Raksan Transformers
- Issue price
- ₹ 273
- Issue size
- ₹ 150.5 Cr.
- Min. investment
- ₹ 1,09,200
- Listing price
- ₹ 273
- Subscribed
- 44.18x
- Lot size
- 400 shares
- P/E
- 16.98
- RoNW
- 46.23%
- RoCE
- 43.09%
- PAT margin
- 6.28%
- EPS
- ₹ 16.08
- Promoter stake
- 73.61%
About
Raksan Transformers Limited was started in July 1995. It makes transformers of different voltage ratings and holds ISO 9001:2015 certification. Its range covers distribution transformers, power transformers, transformers made for solar projects and special purpose transformers. These are used in power generation, in transmission and distribution networks, and in industrial and infrastructure projects. The company began by repairing and servicing distribution and power transformers, and started manufacturing them in 2005-06. It runs two manufacturing units at Rai in Sonepat district of Haryana, spread over about 2,025 square metres and 1,012.5 square metres, with a combined installed capacity of about 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers. The units have machinery for core cutting, coil winding, assembly, tank fabrication, oil filtration, welding and testing, and the company also does core cutting and slitting, wire and strip drawing and tank fabrication in house, along with its own testing laboratory for routine and type tests. Its customers include government bodies, power distribution corporations, public sector undertakings, utility companies, EPC contractors and industrial clients.
Timeline
- doneOpens10 Sep
- doneCloses15 Sep
- doneAllotment16 Sep
- doneRefunds17 Sep
- doneDemat credit17 Sep
- doneListing18 Sep
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 61 on 14 Sep 2026
- Lowest
- ₹ 11 on 17 Sep 2026
- First quoted
- ₹ 25 on 8 Sep 2026
Subscription
How many times each investor group bid for its share, as of 18 Sep 2026, 06:32 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 400 | ₹ 1,09,200 |
| Retail (Max) | 1 | 400 | ₹ 1,09,200 |
| HNI (Min) | 2 | 800 | ₹ 2,18,400 |
Company overview
Financials
| Assets | 155.59 | 117.9 | 67.02 |
| Total Income | 363.63 | 324.78 | 162.52 |
| Profit After Tax | 33.6 | 20.38 | 7.59 |
| EBITDA | 46.72 | 29.51 | 10.19 |
| NET Worth | 77.42 | 44.07 | 23.7 |
| Reserves and Surplus | 60.94 | 43.2 | 22.83 |
| Total Borrowing | 20.74 | 23.51 | 9.81 |
Strengths
- Profit has grown more than four times in two years, from Rs 7.59 crore in FY2024 to Rs 20.38 crore in FY2025 and Rs 33.60 crore in FY2026.
- Sales have more than doubled over the same period, from Rs 162.52 crore in FY2024 to Rs 363.63 crore in FY2026.
- EBITDA rose from Rs 10.19 crore in FY2024 to Rs 46.72 crore in FY2026.
- Return ratios are very high, with RoCE of 43.09% and RoNW of 46.23%.
- The issue is priced moderately at about 16.98 times earnings on an EPS of Rs 16.08.
- Debt is low. Total borrowing was Rs 20.74 crore against a net worth of Rs 77.42 crore as on 31 March 2026, and it came down during the year.
- The company does a lot in house, including core cutting and slitting, wire drawing and tank fabrication, and has its own testing laboratory for routine and type tests.
- It has a long record of about 30 years and Rs 62.14 crore of the issue money goes into a new manufacturing facility at Liwaspur in Sonepat.
Risks
- The profit margin is thin at 6.28%, which is normal in transformer making but leaves little room on fixed price orders.
- Sales growth has slowed sharply. Total income rose only 12% in FY2026 while profit rose 65%, so the profit jump came from margin rather than from selling more.
- Both existing units are small, at about 2,025 and 1,012.5 square metres, and both are at Rai in Sonepat, so all production sits in one location.
- Most customers are government bodies, distribution corporations and public sector undertakings. Payments from them are slow and prices are set through tenders.
- Copper and CRGO steel are the main raw materials. A sharp rise in either directly cuts margin on orders already priced.
- Rs 35 crore of the issue money goes into working capital, which shows how much cash a transformer order book ties up.
- This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
- Promoter holding will come down from 100% to 73.61% after the issue.
- This is an SME issue. One lot is 400 shares, which is about Rs 1.09 lakh at the upper band of Rs 273, and SME shares usually trade in low volume after listing.
What the money is for
| Funding capital expenditure towards setting up of manufacturing facility at Liwaspur, Sub-Tehsil Rai, Distt. Sonepat, Haryana | 62.14 |
| To meet working capital requirements | 35 |
| Repayment of certain borrowing availed by the Company, in part or full | 7.28 |
| General Corporate Purposes | — |
Promoters
- Sanjeev Kanda
- Dievam Singh Kanda
- Renu Kanda
Registrar, lead managers and documents
- Listing on
- BSE SME
- Face value
- ₹ 10 a share
- Registrar
- Bigshare Services Private Limited
- Lead managers
- Hem Securities Ltd.
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.