5 January 2026
6 mins read
Victory Electric Vehicles International Limited operates in the electric vehicle manufacturing segment, with activities covering the design, manufacturing, and distribution of electric two-wheelers, three-wheelers, and selected commercial electric vehicles. Its product portfolio includes electric rickshaws, passenger and cargo three-wheelers, e-loaders, electric scooters, and customised electric vehicles developed for specific commercial applications. The company’s operations are aligned with the evolving electric mobility ecosystem, serving domestic and international markets through a dealer-based distribution network.
Applicants who wish to participate in the Victory Electric Vehicles International IPO can apply through an authorised trading platform or by using the ASBA facility provided by their banking institution. The application process generally involves logging into the trading or banking application, navigating to the IPO section, selecting the Victory Electric Vehicles International IPO, entering the required lot quantity within the specified price band, and authorising the payment mandate through UPI or bank authentication. After submission, the application proceeds through exchange-regulated verification and allotment procedures, which determine the final allocation status.
For more details, visit the Victory Electric Vehicles International IPO page.
Details | Information |
IPO Date | January 7, 2026 to January 9, 2026 |
Issue Size | 84,30,000 shares (agg. up to ₹34.56 Cr) |
Price Band | ₹41 per share |
Lot Size | 3000 shares |
Listing At | NSE, SME |
Market Maker |
Funding the capital expenditure of the company
Funding the working capital requirement of the Company
General corporate purposes
Event | Date |
|---|---|
IPO Open Date | Wed, Jan 7, 2026 |
IPO Close Date | Fri, Jan 9, 2026 |
Tentative Allotment | Mon, Jan 12, 2026 |
Initiation of Refunds | Tue, Jan 13, 2026 |
Credit of Shares to Demat | Tue, Jan 13, 2026 |
Tentative Listing Date | Wed, Jan 14, 2026 |
₹41 per share
Application | Lots | Shares | Amount |
Individual investors (Retail) (Min) | 2 | 6,000 | ₹2,46,000 |
Individual investors (Retail) (Max) | 2 | 6,000 | ₹2,46,000 |
HNI (Min) | 3 | 9,000 | ₹3,69,000 |
The Victory Electric Vehicles International IPO application process can be completed online through your trading platform. Below is a step-by-step guide to applying for the IPO:
Access your trading account using the broker's app or website.
Go to the IPO section to view active IPO listings.
Locate Victory Electric Vehicles International IPO in the list of available IPOs and click the ‘Apply’ button.
Specify the number of shares (lot size: 3,000 shares) within the price of ₹41 per share.
Enter your UPI ID for payment authorisation and ensure sufficient funds in your bank account.
Review your application details and confirm the UPI mandate before 5 PM on the last application day.
Submit the application and monitor the allotment status to check if shares have been allocated to you.
Victory Electric Vehicles International Limited IPO comprises a public issue of equity shares allocated across different investor categories, including retail investors, other eligible investors, and the market maker. The allocation is structured in accordance with applicable regulations and outlines the distribution of shares and corresponding issue size across categories.
Category | Shares Offered | Amount (₹ crore) | Size (%) |
Market Maker | 4,23,000 | 1.73 | 5.02% |
Other* | 40,02,000 | 16.41 | 47.47% |
Retail | 40,05,000 | 16.42 | 47.51% |
Total | 84,30,000 | 34.56 | 100% |
*Other category includes applicants other than retail investors, such as non-institutional investors, corporates, and institutions.
Total Assets: Increased from ₹21.94 crore as of 31 March 2024 to ₹31.29 crore as of 31 March 2025.
Total Income: Stood at ₹51.06 crore in FY25, as compared to ₹48.76 crore in FY24.
Profit After Tax (PAT): Recorded at ₹5.17 crore in FY25, compared with ₹4.89 crore in FY24.
Net Worth: Reported at ₹14.87 crore as of 31 March 2025, in comparison to ₹9.70 crore as of 31 March 2024.
Reserves and Surplus: Stood at ₹7.04 crore in FY25, as against ₹7.09 crore in FY24.
EBITDA: Reported at ₹7.79 crore in FY25, compared with ₹6.99 crore in FY24.
The company’s total asset base increased between FY24 and FY25, indicating an expansion in balance sheet size and a broader operational scale during the reviewed period.
Total income showed an upward movement in FY25 compared to FY24, reflecting higher revenue generation during the financial year under review.
Profit after tax recorded a year-on-year increase in FY25, pointing to an improvement in net earnings compared with the previous financial year.
Net worth rose as of 31 March 2025 when compared to 31 March 2024, suggesting an increase in shareholders’ equity over the period.
Reserves and surplus remained largely stable across FY24 and FY25, indicating limited change in retained earnings during the period.
EBITDA increased in FY25 compared to FY24, reflecting changes in operating performance and core business profitability during the financial year.
The company operates in the electric vehicle segment, where business performance may be influenced by changes in government policies, incentive structures, and regulatory requirements related to electric mobility.
Demand for electric vehicles can vary based on infrastructure availability, consumer adoption trends, and cost considerations, which may affect sales volumes across different periods.
The company’s financial performance is linked to its ability to manage production, supply chains, and working capital efficiently, and any disruption in these areas could impact operations.
Competition within the electric vehicle and last-mile mobility segment may influence pricing, market share, and distribution reach, potentially affecting revenue growth.
The company operates within the electric vehicle ecosystem, which is aligned with the broader shift towards alternative mobility and reduced reliance on conventional fuel-based transportation.
Its product portfolio, which includes electric rickshaws, cargo vehicles, and customised electric three-wheelers, allows participation across multiple use cases such as passenger transport and commercial applications.
Expansion of dealer networks and presence across multiple states provides scope to access a wider customer base within domestic markets.
Ongoing developments in battery technology, charging infrastructure, and electric drivetrain systems may support continued adoption of electric vehicles across relevant segments.
KPI | Values |
ROE | 42.10% |
ROCE | 31.27% |
Debt/Equity | 0.62 |
RoNW | 42.11% |
PAT Margin | 10.17% |
EBITDA Margin | 15.32% |
Price to Book Value | 4.32 |
Registrar | Lead Manager(s) |
|---|---|
Maashitla Securities Pvt.Ltd. | Corpwis Advisors Pvt.Ltd. |
Victory Electric Vehicles International Ltd. Plot no 6, Second Floor A-5, Maa Bhagwati Apartment Paschim Vihar West Delhi, New Delhi, 110063
Phone: 9643108966
Email: compliance@victoryevindia.com
Website: https://victoryevindia.com/
Victory Electric Vehicles International Limited operates in the electric vehicle manufacturing segment, with activities covering the design, production, and distribution of electric two-wheelers, three-wheelers, and selected commercial vehicles. Its product range includes passenger and cargo electric rickshaws, e-loaders, electric scooters, and customised electric three-wheelers developed for specific commercial applications. The company’s operations are positioned within the evolving electric mobility ecosystem, influenced by policy initiatives, infrastructure development, and adoption of alternative transportation solutions. The IPO outlines the proposed utilisation of funds towards business requirements such as capital expenditure, working capital, and general corporate purposes, along with the defined issue structure and allocation process.
Applicants may apply for the IPO through authorised trading platforms or via the ASBA facility offered by eligible banks. The application process typically involves selecting the IPO, entering the bid quantity, confirming payment through UPI or bank mandate, and submitting the application within the specified timelines. Post submission, applications are processed through exchange-led verification and allotment procedures, which determine the final allocation status.
Interested in more opportunities? Check out our Upcoming IPO section for new listings and don’t forget to check your Victory Electric Vehicles International IPO allotment status.
The Managing Director of Victory Electric Vehicles International Limited is Mr. Sanjay Kumar Popli, who oversees the company’s strategic direction and operational activities.
The opening and closing dates of the Victory Electric Vehicles International IPO are January 7, 2026 (opening) to January 9, 2026 (closing).
Victory Electric Vehicles International Limited is engaged in the design, manufacturing, and distribution of electric vehicles, including electric rickshaws, cargo vehicles, e-loaders, electric scooters, and customised electric three-wheelers. The sustainability of its business model depends on factors such as electric vehicle adoption trends, regulatory support, infrastructure development, and its ability to manage production and distribution effectively over time.
The IPO comprises 84,30,000 equity shares, aggregating to an issue size of approximately ₹34.56 crore.
‘Pre-apply’ is a facility that allows applicants to place their IPO application before the issue officially opens. The application is submitted to the exchange once the subscription window begins, in line with applicable procedures.
The lot size for the IPO is 3,000 shares and retail application requires 2 lots (6,000 shares).
The tentative allotment date for the IPO is January 12, 2026.
The registrar for the Victory Electric Vehicles International IPO is Maashitla Securities Pvt.Ltd.
Based on the available disclosures, no governance issues or red flags have been indicated. Applicants may refer to the prospectus for detailed information on board composition, committees, and compliance-related matters.
Applications can be submitted online through authorised trading platforms or via the ASBA facility offered by banks. The process involves selecting the IPO, entering the bid quantity, completing UPI or bank mandate authorisation, and submitting the application within the subscription period.
Yes, a valid Demat account is required, as shares are allotted and credited only in electronic form.
Applicants can check their allotment status on the registrar’s website (Maashitla Securities Pvt.Ltd.) or through their trading platform once the allotment process is completed. The status will indicate whether shares have been allotted based on the application submitted.
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THIRD PARTY PRODUCT DISCLAIMER
Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.
As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.
