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Raksan Transformers IPO

Raksan Transformers Limitedraksantransformers.com

ListedSMEIndustrialsBSE SME
Price band
₹258 – ₹273

Face value ₹10.00

Issue size
₹151 Cr

80% fresh capital

Lot size
400 sh
Bidding
10 – 15 Sep

Lists 18 Sep 2026

Grey market
—

No quote recorded

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Raksan Transformers builds oil-filled distribution and power transformers at two plants at Rai, Sonipat, Haryana, and the record states it is an approved vendor for over 20 such buyers, among them government entities, power distribution corporations, public sector undertakings, utility companies and EPC contractors. Revenue was Rs 160.95 Cr in FY24, Rs 324.21 Cr in FY25 and Rs 363.11 Cr in FY26, growth of 101.44% and then 12.00%; profit after tax across the same three years was Rs 7.59 Cr, Rs 20.38 Cr and Rs 33.60 Cr. The Rs 150.50 Cr BSE SME issue was Rs 120.47 Cr fresh and Rs 30.03 Cr offer for sale, and took promoter holding from 100% to 73.61%. It was subscribed 47.43 times overall on the closing day, listed at Rs 273 for a listing gain of 0%, closed its first day at Rs 286.60 and last traded at Rs 239.20 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

79Strong
IPOVista score 79 out of 100, graded Strong.

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Raksan Transformers, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built
PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

  • SME platform listing

    SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1995 · New Delhi, India (registered office, Sector-8 Rohini); corporate office and plants at Rai, Sonipat, Haryana · 143 employees

Raksan Transformers Limited builds oil-filled transformers at two plants at Rai, Sonipat, Haryana. Its range covers distribution transformers, power transformers, transformers for solar applications and special-purpose units, made single or three phase and designed to a customer's voltage, power, climate, system configuration and sound-level requirements. The company was incorporated in 1995 and spent its early years repairing and servicing distribution and power transformers, moving into manufacturing in 2005-06. Buyers are government entities, power distribution corporations, public sector undertakings, utility companies, EPC contractors and industrial clients; it is an approved vendor for over 20 such entities. Combined installed capacity as of 31 March 2026 was roughly 15,00,000 KVA a year for distribution transformers and 1,350 MVA for power transformers. It had 143 full-time employees as of 30 June 2026.

Revenue is the sale of transformers, largely won through competitive bidding from government-controlled buyers: supply to public utility companies including government entities was 50.73% of revenue from operations in FY26, and the top ten customers 71.49%. Economics are dominated by materials — CRGO steel, copper and aluminium conductors, transformer oil and fabricated tanks. Raw material consumed was Rs 29,115.04 lakhs in FY26, or 80.18% of revenue from operations, against 83.55% in FY25. Group company SHR Powers Private Limited makes transformer tanks and bodies, a backward-integration step. The structural constraint is tender dependence and order-book conversion: 83 orders worth Rs 32,967.92 lakhs as of 30 June 2026.

The company on paper

Legal name
Raksan Transformers Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
21 Jul 1995
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
U31103DL1995PLC184910
Sector
Industrials · Power and distribution transformers for electricity utilities and industrial users
Employees
143
Registered office
New Delhi, India (registered office, Sector-8 Rohini); corporate office and plants at Rai, Sonipat, Haryana
Promoters
Sanjeev Kanda, Renu Kanda, Dievam Singh Kanda
Promoter holding, pre-issue
100.0%
Promoter holding, post-issue
73.6%
Website
raksantransformers.com

The numbers

Financial performance

Revenue has compounded at 50.2% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

  • Revenue
  • Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

  • Net margin
  • EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

  • Net worth
  • Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

80% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company
₹120 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders
₹30.03 Cr
Total issue size
₹151 Cr
Shares offered in the OFS
—
Pre-issue shares outstanding
—
Employee discount
—
Market maker portionSME issues require a market maker to provide two-way quotes
2,76,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 26.4% of the company.

  • Promoters
  • Everyone else
Before100%After74%26%

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 4. Anchor allocations are excluded.

QIB70.51×NII / HNI60.46×Retail28.66×

Hover or focus a category to see who bids in it.

Total subscription47.43×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price
₹273.00
Listed at
₹273.00
Listing gain
unchanged 0.0%
Since listing
down 18.7%

Trading at ₹221.90 on 30 Oct 2026

Against the issue price
down 18.7%

What an allotment is worth now, before costs

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots
2 lots, 800 shares, ₹2,18,400 blocked
Shares applied for
800
At cut-off price
₹273.00
Amount blocked
₹2,18,400

One lot is 400 shares at ₹1,09,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,18,400. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~3%

chance of one lot, per application

Retail subscription
28.66×
Applicants per share available
28.7× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹273.00

listed at, 0.0% against the issue price

Issue price
₹273.00
Premium said
—
If allotted 400 shares
₹0

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

  • EBITDA margin was 6.33% in FY24 (Rs 10.19 Cr on Rs 160.95 Cr of revenue), 9.10% in FY25 (Rs 29.51 Cr on Rs 324.21 Cr) and 12.87% in FY26 (Rs 46.72 Cr on Rs 363.11 Cr) — higher at each of the three years the record carries.
  • Profit after tax rose 64.87% in FY26, from Rs 20.38 Cr to Rs 33.60 Cr, on revenue 12.00% higher at Rs 363.11 Cr against Rs 324.21 Cr. That puts the FY26 net margin at 9.25% (Rs 33.60 Cr on Rs 363.11 Cr).
  • Net worth was Rs 23.70 Cr in FY24, Rs 44.07 Cr in FY25 and Rs 77.42 Cr in FY26, higher at each year on record. Total borrowings were Rs 20.74 Cr at FY26 against Rs 23.51 Cr at FY25 and Rs 9.81 Cr at FY24, which works out at 0.27 times net worth in FY26, 0.53 times in FY25 and 0.41 times in FY24.
  • The order book was 83 orders worth Rs 329.68 Cr (Rs 32,967.92 lakhs) as of 30 June 2026. FY26 revenue was Rs 363.11 Cr, so that book is 0.91 times the last full year of revenue.

What to weigh against it

  • Revenue is concentrated on a small set of buyers: supply to public utility companies including government entities was 50.73% of revenue from operations in FY26, and the top ten customers 71.49%. The record describes revenue as largely won through competitive bidding from government-controlled buyers, and names tender dependence and order-book conversion as the structural constraint.
  • Raw material consumed was Rs 291.15 Cr (Rs 29,115.04 lakhs) in FY26, or 80.18% of revenue from operations, against 83.55% in FY25. The record names CRGO steel, copper and aluminium conductors, transformer oil and fabricated tanks as the dominant costs.
  • The stock last traded at Rs 239.20 on 23 October 2026, 12.38% below the Rs 273 listing price and 16.54% below the Rs 286.60 first-day close.

Easy to miss in the prospectus

  • The record carries no operating cash flow and no total assets figure for FY24, FY25 or FY26, so the reported profits cannot be reconciled against cash within this record.
  • There is no valuation block, no peer set and no post-issue share count on record, so the Rs 273 listing price cannot be expressed as a multiple of the Rs 33.60 Cr FY26 profit.
  • Subscription is a single closing-day snapshot — QIB 70.51 times, NII 60.46 times, retail 28.66 times, 47.43 times overall — with no basis stated and no anchor book on record.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers
Hem Securities Limited
RegistrarAllotment status is checked on the registrar's own site
Bigshare Services Private Limited

How these figures were checked

Reconciled to Raksan Transformers's own prospectus and to exchange disclosures, then cross-checked against 5 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

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