Vans Electroengineerings SME IPO
Vans Electroengineerings IPO — date, price band, GMP & allotment 2026
Vans Electroengineerings Limited makes single and double pole vacuum circuit breakers and vacuum interrupters for railway traction power supply and overhead equipment, supplying Indian Railways, railway contractors, metro systems and renewable energy projects from its facility in Salem, Tamil Nadu. It holds RDSO approvals and CORE approved vendor status.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 25 September.
- Open 29 Sep 2026
- Close 01 Oct 2026
- Allotment 05 Oct 2026
- Refund/credit 06 Oct 2026
- Listing 07 Oct 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 29 Sep to 1 Oct, 2026 |
|---|---|
| Price Band | ₹112 – ₹118 |
| Face Value | ₹10 |
| Lot Size | 1200 Shares |
| Issue Size | ₹33.98 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE SME |
| Registrar | Bigshare Services Private Limited |
| Min Investment | ₹ 2,83,200 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 1200 shares at the ₹118 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 2,400 | ₹2,83,200 |
| Retail (max) | 2 | 2,400 | ₹2,83,200 |
| HNI (min) | 3 | 3,600 | ₹4,24,800 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 6
- 01Sales 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.
- 02Profit has grown from almost nothing to Rs 5.39 crore in FY2026, with a PAT margin of 23.61%.
- 03Return ratios are very high, with RoCE of 63.96% and RoNW of 58.79%.
- 04RDSO approval and CORE approved vendor status are required to supply Indian Railways and take time to obtain, which keeps new competitors out.
- 05Railway electrification, metro expansion and renewable energy all need this equipment, and all are areas of steady government spending.
- 06Debt is low at Rs 2.55 crore against a net worth of Rs 9.17 crore.
Risks · 7
- 01The 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.
- 02It 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.
- 03The 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.
- 04Almost all the business comes from Indian Railways and its contractors, so it depends on one customer ecosystem and its tender and payment cycles.
- 05Railway supply contracts are won through competitive tenders, and approvals can be reviewed or withdrawn.
- 06The company runs from one facility in Salem, and a corporate entity is among the promoters, whose holding falls from 90.75% to 66.73%.
- 07This 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.
Three years of numbers
All figures in ₹ crore, as reported in the Vans Electroengineerings offer document.
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 16.85 | 5.34 | 6.57 |
| Total Income | 23.19 | 13.82 | 2.76 |
| Profit After Tax | 5.39 | 1.73 | 0.02 |
| EBITDA | 7.23 | 2.48 | 0.02 |
| NET Worth | 9.17 | 3.78 | 1.05 |
| Reserves and Surplus | 7.17 | 1.78 | 0.05 |
| Total Borrowing | 2.55 | 1.20 | 5.17 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Vans Electroengineerings RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Vans Electroengineerings IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹6.74 | ₹4.96 |
| P/E Ratio (x) | 17.51 | 23.79 |
| Market Cap at Offer Price (₹ Cr) | ₹94.36 | ₹128.38 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹118 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹25.00 Cr of the issue is earmarked to named objects.
About the company
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.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
9677114470
The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Hem Securities Ltd.
14 issues handledBest listing: Credent Connect N Care (+90.0%). Weakest: E to E Transportation Infrastructure (0.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Vans Electroengineerings?
The current Grey Market Premium is ₹0.
What is the Vans Electroengineerings IPO price band?
₹112 to ₹118, on a face value of ₹10.
When is the allotment?
The basis of allotment is 5 October 2026, with listing on 7 October 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Bigshare Services Private Limited.
Get ready before the book opens.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
