Dual IPOs: Powering Trains & Wind Turbines

Two Indian companies, MV Electrosystems and Anawil Wire, have recently debuted on the stock market, offering unique investment opportunities in the power and renewable energy sectors. MV Electrosystems, established in 2009, manufactures electrical and power electronics equipment, notably the propulsion systems for electric locomotives. Despite a highly subscribed IPO, the company reported an operating loss of Rs 10 crore and a net loss of Rs 12.6 crore in FY26, with revenues falling 22% to Rs 49 crore.

However, MV Electrosystems boasts an executable order book of Rs 921.64 crore as of June 30, 2026, primarily from Indian Railways, covering 564 propulsion units. This substantial order book offers significant revenue visibility, though risks include high working capital needs and single-buyer dependence.

Anawil Wire and Engineering, incorporated in January 2021, specializes in fabricating tubular steel windmill towers. The company's IPO was also heavily oversubscribed. While Anawil Wire reported a profit before tax of Rs 44.5 crore in FY26, it faced a cash crunch, with operating cash flow at only Rs 18.4 crore due to Rs 90 crore swallowed by working capital.

Anawil Wire's order book stood at Rs 359.81 crore as of March 31, 2026. Key risks for Anawil include customer concentration, with 78.75% of FY26 revenue from its top five clients, and seasonality due to monsoon disruptions. Both companies' valuations are noted as not priced for disappointment, with analysts suggesting a wait-and-watch approach until quarterly results provide clearer performance indicators, especially for MV Electrosystems' August 25th report.