Raksan Transformers IPO
IPO Open Now
₹2,06,400 / 800 shares
Price Range: ₹258 – ₹273 per share
Bidding Dates10 Sept, 2026 – 15 Sept, 2026
Min Investment₹2,06,400
Lot Size400
Issue Size₹150.50 Cr.
IPO Overview
IPO Subscription Details
Retail Subscription0.34x
Non-Institutional Buyers (sHNI)0.24x
Non-Institutional Buyers (bHNI)0.65x
Qualified Institutional Buyers (QIB)3.87x
Total Subscription1.38xOver-subscribed
IPO Timeline
IPO Offer Start10 Sept, 2026
IPO Offer Ends15 Sept, 2026
Allotment Finalisation16 Sept, 2026
Refund Initiation17 Sept, 2026
Listing of Shares18 Sept, 2026
IPO Analysis
Strengths
- The company operates two manufacturing facilities spread across 3,037.5 sq. mtrs with combined installed production capacity of 15,00,000 KVA for Distribution transformers and 1,350 MVA for Power transformers, equipped with comprehensive machinery and in-house capabilities for core cutting, wire drawing, and tank fabrication.
- As of June 30, 2026, the company has 83 orders in hand aggregating into an order book of Rs. 32,967.92 lakhs, demonstrating consistent growth due to continued focus on quality and customer retention capabilities.
- The company is an approved vendor for over 20 entities including power distribution corporations and public sector undertakings, with a customer base of around 121 customers and revenue from top 5 customers constituting 46.36% of total revenue in FY 2025-26.
Risks
- The company derives 50.73% to 72.99% of its revenue from government and public utility customers, making it highly dependent on government policies, project allocations, and payment cycles. Any adverse developments such as reduced orders, delays in tendering, or policy shifts could significantly affect revenue and profitability.
- The company's revenue is closely linked to winning competitive tenders from government entities, with no assurance of consistent qualification or success. Pricing pressures may result in reduced margins, and the company was previously abstained from bidding for 3 consecutive tenders by Paschimanchal Vidyut Vitran Nigam Limited in 2019.
- The company's order book of ₹32,967.92 lakhs as of June 30, 2026 may not be representative of future results due to execution risks, delivery delays, contract cancellations, or customer-side delays. Actual revenue realized may differ materially from order book value.
Objects of the Issue
The company proposes to utilize funds for expansion of manufacturing capabilities by building factory shed and installation of additional plant and machinery. The proposed capacity expansion will complement current manufacturing setup and help expand existing capacity for transformer manufacturing.
With business expansion, the company will need additional working capital for trade receivables, inventories, payment to trade payables and funding day-to-day operations. The company will meet requirements from net proceeds and balance from borrowings as per requirement.
The company proposes to utilize funds towards full or partial repayment of certain borrowings to help reduce outstanding indebtedness, debt servicing costs, assist in maintaining favorable debt to equity ratio and enable utilization of internal accruals for business growth.
The company intends to deploy remaining fresh issue proceeds for general corporate purposes to drive business growth including meeting operating expenses, initial development costs for projects, strengthening business development and marketing capabilities, meeting exigencies and other purposes as approved by Board.
Yearly Financial Results
Consolidated — ₹ Crores
| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Revenue | 160.95 | 324.21 | 363.11 |
| Expenses | 152.12 | 297.03 | 318.44 |
| Other Income | 1.58 | 0.57 | 0.52 |
| Total Revenue | 162.52 | 324.78 | 363.63 |
| Profit Before Tax | 10.40 | 27.75 | 45.19 |
| Net Profit | 7.59 | 20.38 | 33.60 |
Balance Sheet
Consolidated — ₹ Crores
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Total Assets | 67.02 | 117.90 | 155.59 |
| Current Assets | 45.27 | 74.04 | 101.55 |
| Fixed Assets | 21.76 | 43.85 | 54.04 |
| Total Equity & Liabilities | 67.02 | 117.90 | 155.59 |
| Total Liabilities | 43.29 | 73.78 | 78.17 |
| Current Liabilities | 39.33 | 62.48 | 69.13 |
| Non Current Liabilities | 3.96 | 11.30 | 9.04 |
| Total Equity | 23.74 | 44.12 | 77.42 |
Cash Flow
Consolidated — ₹ Crores
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Net Cash Flow | 3.58 | -4.43 | 0.02 |
| Investing Activities | -7.42 | -22.55 | -11.19 |
| Operating Activities | 7.43 | 5.36 | 14.89 |
| Financing Activities | 3.58 | 12.76 | -3.68 |
About Raksan Transformers
The company is an ISO 9001:2015 certified transformer manufacturer established in 1995, initially engaged in repair and servicing before establishing manufacturing operations in 2005-06. The company operates two manufacturing facilities in Sonepat, Haryana with combined production capacity of 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers.
Documents
Source: DRHP
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