VANS Electroengineerings IPO

VANS Electroengineerings Limitedvanselectroengineerings.com

ListedSMEIndustrialsBSE SME

Price band: ₹112 – ₹118
Issue size: ₹33.98 Cr
Lot size: 1200 sh
Bidding: 29 Sep – 1 Oct
Grey market: —

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

VANS Electroengineerings makes single-pole and double-pole vacuum circuit breakers and vacuum interrupters for railway traction power supply from one plant at Karuppur, Salem, Tamil Nadu; it was incorporated on 7 February 2022 and had 33 permanent employees as on 31 August 2026. Across the three annual periods the record carries, revenue was Rs 2.60 Cr in FY24, Rs 13.56 Cr in FY25 and Rs 22.84 Cr in FY26, with profit after tax of Rs 0.02 Cr, Rs 1.73 Cr and Rs 5.39 Cr over the same years. The issue was Rs 33.98 Cr, entirely fresh, priced at Rs 112-118 with a lot of 1,200 shares, and was subscribed 628.73 times in total on day three (1 October 2026). It listed on BSE SME on 7 October 2026 at Rs 224.20 against the band top of Rs 118, closed day one at Rs 235.40, and last traded at Rs 436.80 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.

94Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for VANS Electroengineerings, 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 2022 · Salem, Tamil Nadu · 33 employees

VANS Electroengineerings makes the switchgear that sits between the grid and the overhead wires on electrified railway lines. Its products are single-pole and double-pole vacuum circuit breakers and vacuum interrupters, built at one plant at Karuppur, Salem, Tamil Nadu, and used in traction substations, sectioning posts and feeding posts on Indian Railways track, as well as in metro and renewable-energy installations. It sells mainly to Indian Railways and to the contractors who execute electrification work for it, so its products have to carry RDSO and CORE vendor approvals before they can be supplied; the company holds RDSO approval and has moved from "developmental vendor" to "approved vendor" status with CORE on some products. It was incorporated in February 2022 and had 33 permanent employees as on 31 August 2026.

Revenue is purchase orders for breakers and interrupters won through railway procurement processes open only to approved vendors. Materials dominate the cost base: cost of material consumed was Rs 1,168.95 lakh against revenue from operations of Rs 2,284.30 lakh in FY2025-26, with employee benefits of Rs 122.23 lakh; EBITDA margin was 31.63% and PAT Rs 539.23 lakh. The structural constraint is concentration plus collection. The top customer was 42.66% of FY2025-26 revenue and the top five 65.74%, with no long-term contracts, and trade receivables stood at Rs 1,314.16 lakh at 31 March 2026 against Rs 18.70 lakh of cash. Rs 2,500 lakh of the issue was earmarked for working capital.

The company on paper

Legal name: VANS Electroengineerings Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 7 Feb 2022
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U27104TZ2022PLC038141
Sector: Industrials · Vacuum circuit breakers and interrupters for railway electrification traction power supply
Employees: 33
Registered office: Salem, Tamil Nadu
Promoters: Balakrishnan Srinivasan, Viraj Bansal, Abhishek Saraff, Nitin Jain, Pooja Bansal, Hotspot Infodot Private Limited
Promoter holding, pre-issue: 90.8%
Promoter holding, post-issue: 66.7%
Website: vanselectroengineerings.com

The numbers

Financial performance

Revenue has compounded at 196.4% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. 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

100% 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: ₹33.98 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹33.98 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: 1,46,400

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 24.0% of the company.

Promoters
Everyone else

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 3. Anchor allocations are excluded.

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

Total subscription628.73×

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: ₹118.00
Listed at: ₹224.20
Listing gain: up 90.0%
Since listing: up 84.7%
Against the issue price: up 250.8%

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

Shares applied for: 2,400
At cut-off price: ₹118.00
Amount blocked: ₹2,83,200

One lot is 1200 shares at ₹1,41,600. This issue requires a minimum of 2 lots, so the smallest application is ₹2,83,200. 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.

~0.1%

chance of one lot, per application

Retail subscription: 686.32×
Applicants per share available: 686.3× 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.

₹224.20

listed at, 90.0% against the issue price

Issue price: ₹118.00
Premium said: —
If allotted 1200 shares: ₹1,27,440

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 higher in each successive year on record: Rs 0.02 Cr of EBITDA on revenue of Rs 2.60 Cr in FY24 (0.77%), Rs 2.48 Cr on Rs 13.56 Cr in FY25 (18.29%) and Rs 7.23 Cr on Rs 22.84 Cr in FY26 (31.65%).
Revenue, EBITDA, profit after tax and net worth each rose in every year the record carries. Revenue grew 421.54% from Rs 2.60 Cr in FY24 to Rs 13.56 Cr in FY25 and a further 68.44% to Rs 22.84 Cr in FY26; profit after tax rose 211.56% from Rs 1.73 Cr in FY25 to Rs 5.39 Cr in FY26; net worth went from Rs 1.05 Cr to Rs 3.78 Cr to Rs 9.17 Cr.
Borrowings measured against net worth were lower in each successive year: Rs 5.17 Cr against Rs 1.05 Cr in FY24 (4.92x), Rs 1.20 Cr against Rs 3.78 Cr in FY25 (0.32x) and Rs 2.55 Cr against Rs 9.17 Cr in FY26 (0.28x).
The issue was wholly primary: Rs 33.98 Cr of fresh issue with the offer-for-sale component recorded as Rs 0 at both ends of the band, and the record's business description earmarks Rs 2,500 lakh of it, or 73.57% of the Rs 3,398 lakh raised, for working capital. The record's company description states that the products require RDSO and CORE vendor approvals before they can be supplied, that the company holds RDSO approval, and that it has moved from 'developmental vendor' to 'approved vendor' status with CORE on some products.

What to weigh against it

Customer concentration, as the record's business description states it: the top customer was 42.66% of FY2025-26 revenue and the top five 65.74%, with no long-term contracts. The record's keyCustomers list is empty.
The same description puts trade receivables at Rs 1,314.16 lakh at 31 March 2026 against Rs 18.70 lakh of cash, on revenue from operations of Rs 2,284.30 lakh for the year, so receivables stood at 57.53% of that year's revenue.
Borrowings did not fall throughout: Rs 5.17 Cr in FY24, Rs 1.20 Cr in FY25 and Rs 2.55 Cr in FY26, the FY26 figure being 112.50% above FY25. Promoter holding is recorded at 90.75% before the issue and 66.73% after, a fall of 24.02 percentage points.
The base is small and the recorded history short. The record carries three annual periods only, the earliest (FY24) showing revenue of Rs 2.60 Cr and profit after tax of Rs 0.02 Cr; the company was incorporated on 7 February 2022 and operates one plant, at Karuppur, Salem, with 33 permanent employees as on 31 August 2026.

Easy to miss in the prospectus

The record leaves parts of the picture blank: expensesCr, totalAssetsCr and cashFlowOpsCr are null for FY24, FY25 and FY26, and the valuation, allocation and anchor blocks are null with the peers, gmp, offerObjects and documents lists empty. Cash conversion, the asset base and issue multiples cannot be checked against this record.
Cost structure as the record states it for FY2025-26: cost of material consumed Rs 1,168.95 lakh and employee benefits Rs 122.23 lakh, against revenue from operations of Rs 2,284.30 lakh, or 51.17% and 5.35% of revenue respectively.
The traded price sits well away from the issue price: Rs 436.80 on 23 October 2026 against a listing price of Rs 224.20 on 7 October 2026 and a band top of Rs 118, a gain of 270.17% on the band top. The latest earnings figure the record carries is FY26 profit after tax of Rs 5.39 Cr.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

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

Built from 9 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

BSE equity bhavcopy, 7 October 2026 (scrip 544971, VANS, series MT) — ISIN, listing-day OHLC, board lot · read 16 Oct 2026

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

At a glance

Board: SME platform
Opens: 29 Sep 2026
Closes: 1 Oct 2026
Allotment: 5 Oct 2026
Lists: 7 Oct 2026
Revenue (FY26): ₹22.84 Cr
Profit (FY26): ₹5.39 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.