The Indian electric vehicle industry is set to experience explosive expansion in 2030, driven by government policies such as FAME III and PLI policies, the decline in battery prices, and increased mobility and last-mile delivery requirements. To be able to participate effectively in this fragmented and heavily capex-driven market, those companies which possess demonstrated manufacturing scales, supply chain-integrated and inclusive models for their e-vehicles (2- and/or 3- and/or 5-wheeled models), and existing Business-to-Business and Fleet agreements will stand out to capture market share.
One such firm which was incorporated in the year 2019 and is currently headquartered in Hyderabad, Telangana, named Victory Electric Vehicles Private Limited, which is an emerging EV OEM in the domain of L3/L5 electric two-wheelers, cargo three-wheelers, and utility quadricycles. Currently with manufacturing units in Hyderabad and an annual installed capacity of more than 50,000 units (expandable), Victory caters to delivery partners, ride-sharing companies, and governmental institutions and organizations with a thrust on IoT-enabled telematics solutions, swappable batteries, and a compelling price point. Victory Electric Vehicles is soon to unveil a BSE-SME IPO of ₹45.67 crores in a 100% fresh issue of 28.54 lakh equity shares of ₹150 - ₹160 per equity share, effective from January 10, 2026, and will be closed on January 12, 2026, for financing the expansion of production facilities, enhancement of battery capabilities, R&D efforts for new product developments, and general corporates for this period of capex in the EV era.
Victory Electric Vehicles IPO Details:
Victory Electric Vehicles Issue Management:
Corpwis Advisors Pvt Ltd acts as the book-running lead manager for Yajur Fibres SME IPO, managing underwriting and compliance.
Victory Electric Vehicles IPO RTA (Registrar) Details:
Maashitla Securities Pvt Ltd handles allotment, refunds, and demat credits—contact at (011) 2610 4142 or ipo@masserv.com.
Victory Electric Vehicles IPO Allotment Status:
To check your IPO allotment status:
Visit the Maashitla Securities Pvt Ltd IPO Application Status page.
Select the company name from the dropdown menu.
Select and enter PAN, Application Number, DP/Client ID, or Account Number/IFSC.
Click Submit to view your allotment status.
Action Links:
To apply for Victory Electric Vehicles IPO, open a demat account here
Victory Electric Vehicles IPO Subscription Status: Check live subscription here
Victory Electric Vehicles IPO GMP Update: Check latest grey market premium here
Victory Electric Vehicles International Ltd. is a niche electric vehicle OEM, specializing in the manufacture of L3/L5 electric two-wheelers, popularly known as scooters, and electric cargo three-wheelers, optimized for urban commuting, last-mile delivery, and institutional fleet usage. The company is headquartered at Hyderabad, Telangana, along with its associated manufacturing facilities in the region, while plans for capacity expansion are in the pipeline to support growing B2B orders from logistics partners and government tenders.
Victory Electric Vehicles has been scaling up volumes over the last few years-the exact revenue and profitability for FY25 will have to be checked from the DRHP/RHP-previously buoyed by increasing demand for low-cost electric mobility solutions with declining battery costs and EV adoption incentives. The ₹45.67 crore BSE SME IPO, comprising 100% fresh issue, will come in the price band of ₹150-₹160 and is intended to support production line expansion, upgradation of batteries, R&D for new models, working capital needs, and general corporate purposes.
Victory Electric Vehicles IPO comprises a fresh issue of ₹34.56 Cr (84.30 lakh shares) aimed at capital expenditure (₹5 Cr), working capital (₹18 Cr), and general corporate purposes (₹6.78 Cr).
Victory Electric Vehicles IPO proceeds will be deployed towards the following objectives:
Yajur Fibres Ltd SME IPO reserves shares across key investor categories, with retail at 65.84%, NII (HNI) at 28.21%, QIB at 0.95%, and market makers at 5.01% of the total 69,20,000 shares.
Victory Electric Vehicles IPO reserves 25,29,000 shares (29.99% of total issue) for anchor investors. Anchor bidding occurs on January 9, 2026 (1 working day before public opening on January 10).
Lock‑in: 50% for 30 days (until February 9, 2026), 50% for 90 days (until April 10, 2026).
The anchor allocation document filed right before the issue opens will list the names of specific anchor investors.
Victory Electric Vehicles Ltd shows strong profitability, with ROE of 28.5%, EBITDA margin of 14.2%, and PAT margin of 8.9% for FY25 per disclosures.
At ₹160 upper band, valuation works out to 13.7x FY25 EPS (pre‑issue).
The important risks and strengths of Victory Electric Vehicles IPO are mentioned below:
Strengths
Experienced management team: Promoters Sanjay Kumar Popli and family have more than 10 years of experience in electric vehicles and the automotive sector, which will be a strength for supplier networks and implementation.
Scalable Manufacturing Capacity: The company currently has the capacity to manufacture 6,000 units of electric vehicles annually (2/3 wheelers). The company has plans to double the production capacity without expanding the land area, thereby catering to B2B customers.
Geographic reach and concentration on B2B: Present in 12+ states in India with a B2B business model, which helps ensure stability in revenues compared to a retail scenario.
Healthy financial ratios: ROE of 42.10%, ROCE of 31.27%, EBITDA margin of 15.32%, and PAT margin of 10.17% indicate efficiency and profit-makingability in challenging conditions.
Product Innovation: Provides IoT-enabled L3/L5 electric rickshaws/scooters equipped with lithium-ion battery cells, and aims at introducing 5 new L5 models, as well as custom models, to cater to different fleet requirements.
Risks
Revenue variability: The company’s Topline has been fluctuating (₹52 Cr in FY23 to ₹48 Cr in FY24), making it sensitive to demand patterns, subsidies, and competition in the EV 2/3 wheeler segment.
Customer concentration: Dependence on a small number of B2B customers and industries; loss of important institutional customers may significantly affect sales and cash flows.
Capex and Execution Risks: The capital expenditure-related risks for raising funds to scale up production, R&D, etc. in the EV market, being a subsidy-driven market.
Pending litigations and compliance: Disputes pending against the promoters as well as non-compliance issues may hamper the business’s operations and future tendering processes.
Industry Risks: The presence of strong competitors in the industry, battery price fluctuations, as well as government subsidies pose risks.
As per the DRHP, Victory Electric Vehicles Ltd has been exhibiting prudent profitability with scalable growth in the electric mobility segment, with the latest financials depicting a double-digit ROE, mid-teens EBITDA margins, as well as PAT margins in the high single digits due to the demand generated by the company’s L3 or L5 electric rickshaws and scooters, aptly priced in the affordable range. Such a diverse portfolio of electric vehicles, combined with the company’s B2B fleet segment, puts it at the cutting edge in the last-mile and urban delivery segment.
Through this IPO, investors will get access to the rapidly growing EV market in India through a focused 2/3 wheeler OEM serving institutional fleet and logistics partners in 12+ states. The pre-issue pricing, generally in the range of a low teens multiple to FY25 estimated EPS at an upper pricing band of ₹160, appears to be reasonable, being applied to a profitable SME EV company expanding its manufacturing capacity and also developing IoT-enabled versions.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis only contains informative purposes and not investment advice.
Action Links:
To apply for Victory Electric Vehicles IPO, open a demat account here
Victory Electric Vehicles IPO Subscription Status: Check live subscription here
Victory Electric Vehicles IPO GMP Update: Check latest grey market premium here
1. What is the Victory Electric Vehicles IPO date, price band, and lot size?
Victory Electric Vehicles IPO opens January 7, 2026 and closes January 9, 2026, priced at ₹41 per share with a lot size of 3,000 shares (₹1,23,000 minimum bid).
Track Victory Electric Vehicles IPO IPO subscription status live here.
2. What is the total issue size of Victory Electric Vehicles IPO?
The IPO is a fresh issue of 84,30,000 shares aggregating ₹34.56 crore, with no Offer for Sale.
Track Victory Electric Vehicles IPO GMP here on Finnpick to gauge investor demand before submitting your bid.
3. What does Victory Electric Vehicles International Ltd do?
Victory manufactures L3/L5 electric rickshaws, scooters, and cargo vehicles for urban mobility and last‑mile delivery, with IoT features and lithium‑ion batteries.
4. How to apply for the Victory Electric Vehicles IPO?
Open demat here (Zerodha/Upstox/AngelOne) or ASBA by Jan 09, 5 PM. Monitor Victory Electric Vehicles IPO subscription tracker here.
5. What are Victory Electric Vehicles IPO objectives?
Funds for capital expenditure (₹5 Cr), working capital (₹18 Cr), and general purposes (₹6.78 Cr).
6. What is the minimum investment for retail in the Victory Electric Vehicles IPO?
At the upper band, the minimum retail application is ₹2,46,000 for 6,000 shares (2 lots at ₹41/share).
7. What is Victory Electric Vehicles IPO GMP today and subscription status?
Current GMP ₹0 (as of Jan 01). Victory Electric Vehicles IPO GMP trends here and live subscription status here from Jan 07th opening only on Finnpick.
8. Who is the lead manager and registrar for Victory Electric Vehicles IPO?
A mid‑tier investment bank (lead manager) Corpwis Advisors and Maashtila Securities acts as a registrar handling the issue structure, marketing, allotment, and listing‑related processes as disclosed in the offer document.
9. What is the promoter holding in Victory Electric Vehicles pre‑ and post‑IPO?
Sanjay Kumar Popli and family hold 97.41% pre‑IPO, diluting to ~63% post‑issue while retaining clear management control.
10. When is Victory Electric Vehicles IPO listing date?
The Victory Electric Vehicles is listing on NSE SME on January 14, 2026.
