Vans Electroengineerings IPO
Vans Electroengineerings IPO is an SME IPO raising ₹34 Cr at ₹112 – ₹118 a share. It listed on 7 Oct 2026 at ₹224, +90.0% against its issue price of ₹118, and trades at ₹456 today (+286.6% since issue). It was subscribed 584× in total.
584.4 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
VANS Electroengineerings Limited manufactures vacuum circuit breakers (single-pole and double-pole) and vacuum interrupters used in Indian Railways' 25 kV traction power supply systems, along with related overhead equipment for railway electrification. These components are installed at traction substations, sectioning posts and feeding posts, and are supplied to Indian Railways, railway contractors (EPC firms) and metro systems. All manufacturing is carried out at a single facility in Salem, Tamil Nadu.
How it earns
Revenue comes from sale of manufactured traction electrification components (VCBs, VIs, overhead equipment) directly to railway authorities and to B2B EPC contractors building railway electrification projects.
Who buys
Ultimate users are Indian Railways and metro systems; direct customers are railway authorities and large EPC contractors. No specific named customers are disclosed in this section. FY2025-26 revenue split: B2B (EPC/contractor) 86.76% (₹19.82 crore) and B2G (government/railways) 13.24% (₹3.02 crore). Geographic split: North 36.12%, West 31.13%, South 25.61%, Central 4.31%, East 2.83%.
Scale
Single manufacturing facility in Salem, Tamil Nadu with installed annual capacity of 1,800 units (450 each across four product lines) on a single 8-hour shift; FY2025-26 actual production was only 478 units (capacity utilisation 16.66%–42.88% by product). Total revenue ₹22.84 crore in FY2025-26 (₹2,284.30 lakhs). 33 permanent employees as of 31 August 2026.
What it says sets it apart
- RDSO-approved vendor status (Research Designs and Standards Organization, Lucknow) and CORE 'Approved Vendor' status for supplying to Indian Railways — a high regulatory entry barrier
- ISO 9001:2015 certification with testing tied to international standards (IEC 62505-1:2016, IEC 62271-100/2017-07) and validation through KERI (South Korea) and CPRI (Bangalore)
- In-house integrated design, engineering, assembly and testing facility at Salem covering the full VCB/VI product lifecycle
- Niche specialization in 25 kV railway traction components, avoiding broader switchgear markets
- Established relationships with regulatory bodies (RDSO, CORE) and large railway EPC contractors enabling participation in exclusive tenders
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs118 / stated EPS Rs6.74 (FY26 Basic & Diluted EPS, restated (face value Rs 10)). 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 standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2025-26 | ₹23 Cr | ₹5 Cr | 23.6% | ₹9 Cr | ₹3 Cr |
| FY2024-25 | ₹14 Cr | ₹2 Cr | 12.8% | ₹4 Cr | ₹1 Cr |
| FY2023-24 | ₹3 Cr | ₹0 Cr | 0.8% | ₹1 Cr | ₹5 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 its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 757× their allocation. QIB: 282×.
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.
What could go wrong
All 14 risks & 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 happens when
Next: the UPI mandate expires on 12 Nov 2026.
What to watch
- The asking multiple is 17.5× earnings, and the issuer names no listed peers to compare it against.
- The register's top risk: Customer concentration in top clients and railway EPC contractors (prospectus page 25).
- Its cohort's record: median −2.7% since issue price, 51.9% 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 VANS ELECTROENGINEERINGS LIMIT
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.