Raksan Transformers
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 3.87×
- Big non-institutionalbNII · above ₹10 lakh
- 0.65×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.24×
- Retail individualRII · up to ₹2 lakh
- 0.34×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Sept 2026 | ₹30 | +10.99% | ₹9,100 | ₹303 | ₹12,000 |
| 12 Sept 2026 | ₹30 | +10.99% | ₹9,100 | ₹303 | ₹12,000 |
| 11 Sept 2026 | ₹30 | +10.99% | ₹9,100 | ₹303 | ₹12,000 |
| 10 Sept 2026 | ₹28 | +10.26% | ₹8,500 | ₹301 | ₹11,200 |
| 09 Sept 2026 | ₹25 | +9.16% | ₹7,600 | ₹298 | ₹10,000 |
| 08 Sept 2026 | ₹25 | +9.16% | ₹7,600 | ₹298 | ₹10,000 |
| 07 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹273 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 10 Sept 2026 – 15 Sept 2026
- Listing date
- 18 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹258 – ₹273
- Lot size
- 400 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹150 Cr
- Fresh issue
- ₹113 Cr 41,36,800 shares
- Offer for sale
- ₹30.03 Cr 11,00,000 shares
- Market cap at offer price
- ₹570 Cr
- Promoter holding
- 100.00% → 73.61% pre-issue → post-issue
- ISIN
- INE1S7M01017
- CIN
- U31103DL1995PLC184910
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Shop No. 16, Local Shopping Centre-3, Sector-8, Rohini, North Delhi, New Delhi, Delhi, India, 110085
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 10,47,200 | 28.56% | 26.56% |
| Anchor investor · within QIB | 15,70,000 | — | 39.83% |
| NII (HNI) | 7,85,400 | 21.42% | 19.92% |
| bNII > ₹10L · within NII | 5,24,400 | — | 13.30% |
| sNII < ₹10L · within NII | 2,61,000 | — | 6.62% |
| Retail (RII) | 18,33,600 | 50.01% | 46.51% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,76,000 | — | 7.00% |
| Total issue | 39,42,200 | — | 100.00% |
Net offer to the public of 36,66,200 shares, out of a total issue of 39,42,200. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 400 shares per lot, in multiples, at ₹273
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 400 | ₹1,09,200 |
| S-HNI (min) | 2 | 800 | ₹2,18,400 |
| S-HNI (max) | 9 | 3,600 | ₹9,82,800 |
| B-HNI (min) | 10 | 4,000 | ₹10,92,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹273 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 20.39 | 16.08 |
| P/E (×) | 13.39 | 16.98 |
| Price to book (×) | 10.21 | — |
| Market cap | — | ₹570 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 46.23%
- ROCE
- 55.00%
- Debt / equity
- 0.53
- PAT margin
- 6.28%
- EBITDA margin
- 9.10%
- NAV per share
- ₹26.74
- Price to book
- 10.21
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 363.63 | 324.78 | 162.52 |
| Revenue from operations | 363.11 | 324.21 | 160.95 |
| Other income | 0.52 | 0.57 | 1.58 |
| Total expenses | 318.44 | 297.03 | 152.12 |
| Operating profit | 45.19 | 27.75 | 10.4 |
| Operating margin | 12.43% | 8.54% | 6.40% |
| Profit before tax | 45.19 | 27.75 | 10.4 |
| Profit after tax | 33.6 | 20.38 | 7.59 |
| PAT margin | 9.24% | 6.28% | 4.67% |
| Balance sheet | |||
| Total assets | 155.59 | 117.9 | 67.02 |
| Current assets | 101.55 | 74.04 | 45.27 |
| Current liabilities | 69.13 | 62.48 | 39.33 |
| Total liabilities | 78.17 | 73.78 | 43.29 |
| Net worth | 77.42 | 44.12 | 23.74 |
| Current ratio | 1.47× | 1.19× | 1.15× |
| Return on equity | 43.40% | 46.19% | 31.97% |
| Cash flow | |||
| Operating cash flow | 14.89 | 5.36 | 7.43 |
| Investing cash flow | -11.19 | -22.55 | -7.42 |
| Financing cash flow | -3.68 | 12.76 | 3.58 |
| Net cash flow | 0.02 | -4.43 | 3.58 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding capital expenditure towards setting up of manufacturing facility at Liwaspur, Sub-Tehsil Rai, Distt. Sonepat, Haryana ₹62.14 Cr
The company proposes to utilize funds for expansion of manufacturing capabilities by building factory shed and installation of additional plant and machinery. The proposed capacity expansion will complement current manufacturing setup and help expand existing capacity for transformer manufacturing.
2 To meet working capital requirements ₹35 Cr
With business expansion, the company will need additional working capital for trade receivables, inventories, payment to trade payables and funding day-to-day operations. The company will meet requirements from net proceeds and balance from borrowings as per requirement.
3 Repayment of certain borrowing availed by our Company, in part or full ₹7.28 Cr
The company proposes to utilize funds towards full or partial repayment of certain borrowings to help reduce outstanding indebtedness, debt servicing costs, assist in maintaining favorable debt to equity ratio and enable utilization of internal accruals for business growth.
4 General Corporate Purpose —
The company intends to deploy remaining fresh issue proceeds for general corporate purposes to drive business growth including meeting operating expenses, initial development costs for projects, strengthening business development and marketing capabilities, meeting exigencies and other purposes as approved by Board.
1 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Raksan Transformers
The company is an ISO 9001:2015 certified transformer manufacturer established in 1995, initially engaged in repair and servicing before establishing manufacturing operations in 2005-06. The company operates two manufacturing facilities in Sonepat, Haryana with combined production capacity of 15,00,000 KVA for distribution transformers and 1350 MVA for power transformers. The company manufactures distribution transformers, power transformers, transformers for solar applications, and special purpose transformers, serving government entities, utility companies, EPC contractors, and industrial clients across multiple sectors.
Management
Sanjeev Kanda
MD
Dievam Singh Kanda
CEO
Renu Kanda
Director
Kamal Dev Arora
Director
Lokesh Vats
Director
Arvind
CFO
Mukesh Sharma
COO
Aashutosh Kharb
VP of Sales
Ramesh Kumar
Director of Operations
Strengths
As stated in the offer document
Established Manufacturing facility and In-house operations
The company operates two manufacturing facilities spread across 3037.5 sq. mtrs with combined installed production capacity of 15,00,000 KVA for Distribution transformers and 1350 MVA for Power transformers, equipped with comprehensive machinery and in-house capabilities for core cutting, wire drawing, and tank fabrication.
Strong Order Book
As of June 30, 2026, the company has 83 orders in hand aggregating into an order book of Rs. 32,967.92 lakhs, demonstrating consistent growth due to continued focus on quality and customer retention capabilities.
Established relationship with the clients including government entities, power utilities
The company is an approved vendor for over 20 entities including power distribution corporations and public sector undertakings, with a customer base of around 121 customers and revenue from top 5 customers constituting 46.36% of total revenue in FY 2025-26.
Quality assurance
The company has obtained ISO 9001:2015 certification, BIS approval for transformers up to 2500 kVA, and BEE certification for Level 2/3 energy efficiency ratings, ensuring compliance with quality management standards across both manufacturing facilities.
Experienced and Strong Promotors/Management team
The company is led by promoter Sanjeev Kanda with around 31 years of experience in the transformer industry, supported by directors and senior management with diverse experiences in transformer manufacturing, finance, and regulatory compliance.
Track record of profitability and consistent financial performance
The company achieved revenue from operations of Rs. 36,310.82 Lakhs in FY 2025-26 with EBITDA margin of 12.87%, PAT margin of 9.25%, and maintains a debt-to-equity ratio of 0.27:1 as of March 31, 2026.
Risk factors
As stated in the offer document
Heavy Dependence on Government and Public Utility Customers
The company derives 50.73% to 72.99% of its revenue from government and public utility customers, making it highly dependent on government policies, project allocations, and payment cycles. Any adverse developments such as reduced orders, delays in tendering, or policy shifts could significantly affect revenue and profitability.
Competitive Bidding Process Risks
The company's revenue is closely linked to winning competitive tenders from government entities, with no assurance of consistent qualification or success. Pricing pressures may result in reduced margins, and the company was previously abstained from bidding for 3 consecutive tenders by Paschimanchal Vidyut Vitran Nigam Limited in 2019.
Order Book Execution and Revenue Recognition Risks
The company's order book of ₹32,967.92 lakhs as of June 30, 2026 may not be representative of future results due to execution risks, delivery delays, contract cancellations, or customer-side delays. Actual revenue realized may differ materially from order book value.
Raw Material Supply Chain and Cost Volatility
The company significantly depends on few suppliers for raw materials, with top 10 suppliers accounting for 54.96% of procurement in Fiscal 2026. Raw material costs represent 80.18% of revenue from operations, and the company has no long-term supply agreements, exposing it to price volatility and supply disruptions.
Customer Concentration Risk
The company derived 71.49%, 82.82% and 83.52% of total revenue from its top 10 customers in Fiscals 2026, 2025, and 2024 respectively. This concentration creates dependency on continued business from key customers and limits bargaining power in negotiations.
Manufacturing Capacity Utilization Risk
The company operates manufacturing facilities with 15,00,000 KVA capacity for distribution transformers and 1,350 MVA for power transformers. Under-utilization or inability to efficiently utilize existing capacities could adversely affect operational efficiency and financial performance.
Working Capital Requirements and Cash Flow Management
The company requires substantial working capital due to the capital-intensive nature of transformer manufacturing and lengthy customer payment cycles. Net working capital increased from ₹897.22 lakhs in Fiscal 2024 to ₹4,468.07 lakhs in Fiscal 2026, with trade receivables growing significantly.
Quality Control and Liquidated Damages Risk
The company faces strict quality requirements and regular inspections, with potential for liquidated damages or order cancellations due to delays. The company paid delayed delivery charges of ₹263.84 lakhs, ₹320.17 lakhs and ₹16.49 lakhs in Fiscals 2026, 2025 and 2024 respectively.
Geographic Revenue Concentration
The company derives 97.13%, 97.67% and 94.05% of total revenue from six states (Uttar Pradesh, Bihar, Madhya Pradesh, West Bengal, Haryana & Jammu and Kashmir) in Fiscals 2026, 2025 and 2024 respectively. This geographic concentration exposes the company to region-specific economic and regulatory risks.
Debt Obligations and Financial Leverage Risk
The company has total borrowings of ₹2,073.64 lakhs as of Fiscal 2026, with significant debt service obligations that could limit financial flexibility. Loans are secured by personal guarantees from promoters, and non-compliance with debt covenants could result in accelerated repayments or suspended credit facilities.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2025
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Raksan Transformers Ltd. THIS ISSUE | 20.39 | — | 16.98, computed at the offer price | 10.21, computed at the offer price | 43.41% |
| 2.69 | — | 49.63 | — | 21.28% | |
| 138.25 | — | 29.47 | — | 32.22% | |
| 8.18 | — | 27.75 | — | 17.49% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.