Victory Electric Vehicles IPO Details: Issue Size, Price & Dates

06 January 2026

Victory Electric Vehicles International Ltd. is coming with an upcoming IPO of ₹34.56 crore — a profitable EV player on paper, but one where weak cash flows and muted growth temper the excitement.

Let’s explore further:

Parameter	Details
Issue Type	100% Fresh Issue
Issue Size	INR ₹34.56 crore
Price Band	INR 41 per share
Lot Size	3,000 shares
Net Issue	80,07,000 Shares
Listing Platform	NSE SME
Issue Opens	January 07, 2026
Issue Closes	January 09, 2026
Listing Date	January 14, 2026

Before the Deep Dive: What’s Working — and What Isn’t

Strengths	Risks
Improving margins, with EBITDA rising from 3.5% (FY23) to ~15% (FY25) and PAT margins above 10%.	Poor cash conversion, with 116 days of receivables and CCC at 139 days.
Strong L3 e-rickshaw base, contributing 50–70% of revenue with 70–80% utilisation.	Weak revenue growth, FY24 down ~7%, FY25 recovery only ~5%.
Entry into L5 EVs, offering higher ASP potential over time.	The company's L5 (Electric Autorickshaw) demand is increasing, while the utilisation is just ~29% in Sep-25—down from ~64% in FY25.
Capacity and dealer expansion plans to support future scale.	Geographic concentration, with 60–75% revenue from a few states.
Lower leverage, debt-to-equity down from 1.5× to 0.6×.	Valuation stretch, IPO at ~30× earnings despite low growth.

Now that you’ve seen the snapshot, let’s unpack the full story behind these numbers and understand the business in context.

Indian Electric Vehicle Industry Overview: Growth, Policies and Outlook

India’s EV story is no longer about “potential.” It’s about scale. From a market that was barely a few billion dollars in the early 2020s, the Indian EV industry is now compounding at over 60% annually, making it one of the fastest-growing EV markets globally. Policy has been the real catalyst—FAME-II subsidies, PLI incentives for batteries, lower GST, and aggressive state EV policies have pushed the EV sector up a notch. 

The government’s 2030 targets—up to 80% electrification in two- and three-wheelers and 70% in commercial vehicles- aren’t aspirational anymore; they’re shaping capacity decisions today. As adoption accelerates, batteries are emerging as the real bottleneck and value pool, with the Indian EV battery market expected to cross US$27 billion by 2028. The next leg of growth won’t be about who enters the EV space, but who can execute at scale, control costs, and turn policy tailwinds into durable profitability.

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