Raksan Transformers IPO
Raksan Transformers IPO is an SME IPO raising ₹150 Cr at ₹258 – ₹273 a share. The smallest application you can make is 400 shares, costing ₹1,09,200 at the top of the band. Bidding closes on 15 Sept 2026 and the shares list on 18 Sept 2026. So far it has been subscribed 1.29× in total.
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
What happens when
Next: bidding closes on 15 Sept 2026.
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Raksan Transformers Limited is an ISO 9001:2015-certified Indian manufacturer of electrical transformers. It makes distribution transformers (up to 3150 KVA), power transformers, transformers for solar applications and special-purpose transformers from two plants in Rai, District Sonepat, Haryana. Customers are government entities, power distribution utilities, EPC contractors and industrial clients in India, with sales channelled mainly through competitive tenders for government clients and direct B2B relationships for private clients.
How it earns
Earns revenue by manufacturing and selling transformers under three channels — B2G (government tenders), B2B (private/EPC/industrial) and a small B2C segment. FY26 revenue from operations was Rs. 363.11 crore (36,310.82 lakhs; conversion: 1 crore = 100 lakhs).
Who buys
Customers include power distribution corporations, public sector undertakings, public utility companies, EPC contractors and industrial clients. Approved vendor for over 20 entities; around 121 customers as of March 31, 2026. Top-5 customer concentration was 46.36% of revenue in FY26 (Rs. 168.34 crore / 16,833.94 lakhs), 75.08% in FY25 (Rs. 243.41 crore / 24,341.20 lakhs) and 68.07% in FY24 (Rs. 109.55 crore / 10,954.64 lakhs). FY26 channel mix: B2G 50.73% (Rs. 184.19 crore / 18,419.15 lakhs), B2B 49.22% (Rs. 178.74 crore / 17,873.84 lakhs), B2C 0.05%. Geographic concentration: UP 58.56%, Bihar 14.22%, MP 8.21%, Haryana 7.79%, J&K 6.97%, West Bengal 1.38%, others 2.87% of FY26 revenue.
Scale
Two manufacturing plants at Rai, Sonepat, Haryana with combined area of ~3,037.5 sq. mtrs (2,025 + 1,012.5); installed capacity 15,00,000 KVA (distribution) and 1,350 MVA (power); 143 full-time employees as of June 30, 2026; incorporated 1995, manufacturing since 2005-06; order book Rs. 329.68 crore across 83 orders as of June 30, 2026.
What it says sets it apart
- Two in-house manufacturing plants at Rai, Sonepat (Haryana) with combined installed capacity of 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers as of March 31, 2026; FY26 utilization was 91.68% (distribution) and 95.18% (power).
- Order book of Rs. 329.68 crore (32,967.92 lakhs) across 83 orders as of June 30, 2026.
- Approved vendor for over 20 power distribution corporations, PSUs and public utilities, with a customer base of around 121 customers as of March 31, 2026.
- Backward integration through group company SHR Powers Private Limited, which supplies transformer tanks/bodies used in production, reducing external supplier dependence.
- In-house core cutting/slitting, wire drawing/strip drawing and tank fabrication plus an in-house testing laboratory; ISO 9001:2015 certified, BIS approval up to 2500 kVA, and BEE Level 2/3 energy-efficiency ratings.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs273 / stated EPS Rs20.39 (FY ending March 31, 2026, Basic & Diluted EPS, restated consolidated). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹363 Cr+12% | ₹34 Cr+65% | 9.3% | ₹77 Cr | ₹21 Cr |
| FY2025 | ₹324 Cr+101% | ₹20 Cr+168% | 6.3% | ₹44 Cr | ₹24 Cr |
| FY2024 | ₹161 Cr | ₹8 Cr | 4.7% | ₹24 Cr | ₹10 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How the book stands today
The category split is the number worth reading, not the total.
QIB: 3.87× their allocation. Retail: 0.35×.
What could go wrong
All 13risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
How this cohort has done
131 SME issues listed in 2026 that we can price today. This is the group it is about to join.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What to watch
- Priced at 13.4× earnings — 55% below the median of the peers the issuer itself names.
- The register's top risk: Revenue heavily dependent on government/public utility tenders (prospectus page 24).
- Its cohort's record: median +8.4% since issue price, 46.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track this company once it lists
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.