Net Revenue from Operations: ₹12.8 Cr (vs ₹14.9 Cr in Q4FY26 and ₹13.4 Cr in Q1FY26)
Gross Profit: ₹1.1 Cr with Gross Profit Margin of 8.8% (vs 7.4% in Q4FY26 and 7.5% in Q1FY26)
EBITDA Loss: ₹5.4 Cr with EBITDA Margin of -42.1% (vs -39.2% in Q4FY26 and -26.0% in Q1FY26)
EBIT Loss: ₹6.9 Cr with EBIT Margin of -53.7% (vs -45.5% in Q4FY26 and -31.0% in Q1FY26)
PAT Loss: ₹6.9 Cr with PAT Margin of -53.9% (vs -19.5% in Q4FY26 and -42.6% in Q1FY26)
Diluted EPS: -₹3.4 (vs -₹1.4 in Q4FY26 and -₹3.1 in Q1FY26)
Key Drivers of Q1FY27 Performance
Elevated Material Costs: Consumption of inventory procured during R&D phase at comparatively higher prices
Low Production Absorption: Manufacturing manpower built up during FY26 ahead of propulsion production, but lower production volumes resulted in under-absorption of costs
Continued R&D Investment: Approximately ₹2 Cr of R&D expenditure incurred in Q1FY27
Production Ramp-Up Underway: Post-IPO, company has placed orders for key raw materials to support higher production volumes
Order Book Position (as of June 30, 2026)
Executable Orders:
3-Phase Propulsion Equipment: 564 systems valued at ₹921.64 Cr (excluding GST)
3-Phase Propulsion Equipment: 6 systems valued at ₹86.54 Cr (excluding GST)
Total Executable Order Value: ₹989.32 Cr (excluding GST)
Developmental Orders:
3-Phase Propulsion System with Composite Converter: 1 system valued at ₹2.51 Cr
500 kVA Hotel Load Converter: 1 system valued at ₹0.80 Cr
Total Developmental Order Value: ₹94.72 Cr
Other Orders:
Cable Management Systems & Control Panels: Approximately ₹20.00 Cr
Order Execution Plan
Targeting delivery of ~70 propulsion sets by Q3FY27
Planned run-rate of ~40 sets per month thereafter
Balance order book targeted for execution in FY28
Material inventory equivalent to ~30 propulsion sets currently available
Key long-lead components including IGBTs & gate drivers, capacitors, heat sinks, power cables and connectors already ordered
Technology and Product Development
Indigenously developed IGBT-based 3-Phase Propulsion Equipment for 6,000 HP-class electric locomotives
Successfully validated through 50,000 km of field trials
Cleared by CLW (Chittaranjan Locomotive Works) for commercial supply in March 2026
45-member in-house R&D team focused on indigenous development
Modular product development approach enabling rapid prototyping
Strategic Collaborations
1. PNC Technologies, South Korea (August 2025)
Three-year exclusive cooperation agreement for marketing, manufacturing, supply and distribution of Auto Fault Locator systems in India
Includes participation in Indian Railway tenders and manufacturing aligned with Make in India requirements
2. Korean-Indian Consortium
Partnership with Heavy Industrial Company Ltd. and Param Enterprises Pvt. Ltd.
MV Electrosystems as Lead Member for design, development, manufacture, supply, testing and commissioning of MEMU propulsion equipment as per RDSO specifications
Manufacturing and Infrastructure
Two manufacturing facilities in Palwal, Haryana
Additional facility taken on lease with renovation and infrastructure development underway
New manpower hiring being planned
Certifications: IRIS/ISO 22163, ISO 9001, ISO 14001 and ISO 45001
R&D center in Faridabad with advanced testing equipment and software capabilities
Capital Structure and Market Information (as of August 26, 2026)
CMP: ₹560.15
Market Cap: ₹1,539.02 Cr
Shares Outstanding: 2.73 Cr
Face Value: ₹5.00
Balance Sheet Highlights (as of March 31, 2026)
Total Equity: ₹62.6 Cr (vs ₹17.9 Cr in Mar-25)
Total Assets: ₹145.7 Cr (vs ₹74.1 Cr in Mar-25)
Inventories: ₹67.5 Cr (vs ₹31.8 Cr in Mar-25)
Property, Plant and Equipment: ₹21.4 Cr (vs ₹6.8 Cr in Mar-25)
