G.V. Electricals

G.V. Electricals Ltd., formerly known as G V Electricals Pvt. Ltd., brings nearly 40 years of deep-rooted experience to the electrical contracting industry. The company has evolved from a private entity into a sophisticated infrastructure player capable of handling large and complex electrical projects across the Indian landscape and selected international markets.

The company's business model is centered on providing complete turnkey solutions for power infrastructure. Their core expertise lies in Low Tension (LT) and High Tension (HT) electrical installations, with technical capabilities reaching up to 400 kV. This comprehensive service suite includes engineering, design, procurement, installation, testing, and commissioning, complemented by specialized electrical consultancy.

Operating across a diverse client base, G.V. Electricals serves industrial plants, power utilities, government departments, and commercial entities. Their portfolio spans critical modern infrastructure including data centers, shopping malls, and major government projects, positioning them as a versatile partner in India's urban and industrial expansion.

The company is driven by a vision to be a trusted leader in the electrical industry through sustainable and innovative solutions. Its operational scale is reflected in its consistent revenue growth and its ability to execute high-voltage projects that require stringent safety and technical certifications.

The promoters of the company include Jawed Akhtar, Sunil Lakshman Vatsa, and Furquan Akhtar. Their leadership has steered the company toward a strong financial position, characterized by high returns on equity and a disciplined approach to debt management.

G.V. Electricals is launching a book-built IPO to raise approximately ₹42.25 crore. The issue is structured as a predominantly fresh issue of ₹39.00 crore, with a small Offer for Sale (OFS) of 2,50,000 equity shares. The price band is set at ₹123 to ₹130 per share, with a minimum retail lot size of 2,000 shares requiring an investment of ₹2,60,000. The IPO opens on July 31, 2026, and closes on August 7, 2026, with listing scheduled for August 12, 2026, on the BSE SME platform.

The proceeds from the fresh issue are earmarked for strategic growth and balance sheet strengthening. Specifically, the company intends to utilize ₹22.00 crore for funding working capital requirements and ₹6.00 crore for the repayment of certain existing borrowings, demonstrating a commitment to reducing leverage while scaling operations.

Financial performance has shown a strong upward trajectory over the last three years. Revenue grew from ₹112.03 crore in 2024 to ₹131.36 crore in 2025, and further climbed to ₹156.66 crore in 2026. Profitability (PAT) has seen an even more aggressive spike, rising from ₹2.80 crore in 2024 to ₹10.47 crore in 2026, indicating significant operational leverage and margin improvement.

From a valuation perspective, the company boasts an impressive ROE of 36.81% and ROCE of 31.13% for FY2026. With a basic EPS of ₹12.64, the company presents a strong fundamental case compared to peers like Parth Electricals. The high percentage of fresh issue indicates that the promoters are not seeking a major exit, which is a positive signal for new investors.

Key investment strengths include the company's 40-year track record, high ROE, and the scarcity of small-float SME stocks with such strong growth profiles. However, risks include the inherent volatility of the SME segment and the dependency on large-scale infrastructure contracts which can be subject to project delays.

Overall, the IPO appears well-structured with strong institutional and retail appetite. While the financials are robust, investors should consider the liquidity constraints typical of the BSE SME platform before committing long-term capital.