Victory Electric Vehicles IPO was launched through the Fixed Price SME route by Victory Electric Vehicles International Limited. The public issue consisted entirely of a fresh issue of equity shares. Through the IPO, the company planned to raise capital for expanding its business operations, supporting working capital requirements, strengthening production capabilities, and meeting general corporate purposes. After the completion of the public issue, the company’s equity shares were listed on the NSE SME platform.
Victory Electric Vehicles International Limited is engaged in the manufacturing, assembly, and distribution of electric vehicles designed for passenger mobility and commercial transportation. The company offers electric mobility solutions that include electric two-wheelers, electric three-wheelers, and related products developed to meet the growing demand for environmentally friendly transportation.
The company operates manufacturing and assembly facilities where vehicle fabrication, component integration, battery installation, testing, quality inspection, and final assembly are carried out under structured production processes. It focuses on maintaining product quality, manufacturing efficiency, and compliance with applicable industry standards while serving customers through its distribution network.
Victory Electric Vehicles International Limited continues to invest in production infrastructure, technology upgrades, product development, and operational improvements. The company also focuses on expanding its dealer network, enhancing customer service, increasing manufacturing capacity, and improving production efficiency to support long-term business growth.
India’s electric vehicle industry continues to expand due to increasing adoption of clean mobility solutions, supportive government policies, rising fuel prices, growing environmental awareness, and continuous investments in charging infrastructure. These factors are expected to create long-term opportunities for companies engaged in electric vehicle manufacturing.
Since the IPO has already been completed and the company’s shares are listed on the stock exchange, investors should carefully evaluate the company’s financial performance, manufacturing capabilities, operational efficiency, valuation, competitive position, and long-term business prospects before making any investment decision.
Victory Electric Vehicles IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Victory Electric Vehicles IPO |
| Company Name | Victory Electric Vehicles International Limited |
| IPO Type | Fixed Price Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Issue Price | ₹41 Per Share |
| Issue Size | ₹35.08 Crore |
| Fresh Issue | 85,56,000 Equity Shares |
| Offer for Sale | Nil |
| Total Issue Size | 85,56,000 Equity Shares (₹35.08 Crore) |
| IPO Open Date | 7 January 2026 |
| IPO Close Date | 9 January 2026 |
| Basis of Allotment | 12 January 2026 |
| Refund Initiation | 13 January 2026 |
| Shares Credited to Demat Account | 13 January 2026 |
| Listing Date | 14 January 2026 |
| Listing Exchange | NSE SME |
| Lot Size | 3,000 Equity Shares |
| Registrar | Maashitla Securities Private Limited |
| Book Running Lead Manager | Horizon Management Private Limited |
The IPO consisted entirely of a fresh issue of equity shares without any Offer for Sale by existing shareholders. The funds raised through the public issue were intended to support business expansion, strengthen working capital, enhance production capabilities, and meet general corporate requirements.
Victory Electric Vehicles IPO Dates
The key events relating to the Victory Electric Vehicles IPO are provided below.
| IPO Event | Date |
|---|---|
| IPO Opening Date | 7 January 2026 |
| IPO Closing Date | 9 January 2026 |
| Basis of Allotment | 12 January 2026 |
| Refund Initiation | 13 January 2026 |
| Shares Credited to Demat Account | 13 January 2026 |
| Listing Date | 14 January 2026 |
After the allotment process was completed, successful applicants received the allotted equity shares in their demat accounts before trading commenced on the NSE SME platform. Applicants who did not receive an allotment were issued refunds according to the prescribed IPO schedule.
Victory Electric Vehicles IPO Reservation
The equity shares offered through the public issue were reserved for different categories of investors in accordance with the regulations applicable to SME public issues.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not Applicable |
| Non-Institutional Investors (NII) | 50% |
| Retail Individual Investors (RII) | 50% |
The final allocation under each investor category depended on the number of valid applications received during the subscription period and the applicable regulatory guidelines governing SME public issues.
Victory Electric Vehicles IPO Lot Size
Applications for the IPO were accepted only in the prescribed lot size announced before the issue opened for subscription.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 1 Lot (3,000 Shares) | ₹1,23,000 |
| Retail Maximum | 2 Lots (6,000 Shares) | ₹2,46,000 |
| HNI Minimum | 3 Lots (9,000 Shares) | ₹3,69,000 |
The investment values shown above are calculated using the fixed issue price of ₹41 per equity share. Investors were required to submit IPO applications in multiples of the prescribed lot size.
About Victory Electric Vehicles International Limited
Victory Electric Vehicles International Limited is an Indian electric mobility company engaged in the manufacturing, assembly, and distribution of electric vehicles for passenger and commercial transportation. The company develops electric mobility solutions that cater to the growing demand for sustainable transportation by offering electric two-wheelers, electric three-wheelers, and other battery-powered vehicles. Its products are designed to provide efficient, environmentally friendly, and cost-effective mobility solutions for individual users as well as commercial operators.
The company operates manufacturing and assembly facilities equipped to handle vehicle fabrication, chassis assembly, battery integration, electrical system installation, testing, quality inspection, and final dispatch. Its manufacturing process focuses on maintaining product quality, operational efficiency, and compliance with applicable industry standards while supporting customer requirements across different market segments.
Over the years, Victory Electric Vehicles International Limited has continued to strengthen its manufacturing capabilities by investing in production infrastructure, technology, product development, and operational improvements. The company also focuses on expanding its dealer network, improving customer support services, enhancing manufacturing efficiency, and increasing production capacity to support sustainable long-term growth.
Business Operations
Victory Electric Vehicles International Limited operates across multiple segments of the electric vehicle manufacturing industry.
- Electric Two-Wheeler Manufacturing – The company manufactures electric scooters and other two-wheelers for personal and commercial transportation.
- Electric Three-Wheeler Manufacturing – It produces electric three-wheelers designed for passenger mobility and cargo transportation.
- Vehicle Assembly Operations – Manufacturing activities include chassis assembly, battery installation, electrical integration, testing, and final vehicle assembly.
- Battery Integration – The company integrates battery systems and electrical components into its electric vehicles while ensuring compatibility and operational efficiency.
- Product Development – It focuses on improving vehicle performance, safety, efficiency, and design through continuous product development initiatives.
- Quality Assurance – Every vehicle undergoes inspection and testing before dispatch to maintain quality standards and operational reliability.
- Sales and Distribution – The company supplies electric vehicles through a network of dealers, distributors, and channel partners across various regions.
- After-Sales Support – Customer support includes maintenance guidance, spare parts availability, technical assistance, and service coordination.
- Operational Expansion – The company continues to strengthen production capacity, improve manufacturing processes, and expand its market presence.
- Technology Improvement – Ongoing investments in manufacturing technology and production efficiency support future business growth.
Industry Overview
India’s electric vehicle industry has experienced significant growth due to increasing consumer awareness, government incentives, rising fuel prices, and the growing need for environmentally sustainable transportation solutions. Electric mobility is becoming an important part of the country’s transportation ecosystem as businesses and consumers increasingly adopt battery-powered vehicles.
Government initiatives promoting clean energy, electric vehicle adoption, domestic manufacturing, and charging infrastructure development continue to support industry expansion. At the same time, improvements in battery technology, charging efficiency, and vehicle performance are encouraging wider acceptance of electric vehicles across both personal and commercial transportation segments.
As infrastructure continues to improve and demand for sustainable mobility increases, manufacturers with efficient production capabilities, diversified product portfolios, expanding distribution networks, and strong customer support systems are expected to benefit from the long-term growth of India’s electric vehicle market.
Business Strategy
Victory Electric Vehicles International Limited aims to strengthen its position in the electric mobility sector by expanding manufacturing capacity, improving operational efficiency, and enhancing its range of electric vehicles. The company continues to invest in production infrastructure, product innovation, technology upgrades, and quality improvement initiatives to support future business expansion.
The management also focuses on strengthening dealer and distribution networks, improving customer service, expanding its presence in new markets, and increasing manufacturing productivity. Continuous investment in research, product development, operational excellence, and customer-focused solutions remains an important part of the company’s long-term business strategy.
By combining manufacturing capabilities, technological improvements, product development, quality-focused operations, and an expanding distribution network, Victory Electric Vehicles International Limited aims to strengthen its presence in India’s electric vehicle industry while achieving sustainable long-term business growth.
Victory Electric Vehicles IPO Financial Information
A company’s financial performance provides valuable insight into its revenue growth, profitability, operational efficiency, and financial stability. Reviewing financial statements across multiple financial years helps investors understand how effectively the company generates income, manages expenses, and utilises capital. Financial performance should always be evaluated alongside the company’s business model, industry outlook, competitive position, and long-term growth strategy before making an investment decision.
Victory Electric Vehicles Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹12.86 Crore | ₹31.74 Crore | ₹61.43 Crore |
| Total Income | ₹13.04 Crore | ₹32.11 Crore | ₹62.05 Crore |
| EBITDA | ₹1.46 Crore | ₹3.82 Crore | ₹8.14 Crore |
| Profit Before Tax (PBT) | ₹0.91 Crore | ₹2.47 Crore | ₹5.63 Crore |
| Profit After Tax (PAT) | ₹0.68 Crore | ₹1.84 Crore | ₹4.18 Crore |
| Net Worth | ₹6.54 Crore | ₹8.93 Crore | ₹13.16 Crore |
| Total Borrowings | ₹4.21 Crore | ₹5.03 Crore | ₹4.46 Crore |
Victory Electric Vehicles International Limited reported significant growth in revenue and profitability over the last three financial years. The company also strengthened its net worth while maintaining a manageable level of borrowings. Investors should evaluate these financial results together with the company’s manufacturing capabilities, operational performance, product portfolio, valuation, and long-term growth strategy before making an investment decision.
Victory Electric Vehicles IPO Key Performance Indicators (KPIs)
Key financial ratios provide additional insight into the company’s profitability, capital efficiency, financial strength, and operational performance. These indicators help investors assess the company’s overall financial position and valuation.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 31.76% |
| Return on Capital Employed (ROCE) | 34.92% |
| Return on Net Worth (RONW) | 31.76% |
| EBITDA Margin | 13.12% |
| PAT Margin | 6.74% |
| Debt-to-Equity Ratio | 0.34 |
| Earnings Per Share (EPS) | ₹3.42 |
| Net Asset Value (NAV) Per Share | ₹12.47 |
| Price to Earnings (P/E) | 11.99x |
The financial ratios indicate improving profitability, efficient utilisation of capital, and a balanced financial structure. While the company has demonstrated consistent operational improvement, investors should analyse these indicators together with industry competition, valuation, execution capability, and future expansion plans before making an investment decision.
Objects of the Victory Electric Vehicles IPO
The company proposed to utilise the net proceeds from the fresh issue for the following purposes:
- Meeting working capital requirements.
- Expanding business operations.
- Funding general corporate purposes.
The proposed utilisation of the IPO proceeds is expected to strengthen the company’s working capital position, support expansion initiatives, improve operational efficiency, and provide financial flexibility for future business growth. These initiatives are intended to enhance manufacturing capabilities and strengthen the company’s position in the rapidly growing electric vehicle industry.
Victory Electric Vehicles IPO Listing Performance
The listing performance indicates how the company’s shares performed on the stock exchange on the first day of trading after the IPO was completed. While listing gains or discounts reflect initial investor sentiment, long-term returns depend on the company’s financial performance, manufacturing capabilities, operational efficiency, product acceptance, and future business growth.
| Particular | Value |
|---|---|
| Listing Exchange | NSE SME |
| Listing Date | 14 January 2026 |
| Issue Price | ₹41 Per Share |
| Listing Price | ₹43.05 Per Share |
| Listing Gain | ₹2.05 Per Share |
| Listing Gain (%) | 5.00% |
Victory Electric Vehicles International Limited made a positive debut on the NSE SME platform by listing above its issue price. The listing reflected encouraging investor participation during the public issue. However, the company’s long-term stock performance will depend on its ability to expand production capacity, strengthen its distribution network, improve profitability, and capitalise on the growing electric vehicle market.
Victory Electric Vehicles IPO Subscription Status
The subscription figures indicate the level of investor participation during the IPO bidding period. Although strong subscription generally reflects favourable market interest, investors should also evaluate the company’s financial performance, valuation, manufacturing capabilities, and long-term business outlook before making an investment decision.
Victory Electric Vehicles IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | Not Applicable |
| Non-Institutional Investors (NII) | 9.64 Times |
| Retail Individual Investors (RII) | 5.71 Times |
| Total Subscription | 7.41 Times |
The IPO received healthy participation from both Retail Individual Investors and Non-Institutional Investors. As this was a fixed price SME issue, there was no Qualified Institutional Buyer allocation. The overall subscription reflected positive market interest in the company’s public offering.
Victory Electric Vehicles IPO Review
Victory Electric Vehicles International Limited operates in India’s expanding electric mobility sector by manufacturing and supplying electric vehicles for passenger and commercial transportation. Its product portfolio includes electric two-wheelers and electric three-wheelers developed to support the growing adoption of clean transportation solutions.
The company follows an integrated manufacturing and assembly model covering vehicle fabrication, battery integration, electrical assembly, quality inspection, testing, and final dispatch. Continuous investment in manufacturing infrastructure, product development, technology enhancement, and operational efficiency supports its long-term growth strategy.
From a financial perspective, the company has reported improving revenue, profitability, and net worth over recent financial years. The proposed utilisation of IPO proceeds towards business expansion, working capital requirements, and general corporate purposes is expected to strengthen operational capabilities and support future growth.
However, investors should also consider factors such as intense competition within the electric vehicle industry, technological changes, battery supply risks, regulatory developments, fluctuations in raw material prices, and changing consumer demand before making an investment decision.
Overall, Victory Electric Vehicles International Limited operates in an industry that is expected to benefit from increasing electric vehicle adoption, supportive government initiatives, and expanding charging infrastructure. Investors should carefully evaluate the company’s financial performance, valuation, manufacturing capabilities, competitive position, and long-term business prospects before considering an investment.
Victory Electric Vehicles IPO Strengths
Victory Electric Vehicles International Limited has developed its business by focusing on electric mobility solutions, manufacturing capabilities, and expanding market presence.
- Operates in the rapidly growing electric vehicle industry.
- Diversified portfolio of electric mobility products.
- Focus on expanding manufacturing capacity and operational efficiency.
- Increasing revenue and profitability over recent financial years.
- Benefits from supportive government policies promoting electric mobility.
- Growing dealer and distribution network across multiple regions.
Victory Electric Vehicles IPO Risk Factors
Like other companies operating in the electric vehicle industry, Victory Electric Vehicles International Limited faces several operational and market-related risks that investors should evaluate carefully.
- Intense competition from established and emerging electric vehicle manufacturers.
- Dependence on battery availability and fluctuations in component prices.
- Changes in government policies or subsidy programmes may affect demand.
- Rapid technological advancements could require continuous investment.
- Supply chain disruptions may impact production schedules.
- Economic slowdowns or reduced consumer spending could affect vehicle sales.
Victory Electric Vehicles IPO Promoters
Victory Electric Vehicles International Limited is promoted by experienced professionals with backgrounds in automobile manufacturing, business management, and electric mobility solutions. The promoters have been instrumental in establishing the company’s manufacturing operations, expanding its product portfolio, strengthening its distribution network, and improving operational capabilities. Their long-term focus remains on sustainable growth, technological advancement, product innovation, and customer satisfaction.
Victory Electric Vehicles IPO Promoters Details
| Promoter | Designation |
|---|---|
| Amit Gupta | Promoter & Managing Director |
| Neha Gupta | Promoter & Director |
Victory Electric Vehicles IPO Management Team
The company is managed by professionals with experience in manufacturing, finance, operations, engineering, marketing, and corporate compliance. The management team focuses on improving production efficiency, expanding manufacturing capacity, strengthening quality standards, and supporting long-term business growth.
| Name | Designation |
|---|---|
| Amit Gupta | Managing Director |
| Neha Gupta | Director |
| Rahul Sharma | Chief Financial Officer |
| Priya Verma | Company Secretary & Compliance Officer |
Victory Electric Vehicles IPO Registrar Details
The registrar managed the IPO application process, finalised the basis of allotment, credited shares to successful applicants, initiated refunds where applicable, and handled investor-related services during the public issue.
| Particular | Details |
|---|---|
| Registrar Name | Maashitla Securities Private Limited |
| Website | https://www.maashitla.com |
| IPO Allotment Status | https://maashitla.com/allotment-status |
| Email ID | [email protected] |
| Contact Number | +91-33-4064 5405 |
Victory Electric Vehicles IPO Lead Manager Details
The Book Running Lead Manager coordinated the IPO process, ensured regulatory compliance, managed issue-related activities, and assisted the company throughout the public offering and listing process.
| Particular | Details |
|---|---|
| Lead Manager | Horizon Management Private Limited |
| Website | https://www.horizonmanagement.in |
| Email ID | [email protected] |
| Contact Number | +91-33-4603 5709 |
Victory Electric Vehicles International Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Victory Electric Vehicles International Limited |
| Registered Office | Kolkata, West Bengal, India |
| Website | https://www.victoryev.in |
| Email ID | [email protected] |
How to Check Victory Electric Vehicles IPO Allotment Status
Investors could check the IPO allotment status after the basis of allotment was finalised through the registrar’s website or the NSE IPO portal.
Through Maashitla Securities Private Limited
- Visit the official IPO allotment portal of Maashitla Securities Private Limited.
- Select Victory Electric Vehicles IPO from the list of available IPOs.
- Choose any one of the available search options such as Application Number, PAN, or DP/Client ID.
- Enter the required details in the respective field.
- Click on Submit to view the allotment status.
Through NSE
- Visit the official NSE IPO allotment page.
- Select Victory Electric Vehicles IPO from the list of available IPOs.
- Enter your Application Number or PAN Number.
- Complete the verification process.
- Click on Submit to check your allotment status.
Frequently Asked Questions (FAQs)
What is the Victory Electric Vehicles IPO?
Victory Electric Vehicles IPO was a Fixed Price SME public issue consisting entirely of a fresh issue of equity shares.
What was the issue price of the Victory Electric Vehicles IPO?
The IPO was offered at a fixed issue price of ₹41 per equity share.
What was the issue size of the Victory Electric Vehicles IPO?
The total issue size of the IPO was ₹35.08 Crore.
When did the Victory Electric Vehicles IPO open and close?
The IPO opened for subscription on 7 January 2026 and closed on 9 January 2026.
On which stock exchange are Victory Electric Vehicles shares listed?
The company’s equity shares are listed on the NSE SME platform.
Who was the registrar for the Victory Electric Vehicles IPO?
Maashitla Securities Private Limited acted as the registrar to the issue.
Who was the Book Running Lead Manager for the Victory Electric Vehicles IPO?
The IPO was managed by Horizon Management Private Limited as the Book Running Lead Manager.
What was the minimum lot size for the Victory Electric Vehicles IPO?
The minimum application size was 1 lot comprising 3,000 equity shares.
What does Victory Electric Vehicles International Limited do?
The company manufactures and supplies electric vehicles, including electric two-wheelers and electric three-wheelers, for passenger and commercial mobility.
What were the objectives of the Victory Electric Vehicles IPO?
The company proposed to utilise the IPO proceeds for business expansion, meeting working capital requirements, and funding general corporate purposes.
