NSE: MVELECTRO · BSE: 544851
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. AR · MarketPing reader · 2026-09-16
Revenue streams, as the annual report describes them. Rail propulsion systems, OHE electrical hardware. R&D-heavy, scaling rail propulsion manufacturer in early production ramp
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · standalone |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q1 FY27 |
|---|---|
| Revenue | 13 |
| Profit before tax | (8) |
| Net profit | (7) |
| EPS (₹) | (3.38) |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Kotak MF crosses 5 percent stake in MV Electrosystems via open market | ownership changes | medium | — | — |
| 12 Oct 2026 · RTA submits Reg 74(5) compliance certificate for Q2 FY26 | compliance | minimal | — | — |
| 30 Sept 2026 · AGM voting results filed: all 5 resolutions passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Proceeding of the 17th Annual General Meeting (AGM) of the Company held today i.e. Tuesday, September 29, 2026 | board shareholder meetings | low | — | — |
| 25 Sept 2026 · MV Electrosystems schedules analyst and investor meeting with plant visit on Sept 30 | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 4 Sept 2026 · 17th AGM notice and e-voting details published | compliance | minimal | — | — |
| 3 Sept 2026 · MV Electrosystems: 17th AGM notice and annual report web link shared | compliance | minimal | — | — |
| 3 Sept 2026 · MV Electrosystems files Annual Report for FY2025-26 | compliance | low | — | — |
| 3 Sept 2026 · MV Electrosystems 17th AGM on September 29, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.