Victory Electric Vehicles International Limited manufactures electric vehicles ranging from E-rickshaws, E-Cargo/Loader E -Rickshaws, Scooters etc. The portfolio extends beyond conventional offerings to include customized E-Three Wheelers, catering to specific needs such as Food Three Wheelers and Ice Cream Three Wheelers etc. Company sells its products within India only as of now. The products consist : 1. L3 Electric Vehicles2. L5 Electric Vehicles3. Electric Scooty Capacity utilization for FY23, FY24 and FY25 is respectively around 62.86%, 73.25% and 59.07% and current capacity for E-Rikshaw (L3 Series), E-Rikshwa (L5 Series) and Two-Wheeler is respectively 2670, 850 and 780 respectively. As per financial performance, Victory Electric Vehicles International Limited has posted total income / net profits of Rs 52.13 / 0.78 Cr (FY23), Rs 48.76 / Rs 4.89 Cr (FY24), Rs 51.06 Cr / 5.17 Cr (FY25) and Rs 16.90 Cr / 1.62 Cr (upto Q2FY26). So as per previous financials data, company has shown almost static results, but sudden rise in net-profit just before IPO and higher trade receivables (around 31% of FY25 total sales) are some concerns. Company has an average EPS of Rs 2.86 and average RoNW of 48.20% for last three fiscals. Issue is priced at a P/BV of 1.93 as per NAV of Rs 21.2/- as on ( Post Issue ) If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 20.19, 19.09 and 30.41 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Corpwis Advisors Private Limited is associated with this IPOs, and has handled 7 IPOs in last three fiscal years. From last 7 IPOs, two opened below issue price remaining all above issue price or at par, on the day of listing. As of now, from last 7 IPOs, four are trading below issue price and remaining all are trading above issue price or at par. (as on 02.01.26 ) As per financials, Victory Electric Vehicles International Limited has shown almost static results, RoNW is 42.11% and P/E is 20.19, 19.09 and 30.41 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks aggressively priced, also higher trade receivables and sudden rise in net profit are some concerns. Company is engaged in the manufacturing of electric vehicles ranging from E-rickshaws, E-Cargo/Loader E -Rickshaws, Scooters, which is competitive business segment. Performance of BRLM is poor post listing. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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