G V Electricals Ltd IPO
Engineering
Price Band
₹123 – ₹130
Lot Size
1000
Minimum Bid Quantity
2000
Minimum Investment
₹260000
Issue Size
₹42.25Cr
Opens
2026-07-31
Closes
2026-08-07
Listing
12-08-2026
Subscription Status
Qualified Institutional Buyers
91.55 x
Non-Institutional Investor
168.5 x
Retail Individual Investor
167.98 x
Total
148.98 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1ZGR01024
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
G V Electricals Limited is a power distribution infrastructure services provider engaged in providing operation and maintenance (O&M) and allied support services to electricity distribution utilities in India. Incorporated in 1985, the company operates across three business verticals: Network Operation and Maintenance Services, Electrical Infrastructure and Network Development Works, and Metering and Meter Management Services. Its services include maintenance of electricity distribution networks, substations, feeders, poles, and cables; execution of electrical and civil infrastructure works; and metering-related activities such as meter installation, replacement, testing, and reading. The company undertakes projects through contracts awarded by electricity distribution utilities, primarily through competitive tendering processes, as well as direct work orders from certain private sector clients. Its operations involve deploying field personnel, including supervisors, technicians, and linemen, supported by operational vehicles, tools, and equipment to carry out maintenance, inspection, and restoration activities across designated service areas. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes: Repayment of a portion of certain borrowings availed by the company — Rs 6 crore Funding of working capital requirements — Rs 22 crore General corporate purposes.
Pros
- • The company operates across multiple electrical distribution service verticals. It provides 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 allows it to undertake a range of work for electricity distribution utilities under a single organisation.
- • The company claims to have a sizeable order book that provides revenue visibility. As of June 30, 2026, it had 34 ongoing projects with an unexecuted order book of approximately Rs 553.70 crore, primarily from electricity distribution utilities. These projects are spread across operation and maintenance services, metering services, and electrical infrastructure works.
- • A significant portion of the company’s revenue comes from repeat customers. Revenue from repeat customers accounted for 99.28% in FY24, 97.14% in FY25, and 88.29% in FY26, indicating continued business from existing electricity distribution utilities and government authorities.
Cons
- • The company’s business is heavily dependent on electricity distribution utilities. Revenue from electricity distribution utilities contributed Rs 123.72 crore (79.10%), Rs 116.44 crore (88.73%), and Rs 99.35 crore (88.87%) in FY26, FY25, and FY24, respectively. Any adverse changes in government policies, regulatory framework, or capital expenditure by electricity distribution utilities, or a slowdown in investments in the power distribution sector can negatively impact the company’s business, financial condition, and cash flows.
- • The company’s revenue is largely dependent on its Network Operation and Maintenance (O&M) Services segment. This segment contributed Rs 120.28 crore (76.90%), Rs 104.01 crore (79.26%), and Rs 84.75 crore (75.81%) to revenue from operations in FY26, FY25, and FY24, respectively. Reduction in the demand for O&M services, non-renewal of existing contracts, or changes in maintenance and outsourcing policies of electricity distribution utilities can adversely affect the company’s business, financial condition, and cash flows.
- • The company’s revenue is highly concentrated among a limited number of customers. The top 10 customers contributed Rs 148.22 crore (94.76%), Rs 128.26 crore (97.74%), and Rs 110.48 crore (98.82%) to revenue from operations in FY26, FY25, and FY24, respectively. Any failure to retain these key customers, secure new projects from them, or delays in payments from these customers can hurt the company’s business, financial condition, and cash flows.
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