In Progress
Valuation
Market Cap
₹570.39 Cr
P/E Ratio
13.39x
P/B Ratio
5.81x
Raksan Transformers IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
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Business Overview
Raksan Transformers Limited is an ISO 9001:2015 certified manufacturer of distribution, power, solar-application, and special-purpose transformers, incorporated in 1995 and operating two manufacturing units in Sonepat, Haryana, with a combined installed capacity of 15,00,000 KVA (distribution) and 1,350 MVA (power transformers). The Company is an approved vendor to over 20 government and utility entities, and derives more than half its FY 2025-26 revenue from public-sector (B2G) customers.
Lots & IPO Size
Raksan Transformers IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 800 | ₹2,18,400 |
| Ind (Max) | 2 | 800 | ₹2,18,400 |
| S-HNI (Min) | 3 | 1,200 | ₹3,27,600 |
| S-HNI (Max) | 9 | 3,600 | ₹9,82,800 |
| B-HNI (Min) | 10 | 4,000 | ₹10,92,000 |
Market Maker
₹2.76 L
Employee
₹0.00
Shareholder
₹0.00
Raksan Transformers IPO Size
Total
₹150 Cr
Fresh Issue
₹120 Cr
(0.44 Cr
Shares)
Offer For Sale
₹30 Cr
(0.11 Cr
Shares)
Promoters₹30 Cr
Objects of the Issue
Funding capital expenditure towards setting up of manufacturing facility at Liwaspur, Sub-Tehsil Rai, Distt. Sonepat, Haryana
To meet working capital requirements
Repayment of certain borrowings availed by the Company
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
The Company derives a substantial portion of revenue from government and public utility customers (50.73% of FY26 revenue), making its business dependent on government policies and payment cycles.
Key Risk Factors
The Company derives a substantial portion of revenue from government and public utility customers (50.73% of FY26 revenue), making its business dependent on government policies and payment cycles.
A significant portion of revenue is derived through competitive bidding by government entities; inability to win tenders or pricing pressure could adversely affect results and cash flows.
The Company's order book of Rs. 329.68 crore as of June 30, 2026 may not be representative of future results, as actual revenue realized may differ materially from order book value.
The Company depends on a few raw material suppliers for CRGO steel, copper, and aluminium; top ten suppliers accounted for 54.96% of FY26 procurement, exposing it to supply and pricing volatility.
Any under-utilization of the Company's manufacturing capacities at its Sonepat facilities could adversely affect operational efficiency and financial performance.
The Company derives a significant portion of revenue from distribution transformers (64.18% of FY26 revenue); any reduction in demand for this product line may adversely affect its business.
The Company is dependent on key customers, with its top 10 customers contributing 71.49% of FY26 revenue from operations; loss of key customers could materially affect profitability.
Delays in manufacturing, supply chain, or third-party execution may expose the Company to liquidated damages or order cancellations; it paid Rs. 2.64 crore in delayed-delivery charges in FY26.
The Company is subject to strict quality requirements and received show-cause notices from Paschimanchal Vidyut Vitran Nigam Limited totaling Rs. 261.93 lakhs in penalties for testing failures.
The Company's business requires significant working capital of Rs. 44.68 crore as of March 31, 2026; any shortfall in meeting these requirements may adversely impact operations and growth.
Raksan Transformers IPO Details Live GMP
GMP
₹23
Est. Price
₹296
Est. Gain
8.42%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 09 Sep | ₹23 (8.4%) | ₹296 |
| 08 Sep | ₹24 (8.8%) | ₹297 |
| 07 Sep | ₹0 (0%) | ₹273 |
Raksan Transformers IPO Peer Comparison
(Rs. in crores)
| Particulars | Raksan Transformers | Marsons | Shilchar Tech | Supreme Power |
|---|---|---|---|---|
| Revenue | 363.11 | 245.03 | 651.94 | 181.64 |
| PAT | 33.60 | 46.29 | 158.16 | 20.68 |
| EPS (₹) | 20.39 | 2.69 | 138.25 | 8.18 |
| NAV (₹) | 46.97 | 12.64 | 429.05 | 47.30 |
| RONW | 43.41% | 21.28% | 32.22% | 17.49% |
| EBITDA | 12.87% | 17.26% | 29.14% | 18.07% |
| PAT Mrgn | 9.25% | 18.89% | 24.26% | 11.38% |
| PE Ratio | 13.39 | 49.63 | 29.47 | 27.75 |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of August 28, 2026 for Peers
Raksan Transformers IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 363.11 | 324.21 | 160.95 |
| PAT | 33.60 | 20.38 | 7.59 |
| Net Worth | 77.42 | 44.12 | 23.74 |
| Borrowings | 20.74 | 23.51 | 9.81 |
| Assets | 155.60 | 117.90 | 67.02 |
| NAV (₹) | 46.97 | 26.74 | 14.38 |
| EPS (₹) | 20.39 | 12.36 | 4.61 |
Key Performance Indicators (KPIs)
Debt to Equity
0.27
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Raksan Transformers IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 363.11 | Mar-26 | 160.95 |
| Other Income | 0.52 | Mar-26 | 1.58 |
| Total Income | 363.63 | Mar-26 | 162.53 |
| Materials Consumed | 293.04 | Mar-26 | 142.59 |
| Changes in Inventories | -1.89 | Mar-26 | -3.96 |
| Employee Expense | 8.18 | Mar-26 | 4.48 |
| Finance Costs | 1.06 | Mar-26 | 1.72 |
| Depreciation | 1.38 | Mar-26 | 0.38 |
| Other Expenses | 16.68 | Mar-26 | 6.91 |
| Total Expenses | 318.45 | Mar-26 | 152.12 |
| Profit Before Tax | 45.18 | Mar-26 | 10.41 |
| Tax Expense | 11.58 | Mar-26 | 2.81 |
| Profit After Tax | 33.60 | Mar-26 | 7.60 |
| EPS — Basic (₹) | 20.39 | Mar-26 | 4.61 |
| EPS — Diluted (₹) | 20.39 | Mar-26 | 4.61 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 16.48 | 0.87 | 0.87 |
| Reserves & Surplus | 60.94 | 43.25 | 22.87 |
| Total Equity | 77.42 | 44.12 | 23.74 |
| Total Borrowings | 20.74 | 23.51 | 9.81 |
| Trade Payables | 43.52 | 42.42 | 26.69 |
| Other Liabilities | 13.92 | 7.85 | 6.78 |
| Total Equity & Liab | 155.60 | 117.90 | 67.02 |
| Fixed Assets | 45.25 | 35.33 | 8.69 |
| Inventories | 25.91 | 21.24 | 19.45 |
| Trade Receivables | 73.21 | 52.02 | 20.12 |
| Cash & Bank Bal | 0.23 | 0.21 | 4.64 |
| Other Assets | 11.00 | 9.09 | 14.14 |
| Total Assets | 155.60 | 117.90 | 67.02 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities | 14.89 | 5.36 | 7.43 |
| Cash Flow from Investing Activities | -11.19 | -22.55 | -7.42 |
| Cash Flow from Financing Activities | -3.68 | 12.76 | 3.58 |
| Net Change in Cash & Equivalents | 0.02 | -4.43 | 3.59 |
| Cash & Equivalents at End of Period | 0.23 | 0.21 | 4.64 |
Promoter Holding
Promoter
100.00%
Public
0.00%
Sanjeev Kanda
85.59%
Renu Kanda
5.77%
Sanjeev Kanda HUF
2.88%
Dievam Singh Kanda
2.88%
Daksh Singh Kanda
2.88%
Management
Sanjeev Kanda
Age: 56
CMD
Remuneration
₹Rs. 151.25 Lakhs p.a. (per FY2025-26 terms of appointment)
Education
B.A. (Delhi University)
Prior Experience
31 years in Power & Distribution industry; has led the Company since incorporation, overseeing Accounts, Finance, Legal, Production, Sales & Marketing.
Dievam Singh Kanda
Age: 27
WTD
Remuneration
₹Rs. 48.00 Lakhs p.a. (per FY2025-26 terms of appointment)
Education
M.Sc. Management (Cranfield University)
Prior Experience
4 years in Power & Distribution industry; oversees overall business operations of the Company.
Arvind
CFO
Remuneration
₹Rs. -10.49 Lakhs for FY2025-26 (as disclosed in KMP compensation table; net of adjustments)
Education
MBA (Finance); M.Sc. (Computer Science)
Prior Experience
23 years in finance and accounts; previously with Shree Ganesh Steel Traders.
Registrar & Lead Managers
Registrar
Bigshare Services
Lead Managers (1)
Company Details
Name: Raksan Transformers Limited
Address: Shop No. 16, Local Shopping Centre-3, Sector-8, Rohini, North Delhi, New Delhi, Delhi, India, 110085
Number: +91 8199946578
Email: cs@raksantransformers.com
Website: https://raksantransformers.com
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Frequently Asked Questions (FAQs)
What is Raksan Transformers IPO?
Raksan Transformers IPO is a SME IPO having an issue size of
₹150 Crs.
Raksan Transformers IPO is priced at
₹258 - ₹273 per
share.
The
issue opens on 10 Sep 26
and
closes on 15 Sep 26.
When will Raksan Transformers IPO open?
Raksan Transformers IPO opens on
10 Sep 26 and closes on
15 Sep 26.
What is the GMP of Raksan Transformers IPO?
The estimated Grey Market Premium of Raksan Transformers IPO is
₹23 per share (8.42%).
What is the lot size of Raksan Transformers IPO?
The minimum lot size of Raksan Transformers IPO is
400 shares & the minimum application amount
is
Rs.
109200.
When is the allotment of Raksan Transformers IPO?
The allotment date of Raksan Transformers IPO is
16 Sep 26.
What is the listing date of Raksan Transformers IPO?
The listing date of Raksan Transformers IPO is
18 Sep 26.
What is the subscription of Raksan Transformers IPO?
Raksan Transformers IPO is subscribed
-.
What is the price band of Raksan Transformers IPO?
Raksan Transformers IPO is priced at
₹258 - ₹273 per
share.
How to check allotment status of Raksan Transformers IPO?
Click the allotment link on Raksan Transformers IPO page of IPO360.
How to apply Raksan Transformers IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Raksan Transformers IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Raksan Transformers IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Raksan Transformers IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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