Madhuri Madhusudan Kela-Backed MV Electrosystems Files DRHP For Rs 290 Crore IPO

Railway's overhead electrification products maker MV Electrosystems Ltd. on Monday filed its preliminary papers with the capital markets regulator SEBI to raise funds via an initial public offering. The public offer will only include fresh issues of shares worth Rs 290 crore.

The equity shares are proposed to be listed on the National Stock Exchange of India Ltd and BSE Ltd.

Sundae Capital Advisors Pvt. is the book-running lead managers for the issue and Kfin Technologies Ltd. will be the registrar of the issue.

The proceeds from its fresh issue worth Rs 180 crore will be for funding long-term working capital requirements of the company, Rs 21 crore for investment in research, design and development activities for new power electronic equipment, and general corporate purposes.

The New Delhi-based company is a technology-driven company engaged in the design, development, assembly and manufacturing of electrical & power electronics equipment used in railway rolling stock.

The company is focused on research, design & development of electrical equipment & power electronics systems for usage in railways industry and to play a strategic role as a domestic manufacturer with technical capabilities, indigenous designed and developed propulsion equipment and in-house assembling cum manufacturing facilities.

The company's assembling-cum-manufacturing facilities are based in village Baghola, Palwal, Haryana (unit 1) and its operations are supported by the in-house research, design and development centre based at Faridabad, Haryana, with a team focused on developing energy-efficient propulsion technologies, lightweight systems, and advanced digital control platform.

Th company's 71.71% orders in the four months ended July came from Indian Railways, while in the last financial year it constituted 70.70% of its total orders. OEM Suppliers to Indian Railways accounted for 27.81% of their total orders.

The revenue from operations in fiscal 2025 rose 25.4% to Rs 62.64 crore in comparison to Rs 49.66 crore. The profit for the financial year 2025 nearly doubled to Rs 1.38 crore from Rs 0.65 crore reported in financial year ended March 2024.