Victory Electric Vehicles InternationalShare price, financial results, shareholding and management
- Market cap
- ₹31 cr
- Stock P/E
- 14.6peers 11.2
- Book value
- ₹19.5
- Price to book
- 0.67
- EV / operating profit
- 5.5
- Market cap to sales
- 0.98
- ROCE · FY26
- 10.8%
- ROE · FY26
- 7.0%
- ROE, 3-year average
- 39.8%
- Operating margin · FY26
- 12.0%peers 9.9%
- Sales growth, 3 years
- -14.6%
- Profit growth, 3 years
- 39.6%
- Debt to equity
- 0.00peers 0.18
- Borrowings
- ₹0 cr
- Interest cover
- 4.2×
- Cash from business / op. profit
- 660%
- Debtor days
- 202
- Pledged
- 0.00%
- Promoter holding
- 63.33%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 636
- High / low since listing
- ₹34 / ₹12
- Dividend yield
- 0.00%
- Face value
- ₹5
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Victory Electric Vehicles International share price chart
Close on 6 Nov 2026 · 0.00% on the day · Vol 9,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -5.5%
- 3 months
- -20.7%
- 6 months
- -16.1%
- Since IPO
- -68.3%
- Traded a day, 20 days
- ₹0.01 cr
- Taken for delivery
- 90%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -37% | -58% |
| 3 years, a year | -15% | +40% |
| Latest half, H2 FY26 | -53% | -87% |
About Victory Electric Vehicles International: business, products and customers
Victory Electric Vehicles makes battery powered e-rickshaws for passengers and goods, electric autos and slow electric scooters at a rented factory in Bahadurgarh, Haryana, and sells them through dealers, mostly in north India. Its shares trade on NSE Emerge.
Victory Electric Vehicles International was set up in Delhi in October 2018 and became a public company in 2020. It makes L3 e-rickshaws and goods carriers (top speed about 25 km an hour), L5 electric autos launched in 2024 with five models, low speed electric scooters, and custom built carts such as food and ice cream three wheelers, and it also sells spare parts.
At its one factory at Village Rohad, Bahadurgarh, it cuts, bends, welds and paints the steel frames and bodies, then fits batteries, motors, tyres, seats and electricals bought from suppliers; battery cells are imported from China through Future Star Energy Solutions, a promoter group company. Almost all sales go to dealers, with Delhi and Uttar Pradesh the largest states, and the company does not export.
Read more about the business
Promoter linked firms sit on both sides of the trade: sales to related parties were 39.5% of revenue in FY25 and purchases from them 35.9%, so reported sales and margins depend partly on dealings with the promoters' own firms. The factory is rented from Victory Electric International, a partnership of the directors, the registered office from promoter Seema, and the Victory trademark is registered to Sanjay Kumar Popli and licensed to the company. Money owed by dealers rose from 58 days of sales in FY23 to 116 days in FY25.
The offer document compares the company with two listed electric two and three wheeler makers, Wardwizard Innovations and Mobility and Tunwal E-Motors, and describes its industry as a mix of small, medium and large makers in which a few large ones dominate.
From the offer document (Prospectus, January 2026) and the company's exchange announcements of May to October 2026.
Read the deeper study ↓In its favour
- It brings in more cash than it shows as profit: ₹25.4 cr against ₹2.2 cr in FY26.
- It has little debt for its size: debt to equity 0.00.
- The promoters own a large part of the company: 63.33%.
To watch
- Results for the half year to September 2026, to see whether the fall in sales has stopped.
- The monitoring agency report on use of the issue money, which the exchange asked about on 18 September 2026.
- Renewal of the trademark licence from the Managing Director, which ran to 17 August 2026 (offer document, p.153).
- The share of sales and purchases with promoter linked firms in the FY26 annual report.
- Customers take longer to pay than before: 202 days in FY26, against 61 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Victory Electric Vehicles International revenue and profit growth
Half-yearly results · Profit and lossSales have fallen. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were lower than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Victory Electric Vehicles International half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H2FY26 | |
|---|---|---|
| Sales | 32.26 | 15.27 |
| Expenses | 26.15 | 14.05 |
| Operating profit | 6.11 | 1.22 |
| OPM | 18.9% | 8.0% |
| Interest | 0.64 | 0.50 |
| Depreciation | 0.11 | 0.15 |
| Profit before tax | 5.49 | 0.75 |
| Net profit | 4.05 | 0.53 |
Victory Electric Vehicles International profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 47 | 51.43 | 47.99 | 50.73 | 32.08 |
| Expenses | 45.79 | 49.60 | 40.96 | 42.68 | 28.23 |
| Operating profit | 1.21 | 1.83 | 7.03 | 8.05 | 3.85 |
| OPM | 2.6% | 3.6% | 14.7% | 15.9% | 12.0% |
| Other income | 0.73 | 0.23 | 0.32 | 0.20 | 0.28 |
| Interest | 0.77 | 0.64 | 0.50 | 1 | 0.92 |
| Depreciation | 0.26 | 0.33 | 0.28 | 0.24 | 0.29 |
| Profit before tax | 0.91 | 1.09 | 6.57 | 7.01 | 2.92 |
| Tax rate | 28.6% | 27.5% | 25.6% | 26.2% | 26.4% |
| Net profit | 0.65 | 0.79 | 4.89 | 5.17 | 2.15 |
| EPS ₹ | 4.76 | 3.87 | 18.74 | 3.30 | 1.23 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Victory Electric Vehicles International profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 2.6% | 3.6% | 14.7% | 15.9% | 12.0% |
| Tax rate | 28.6% | 27.5% | 25.6% | 26.2% | 26.4% |
| ROCE | · | 16.5% | 55.6% | 40.9% | 10.8% |
| ROE | · | 22.5% | 70.2% | 42.1% | 7.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Victory Electric Vehicles International debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It has almost no borrowings. Last year the business brought in more cash than it showed as profit. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Victory Electric Vehicles International balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 1.37 | 2.04 | 2.61 | 7.83 | 12.04 |
| Reserves | 1.41 | 2.20 | 7.09 | 7.05 | 34.94 |
| Net worth | 2.78 | 4.24 | 9.70 | 14.88 | 46.99 |
| Borrowings | 7.80 | 6.21 | 5.30 | 9.29 | 0 |
| Other liabilities | 10.24 | 8.72 | 6.94 | 7.11 | 7.59 |
| Total liabilities | 20.82 | 19.17 | 21.94 | 31.28 | 54.58 |
| Fixed assets | 1.68 | 1.42 | 1.15 | 1.53 | 0.02 |
| Capital work in progress | 0 | 0 | 0.18 | 0 | 0.04 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 19.14 | 17.75 | 20.61 | 29.75 | 54.52 |
| Receivables | · | · | · | · | 17.72 |
| Inventory | · | · | · | · | 9.56 |
| Cash | · | · | · | · | 10.30 |
| Trade payables | · | · | · | · | 3.62 |
Victory Electric Vehicles International cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 2.52 | 2.52 | 2.15 | -2.97 | 25.40 |
| Cash from investing | -0.94 | -1.43 | -0.90 | -0.61 | -0.56 |
| Cash from financing | -1.44 | -1.55 | -0.83 | 3.99 | 22.51 |
| Net cash flow | 0.14 | -0.46 | 0.42 | 0.41 | 47.35 |
| Capital spending | · | · | · | · | 0.68 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 61 | 60 | 78 | 116 | 202 |
| Inventory days | 58 | 11 | 36 | 51 | 143 |
| Days payable | 74 | 48 | 25 | 28 | 54 |
| Cash conversion cycle | 46 | 24 | 88 | 139 | 291 |
| Working capital days | 17 | 22 | 64 | 87 | 393 |
Victory Electric Vehicles International peers and competitors
Listed SME companies in the same industryBy sales, Victory Electric Vehicles International is number 7 of the 8 listed SME companies in automobiles.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Zelio E Mobility | 2,430 | 86.8 | 310 | 28 | 11.0% | 0.18 |
| Tunwal E-Motors | 144 | 11.2 | 277 | 12.8 | 7.2% | 0.22 |
| Amba Auto Sales and Services | 212 | 15.1 | 269 | 14 | 10.4% | 2.14 |
| Delta Autocorp | 58 | 8.4 | 79.6 | 6.9 | 7.7% | 0.02 |
| Supertech Ev | 40 | 10.2 | 78 | 3.9 | 8.6% | 0.15 |
| Bikewo Green Tech | 173 | 52.8 | 54.5 | 3.3 | 10.3% | 0.15 |
| Victory Electric Vehicles International | 31 | 14.6 | 32.1 | 2.2 | 12.0% | 0.00 |
| Resourceful Automobile | 15 | 10.1 | 26.2 | 1.5 | 9.9% | 0.69 |
| Median of the 7 others | 144 | 11.2 | 79.6 | 6.9 | 9.9% | 0.18 |
Victory Electric Vehicles International shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Victory Electric Vehicles International shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jan 26 | Mar 26 | |
|---|---|---|
| Promoters | 63.33% | 63.33% |
| Indian institutions (DIIs) | 10.51% | 0.42% |
| HNIs (over ₹2 lakh each) | 6.57% | 7.04% |
| Small holders (up to ₹2 lakh) | 18.27% | 15.64% |
| Companies and others | 1.32% | 13.57% |
| Number of shareholders | 725 | 636 |
The named holders are at 31 March 2026, beside 13 Jan 2026, each under the group the pattern files them in.
Victory Electric Vehicles International study: the business from its own documents
Read from 1 of the company's own documentsVictory Electric Vehicles International so far
From the company's own record
- 14 Jan 2026Listed on NSE Emerge at ₹41
- 31 March 2026Promoters at 63.33%
- 14 Jan 2026Highest close since listing, ₹30.91
Victory Electric Vehicles International key facts from the filings
Each figure with the document it comes from
- Factory capacity
- 4,300 vehicles a year
- 2,670 L3 e-rickshaws, 850 L5 autos and 780 scooters in FY25; an L5 auto takes three times as long to build as an L3 on the same line.Offer document, p.149
- Capacity used
- 65.7%
- Use of the factory in FY25, after 73.3% in FY24; 59.1% in the six months to September 2025.Offer document, p.149
- L5 autos
- 37.1% of sales
- Share of FY25 revenue in the first year of L5 autos; L3 e-rickshaws gave 54.4%, scooters 1.6% and spare parts 7.0%.Offer document, p.144
- Sales to related parties
- 39.5% of revenue
- Goods sold to promoter linked firms in FY25, including ₹12.6 cr to Active Power Electricals, a director's proprietorship; 27.2% in the six months to September 2025.Offer document, p.27 and p.28
- Purchases from related parties
- 35.9% of revenue
- Goods bought from promoter linked firms in FY25, mainly ₹17.3 cr from Future Star Energy Solutions, which supplies imported battery cells.Offer document, p.27, p.28 and p.153
Show 5 more facts
- Top ten customers
- 53.9% of sales
- Share of FY25 revenue, up from 36.1% in FY23; 46.0% in the six months to September 2025.Offer document, p.147
- Top five suppliers
- 87.1% of purchases
- Share of FY25 purchases; 63.2% in the six months to September 2025.Offer document, p.148
- Days to get paid
- 116 days
- Trade receivable days in FY25, up from 58 days in FY23 and 71 days in FY24.Offer document, p.100
- Brand
- Owned by the MD
- The Victory trademark is registered to Sanjay Kumar Popli and licensed to the company under an agreement running to 17 August 2026.Offer document, p.153
- Issue money
- ₹18.0 cr for working capital
- From a ₹34.6 cr issue at ₹41 a share, beside ₹5.0 cr for machines and ₹6.8 cr for general purposes, all planned for FY26.Offer document, p.23, p.91 and p.93
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it plans to roughly double capacity by building one more floor on its existing factory without buying land, to enter more states with both L3 and L5 vehicles, to open warehouses closer to small dealers, and to add new models. The offer document planned to spend the issue money in FY26, mostly on working capital and ₹5.0 cr on machines including a laser cutting machine. On 18 September 2026 the exchange sought a clarification from the company on the non submission of a monitoring agency report on use of the issue money. These are the company's statements, not newboard's.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Victory earns its money by building simple electric rickshaws and autos from bought in batteries and parts and selling them to dealers.
Its weak spots are a crowded market where dealers push on price, and a business tangled with the promoters' own firms, which supply parts, take sales and own the factory and the brand.
WatchCan it set its own prices?Not much: it sells a plain product through dealers who compare prices across many makers.
WatchHow strong is it against rivals?It is a small maker in a field where a few large firms lead, and it does not own its own brand name.
WatchWho are its customers?Dealers across north and east India, and a large slice of sales goes to firms linked to the promoters.
AverageDoes it need a lot of money?Little for buildings or machines, since the factory is rented, but more and more for stock and money owed by dealers.
AverageCan it keep finding new work?It added L5 autos and plans new states and models, but has no order book and sells only within India.
WatchDo good and bad years swing a lot?Yes: sales are seasonal and the margin has moved a lot from one year to the next.
Who runs Victory Electric Vehicles International?
Promoters, directors and officers; tap a name for the background
SKSanjay Kumar PopliPromoter, Managing Director and Chief Financial Officer · holds 26.82%
With the company since it was set up; Managing Director for five years from 20 June 2024. B.Com. from Maharshi Dayanand University, B.Ed. from Kanpur University, an MBA in Financial Management and a Diploma in Electrical Engineering from Janardan Rai Nagar Rajasthan Vidyapeeth; nine years as an operations head and three years in marketing at a family partnership firm. The offer document reports a pending criminal case under IPC sections 279 and 304A at Tis Hazari Court, New Delhi, arising from a 2018 road accident, at the prosecution evidence stage.
Offer document, p.170, p.181 and p.246SSeemaPromoter and Non Executive Director · holds 36.28%
With the company since it was set up; Non Executive Director from 20 June 2024. M.Com. from Himachal Pradesh University and B.Ed. degrees from the University of Delhi and Ch. Charan Singh University; three years as operations and admin head in a family partnership firm and four years as a commerce lecturer. Rents the registered office to the company. The offer document lists Sanjay Kumar Popli as husband.
Offer document, p.152, p.170 and p.171PPPalak PoplyPromoter and Whole Time Director
Director since 11 November 2019 and Whole Time Director from 20 June 2024. B.Com. from the University of Delhi, a master's in digital marketing and a post graduate programme in management from IBS, Gurgaon (2023); over two years in marketing and back end systems. The offer document lists Sanjay Kumar Popli and Seema as parents.
Offer document, p.170 and p.171BSBhavna SehgalIndependent Director
Appointed from 20 June 2024. Master's in Information Technology from Guru Gobind Singh Indraprastha University; earlier at Tata Consultancy Services, Tech Mahindra and as an assistant professor.
Offer document, p.170PSPraveen SharmaIndependent Director
Appointed from 19 August 2024. Bachelor's in Business Administration from Jagannath University, Jaipur; in the wholesale plastic granules trade since October 2019.
Offer document, p.170Victory Electric Vehicles International latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹15.3 cr (-53%), net profit ₹0.5 cr (-87%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 63.33%.
Victory Electric Vehicles International announcements
11 on record, latest first; each opens the filing on the exchange
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with votingPDF ↗
- Shareholders meetingShareholders meetingPDF ↗
- ClarificationExchange has sought clarification form the Company with respect to non-submission of Monitoring Agency Report on the utilization of proceeds for the period endePDF ↗
- Outcome of Board MeetingHeld on August 28, 2026PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Outcome of Board Meeting, the financial results for the period ended March 31, 2026PDF ↗
- Outcome of Board Meeting, the financial results for the period ended Jun 30, 2026PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Disclosure under SEBI Takeover Regulationsof Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011PDF ↗
- Disclosure under SEBI Takeover Regulationsof Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011PDF ↗
- Updates'In continuation to our earlier intimation dated May 26, 2026, we hereby inform you that the meeting of the Board of Directors of the Company, which was schedulPDF ↗
Victory Electric Vehicles International annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Victory Electric Vehicles International share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Victory Electric Vehicles International's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,40,90,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY24 (₹18.74) and FY25 (₹3.30) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Victory Electric Vehicles International
What does Victory Electric Vehicles International do?
Victory Electric Vehicles makes battery powered e-rickshaws for passengers and goods, electric autos and slow electric scooters at a rented factory in Bahadurgarh, Haryana, and sells them through dealers, mostly in north India. Its shares trade on NSE Emerge.
What is the share price of Victory Electric Vehicles International?
₹13 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Victory Electric Vehicles International?
₹31 cr at the close on 6 Nov 2026, on 2,40,90,000 shares.
What is the P/E of Victory Electric Vehicles International?
14.6 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Victory Electric Vehicles International's revenue and profit?
Revenue ₹32 cr and profit after tax ₹2 cr in FY26.
Who are the promoters of Victory Electric Vehicles International?
Sanjay Kumar Popli, Seema, Palak Poply; promoters held 63.33% at 31 March 2026.
What was the IPO price of Victory Electric Vehicles International?
₹41 a share; it listed on 14 Jan 2026.
What is Victory Electric Vehicles International's website?
www.victoryevindia.com
More SME companies like Victory Electric Vehicles International
Other listed SME companies in automobiles, the closest in size first, each read from its own documents.
- Supertech EvSEVL · BSE SME · AutomobilesMarket cap ₹38 cr
- Delta AutocorpDELTIC · NSE Emerge · Automobiles · listed 2025Market cap ₹57 cr
- Resourceful AutomobileRAL · BSE SME · AutomobilesMarket cap ₹12 cr
- Tunwal E-MotorsTUNWAL · NSE Emerge · Automobiles · listed 2024Market cap ₹132 cr
- Bikewo Green TechBIKEWO · NSE Emerge · Automobiles · listed 2024Market cap ₹173 cr
- Amba Auto Sales and ServicesAMBAAUTO · NSE Emerge · Automobiles · listed 2026Market cap ₹179 cr
Every listed SME company in Automobiles → · SME companies listed in 2026 →
Built from 1 offer document, 11 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.