electric Vehicles IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Wednesday, January 7, 2026
- IPO Close Date: Friday, January 9, 2026
- Basis of Allotment Date: Monday, January 12, 2026
- Refund Initiation Date: Tuesday, January 13, 2026
- Credit of Shares: Tuesday, January 13, 2026
- Listing Date: Wednesday, January 14, 2026
What Are The Objectives of Victory Electric Vehicles IPO?
The company intends to utilize the net proceeds for the following strategic purposes:
- Capital Expenditure(5 Crores): To fund the expansion of manufacturing capabilities, including the installation of automated machinery.
- Working Capital (18 Crores): To meet the incremental working capital requirements necessary for scaling up production and managing inventory.
- General Corporate Purposes(6.77 Crores): To meet ongoing operational contingencies.
How is The Financial Performance of Victory Electric Vehicles?
Figures in ₹ Crores.
| Particulars | Period Ended 30 Sep 2025 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 16.90 | 51.06 | 48.76 | 52.14 |
Profit After Tax (PAT) | 1.62 | 5.17 | 4.89 | 0.79 |
EBITDA | 2.60 | 7.79 | 6.99 | 1.80 |
Net Worth | 16.50 | 14.87 | 9.70 | 4.24 |
Total Borrowing | 7.59 | 9.29 | 5.30 | 6.21 |
Assets | 33.19 | 31.29 | 21.94 | 19.17 |
SOURCE: RHP
Financial Analysis & Observations:
Total Income:
The company reported a Total Income of ₹51.06 Crores in Fiscal 2025, supported significantly by the successful commercial launch of the L5 series E-Rickshaws, which contributed ₹18.86 Crores to the top line. The revenue for the six-month period ended September 2025 stood at ₹16.90 Crores, reflecting the seasonal nature of the electric vehicle market.
Profit After Tax (PAT):
Profitability witnessed a substantial increase from ₹0.79 Crores in FY23 to ₹5.17 Crores in FY25. This growth is attributed to technological upgrades that optimised battery usage per unit, thereby reducing material consumption costs and improving margins to 9.66% in the recent stub period.
EBITDA:
Operational efficiency improved markedly, with EBITDA margins expanding from 3.47% in FY23 to 15.32% in FY25. The rise to ₹7.79 Crores in FY25 indicates the achievement of economies of scale as manufacturing volumes increased.
Net Worth:
The Net Worth strengthened to ₹16.50 Crores as of September 30, 2025, driven by the accumulation of Reserves and Surplus. This increase reflects the retention of profits to fund internal growth requirements.
Total Borrowing:
Total borrowings stood at ₹7.59 Crores as of September 2025, primarily comprising working capital facilities and Cash Credits from HDFC Bank. These funds are utilized to manage daily operations and inventory cycles.
Assets:
The total asset base expanded to ₹33.19 Crores by September 2025. This growth is largely driven by an increase in current assets, such as trade receivables and inventory, necessary to support the scaled-up production of new vehicle models.
P/E Ratio and Peer Comparison
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹3.30, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 12.42x at the upper end of the price band (₹41).
P/E Ratio = ₹41 (Price) / ₹3.30(Earnings Per Share)
P/E Ratio ≈ 12.42x
Peer Comparison Table (FY 2024-25 Data)
| Company | P/E Ratio | RoNW (%) | EBITDA Margin (%) |
Victory Electric Vehicles | 12.42 | 42.11 | 15.32% |
| Wardwizard Innovations | 32.58 | 6.50 | 12.36% |
| Tunwal E-Motors | 15.32 | 19.26 | 17.94% |
Analysis:
At a P/E of approximately 12.42x, Victory Electric Vehicles' IPO valuation is positioned below that of listed peers Wardwizard Innovations (32.58x) and Tunwal E-Motors (15.32x).
On a separate metric, the company's Return on Net Worth (RoNW) of 42.11% is higher than the RoNW reported by these peers.
Industry Outlook
Growth Potential:
The Indian EV market is projected to reach US$ 113.99 billion by 2029. The L3 and L5 categories (e-rickshaws) are critical for last-mile connectivity in urban and semi-urban India.
Market Trends:
Government incentives, such as FAME II and EMPS, are strong tailwinds. However, the sector is witnessing consolidation, where organised players with reliable supply chains are gaining market share over unorganised assemblers.
What Are The Strengths and Risks of Victory Electric Vehicles IPO?
Strengths:
- L5 Category Advantage: Victory is one of the few players manufacturing L5 category e-rickshaws, which offer higher payload capacity and better margins than standard L3 models.
- Distribution Network: A presence across 12 states provides a diversified revenue base, reducing dependence on a single geography.
- High RoNW: A Return on Net Worth of over 42% indicates strong management efficiency.
Risks:
- Supply Chain: The company's dependence on Chinese suppliers for battery cells exposes it to geopolitical and foreign exchange risks.
- Safety Concerns: The industry faces scrutiny over battery safety (fire incidents). Any quality lapse could severely damage the brand.
- Competition: The entry barriers are low, leading to intense price competition from unorganised local players.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 3,000 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (6,000 Shares), amounting to ₹2,46,000. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, which implies this category may technically be treated as HNI (Small-HNI) depending on final allotment norms.
- Valuation: At ~12.4x P/E, the valuation leaves room for upside compared to peers.
- History: The company has a history of NCLT proceedings (now resolved), which investors should be aware of as a factor in their risk assessment.
Standard Disclaimer: This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
Key Takeaways
- IPO Price: ₹41 per share (Fixed Price).
- Min Investment: ₹2,46,000 (6,000 Shares).
- Allotment Date: January 12, 2026
- Listing: NSE SME platform on January 14, 2026.
FAQs on Victory Electric Vehicles IPO
What is Victory Electric Vehicles IPO GMP today?
The GMP is a dynamic market sentiment indicator. It is unofficial and unregulated. Check at our gmp hub page.
What is Victory Electric Vehicles IPO price band?
The issue price is fixed at ₹41 per equity share.
What is Victory Electric Vehicles IPO allotment date?
The allotment status is expected to be finalized on Monday, January 12, 2026.
How to check Victory Electric Vehicles IPO allotment status?
Investors can check the status on the website of Maashitla Securities Pvt. Ltd. (the Registrar) or via the NSE IPO allotment portal. You can check the allotment status of this and other IPOs at our ipo allotment status hub page.
What is Victory Electric Vehicles IPO listing date?
The shares are tentatively scheduled to list on Wednesday, January 14, 2026.
Investment Perspective on Victory Electric Vehicles IPO
Victory Electric Vehicles offers an entry into the growing EV rickshaw segment with strong profitability metrics and reasonable valuation. However, the high minimum investment ticket size, supply chain risks, and past legal history are factors that risk-averse investors must weigh carefully.
Disclaimer:
This content is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please read the RHP carefully and consult a financial advisor before investing.
