Raksan Transformers IPO- Company Analysis
Raksan Transformers IPO under the SME IPO category is a book-built issue of Rs. 150.50 Cr by Raksan Transformers Limited, which is a producer of transformers with various voltage ratings. The company produces a wide variety of transformers that are utilized in power generation, transmission, and distribution networks, as well as numerous industrial and infrastructure projects. These transformers include distribution transformers, power transformers, transformers for solar applications, and special-purpose transformers.
As of March 31, 2026, the company's two manufacturing facilities, which are around 2,025 square meters and 1,012.5 square meters in size, have a combined installed production capacity of about 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers. The facilities have equipment for welding, testing, oil filtering, assembly, coil winding, core cutting, and tank building.
Raksan Transformers IPO Details
The Raksan Transformers IPO date of opening is 10 Sep 2026; its initial public offering will end on 15 Sep, IPO allotment on Sep 16 and refund initiation on Sep 17, 2026.
The Rs. 150.50 crore new SME IPO comprises a combination of a fresh issue of 0.44 crore shares (Rs. 120.47 Cr) and an offer for sale of 0.11 crore shares (Rs. 30.03 Cr).
The Raksan Transformers IPO listing date (expected) might be Friday, Sep 18, 2026, and the listing on the BSE and SME.
The Raksan Transformers IPO price band is Rs. 258 to Rs. 273.
IPO Timetable (Tentative)
|
Events |
Date |
|
IPO Opening Date |
Sep 10, 2026 |
|
IPO Closing Date |
Sep 15, 2026 |
|
IPO Allotment Date |
Sep 16, 2026 |
|
Refund Initiation |
Sep 17, 2026 |
|
IPO Listing Date |
Sep 18, 2026 |
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Company Financials
(Amount in Cr)
|
Particulars |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Assets |
155.59 |
117.90 |
67.02 |
|
Total Income |
363.63 |
324.78 |
162.52 |
|
Profit After Tax |
33.60 |
20.38 |
7.59 |
|
EBITDA |
46.72 |
29.51 |
10.19 |
|
Net Worth |
77.42 |
44.07 |
23.70 |
|
Reserves and Surplus |
60.94 |
43.20 |
22.83 |
|
Total Borrowing |
20.74 |
23.51 |
9.81 |
Cash Flows
(Amount in Lac)
|
Net Cash Flow |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
1488.52 |
536.22 |
742.97 |
|
Net Cash Flow Investing Activities |
-1118.85 |
-2255.36 |
-742.20 |
|
Net Cash Flow Financing Activities |
-367.87 |
1275.87 |
357.59 |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
The Objective of the Issue
The Company desires to use the Net Proceeds from the Issue to fulfill its following goals:
-
Funding capital expenditure towards setting up a manufacturing facility at Liwaspur, Sub-Tehsil Rai, Distt. Sonepat, Haryana. ~ Rs. 62.14 Cr.
-
To meet working capital requirements. ~ Rs. 35 Cr.
-
Repayment of certain borrowings availed by the Company, in part or full. ~ Rs. 7.28 Cr.
-
General Corporate Purposes.
Listed Peers of Raksan Transformers Ltd.
|
Name of the Company |
Face Value (Rs.) |
EPS (Rs.) |
P/E Ratio (x) |
|
Marsons Limited |
1 |
2.69 |
49.63 |
|
Shilchar Technologies Limited |
10 |
138.25 |
29.47 |
|
Supreme Power Equipment Limited |
10 |
8.18 |
27.75 |
Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROE |
55.32% |
|
ROCE |
46.72% |
|
Debt/Equity |
0.27 |
|
RoNW |
43.41% |
|
PAT Margin |
9.25% |
|
EBITDA Margin |
12.87% |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 20.39 from the last year, the resulting P/E ratio is 13.38x.
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IPO's Strengths
-
Strong order book.
-
Experienced promoters and management team.
-
Focus on quality assurance and regulatory compliance.
-
Established manufacturing facilities and in-house operations.
IPO's Weaknesses
-
Government and public sector bids account for a sizable amount of money. Revenue and business expansion may be impacted by losing out on new contracts.
-
Order cancelations, fines, or liquidated losses may result from manufacturing, supply chain, or third-party execution delays.
-
For raw materials, inventory, and project execution, the transformer manufacturing industry needs a significant amount of working capital. Any lack of finance could have an impact on operations and expansion.
Raksan Transformers IPO GMP
Raksan Transformers IPO GMP today has not started yet as of 08 September, 2026, while writing this information.
Raksan Transformers IPO Summary
|
IPO Opening & Closing Date |
10 Sep, 2026 to 15 Sep, 2026 |
|
Face Value |
Rs. 10 per Share |
|
Issue Price |
Rs. 258 to Rs. 273 per Share. |
|
Lot Size |
400 Shares |
|
Issue Size |
55,12,800 Shares (Rs. 150 Cr) |
|
Offer for Sale |
11,00,000 Shares (Rs. 30 Cr) |
|
Fresh Issue |
41,36,800 Shares (Rs. 113 Cr) |
|
Market Makers |
2,76,000 Shares (Rs. 8 Cr) |
|
Issue Type |
Bookbuild Issue |
|
Registrar |
Bigshare Services Pvt. Ltd. |
IPO Lot Details
Retail investors can invest in a minimum and maximum of 2 Lots (800 Shares) for Rs. 2,18,400, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (1200 Shares) for Rs. 3,27,600.
|
Minimum Lot Investment (Retail) |
2 Lots |
|
Maximum Lot Investment (Retail) |
2 Lots |
|
HNI (Min) |
3 Lots |
Raksan Transformers IPO Allotment Status
To check the Raksan Transformers IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Raksan Transformers Ltd.
-
Sanjeev Kanda
-
Dievam Singh Kanda
-
Renu Kanda
|
Pre-Issue Promoter Shareholding |
100% |
|
Post-Issue Promoter Shareholding |
73.61% |
IPO Lead Managers
- Hem Securities Ltd.
Dividend Policy
The company has paid a dividend of Rs. 3 per Equity Share in FY25.
Conclusion
Raksan Transformers IPO, a Rs 150.50 Cr book-built SME issue at Rs 258-273, opens September 10-15, 2026, for power and distribution transformers. Strong growth in revenue and profits, high ROE of 55.32%, low debt, and expansion plans make it a promising opportunity in the power sector.
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