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VICTORYEV IPO

VICTORY ELECTRIC VEHICLES INTERNATIONAL LIMITED

IPO Doc

Start Date07-01-2026

Application Timing10am-5pm

Price Range₹41 - ₹41

Min Qty3000

Min. Investment₹123000

Listing Date14-01-2026

Close Date09-01-2026

About VICTORY ELECTRIC VEHICLES INTERNATIONAL LIMITED

Victory Electric Vehicles International Limited was incorporated in October 2018 and operates in the electric mobility space. The company is engaged in the design, manufacturing, and distribution of electric vehicles with a focus on sustainable and eco-friendly transportation solutions.

Its product portfolio includes electric two-wheelers, three-wheelers, E-rickshaws, E-cargo/loader vehicles, and electric scooters. The company also offers customized electric three-wheelers designed for specific commercial use cases such as food delivery and ice-cream vending.

Victory Electric Vehicles integrates modern technologies like lithium-ion battery systems, efficient electric drivetrains, and smart connectivity features into its vehicles. The company has a dealer presence across 12 states in India and caters to both domestic and international markets, aiming to deliver cost-effective and environmentally responsible mobility solutions.

Why To Invest in VICTORY ELECTRIC VEHICLES INTERNATIONAL LIMITED

Victory Electric Vehicles operates in India’s fast-growing electric vehicle segment, supported by increasing demand for clean mobility and government focus on EV adoption. The company has built a diversified EV product range covering both passenger and commercial segments, which helps reduce dependency on a single product line.

Its improving profitability metrics, strong ROE and ROCE, and expanding geographical presence reflect operational scalability. The IPO proceeds are planned to be used for capacity expansion, working capital, and general corporate purposes, which could support future growth. However, investors should balance growth prospects with valuation and competition risks.

Financial Table

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	33.19	31.29	21.94	19.17
Total Income	16.90	51.06	48.76	52.14
Profit After Tax	1.62	5.17	4.89	0.79
EBITDA	2.60	7.79	6.99	1.80
NET Worth	16.50	14.87	9.70	4.24
Reserves and Surplus	8.67	7.04	7.09	2.20
Total Borrowing	4.85	9.29	5.30	2.20

Strengths And Risks

Strong Dealer & Geographic Presence: Victory Electric Vehicles International Limited has established its dealer network across 12 states, which supports better market penetration and improves product accessibility in key regions.

Diversified Electric Vehicle Portfolio: The company offers a wide range of electric vehicles including E-rickshaws, electric two-wheelers, loaders, and customized three-wheelers for commercial use, reducing dependency on a single product category.

Healthy Profitability & Return Ratios: The company has reported strong financial ratios such as high ROE and ROCE, indicating efficient capital utilization and improving operational performance over recent years.

Experienced Promoters & Management Team: The business is led by experienced promoters and supported by a professional team with industry knowledge, helping in strategic decision-making and long-term business planning.

Highly Competitive EV Industry: Victory Electric Vehicles operates in a crowded and fragmented electric vehicle market, where competition from organized and unorganized players can impact pricing and margins.

Inconsistent Revenue Growth: The company has shown fluctuations in its revenue across reported financial periods, which may raise concerns about earnings stability and business predictability.

Aggressive IPO Valuation: Post-IPO valuation appears on the higher side with an elevated P/E ratio, which may limit short-term listing gains for investors.

SME Platform Liquidity Risk: As the company is listing on the NSE SME platform, investors may face lower trading volumes and limited liquidity after listing.

FAQs

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Company

Astha Credit & Securities Pvt Ltd NSE, BSE & MCX SEBI Reg No:

INZ000187932

Membership ID:

NSE - 12227 BSE-6844 MCX - 40000 NSDL-IN303420 CDSL-94500

CIN:

U65929MP2003PTC016241

SEBI Depository Participant Reg No:

IN-DP-611-2021

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ARN-35911

Attention Investors:

Beware of fixed/guaranteed/regular returns/ capital protection schemes. Brokers or their authorized persons or any of their associates are not authorized to offer fixed/guaranteed/regular returns/ capital protection on your investment or authorized to enter into any loan agreement with you to pay interest on the funds offered by you. Please note that in case of default of a member claim for funds or securities given to the broker under any arrangement/ agreement of indicative return will not be accepted by the relevant Committee of the Exchange as per the approved norms.
Do not keep funds idle with the Stock Broker. Please note that your stock broker has to return the credit balance lying with them, within three working days in case you have not done any transaction within last 30 calendar days. Please note that in case of default of a Member, claim for funds and securities, without any transaction on the exchange will not be accepted by the relevant Committee of the Exchange as per the approved norms.
Check the frequency of accounts settlement opted for. If you have opted for running account, please ensure that your broker settles your account and, in any case, not later than once in 90 days (or 30 days if you have opted for 30 days settlement). In case of declaration of trading member as defaulter, the claims of clients against such defaulter member would be subject to norms for eligibility of claims for compensation from IPF to the clients of the defaulter member. These norms are available on Exchange website at following link: https://www.nseindia.com/invest/about-defaulter-section.
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Check messages sent by Exchanges on a weekly basis regarding funds and securities balances reported by the trading member, compare it with the weekly statement of account sent by broker and immediately raise a concern to the exchange if you notice a discrepancy.
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Trading in leveraged products like options without proper understanding could lead to losses. Please trade at your own risk.
Writing/ selling options or trading in option strategies based on tips, without basic knowledge & understanding of the product and its risks could lead to losses.
Dealing in unsolicited tips through WhatsApp, Telegram, YouTube, Facebook, SMS, calls, etc should be avoided.
Trading in “Options” based on recommendations from unauthorised / unregistered investment advisors and influencers should be avoided.

Awareness regarding guidelines regarding margin collection:

Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020
Update your mobile number & email Id with your stock broker/depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge
Pay 20% upfront margin of the transaction value to trade in cash market segment
Investors may please refer to the Exchange's Frequently Asked Questions (FAQs) issued vide circular reference NSE/INSP/45191 dated July 31, 2020 and NSE/INSP/45534 dated August 31, 2020 and other guidelines issued from time to time in this regard
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All investors are requested to take note that 6 KYC attributes i.e. Name, PAN, Address, Mobile Number, Email id and Income Range have been made mandatory. Investors availing custodian services will be additionally required to update the custodian details.
The last date to update KYC is on or before March 31, 2022.
Thereafter non-compliant trading accounts will be blocked for trading by the Exchange.
The non-compliant demat accounts will be frozen for debits by Depository Participant or Depository.
On submission of the necessary information to the stockbroker and updation of the same by the stockbroker in the Exchange systems and approval by the Exchange, the blocked trading accounts shall be unblocked by the Exchange on T+1 trading day.
The demat account shall be unfreezed once the investor submits the deficient KYC details and the same is captured by the depository participant in the depository system.
To ensure smooth settlement of trades, the investors are requested to ensure that both the trading and demat accounts are compliant with respect to the KYC requirement.
The investors are hereby requested to comply with the regulatory guidelines issued by Exchanges and Depositories from time to time with regard to KYC compliance and related requirements.
We do proprietary trading

Client Bank Account Details:

Sr. No	Name of Bank Account	Bank Account Number	IFSC Code
1	ASTHA CREDIT AND SECURITIES P LTD - USCNBA A/c	00620340000150	HDFC0000062

*Investors are requested to note that Stock broker Astha Credit and Securities Private Limited is permitted to receive/pay money from/to investor through designated bank accounts only named as client bank accounts. Stock broker Astha Credit and Securities Private Limited is also required to disclose these client bank accounts to Stock Exchange. Hence, you are requested to use following client bank accounts only for the purpose of dealings in your trading account with us. The details of these client bank accounts are also displayed by Stock Exchanges on their website under “Know/ Locate your Stock Broker.

1. No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorize your bank to make payment in case of allotment. No worries for refund as the money remains in the investor's account. 2. KYC is a one-time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (Broker, DP, Mutual Fund, etc.), you need not undergo the same process again when you approach another intermediary.

Disclaimer:

Investment in the securities market is subject to market risks, read all the related documents carefully before investing.
Brokerage will not exceed SEBI prescribed limit.
Please refer to the Risk Disclosure Document issued by SEBI and go through the Rights and Obligations and Do's and Don'ts issued by Stock Exchanges and Depositories before trading on the Stock Exchanges.
For commodities derivatives please note that Commodities Derivatives are highly leveraged instruments.
Before investing in the asset class consider your investment objectives, level of experience and risk appetite carefully.
Mutual fund investments are subject to market risks, read all scheme related documents carefully. Mutual Funds are not an approved product of the Exchanges and any dispute related to this will not be dealt at Exchange platform. ACSPL is a Mutual fund distributor/s registered for Mutual Funds.

Prevent Unauthorized Transactions in your demat account --> Update your Mobile Number with your Depository Participant. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from NSDL/CDSL on the same day......................issued in the interest of investors. We do Pro trading.

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VICTORYEV IPO

About VICTORY ELECTRIC VEHICLES INTERNATIONAL LIMITED

Why To Invest in VICTORY ELECTRIC VEHICLES INTERNATIONAL LIMITED