Raksan Transformers SME IPO Details
SME
Upcoming
Raksan Transformers Limited is an ISO 9001:2015 certified transformer manufacturer making distribution, power, solar and special purpose transformers. Running since 1995, it operates two units at Rai in Sonepat, Haryana with capacity of about 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers.
Open
10 Sep
2026
Close
15 Sep
2026
Allotment
16 Sep
2026
Listing
18 Sep
2026
IPO Review
Coming Soon
IPO GMP
₹ 0
(--)
IPO Subscription Subscription
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IPO Summary
IPO Dates
10 to 15 Sep, 2026
Price Band
₹258 to ₹273
Face Value
₹10
Lot Size
400 Shares
Issue Size
₹150.5 Cr
Sale Type
Fresh capital cum OFS
Listing On
BSE SME
Min Investment
₹ 2,18,400
What is the Raksan Transformers IPO Timetable?
Track the IPO schedule and key events.
| Event | Date | Day |
|---|---|---|
| IPO Open Date | 10 Sep, 2026 Thu | Thursday |
| IPO Close Date | 15 Sep, 2026 Tue | Tuesday |
| Basis of Allotment | 16 Sep, 2026 Wed | Wednesday |
| Refunds Initiated | 17 Sep, 2026 Thu | Thursday |
| Credit to Demat | 17 Sep, 2026 Thu | Thursday |
| Listing Date | 18 Sep, 2026 Fri | Friday |
What is the Raksan Transformers IPO Lot Size?
Bidding in multiples of 400 shares.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 800 | ₹2,18,400 |
| Retail (Max) | 2 | 800 | ₹2,18,400 |
| HNI (Min) | 3 | 1200 | ₹3,27,600 |
About Raksan Transformers
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.
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.
Raksan Transformers Key Performance Indicators (KPIs)
Pe
16.98
Eps
16.08
Roce
43.09%
Ronw
46.23%
Pat margin
6.28%
Objects of the Issue
| Issue Object | Estimate Amount |
|---|---|
| Funding capital expenditure towards setting up of manufacturing facility at Liwaspur, Sub-Tehsil Rai, Distt. Sonepat, Haryana | ₹62.14 Cr. |
| To meet working capital requirements | ₹35.00 Cr. |
| Repayment of certain borrowing availed by the Company, in part or full | ₹7.28 Cr. |
| General Corporate Purposes |
Issue Object
Funding capital expenditure towards setting up of manufacturing facility at Liwaspur, Sub-Tehsil Rai, Distt. Sonepat, Haryana
Estimate Amount
₹62.14 Cr.
Issue Object
To meet working capital requirements
Estimate Amount
₹35.00 Cr.
Issue Object
Repayment of certain borrowing availed by the Company, in part or full
Estimate Amount
₹7.28 Cr.
Issue Object
General Corporate Purposes
Estimate Amount
Strengths & Risks
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.
Company Financials
The Raksan Transformers company's financial performance (in ₹ Cr.) is summarized below:
| Metric | 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 |
IPO Reservation
| Investor Category | Reservation |
|---|---|
| QIB | 26,17,200 shares (21.26% of the Offer) |
| NII | 78,60,000 shares (63.85% of the Offer) |
| Retail | 18,33,600 shares (14.89% of the Offer) |
Promoters and Shareholding Details
Sanjeev Kanda, Dievam Singh Kanda and Renu Kanda
| Particular | % Share |
|---|---|
| Promoter Holding Pre Issue | 100% |
| Promoter Holding Post Issue | 73.61% |
Frequently Asked Questions
What is the GMP of Raksan Transformers?
The current Grey Market Premium (GMP) of Raksan Transformers is ₹ 0.
What is the Raksan Transformers IPO Price Band?
The price band for Raksan Transformers IPO is ₹258 to ₹273.
When is the Raksan Transformers IPO Allotment?
The allotment date for Raksan Transformers IPO is September 16, 2026.
How to check Raksan Transformers IPO Allotment Status?
You can check the allotment status on the IPO Allotment Status page or on the registrar's website (Bigshare Services Private Limited).
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