Victory Electric Vehicles International Ltd
Incorporated in 2018, Victory Electric Vehicles International Ltd is engaged in the business
of manufacturing of battery-operated electric vehicles.[1]
- Market Cap ₹ 32.0 Cr.
- Current Price ₹ 13.3
- High / Low ₹ 34.4 / 13.0
- Stock P/E 14.9
- Book Value ₹ 19.5
- Dividend Yield 0.00 %
- ROCE 10.5 %
- ROE 6.95 %
- Face Value ₹ 5.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Stock is trading at 0.68 times its book value
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has high debtors of 202 days.
- Company's cost of borrowing seems high
- Working capital days have increased from 181 days to 393 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Automobile and Auto Components Automobiles 2/3 Wheelers
Part of Nifty SME Emerge
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 47.00 | 51.43 | 47.99 | 50.73 | 31.95 | |
| 45.79 | 49.60 | 40.96 | 42.68 | 28.10 | |
| Operating Profit | 1.21 | 1.83 | 7.03 | 8.05 | 3.85 |
| OPM % | 2.57% | 3.56% | 14.65% | 15.87% | 12.05% |
| 0.73 | 0.23 | 0.32 | 0.20 | 0.28 | |
| Interest | 0.77 | 0.64 | 0.50 | 1.00 | 0.92 |
| Depreciation | 0.26 | 0.33 | 0.28 | 0.24 | 0.29 |
| Profit before tax | 0.91 | 1.09 | 6.57 | 7.01 | 2.92 |
| Tax % | 29.67% | 27.52% | 25.57% | 26.25% | 26.37% |
| 0.65 | 0.79 | 4.89 | 5.17 | 2.15 | |
| EPS in Rs | 4.76 | 3.87 | 18.74 | 3.30 | 0.89 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -15% |
| TTM: | -37% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 40% |
| TTM: | -58% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 24% |
| 3 Years: | 24% |
| Last Year: | 7% |
Balance Sheet
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 1.37 | 2.04 | 2.61 | 7.83 | 12.05 |
| Reserves | 1.41 | 2.20 | 7.09 | 7.05 | 34.94 |
| 7.80 | 6.21 | 5.30 | 9.29 | 1.84 | |
| 10.24 | 8.72 | 6.94 | 7.11 | 5.75 | |
| Total Liabilities | 20.82 | 19.17 | 21.94 | 31.28 | 54.58 |
| 1.68 | 1.42 | 1.15 | 1.53 | 1.90 | |
| CWIP | 0.00 | 0.00 | 0.18 | 0.00 | 0.06 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 19.14 | 17.75 | 20.61 | 29.75 | 52.62 | |
| Total Assets | 20.82 | 19.17 | 21.94 | 31.28 | 54.58 |
Cash Flows
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 2.52 | 2.52 | 2.15 | -2.97 | -13.62 | |
| -0.94 | -1.43 | -0.90 | -0.61 | 0.60 | |
| -1.44 | -1.55 | -0.83 | 3.99 | 22.51 | |
| Net Cash Flow | 0.13 | -0.46 | 0.42 | 0.41 | 9.49 |
| Free Cash Flow | 1.67 | 2.45 | 1.96 | -3.40 | -14.30 |
| CFO/OP | 224% | 160% | 33% | -14% | -305% |
Ratios
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 61.27 | 60.32 | 77.65 | 116.34 | 202.44 |
| Inventory Days | 58.28 | 11.18 | 35.79 | 50.72 | 142.72 |
| Days Payable | 73.67 | 47.89 | 25.10 | 27.97 | 54.04 |
| Cash Conversion Cycle | 45.88 | 23.62 | 88.34 | 139.10 | 291.11 |
| Working Capital Days | 17.24 | 21.86 | 64.19 | 87.27 | 392.87 |
| ROCE % | 16.45% | 55.56% | 40.90% | 10.52% |
Documents
Announcements
-
Shareholders meeting
- AGM scrutinizer report dated September 30, 2026; all resolutions passed, including director reappointment and secretarial auditor appointment.
-
Shareholders meeting
- Victory Electric Vehicles held its 8th AGM on 30 September 2026; voting results to follow within two working days.
-
Clarification
- Exchange has sought clarification form the Company with respect to non-submission of Monitoring Agency Report on the utilization of proceeds for the period ended March …
-
Outcome of Board Meeting
- Board approved AGM notice for 30 September 2026, directors’ report, secretarial auditor appointment, and director reappointment.
-
Certificate under SEBI (Depositories and Participants) Regulations, 2018
- Victory Electric Vehicles International Limited has informed about Certificate under SEBI (Depositories and Participants) Regulations, 2018
Business Overview:[1]
VEVIL is focused on manufacturing a diverse range of electric mobility solutions, including
L3 electric vehicles, L5 electric vehicles, electric cargo and loader vehicles, customised electric three-wheelers and electric scooters. It is also developing customised electric 3-wheeler solutions for specific commercial applications, including food delivery and ice-cream transportation. The company also manufactures electric scooters.