Raksan Transformers IPO Analysis & Review

Quick Answers

What is the Raksan Transformers IPO GMP today? The Raksan Transformers IPO GMP is ₹25 as of 9/9/2026, 6:34:39 am. The IPO price band is ₹258 - ₹273. GMP represents an unofficial grey-market indication and does not guarantee the listing price.

When does Raksan Transformers IPO open? The Raksan Transformers IPO opens on 2026-09-10 and closes on 2026-09-15.

What is the Raksan Transformers IPO subscription status? The overall subscription is 0x.

Key IPO Information

ViewIPO AI Analysis Score

The Raksan Transformers IPO scored 60/100 (Moderate Risk) in our deep analysis.

Frequently Asked Questions

What is the core business of Raksan Transformers Ltd?

Raksan Transformers Ltd manufactures distribution transformers, power transformers, transformers for solar applications, and special purpose transformers used in power generation, transmission, distribution networks, and industrial projects.

What are the price band and issue size of Raksan Transformers IPO?

The price band for the IPO is set between Rs 258 and Rs 273 per share with a lot size of 400 shares. The overall issue size is Rs 150.50 crore.

How does Raksan Transformers Ltd intend to use the fresh IPO proceeds?

The fresh issue proceeds will be used to fund capital expenditure for a new manufacturing facility at Liwaspur, Sonepat (Rs 62.14 crore), working capital requirements (Rs 35 crore), repayment of borrowings (Rs 7.28 crore), and general corporate purposes.

Where are Raksan Transformers Ltd's production facilities located?

The company operates two manufacturing facilities at HSIIDC Industrial Estate, Rai, District Sonepat, Haryana, spanning approximately 3,037.5 square meters.

What is the revenue and profit growth track record of Raksan Transformers Ltd?

Revenue from operations grew from Rs 160.95 crore in FY24 to Rs 324.21 crore in FY25 and Rs 363.11 crore in FY26. Net profit (PAT) increased from Rs 7.59 crore in FY24 to Rs 20.38 crore in FY25 and Rs 33.60 crore in FY26.

What is the current order book size of Raksan Transformers Ltd?

As of June 30, 2026, Raksan Transformers Ltd had an aggregate order book of Rs 329.68 crore comprising 83 active orders.

What are the key risk factors associated with Raksan Transformers Ltd?

Key risks include heavy reliance on government tenders and public utilities (50.73% of FY26 revenue), geographic concentration in Uttar Pradesh (58.56% of FY26 revenue), top 10 customer concentration (71.49%), and lack of long-term supply agreements for raw materials.

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Raksan TransformersNSE SME / BSE SME:

Analyzed by ViewIPO Financial Research Team
Electrical EquipmentIndiaFiled 2026-09-10Listing 2026-09-18Size ₹150.23Cr
Lot Size 400
Live GMP
₹25 (+9.16%)
Check Allotment
Status Link

Is Raksan Transformers IPO Good? Quick Verdict

Raksan Transformers IPO scored 60/100 (Moderate Risk) in our deep analysis. The strongest pillar is Financial at 80/100, while Competition is the primary concern at 35/100. Raksan Transformers Ltd exhibits strong revenue and profit growth with a solid order book, but carries significant risks related to government bidding dependency, regional revenue concentration, and customer concentration.

IPO Score
60/100
Moderate Risk

Quick Verdict

Strong financial growth with revenue growing from Rs 160.95 Cr in FY24 to Rs 363.11 Cr in FY26 and PAT rising over fourfold to Rs 33.60 Cr.
Healthy order book of Rs 329.68 crore across 83 orders in hand as of June 30, 2026.
High dependency on government and public utility customers, contributing 50.73% of total revenue in FY26.
Significant geographic concentration with Uttar Pradesh generating 58.56% of total operational revenue in FY26.
Top 10 customers accounted for 71.49% of FY26 revenue, indicating potential customer loss risk.

Company Snapshot

Revenue (TTM)
₹363.11Cr↑ 12% YoY
Profitability
PositiveNet Income ₹33.6Cr
Gross Margin
19.82% 
Market Cap
—Pending Data
IPO Size
₹150.23Cr 
Industry
Electrical Equipment 
P/E Ratio
—Pending Data

Risk Breakdown

Governance
65
Moderate
Financial
80
Excellent
Valuation
50
Expensive
Competition
35
High Risk
Dilution
60
Moderate
Promoter / Mgmt
60
Moderate

AI Summary

Raksan Transformers Ltd is an ISO 9001:2015 certified transformer manufacturer operating two facilities in Sonepat, Haryana, with backward integration via its group company SHR Powers. The company has achieved substantial financial momentum, with revenues rising from Rs 160.95 crore in FY24 to Rs 363.11 crore in FY26, alongside net income growing from Rs 7.59 crore to Rs 33.60 crore. However, Raksan Transformers Ltd remains highly exposed to customer and regional concentration risks, with government utilities accounting for over 50% of revenue and Uttar Pradesh generating nearly 59% of FY26 sales. Net proceeds from the Rs 150.50 crore IPO will be deployed toward funding capital expenditure for a new facility at Liwaspur, meeting working capital requirements, and repaying debt.

Overall Verdict: Raksan Transformers Ltd exhibits strong revenue and profit growth with a solid order book, but carries significant risks related to government bidding dependency, regional revenue concentration, and customer concentration.

Key Highlights

  • •Operates two manufacturing facilities in Rai, Sonepat, Haryana, with an installed capacity of 1,500,000 KVA for distribution transformers and 1,350 MVA for power transformers.
  • •Backward integration via group entity SHR Powers Private Limited for manufacturing transformer tanks and bodies.
  • •Reported revenue growth from Rs 160.95 crore in FY24 to Rs 363.11 crore in FY26, with PAT rising to Rs 33.60 crore.
  • •EBITDA margin improved from 6.33% in FY24 to 12.87% in FY26.
  • •Order book stood at Rs 329.68 crore across 83 orders as of June 30, 2026.
  • •Fresh issue proceeds allocated toward setting up a new facility at Liwaspur (Rs 62.14 Cr), working capital (Rs 35 Cr), and debt repayment (Rs 7.28 Cr).

Financial Performance

Revenue (Annual)

↑ +12.0% YoY

INR in Crores

Net Income (Annual)

↑ +64.9% YoY

INR in Crores

Gross Margin (Annual)

↑ +3.4% Delta

In Percentage

EBITDA vs PAT

EBITDA YoY

INR in Crores

EBITDA
PAT

IPO Timeline

IPO Opens2026-09-10
IPO Closes2026-09-15
Basis of Allotment2026-09-16
Refunds & Demat2026-09-17
Listing Date2026-09-18

Valuation Analysis

IPO Price₹258 - ₹273
Estimated Fair Value
Pending Data
Valuation Premium
Pending
vs Fair Value

IPO DNA

Growth
58
Governance
65
Profitability
80
Valuation
50
Competition
35
Execution
60

Pros vs Cons

Pros

  • Consistent growth in top line and bottom line, with PAT increasing from Rs 7.59 crore in FY24 to Rs 33.60 crore in FY26.
  • EBITDA margin expansion from 6.33% in FY24 to 12.87% in FY26.
  • In-house manufacturing capabilities including slitting, strip drawing, and tank fabrication via backward integrated group company SHR Powers.
  • Robust order book of Rs 329.68 crore as of June 30, 2026, offering strong near-term revenue visibility.
  • Promoter Sanjeev Kanda brings over 31 years of experience in the transformer manufacturing industry.

Cons

  • Heavy reliance on government and public utility customers through competitive bidding (50.73% of FY26 revenue).
  • High regional revenue concentration, with Uttar Pradesh contributing 58.56% of total revenue in FY26.
  • High customer concentration with the top 10 customers contributing 71.49% of FY26 revenue.
  • Lack of long-term contracts with raw material suppliers, with top 10 suppliers accounting for 54.96% of raw material purchases.
  • Revenue seasonal fluctuations, with Q4 historically contributing over 35-42% of annual revenue.

Financial Health

Revenue Growth
125.6% 2-year growth (FY24 to FY26) (Excellent)
Debt Level
Rs 32.66 crore total financial indebtedness (Good)
Cash & Equivalents
Net investing cash outflow of Rs 11.19 Cr in FY26 (Moderate)

Institutional Signals

Anchor Investors
Undisclosed
VC Backing Tier
None
Strategic Partners
Group entity SHR Powers Private Limited for backward integration

Raksan Transformers IPO Reddit Pulse & Sentiment

Real-time Reddit discussions & retail sentiment

No Public Data Available

We couldn't find any significant public discussions or retail sentiment threads for this IPO at the moment.

Disclaimer: These are raw community discussions aggregated from public forums. The AI summary and Reddit comments do not constitute financial advice. Always conduct your own independent research.

Raksan Transformers IPO — Frequently Asked Questions

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IPO Terminology Explained

Confused by terms like GMP, Kostak, or Subject to Sauda? Read our detailed guides in the IPO Glossary to understand the terminology before you invest.

Grey Market Premium (GMP)Subject to SaudaASBAOffer for Sale (OFS)
View Full Glossary

Source Citation: All financial data and risk metrics are derived from the official prospectus filed with the regulator (SEBI DRHP/RHP). ViewIPO algorithms process this public data for informational purposes. Not financial advice.

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Frequently Asked Questions about Raksan Transformers

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