Severeconcentrationpage 28
Top 10 customers contributed 94–99% of revenue
The contribution of our top 10 customers accounted for 94.76%, 97.74% and 98.82% of our revenue from operations for the fiscal years 2026, 2025 and 2024, respectively.
Opens in 3 daysSMEPower Generation/Distribution
G.V.Electricals IPO
G.V.Electricals IPO is a sme IPO raising ₹42 Cr at ₹123 – ₹130 a share. The smallest application you can make is 1000 shares, costing ₹1,30,000 at the top of the band. Bidding opens on 31 Jul 2026.
₹123 – ₹130
Price band
₹1,30,000
Minimum to apply (1000 shares)
₹42 Cr
Issue size
31 Jul 2026
Bidding opens
Not publishedSubscription
Bidding has not opened yet, so there is nothing to subscribe to.
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 402-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 51 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severepromoterpage 51
Promoters retain 100% equity control post-IPO
Our promoter along with the promoter group will continue to hold collectively 100% of the Equity share capital of the company.
Severeregulatorypage 39
CHG-1 never filed; scheme approval filed 12 years late
The scheme was approved on February 21, 2014, and Form MGT-14 was subsequently filed on March 26, 2026
Severeregulatorypage 40
Cannot trace historical corporate records since 1985
Our Company has been unable to trace certain historical corporate and secretarial records filed under the Companies Act, 1956 and the Companies Act, 2013
Highfinancialpage 35
Operating cash flow turned negative Rs 330.99 lakhs
Net Cash Generated from Operating Activities (330.99) 108.18 38.67
Highconcentrationpage 27
O&M single service vertical drives 77% of revenue
Revenue from this services vertical contributed approximately 76.90%, 79.26% and 75.81% of our revenue from operations for the financial years March 2026, March 2025 and March 2024 respectively.
Highconcentrationpage 37
Odisha geographic concentration ~69% of revenue
Odisha 10,800.30 69.05% 9,779.14 74.52% 7,500.47 67.09%
Highregulatorypage 37
Persistent PF and ESIC payment delays up to 273 days
PF Payment Delays...2024-25 1 to 273 738.00 61...2025-26 1 to 214 911.39 158; ESIC Payment Delays...2024-25 1 to 211
Highregulatorypage 42
Licenses, trademarks and trade license still in old name
the said trademarks are registered in the name of GV Electricals Private Limited, and applications for change of name in favour of our Company have been filed and are pending approval
Highpromoterpage 54
Promoters lack listed-company management experience
None of our existing Promoters or executive Directors has experience of managing a listed Company.
Highconcentrationpage 52
Dependence on financially weak DISCOM and PSU clients
financial constraints faced by DISCOMs, or cancellation, deferment or restructuring of projects may adversely affect demand for our services.
Highoperationalpage 47
Three employee accident insurance policies have expired
Three employee accident insurance policies covering 240, 350 and 175 employees, respectively, have expired, and while our Company has received quotations for their renewal or replacement, the renewed policy schedules are awaited. Several policies also continue to reflect the erstwhile name of our Company
Highfinancialpage 42
Contingent liabilities surged from nil to Rs 872.35 lakhs
Contingent Liabilities 872.35 494.55 -
Highoperationalpage 52
Adverse inspection findings could derail project handovers
inspections are undertaken by officials of public sector units to ascertain errors or deviations from approved procedures or drawings while executing projects, and any adverse findings may adversely affect our business and results of operations.
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹1.1 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 20 | 4 | ₹1.0 Cr |
| Promoters | 0 | 8 | 0 | ₹0.0 Cr |
| Directors | 0 | 8 | 0 | ₹0.0 Cr |
| Subsidiaries | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
case₹0.3 Crpage 284
Ajmer GST ASMT-13 order (Section 62) for FY 2024-25 (March 2025 period) raised demand of ₹25.92 lakhs (tax ₹25.37L + interest ₹0.53L + late fee ₹0.02L); subsequently deemed withdrawn by tax authorities
case₹0.2 Crpage 284
Delhi GST DRC-07 order for FY 2019-20 amounting to ₹17.80 lakhs for ineligible ITC, interest and penalty; appeal filed and pending adjudication
case₹0.2 Crpage 283
Mumbai GST ASMT-10 notice for FY 2023-24 alleging excess ITC, ISD credit and GSTR-9C reconciliation discrepancies involving ₹15.99 lakhs
case₹0.1 Crpage 283
Mumbai GST DRC-07 order for FY 2020-21 amounting to ₹11.12 lakhs for ineligible ITC from cancelled suppliers and interest; paid but drop order not yet received
casepage 282
Labour Case LIR No. 5580/2016 (Sunil Jha vs. Tata Power Delhi Distribution Ltd. & G V Electricals Ltd) under Section 6 of the Industrial Disputes Act, 1947 pending before Labour Court-02, Rouse Avenue, New Delhi; next hearing September 09, 2026
Counts derived from narrative; no consolidated SEBI summary table in source. Amounts in source stated in lakhs (1 crore = 100 lakhs). Company tax count of 20 includes 1 TDS-default and 19 GST matters (5 Mumbai + 5 Delhi + 9 Ajmer). Promoters/Directors tax count of 8 includes 3 IT demands, 2 TDS defaults, and 3 GST orders against Sunil Lakshman Vatsa and Jawed Akhtar. Many GST orders have been paid by the Company but drop orders not yet received; included as outstanding. Subsidiary/group company buckets are zero as Company has no subsidiary or group company. Grand total computed from individual itemised amounts (TDS ₹1.31L + Mumbai GST ₹32.82L + Delhi GST ₹19.47L + Ajmer GST ₹50.53L + Promoter/Director tax ₹3.42L ≈ ₹106.55 lakhs ≈ ₹1.07 crore); excludes labour court matters (amount not stated).. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.