- POSITIVE
Annual Revenue Raksan Transformers Mar-2026 Annual Revenue is Rs 364 Cr which is growth of 12.0% YoY.
- POSITIVE
Annual Net Profit Raksan Transformers Mar-2026 Annual Net Profit is Rs 33 Cr which is growth of 60.6% YoY.
Raksan Transformers was incorporated on July 21, 1995. The company manufactures transformers across various voltage ratings, including distribution, power, solar and special-purpose transformers for power generation, transmission and distribution applications. Its products serve diverse industrial and infrastructure projects, with a focus on quality, reliability, standardised manufacturing practices and industry compliance
| Bidding Dates |
|---|
| 10 Sep 2026 - 15 Sep 2026 |
| Subscription |
|---|
| 44.18x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹206,400 | 2 | 2 | 400 | 5.5 M | ₹258 - ₹273 | 73.61 % | ₹1,422.3 M - ₹1,505.0 M | RHP DOC |
Raksan Transformers IPO SUBSCRIPTION STATUS
15 Sep '26Total44.18x
Retail Individual Investor28.66x
HNI (NII) Investors45.01x
Qualified Institutional Buyers70.51x
Raksan Transformers IPO overall subscription rate was 44.18 times the total available shares
Raksan Transformers IPO retail subscription rate was 28.66 times in the retail segment
Raksan Transformers IPO non-institutional investor subscription rate was 45.01 times in the non-institutional investor category
Raksan Transformers IPO Qualified Institutional Bidder subscription rate was 70.51 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
15 Sep 2026 (Day 3) | 28.66x | 45.01x | 70.51x |
11 Sep 2026 (Day 2) | 0.35x | 0.38x | 3.87x |
10 Sep 2026 (Day 1) | 0.13x | 0.3x | 1.17x |
Raksan Transformers FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 363.1 | 33.6 | 14.9 | 7.3 | 12.9% |
| FY25 | 324.2 | 20.4 | 5.4 | -19.5 | 9.1% |
| FY24 | 160.9 | 7.6 | 7.4 | 5.0 | 6.3% |
Raksan Transformers IPO SUBSCRIPTION STATUS DETAILS
Raksan Transformers had 5.5 M shares on offer
Raksan Transformers IPO offer price was in the range ₹258 - ₹273
Raksan Transformers IPO minimum Investment was ₹206400
Raksan Transformers IPO issue size was ₹ 1,422.3 M - ₹ 1,505.0 M
Raksan Transformers had a minimum lot size of 400 Shares per application
Raksan Transformers NUMBER OF SHARES ON OFFER
Total5.5 M
Fresh Issue4.4 M
Offer for Sale1.1 M
Post Issue Promoter Holding %73.61 %
Raksan Transformers IPO IMPORTANT DATES
| Issue Open Date | 10 Sep 2026 |
| Issue close Date | 15 Sep 2026 |
| Allotment Date | 16 Sep 2026 |
| Refund Date | 17 Sep 2026 |
| Demat Account Credit Date | 17 Sep 2026 |
| Listing Date | 18 Sep 2026 |
| Listing on Exchange(s) | BSE |
| Raksan Transformers Allotment Status | Exchange/ Registrar |
Raksan Transformers IPO subscription opened on 10 Sep 2026, and closed on 15 Sep 2026
IPO allotment for Raksan Transformers was finalized on Wednesday, 16 Sep 2026
IPO listing for Raksan Transformers was on BSE on Friday, 18 Sep 2026
Raksan Transformers IPO LISTING GAINS
| Issue Price (adjusted) | 273.0 |
| Listing Open Price | 273.0 |
| Listing Close Price | 286.6 |
| Listing Gain% | 0.0% |
| Current Gain% | 0.1% |
Raksan Transformers Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Raksan Transformers Ltd. | 273.2 | 570.8 | 17 | 0.3 | 1.6 | 43.4 | 21.6 | 363.6 | 12 | 33.6 | 64.9 | 16.1 | 64.9 |
| Bharat Heavy Electricals Ltd. | 421 | 146594.9 | 60.3 | 0.1 | 4.1 | 6.1 | 2.1 | 34589.8 | 20.1 | 1600.3 | 199.7 | 7 | 739.4 |
| ABB India Ltd. | 6900 | 146216.8 | 48.9 | 10.7 | 21.3 | 12.2 | 13555.1 | 8.1 | 1668.3 | -10.9 | 141 | ||
| Hitachi Energy India Ltd. | 31290 | 139467 | 121.2 | 0.9 | 15.2 | 19.1 | 8.2 | 8387.6 | 30.2 | 987.8 | 157.3 | 258.1 | 127.7 |
| CG Power and Industrial Solutions Ltd. | 879 | 138483.7 | 110.8 | 4.5 | 10.8 | 15.1 | 9.5 | 12662.2 | 25.7 | 1206.3 | 23.8 | 7.9 | 24.7 |
| Siemens Ltd. | 3804 | 135468.2 | 41.4 | 1.2 | 7.4 | 19.9 | 12.9 | 25598.6 | 10.5 | 2751.6 | 1.3 | 92 | 33.7 |
Annual
Balance Sheet
Ratios
Cash Flow
Raksan Transformers annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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| Indicator | Graph | CAGR 3 Yrs | Mar '26 | Mar '25 | Mar '24 | Mar '23 |
|---|---|---|---|---|---|---|
70.3% | 363.6 | 324.8 | 162.4 | 73.6 | ||
Operating Exp. Ann. | 68.3% | 316.2 | 294.7 | 149.8 | 66.3 | |
Operating Profit Ann. | 98.6% | 47 | 29.5 | 11.1 | 6 | |
OPM Ann. % | 16.4% | 12.91% | 9.08% | 6.85% | 8.19% | |
66.8% | 318.6 | 297.3 | 151.9 | 68.7 | ||
EBITDA Ann. | 87.6% | 47.5 | 30.1 | 12.6 | 7.2 | |
EBITDA Ann. margin % | 10% | 13.05% | 9.26% | 7.73% | 9.81% | |
Interest Ann. | -19.4% | 1.1 | 1.6 | 1.7 | 2.1 | |
Depr. | 67.1% | 1.4 | 1 | 0.4 | 0.3 | |
PBT Ann. | 109.4% | 45 | 27.5 | 10.5 | 4.9 | |
Tax Ann. | 98.3% | 11.7 | 6.6 | 3.2 | 1.5 | |
114.2% | 33.4 | 20.9 | 7.3 | 3.4 | ||
Net Profit Ann. | 112.1% | 33.4 | 20.8 | 7.3 | 3.5 | |
NPM Ann. % | 24.3% | 9.18% | 6.40% | 4.54% | 4.78% | |
EPS Adj. latest Ann. | 111.1% | 16 | 9.9 | 3.5 | 1.7 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
11.9%
2Y CAGR
49.6%
3Y CAGR
70.3%
Net Profit Ann.
1Y CHG
60.6%
2Y CAGR
113.9%
3Y CAGR
112.1%
Operating Exp. Ann.
1Y CHG
7.3%
2Y CAGR
45.3%
3Y CAGR
68.3%
Raksan Transformers INFORMATION ON IPO ISSUE
About Raksan Transformers
Raksan Transformers was incorporated on July 21, 1995. The company manufactures transformers across various voltage ratings, including distribution, power, solar and special-purpose transformers for power generation, transmission and distribution applications. Its products serve diverse industrial and infrastructure projects, with a focus on quality, reliability, standardised manufacturing practices and industry compliance
Object of the Issue
- Funding capital expenditure towards setting up of manufacturing facility at Liwaspur, sub- tehsil Rai, Distt. Sonepat, Haryana
- To meet working capital requirements
- Repayment of certain borrowing availed by the company, in part or full
- General corporate purpose
Raksan Transformers - PROMOTERS
| Name |
|---|
| Sanjeev Kanda |
| Dievam Singh Kanda |
| Renu Kanda |
Raksan Transformers - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Sanjeev Kanda | Chairman & Managing Director |
| Dievam Singh Kanda | Whole Time Director |
| Renu Kanda | Non-Executive Director |
| Kamal Dev Arora | Independent Director |
| Lokesh Vats | Independent Director |
Raksan Transformers Book Running Lead Manager
HEM Securities Limited
ib@hemsecurities.com
Raksan Transformers Registrar to the Offer
Bigshare Services Private Limited
ipo@bigshareonline.com
Raksan Transformers Strengths
In-house manufacturing operations
The company operates two well-equipped manufacturing facilities with in-house capabilities for core processing, wire and strip drawing, tank fabrication, product design and testing, enabling efficient and timely production. Its established infrastructure and industry experience provide better control over quality, reduce third-party dependence and support cost-effective, customised solutions
Strength
Quality control
The company maintains stringent quality controls, including material inspections, testing and pre-dispatch checks, supported by ISO 9001:2015 certification, BIS approval and BEE energy-efficiency certification. Its focus on quality and customer-specific testing helps ensure product reliability, retain existing customers and attract new customers
Strength
Client relationship
The company has long-standing relationships with government entities, power utilities, EPC contractors and industrial customers, serving around 135 customers and being an approved vendor for over 20 entities. Consistent product quality and timely delivery support customer retention, new client acquisition and business expansion
Strength
Raksan Transformers Risks
Inventory management risks
The company’s ability to meet customer demand depends on maintaining optimal inventory levels, while inaccurate demand forecasts could result in excess inventory or product shortages. Excess inventory may lead to write-offs and discounted sales, while insufficient inventory could cause delivery delays, customer loss and reduced market share
Risk
Seasonal demand
The company’s business is subject to seasonal and cyclical variations, as government tenders and delivery schedules in the power sector depend on budget allocations, approvals and regulatory factors. Uneven tender issuance and changes in delivery schedules may cause fluctuations in quarterly revenue and profitability, making past financial performance less indicative of future results
Risk
Cyber security risks
The company faces risks from cyber threats such as hacking, phishing, data theft and unauthorised access, which could disrupt operations and compromise customer information. Failure to comply with evolving privacy and data protection regulations could result in penalties, litigation, reputational damage and adverse effects on its financial performance
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 30.0 crore, of 1,100,000 shares. It also consists of a fresh issue of Rs 120.5 crore.
The promoters of the company are Sanjeev Kanda, Dievam Singh Kanda and Renu Kanda.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 258.0 - 273.0.
The IPO application opens on Sep 10, 2026 and closes on Sep 15, 2026.
The minimum lot size for the IPO is 800. The maximum lot size for the IPO is 800.
For all category investors, the minimum application amount for this IPO is Rs. 206,400.0, the maximum value for this IPO is Rs 218,400.0.
This IPO will be allotted on Sep 16, 2026.
The refund will be credited to your account on Sep 17, 2026.
The allotted shares will be credited to your demat on Sep 17, 2026.
Raksan Transformers Ltd.’s shares listed on the stock exchanges on Sep 18, 2026.