Victory Electric Vehicles Limited, based in Rajkot, Gujarat, is an emerging player in India’s electric vehicle (EV) sector, specializing in the design, manufacturing, and sale of electric two-wheelers and three-wheelers. Established in 2013, the company operates under the “Victory” brand and has developed a diverse product portfolio catering to both urban and rural markets. The Victory Electric Vehicles IPO, scheduled for May 2025, aims to raise capital for capacity expansion, R&D, and working capital requirements.
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Expert Opinions
Victory Electric Vehicles IPO is attracting optimistic market sentiment, benefiting from India’s rapid shift toward electric mobility and government incentives supporting EV adoption. The company’s strengths lie in its diverse product range-including electric rickshaws, loaders, and scooters-customization capabilities, and an expanding geographic footprint across several northern and western states. Risks include revenue volatility, as FY2024 saw a slight revenue decline to ₹48.76 crore, though net profit rose sharply to ₹4.89 crore, indicating improved operational efficiency.
The company’s FY2024 valuation is compelling, with a Return on Equity (ROE) of 70.19%, Return on Capital Employed (ROCE) of 44.78%, and Net Asset Value (NAV) of ₹37.17, reflecting high capital efficiency and profitability. For long-term investors, Victory Electric Vehicles offers exposure to a high-growth sector, but sustained success will depend on maintaining innovation, managing competition, and navigating evolving regulatory landscapes.
Investor Considerations
Victory Electric Vehicles IPO has demonstrated improving fundamentals, with FY2024 revenue at ₹48.76 crores and a notable jump in profit after tax to ₹4.89 crores, reflecting a PAT margin of 10.10% and an EBITDA margin of 14.44%. The company’s debt/equity ratio has improved to 0.55, showing prudent financial management and reduced leverage. The sector outlook remains highly favorable, as India’s EV market continues to grow, buoyed by government incentives, expanding charging infrastructure, and rising consumer demand for electric mobility solutions.
Victory’s growth prospects are supported by plans to double manufacturing capacity and its presence in 12 states, but risks include high capital requirements for new models, supply chain uncertainties, and concentration of revenue in a few states. While short-term investors may face volatility due to sector competition and regulatory shifts, long-term investors could benefit if Victory sustains innovation and adapts to evolving market dynamics.
FAQs
Victory Electric Vehicles IPO Current GMP is ₹00.
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Victory Electric Vehicles IPO estimated listing price is ₹72.