MV Electrosystems IPO: strong order book, weak balance sheet
MV Electrosystems is a Faridabad-based railway propulsion equipment maker going public with a ₹290 crore fresh-issue IPO (₹400–₹425/share) backed by a ₹921.6 crore order book. However, it is listing at its weakest financial year, with FY26 revenue down 21%, a ₹12.7 crore net loss, and near-zero cash reserves. Most IPO proceeds (62%) will fund working capital rather than growth, while governance gaps and single-customer dependence on Indian Railways add further risk. To read the article, click here.
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