MV ELECTROSYSTEMS LIMITED

Designs and manufactures indigenous three-phase propulsion systems for locomotives and electric multiple units (EMUs), and supplies electrical hardware for railway overhead electrification (OHE). The first revenue stream is rail propulsion systems — mainline locomotive propulsion (currently 6,000 hp with a development path to 9,000 and 12,000 hp) plus distributed powertrains being developed for EMUs, MEMUs, Vande Bharat and metro trains. The second is OHE electrical hardware, including Automatic Fault Locators supplied under a PNC Technologies (Korea) tie-up as India's 25 kV AC OHE network is set to double over the next 5–7 years. The executable order book is over INR1,000 crores — 564 locomotive propulsion systems plus an INR86 crore EMU order — with a further INR94.72 crores in developmental orders for MEMU, composite converter and hotel-load applications. Production is ramping from 10 propulsion systems in September to 25 in November to 40 per month by January, against installed capacity of 55 per month. The primary customer is Indian Railways, which manufactures 1,600 locomotives a year, has a 15,000+ in-service fleet requiring retrofit, and orders 300–400 EMUs annually, alongside Vande Bharat, Amrit Bharat, RRTS and metro corridors. R&D, recognised by DSIR, runs at INR9 crores annually and is guided to 3–4% of revenue. Material costs are the principal cost driver — Q1 FY27 results showed a PAT loss of Rs 6.9 crore on Rs 12.8 crore of revenue, attributed to elevated material procurement during the R&D phase and under-absorption from low production volumes.