The initial public offering of GV Electricals witnessed exceptional investor interest, with the SME IPO achieving an overall subscription of nearly 147 times. According to reports from Mint, the retail portion was booked 151 times, while the segment reserved for non-Institutional Investors (NIIs) was subscribed to 243 times. The IPO, which opened on Friday, 31 July, and concluded on Tuesday, 4 August, demonstrated strong market demand across all investor categories. As per latest reports, the Qualified Institutional Buyers segment was subscribed 66.42 times, while Non-Institutional Investors achieved 150.28 times subscription and Retail Individual Investors reached 150.25 times subscription. The company is led by an experienced management team, with Chairman and Whole-time Director Jawed Akhtar and Managing Director Sunil Lakshman Vatsa each having over 30 years of experience in the electrical infrastructure sector.
The share allotment process for GV Electricals IPO is expected to be finalised on Wednesday, 5 August, as reported by Mint. Successful bidders can expect the shares to be credited to their demat accounts on Thursday, 6 August, while those who do not receive an allotment will get refunds on the same day. The stock will list on the BSE SME on Friday, 7 August. The minimum investment for retail investors is ₹2 lakh, with a lot size of 2,000 shares in the price band of ₹123 to ₹130 per share. The company is incorporated in 1985 and operates across three business verticals: Network Operation and Maintenance (O&M) Services covering 33kV, 11kV and LT networks including 33/11 kV substation O&M and field tasks like line maintenance and fault rectification; Electrical Infrastructure and Network Development Works for rural and urban electrification projects; and Metering and Meter Management Services including smart meter deployment and AMI infrastructure.
The company operates across multiple electrical distribution service verticals, providing services through three business segments: Network Operation and Maintenance (O&M) Services, Electrical Infrastructure and Network Development Works, and Metering and Meter Management Services. This integrated approach allows GV Electricals to undertake comprehensive work for electricity distribution utilities under a single organisation. Operation and maintenance services contribute 76.90% of revenue in FY26, 79.26% in FY25, and 75.81% in FY24**, with these services generally executed through annual maintenance contracts involving recurring billing over contract periods. The company derives significant revenue from repeat customers, with revenue from repeat customers accounting for 88.29% in FY26, 97.14% in FY25, and 99.28% in FY24**, indicating strong business relationships with existing electricity distribution utilities and government authorities.
A significant portion of the company's revenue comes from Odisha and Maharashtra, with Odisha contributing ₹108.00 crore (69.05%) in FY26, ₹97.79 crore (74.52%) in FY25, and ₹75.00 crore (67.09%) in FY24**, while Maharashtra contributed ₹19.47 crore (12.45%) in FY26, ₹13.36 crore (10.18%) in FY25, and ₹11.06 crore (9.89%) in FY24**. Any adverse political, regulatory, economic, social, or weather-related developments in these regions, or delays in infrastructure spending by electricity distribution utilities, can negatively impact the company's business, financial condition, and cash flows. The company has contingent liabilities of ₹8.72 crore as of FY26 and ₹4.95 crore as of FY25, which could impact its financial position if they materialise. As of May 31, 2026, the company had total secured borrowings of ₹16.35 crore, comprising working capital facilities, vehicle loans, term loans, and raw material assistance financing obtained from lenders such as the Bank of Maharashtra, the Bank of Baroda, and the National Small Industries Corporation Ltd.
As of May 31, 2026, the company had total secured borrowings of ₹16.35 crore, comprising working capital facilities, vehicle loans, term loans, and raw material assistance financing obtained from lenders such as the Bank of Maharashtra, the Bank of Baroda, and the National Small Industries Corporation Ltd. Failure to service or repay these borrowings can hurt the company's business, financial condition, and cash flows. The company claims to have a sizeable order book that provides revenue visibility, with 34 ongoing projects and an unexecuted order book of approximately ₹553.70 crore as of June 30, 2026, primarily from electricity distribution utilities. These projects are spread across operation and maintenance services, metering services, and electrical infrastructure works. As of May 31, 2026, the company had a workforce of 4,473 employees, including technical personnel such as linemen, supervisors, safety engineers, and project managers.
According to market sources reported by Mint, the grey market premium (GMP) of GV Electricals shares was ₹25 on Wednesday morning. Considering the upper price band of the issue of ₹130, the estimated listing price of the stock is ₹155, representing a premium of 18.8% over the issue price. The latest available GMP is ₹16 per share (a 12% premium over the ₹130 upper price band), with the indicative listing price being ₹146. The company is certified under multiple international management system standards, including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and SA 8001:2014 certifications. Promoters Jawed Akhtar, Sunil Lakshman Vatsa and Furquan Akhtar hold 95.65% pre-issue stake in the company. The company is led by an experienced management team, with Chairman and Whole-time Director Jawed Akhtar and Managing Director Sunil Lakshman Vatsa each having over 30 years of experience in the electrical infrastructure sector.
