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
Read from the 319-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 302 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Our top 1 customer contributed approximately 42.66%, 61.60% and 76.77% of our revenue from operations during Financial Year 2025-26, Financial Year 2024-25 and Financial Year 2023-24, respectively. Further, our top five customers contributed approximately 65.74%, 82.14% and 97.48%
Vacuum Circuit Breakers and Vacuum Interrupters which contributed to 85.50% of our total revenue in financial year 2025-26... 99.52%... in financial year 2024-25 and 94.58%... in financial year 2023-24
Purchases during the Year 347.4 15.21% 383.7 28.29% 79.05 30.45%
Our business is substantially dependent on a single manufacturing facility located at Plot 15, 16, 17, SIDCO Women's Industrial Estate, Karuppur, Salem – 636011, Tamil Nadu, India. This centralized site houses all our primary operations, including product assembly, testing infrastructure, quality control, storage facilities, and core administration, leaving us highly vulnerable to location-specific risks without immediate geographic alternatives.
For the Financial Year 2025-26... Double Pole Vacuum Circuit Breaker... Capacity Utilisation 16.66%... Single Pole Vacuum Circuit Breaker 23.11%... FY 2023-24: Double Pole Vacuum Circuit Breaker 4.88%... Single Pole Vacuum Circuit Breaker 0.44%
For Financial Year 2025-26, Financial Year 2024-25 and Financial Year 2023-24, purchases from our top 1 supplier represented approximately 25.24%, 56.86% and 64.18% of our total raw material consumed
Net cash flow from operating activities (307.36) [FY26]... 551.01 [FY25]... (278.92) [FY24]... company experienced seasonality... trade receivables remained largely outstanding which contributed towards by impacting negatively cash flow from operating activities by ₹1,275.06 lakhs
Our company was incorporated on February 07, 2022 as a private limited company. Thus, our operating history as company is around four years. ... short span of our operating history makes it difficult to assess our future prospects and historic growth rates or results of operations, which may not be representative or reliable indicators of our future performance.
Our revenue from operations has increased from ₹ 259.57 lakhs in Financial Year 2023-24 to ₹ 1356.24 lakhs and ₹ 2284.30 lakhs in Financial Year 2024-25 and Financial Year 2025-26 respectively experiencing a CAGR of 196.65% ... We cannot assure you that we will be able to sustain the levels of revenue and profit growth that we have had in the past.
One of our Promoter and Whole Time Director, Pooja Bansal, has informed us that she completed her Bachelors of Science in around the year 1992. However, the original educational certificates, which had been kept in a locker for safekeeping, were misplaced and could not be traced. ... her educational qualification has been disclosed as "Not Available" in the Red Herring Prospectus.
BEN-2... Date of Event 27/04/2026, Due Date of Filling 08/02/2022, Date of Filling 27/04/2026, Delay in Days 1539... DPT-3... Delay in Days 992... The aforesaid discrepancies/errors/delay filings occurred due to absence of a dedicated compliance officer in the company
the Company and Infowin may pursue business opportunities in the broader power and electrical equipment sector, and there can be no assurance that the existing segregation of their respective businesses will continue to remain absolute. Any future expansion or diversification by either entity may result in increased competition for business opportunities, resources, customers or personnel and may give rise to potential conflicts of interest.
Our Promoter holds 75.75% of shareholding as on the date of Red Herring Prospectus and 55.70% of shareholding Post the Issue
Provident Fund: 01 instance, Amount 1.04 [FY26]... 09 instances, Amount 3.88 [FY25]... ESIC: 02 instances [FY26]... 10 instances [FY25]... 12 instances, Amount 0.78 [FY24]... there can be no assurance that the relevant statutory authorities will not initiate or continue proceedings, levy interest, damages, and penalties
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 1 | 0 | — |
| Promoters | 3 | 1 | 0 | ₹0.0 Cr |
| Directors | 3 | 1 | 0 | ₹0.0 Cr |
| Subsidiaries | 0 | 0 | 0 | — |
| Group companies | 0 | 1 | 0 | ₹0.3 Cr |
Promoter Hotspot Infodot Pvt Ltd (through Director Pooja Bansal) filed 3 criminal cases u/s 138 NI Act (CC 9131/2023, 9128/2023, 9486/2023) against Abhishek Jain (Swastik Papers) before CMM South District, Saket Court, Delhi for dishonour of cheques; aggregate claim ₹89.00 lakhs (next hearing Nov 5, 2026)
Direct tax – Income-tax demand dated Feb 25, 2021 on Group Co Atlantic Tradelinks Pvt Ltd of ₹22.24 lakhs + interest ₹12.82 lakhs (table total ₹28.65 lakhs) on disallowance of commission expense; appeal dismissed by JC(A) on Jun 26, 2024; demand reduced to ₹15.82 lakhs after refund adjustments
Direct tax – Income-tax intimation order dated Dec 29, 2023 to Promoter/Director Abhishek Saraff raising demand of ₹3.56 lakhs + interest ₹1.16 lakhs (table total ₹4.71 lakhs) u/s 143(1); disputed by assessee
Indirect tax (GST) – Tamil Nadu Commercial Taxes Dept SCN/order dated Jan 2, 2025 raised demand of ₹4.16 lakhs on the Company; amount deposited under protest via GST DRC-03; appeal filed Mar 25, 2025 before Deputy Commissioner (ST GST) Appeals, Salem seeking refund
All other categories (statutory/regulatory actions, SEBI disciplinary actions, material civil/other litigation against or by the Company, Subsidiary, Group Companies, and KMP/SMP) – stated as NIL
Amounts converted from ₹ Lakhs to ₹ Crore (1 crore = 100 lakh). Promoters and Directors are combined under a single heading in this section ('Litigations Involving the Promoters/Directors of the Company') – same figures shown against both buckets. Company's indirect-tax row shows 'Not Ascertainable' in the table – returned as null. No grand total amount is stated in the text. KMP/SMP section (p231-232) discloses no proceedings.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
