Minerva Capital Research Solutions

Vans Electroengineerings

ListedListed 7 Oct 2026BSE SMENSE: VANSCheck allotment
Current price₹ 420.05+255.97% since issue
Listing day+90%
Issue price
₹ 118
Issue size
₹ 33.98 Cr.
Min. investment
₹ 1,41,600
Listing price
₹ 224.2
Subscribed
584.44x
Lot size
1,200 shares
P/E
23.79
RoNW
58.79%
RoCE
63.96%
Debt / Equity
0.28
PAT margin
23.61%
EBITDA margin
31.63%
RoE
83.27%
EPS
₹ 4.96
NAV
₹ 11.46
Promoter stake
66.73%

About

Vans Electroengineerings Limited was started in February 2022. It makes components used in traction power supply and overhead equipment, the systems that feed electricity to trains, for Indian railway electrification, metro systems and renewable energy projects. Its main products are single pole and double pole vacuum circuit breakers and vacuum interrupters. These switch and protect the power supply at traction substations, sectioning posts, feeding posts and other points along an electrified railway line. Its products are supplied mainly to Indian Railways and to railway contractors. It holds approvals from the Research Designs and Standards Organisation, the technical arm of Indian Railways, for some products, and has Approved Vendor status from the Central Organisation for Railway Electrification. It operates from its registered office and manufacturing facility in Salem, Tamil Nadu.

Timeline

  1. Opens
    29 Sep
    done
  2. Closes
    1 Oct
    done
  3. Allotment
    5 Oct
    done
  4. Refunds
    6 Oct
    done
  5. Demat credit
    6 Oct
    done
  6. Listing
    7 Oct
    done

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
₹ 103 on 5 Oct 2026
Lowest
₹ 0 on 24 Sep 2026
First quoted
₹ 0 on 24 Sep 2026

Subscription

How many times each investor group bid for its share, as of 07 Oct 2026, 05:27 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,200₹ 1,41,600
Retail (Max)11,200₹ 1,41,600
HNI (Min)22,400₹ 2,83,200

Company overview

Financials

Financials by year
Assets16.855.346.57
Total Income23.1913.822.76
Profit After Tax5.391.730.02
EBITDA7.232.480.02
NET Worth9.173.781.05
Reserves and Surplus7.171.780.05
Total Borrowing2.551.25.17

Strengths

  • Sales have grown very fast, from Rs 2.76 crore in FY2024 to Rs 13.82 crore in FY2025 and Rs 23.19 crore in FY2026.
  • Profit has grown from almost nothing to Rs 5.39 crore in FY2026, with a PAT margin of 23.61%.
  • Return ratios are very high, with RoCE of 63.96% and RoNW of 58.79%.
  • RDSO approval and CORE approved vendor status are required to supply Indian Railways and take time to obtain, which keeps new competitors out.
  • Railway electrification, metro expansion and renewable energy all need this equipment, and all are areas of steady government spending.
  • Debt is low at Rs 2.55 crore against a net worth of Rs 9.17 crore.

Risks

  • The company is very young, having been started only in February 2022, and its growth is from a tiny base, with sales rising about eight times in two years.
  • It is raising a lot relative to its size. Rs 25 crore of the Rs 33.98 crore issue goes into working capital, which is almost three times its entire net worth of Rs 9.17 crore.
  • The issue is priced at about 23.79 times earnings on an EPS of Rs 4.96, which is high for a company with barely two years of real revenue.
  • Almost all the business comes from Indian Railways and its contractors, so it depends on one customer ecosystem and its tender and payment cycles.
  • Railway supply contracts are won through competitive tenders, and approvals can be reviewed or withdrawn.
  • The company runs from one facility in Salem, and a corporate entity is among the promoters, whose holding falls from 90.75% to 66.73%.
  • This is an SME issue. One lot is 1,200 shares, which is about Rs 1.42 lakh at the upper band of Rs 118, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
To Meet Working Capital Requirements of the Company25
General Corporate Purpose—

Promoters

  • Balakrishnan Srinivasan
  • Viraj Bansal
  • Abhishek Saraff
  • Nitin Jain
  • Pooja Bansal
  • Hotspot Infodot Pvt.Ltd
Promoter holding90.75%→66.73%before → after the issue · down 24.02 points

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.