G V Electricals IPO

About G V Electricals IPO

The public issue of G V Electricals Limited, an SME IPO, opens on 31 July 2026 and closes on 4 August 2026. The basis of allotment is expected to be finalised on 5 August 2026. Shares will be credited to the eligible investors' demat accounts on 6 August 2026, while refunds, if any, will be initiated on the same day. The listing of shares is scheduled for 7 August 2026 on the BSE SME platform.

The IPO comprises a fresh issue and an offer for sale. The fresh issue consists of up to 30,00,000 equity shares aggregating up to ₹39,00,00,000. The offer for sale comprises up to 2,50,000 equity shares aggregating up to ₹3,25,00,000 by the selling shareholders. The total issue consists of up to 32,50,000 equity shares aggregating up to ₹42,25,00,000.

G V Electricals Limited's IPO price band is fixed at ₹123 to ₹130 per share. The minimum application size is 2 lots (2,000 shares). The minimum investment required for retail investors is ₹2,60,000 (2,000 shares). The minimum investment required for HNI investors is ₹3,90,000 (3,000 shares).

G V Electricals Limited is a power distribution infrastructure services provider. It offers operation and maintenance (O&M) and allied support services primarily to electricity distribution utilities across India. Its services include operation, maintenance and field-level execution of works related to electricity distribution networks and associated infrastructure, such as distribution lines, feeders, substations, poles and cables.

Objectives Of G V Electricals IPO

• Repayment of a portion of certain borrowings
  
• Funding of working capital requirements
  
• General corporate purpose
  

Industry Outlook

India's power transmission and distribution sector is expected to witness sustained growth, driven by rising electricity demand, rapid urbanisation and increasing investments in grid infrastructure. The Power EPC market is projected to grow from USD 23.57 billion in 2025 to USD 60.72 billion by 2030, registering a CAGR of 20.83%. Installed power generation capacity has already crossed 475 GW, making India the world's third-largest power generation market.

India operates one of the world's largest integrated electricity networks, with nearly 4.9 lakh circuit kilometres of high-voltage transmission lines and approximately 12.25 lakh MVA of transformation capacity. Under the National Electricity Plan (NEP-Transmission), the country plans to add around 1,91,474 circuit kilometres of transmission lines, 1,274 GVA of transformation capacity and 33.25 GW of HVDC capacity by FY32 to strengthen the national grid.

Government initiatives such as the Revamped Distribution Sector Scheme (RDSS), with an outlay of around ₹3.03 lakh crore, and the National Electricity Plan (NEP-Transmission), which envisages capital expenditure of approximately ₹9.12 lakh crore by FY32, are expected to drive investments in transmission lines, substations, smart metering and distribution infrastructure.

The sector is also witnessing increasing adoption of smart grid technologies, SCADA systems, GIS substations, advanced metering infrastructure and AI-enabled predictive maintenance. As utilities continue to modernise their networks and expand renewable energy integration, demand for electrical infrastructure development and lifecycle O&M services is expected to remain strong.

About G V Electricals

Incorporated in 1985, G V Electricals Limited is an electrical infrastructure services company serving power distribution utilities across India. Its operations span three business verticals: Network Operation and Maintenance (O&M) Services, Electrical Infrastructure and Network Development Works, and Metering and Meter Management Services.

Its O&M services cover maintenance of 33 kV, 11 kV and low-tension (LT) distribution networks, substation operations and field activities such as line maintenance, network inspections and fault rectification. It also undertakes electrical infrastructure development, including pole erection and shifting, underground and overhead cable laying, jointing and termination, civil works, meter installation, replacement, testing and meter reading services.

Strengths Of G V Electricals

• The company operates across three complementary service segments. This reduces dependence on a single line of business.
• As of 30 June 2026, G V Electricals had 34 ongoing projects with an unexecuted order book of around ₹553.70 crore, providing visibility into future revenue.
• The company continues to receive business from existing customers. Revenue from repeat customers stood at 99.28% in FY24, 97.14% in FY25 and 88.29% in FY26.
• G V Electricals is backed by an experienced management team with over 30 years of industry experience.

Risks of G V Electricals

• A significant share of the company's business comes from electricity distribution utilities. Any slowdown there could affect future revenue.
• Revenue is concentrated in the Network O&M segment. It accounted for 76.90%, 79.26% and 75.81% of revenue in FY26, FY25 and FY24, respectively. Any weakness in this segment may impact overall financial performance.
• Most new projects are secured through competitive tenders floated by electricity distribution utilities. Lower bidding success or increased competition could reduce future order inflows.
• The customer base is concentrated with the top 10 customers. They contributed 94.76%, 97.74% and 98.82% of revenue from operations in FY26, FY25 and FY24, respectively. Losing one or more key customers could affect the business.

Anchor Investor Bidding Date

Thursday, 30 July 2026

Registrar and Book Running Lead Manager

Registrar Details
Mudra RTA Ventures Private Limited
Email: ipo@mudrarta.com
Phone: +91-9958808069

Book Running Lead Manager
Seren Capital Private Limited
Email: info@serencapital.in
Phone: +91- 22- 46011058

G V Electricals Limited Contact Details
Unit no 324, 3rd floor, Plot no 416, Hammersmith Industrial Premises
Co-op Society Ltd, Narayan Pathare Marg, Off. Sitladevi Temple Road, Mahim,
Mumbai, Maharashtra, India, 400016
E-mail: info@gvelectricals.com
Telephone: 011-43083804

G V Electricals Business Model

G V Electricals Limited provides power distribution infrastructure services to electricity distribution utilities across India. The company generates revenue through three business verticals: Network Operation & Maintenance (O&M) Services, Electrical Infrastructure & Network Development Works, and Metering & Meter Management Services, with the majority of its business secured through contracts awarded by electricity distribution utilities.

G V Electricals Growth Trajectory

G V Electricals Limited's Total Income increased to ₹156.66 crore in FY26, compared with ₹131.36 crore in FY25 and ₹112.03 crore in FY24.

The Profit After Tax increased to ₹10.47 crore in FY26 from ₹4.66 crore in FY25 and ₹2.80 crore in FY24.

Its EBITDA improved to ₹17.05 crore in FY26, compared with ₹8.04 crore in FY25 and ₹6.14 crore in FY24.

G V Electricals Market Position

G V Electricals Limited has built a strong presence in India's power distribution infrastructure sector through long-term contracts with electricity distribution utilities across multiple states. As of 30 June 2026, the company had an order book of 34 ongoing projects with an unexecuted value of approximately ₹553.70 crore, providing revenue visibility.

As of 31 March 2026, the company's Total Income, Profit After Tax and EBITDA stood at ₹156.66 crore, ₹10.47 crore and ₹17.05 crore, respectively.

How to apply for G V Electricals IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.