Raksan Transformers IPO
Raksan Transformers IPO is a BSE SME book-built issue of approximately ₹150.50 crore comprising a Fresh Issue of 44,12,800 equity shares and an Offer for Sale of 11,00,000 equity shares. The IPO price band is ₹258 to ₹273 per share and the lot size is 400
Raksan Transformers IPO Details
Raksan Transformers Limited is a manufacturer of power and distribution transformers with operations focused on products used in power generation, transmission, distribution, renewable energy and industrial applications. The company began its operations with repair and servicing of distribution and power transformers and subsequently entered transformer manufacturing in 2005-06. It currently operates two manufacturing facilities at Rai, Sonepat, Haryana. The company manufactures distribution transformers, power transformers, transformers for solar applications and special-purpose transformers. Its customers include government departments, power distribution corporations, public sector undertakings, utility companies, EPC contractors and industrial companies. As of March 31, 2026, the company had manufacturing capacity of approximately 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers. Raksan Transformers IPO comprises up to 55,12,800 equity shares of face value ₹10 each. The Fresh Issue consists of up to 44,12,800 equity shares, while the Offer for Sale consists of up to 11,00,000 equity shares offered by promoter selling shareholder Sanjeev Kanda. The company will not receive proceeds from the Offer for Sale. The IPO is proposed to raise approximately ₹150.50 crore at the upper end of the price band. The company plans to use the Fresh Issue proceeds for establishing a new manufacturing facility at Liwaspur, meeting working capital requirements, repayment of certain borrowings and general corporate purposes.
Raksan Transformers IPO GMP
No reliable GMP quotation is currently established for Raksan Transformers IPO. One current IPO tracker reports GMP at ₹0, but grey-market premiums are unofficial and can change rapidly. GMP should therefore not be treated as an official indication of the IPO's listing price.
Raksan Transformers IPO Timeline (Tentative)
The announced IPO schedule places the bidding period from September 10 to September 15, 2026. The basis of allotment is scheduled for September 16, refunds and Demat credit are scheduled for September 17, and listing is scheduled for September 18, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Thu, Sep 10, 2026 |
| IPO Close Date | Tue, Sep 15, 2026 |
| Basis of Allotment | Wed, Sep 16, 2026 |
| Initiation of Refunds | Thu, Sep 17, 2026 |
| Credit of Shares to Demat | Thu, Sep 17, 2026 |
| Listing Date | Fri, Sep 18, 2026 |
| DRHP Date | September 30, 2025 |
| Anchor Bidding Date | September 9, 2026 |
| IPO Opens | September 10, 2026 |
| IPO Closes | September 15, 2026 |
| Basis of Allotment | September 16, 2026 |
| Refund Initiation | September 17, 2026 |
| Credit of Shares to Demat | September 17, 2026 |
| Listing Date | September 18, 2026 |
Raksan Transformers IPO Lot Size
The Raksan Transformers IPO lot size is 400 shares. Since the SME IPO minimum application is two lots for Individual Investors, the minimum application is 800 shares. At the upper price band of ₹273, the minimum application amount is ₹2,18,400.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 800 | 2,18,400 |
| Retail (Max) | 2 | 800 | 2,18,400 |
| S-HNI (Min) | 3 | 1,200 | 3,27,600 |
| S-HNI (Max) | 9 | 3,600 | 9,82,800 |
| B-HNI (Min) | 10 | 4,000 | 10,92,000 |
Raksan Transformers IPO Reservation
The Raksan Transformers IPO allocation includes portions for Qualified Institutional Buyers, Non-Institutional Investors, Retail Individual Investors, Anchor Investors and the Market Maker. The public issue is being made through the book-building process and will be listed on the BSE SME platform.
Raksan Transformers IPO Subscription
Raksan Transformers IPO subscription data will be updated after bidding begins on September 10, 2026.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Raksan Transformers
Raksan Transformers Limited was originally incorporated as Raksan Transformers Private Limited in 1995 and was subsequently converted into a public limited company in 2025. The company is engaged in the manufacturing of power and distribution transformers and related electrical equipment. Its registered office is in Rohini, New Delhi, while its corporate office and manufacturing operations are located in Rai, Sonipat, Haryana.
The company started its business with repair and servicing of distribution and power transformers before entering transformer manufacturing in 2005-06. Its product portfolio includes distribution transformers, power transformers, solar transformers and special-purpose transformers used across power generation, transmission and distribution systems as well as industrial and infrastructure projects.
As of March 31, 2026, Raksan Transformers operated two manufacturing plants at Rai, Sonepat, Haryana. The facilities cover approximately 2,025 square metres and 1,012.5 square metres respectively and together have production capacity of approximately 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers.
The company's customer base includes government departments, power distribution corporations, PSUs, utility companies, EPC contractors and industrial companies. It is an approved supplier to more than 20 organisations, including power distribution corporations, PSUs and utilities.
Raksan Transformers follows quality checks at various stages of production and manufactures products in accordance with applicable BIS standards. The company is ISO 9001:2015 certified and has products covered by applicable BEE energy-efficiency certifications.
Strengths
- Established presence in the transformer manufacturing industry since 1995.
- Two manufacturing facilities located at Rai, Sonepat, Haryana.
- Product portfolio covers distribution, power, solar and special-purpose transformers.
- Manufacturing capacity of approximately 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers.
- Customer base includes government departments, utilities, PSUs, EPC contractors and industrial companies.
- Reported revenue and profit growth during FY2024-FY2026.
- Experienced promoter and management team with long operating experience in the transformer industry.
- ISO 9001:2015 certification and compliance with applicable BIS standards.
Risks to Consider
- The company has exposure to government and public-sector tenders, and changes in tender activity may affect order inflow.
- Transformer manufacturing requires substantial working capital for raw materials, inventory and execution.
- Delays in production, delivery or project execution may affect customer relationships and financial performance.
- The business depends on the availability and prices of key raw materials including CRGO steel, copper, aluminium, transformer oil and insulation materials.
- The company operates in a competitive transformer and electrical equipment industry.
- Expansion of manufacturing capacity will require effective execution and capital deployment.
- SME-listed securities may experience lower liquidity and greater price volatility than larger listed companies.
Raksan Transformers Financials (₹ Cr)
Raksan Transformers has reported significant growth in revenue, profit and net worth over FY2024-FY2026. Revenue increased from ₹162.52 crore in FY2024 to ₹324.78 crore in FY2025 and ₹363.63 crore in FY2026. PAT increased from ₹7.59 crore to ₹20.38 crore and then ₹33.60 crore over the same period. Total assets increased from ₹67.02 crore in FY2024 to ₹155.59 crore in FY2026.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2026 | ₹363.63 Cr | ₹33.60 Cr | ₹155.59 Cr | ₹77.42 Cr |
| FY2025 | ₹324.78 Cr | ₹20.38 Cr | ₹117.90 Cr | ₹44.07 Cr |
| FY2024 | ₹162.52 Cr | ₹7.59 Cr | ₹67.02 Cr | ₹23.70 Cr |
KPIs & Valuation
Raksan Transformers reported FY2026 EPS of ₹20.39, RoNW of 43.41%, ROE of 55.32%, ROCE of 46.72% and PAT margin of 9.25%. The debt-to-equity ratio is reported at approximately 0.27.
Objects of the Issue
The Fresh Issue proceeds of Raksan Transformers IPO are proposed to be used for expansion of manufacturing capacity, working capital, debt repayment and general corporate purposes. The Offer for Sale component is being offered by promoter selling shareholder Sanjeev Kanda, and the company will not receive proceeds from the OFS.
- The principal objects include:
- Funding capital expenditure for setting up a manufacturing facility at Liwaspur, Sub-Tehsil Rai, District Sonepat, Haryana.
- Meeting the company's working capital requirements.
- Repayment of certain borrowings, in part or full.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Hem Securities Limited is the Book Running Lead Manager for the Raksan Transformers IPO. Bigshare Services Private Limited is appointed as the Registrar and Share Transfer Agent. The company identifies Sanjeev Kanda, Dievam Singh Kanda and Renu Kanda as its promoters.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Bigshare Services Private Limited |
|---|---|
| Phone | +91 22 6263 8200 |
| ipo@bigshareonline.com | |
| Website | https://www.bigshareonline.com/ipo_allotment.html |
Raksan Transformers IPO Review
Raksan Transformers operates in the power equipment industry and has developed manufacturing capabilities across distribution, power, solar and special-purpose transformers. Its two manufacturing facilities in Sonepat and customer base covering utilities, government organisations, PSUs, EPC contractors and industrial companies provide a diversified operating base.
The company's financial performance has improved substantially over the reported period. Revenue increased from ₹162.52 crore in FY2024 to ₹324.78 crore in FY2025 and ₹363.63 crore in FY2026. Profit after tax increased from ₹7.59 crore in FY2024 to ₹20.38 crore in FY2025 and ₹33.60 crore in FY2026. Net worth also increased from ₹23.70 crore in FY2024 to ₹77.42 crore in FY2026.
The proposed Fresh Issue is intended to support capacity expansion, working capital requirements and repayment of borrowings. The company is also planning a new manufacturing facility at Liwaspur, Sonepat, which could increase its manufacturing capabilities if the proposed expansion is executed successfully.
At the price band of ₹258–₹273, the IPO values the company at a meaningful premium to its reported NAV of ₹46.97 per share. The FY2026 EPS of ₹20.39 implies a P/E range of approximately 12.65x to 13.39x. Investors should therefore consider the issue valuation alongside the company's earnings growth, capacity expansion plans, working-capital requirements, tender dependence and industry competition.
How to Apply
Raksan Transformers IPO can be applied through the ASBA facility of eligible banks or through supported UPI-enabled IPO applications. Investors should review the final issue details and apply within the announced bidding period.
Through UPI
- Open your stockbroker's IPO section.
- Select Raksan Transformers IPO.
- Enter the number of lots you want to apply for.
- Select the applicable bid price between ₹258 and ₹273.
- Enter your UPI ID.
- Submit the IPO application.
- Approve the UPI mandate received in your UPI application.
- Keep sufficient funds available until the allotment process is completed.
Prospectus & Documents
The company's investor-relations section provides access to its prospectus-related documents, including the Draft Red Herring Prospectus and Addendum DRHP. The DRHP dated September 30, 2025 confirms the offer structure and identifies Hem Securities Limited as BRLM and Bigshare Services Private Limited as the Registrar.
Last updated Sep 7, 2026.