Overview
Updated 12 days agoRaksan Transformers Limited is an ISO 9001:2015 certified manufacturer of various types of transformers, including distribution, power, solar, and special-purpose transformers. The company operates two manufacturing facilities in Sonipat, Haryana, and serves a diverse client base including government entities, public utilities, and industrial customers.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 400 | ₹1,09,200 |
| bNII (min) | 10 | 4,000 | ₹10,92,000 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE |
| Segment | SME |
| Price band | ₹258–273 |
| Final issue price | ₹273.00 |
| Face value | ₹10 per share |
| Lot size | 400 shares |
| Minimum investment | ₹1,09,200 |
| Issue size | ₹150 Cr |
| Market cap at upper band | ₹570 Cr |
| P/E at upper band | 13.4x |
| Registrar | BIGSHARE SERVICES PRIVATE LIMITED |
| Lead managers | Hem Securities Limited |
| NSE symbol | RAKSAN |
| ISIN | INE1S7M01017 |
Shareholder quota and promoter holding
Company & business
Raksan Transformers Limited, formerly known as Raksan Transformers Private Limited, was incorporated in 1995. The company is engaged in the manufacturing of transformers across different voltage ratings, including distribution, power, solar, and special-purpose transformers. It operates two manufacturing facilities in Sonipat, Haryana, with a combined installed production capacity of 1,500,000 KVA for distribution transformers and 1350 MVA for power transformers as of March 31, 2026. The company serves a wide range of customers, including government entities, utility companies, EPC contractors, and industrial clients, and is an approved vendor for over 20 entities.
Objects of the issue — how the money will be used
- 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 Cr)
- Repayment of certain borrowing availed by our Company, in part or full (₹7.28 Cr)
- General Corporate Purpose
Key strengths
- Established manufacturing facility and in-house operations
- Strong order book
- Established relationship with clients including government entities and power utilities
- Quality assurance
- Experienced and strong promoter/management team
- Track record of profitability and consistent financial performance
Key risks
- High dependency on government and public utility customers
- Significant portion of revenue derived from government-controlled entities through competitive bidding
- Order book may not be representative of future results
- Significant dependence on a few raw material suppliers
- Under-utilization or inability to efficiently utilize existing manufacturing capacities
- Significant dependence on the sale of distribution transformers
- Significant dependence on relationships with key customers
- Risks related to manufacturing, supply chain, and third-party execution
Promoters
Sanjeev Kanda, Dievam Singh Kanda, Renu Kanda
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 160.95 | -- | 7.59 | 67.02 | 23.70 | 9.81 |
| FY25 | 324.21 | -- | 20.38 | 117.90 | 44.07 | 23.51 |
| FY26 | 363.11 | -- | 33.60 | 155.59 | 77.42 | 20.74 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Raksan Transformers this issue | 363.1 | 20.39 | 13.4x | 43.41 | 46.97 |
| Marsons Limited | 245.0 | 2.69 | 49.6 | 21.28 | 12.64 |
| Shilchar Technologies Limited | 651.9 | 138.25 | 29.5 | 32.22 | 429.05 |
| Supreme Power Equipment Limited | 181.6 | 8.18 | 27.8 | 17.49 | 47.30 |
This issue is priced at 13.4x P/E against a peer median of 29.5x: a discount of 55%. A measurement, not a verdict.
Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.