What does Vans Electroengineerings manufacture?

It manufactures single-pole and double-pole vacuum circuit breakers and vacuum interrupters for railway traction substations, sectioning posts, feeding posts, and other railway electrification applications, as well as for metro and renewable energy systems.

What is the company's revenue trend over the last three years?

Revenue increased from ₹2.59 crore in FY24 to ₹13.56 crore in FY25 and ₹22.84 crore in FY26.

What approvals does the company hold for its products?

The company has received RDSO approval for manufacturing and supplying vacuum circuit breakers and vacuum interrupters, and CORE has upgraded it from Developmental Vendor to Approved Vendor status for certain products.

What are the major risks highlighted in the IPO prospectus?

Key risks include dependence on Indian Railways and government-funded projects, high customer concentration (top customer 42.66% of FY26 revenue), high supplier concentration (top 10 suppliers 72.48% of raw material), negative operating cash flows in certain years, outstanding debt of ₹2.55 crore, and the company's short operating history since incorporation in 2022.

What is the issue size and price band for the IPO?

The IPO issue size is ₹33.98 crore, with a price band of ₹112 to ₹118 per share and a lot size of 1,200 shares.

Where is the company's manufacturing facility located and what certifications does it hold?

The manufacturing facility is located in Salem, Tamil Nadu, and the company is ISO 9001:2015 certified for its quality management system.

Is Vans Electroengineerings IPO good for long term?

Based on our AI analysis, Vans Electroengineerings has a financial score of N/A/100 and a market potential score of N/A/100.

What is the lot size of Vans Electroengineerings IPO?

Use the ViewIPO Lot Size Calculator to instantly find the exact lot size and maximum investment limits for Retail, sHNI, and bHNI categories for Vans Electroengineerings.

Vans Electroengineerings IPO: GMP, Price & Review

Name: Vans Electroengineerings IPO
Brand: Vans Electroengineerings
Rating: 3.8 (1 reviews)

Home›India›Vans Electroengineerings ()

Vans ElectroengineeringsNSE SME / BSE SME:

Analyzed by ViewIPO Financial Research Team

Railway Electrification ComponentsIndia•Filed 2026-09-29•Listing 2026-10-07•Size ₹34.03Cr

The total amount of money the company is trying to raise from the public through this IPO.

•Lot Size 1200

The minimum number of shares an investor must bid for in an IPO.

Live GMP

Grey Market Premium. The extra amount buyers are willing to pay for the IPO shares in the unofficial market before listing.

₹45 (+38.14%)

Check Allotment

Status Link

Is Vans Electroengineerings IPO Good? Quick Verdict

Vans Electroengineerings IPO scored 62/100 (Moderate Risk) in our deep analysis. The strongest pillar is Financial at 85/100, while Valuation is the primary concern at 50/100. Vans Electroengineerings presents a compelling growth story with strong revenue and profit expansion and regulatory approvals, but faces significant concentration risks, working capital pressures, and dependence on railway sector spending.

IPO Score

62/100

Moderate Risk

Quick Verdict

Revenue grew from ₹2.59 crore in FY24 to ₹22.84 crore in FY26, with profit after tax rising to ₹5.39 crore in FY26.

ISO 9001:2015 certified facility with RDSO and CORE approvals for vacuum circuit breakers and interrupters.

In-house engineering, assembly, testing, and validation capabilities supporting product quality.

Pan-India customer base across North, West, South, Central and East regions reducing geographic dependence.

Business remains substantially dependent on Indian Railways and government-funded railway infrastructure projects.

Top customer accounted for 42.66% of FY26 revenue, indicating high customer concentration risk.

Top 10 suppliers contributed 72.48% of raw material consumption in FY26, showing supplier concentration risk.

Negative operating cash flows of ₹3.07 crore in FY26 and ₹2.79 crore in FY24, reflecting working capital pressures.

Company Snapshot

Revenue (TTM)

Total money brought in by the company's operations before deducting any expenses.

₹22.84Cr↑ 68.44% YoY

Profitability

The company's total profit after all expenses, taxes, and costs have been deducted.

PositiveNet Income ₹5.39Cr

Gross Margin

—

Market Cap

—Pending Data

IPO Size

The total amount of money the company is trying to raise from the public through this IPO.

₹34.03Cr

Industry

Railway Electrification Components

P/E Ratio

—Pending Data

Risk Breakdown

Governance

Moderate

Financial

Excellent

Valuation

Expensive

Competition

Expensive

Dilution

Moderate

Promoter / Mgmt

Moderate

AI Summary

Vans Electroengineerings Ltd is a manufacturer of vacuum circuit breakers and interrupters for railway electrification, metro, and renewable energy projects. The company has shown rapid revenue growth, rising from ₹2.59 crore in FY24 to ₹22.84 crore in FY26, with profit after tax increasing to ₹5.39 crore in FY26. It holds RDSO and CORE approvals and operates an ISO 9001:2015 certified facility in Salem, Tamil Nadu. However, its business remains heavily dependent on Indian Railways, faces customer and supplier concentration risks, and has experienced negative operating cash flows in certain years.

Overall Verdict: Vans Electroengineerings presents a compelling growth story with strong revenue and profit expansion and regulatory approvals, but faces significant concentration risks, working capital pressures, and dependence on railway sector spending.

Key Highlights

•Manufacturer of vacuum circuit breakers and interrupters for railway electrification, metro, and renewable energy.
•Revenue grew from ₹2.59 crore (FY24) to ₹22.84 crore (FY26), with PAT rising to ₹5.39 crore (FY26).
•ISO 9001:2015 certified; holds RDSO approvals and CORE Approved Vendor status.
•Pan-India customer base: North 36.12%, West 31.13%, South 25.61%, Central 4.31%, East 2.83% (FY26).
•High customer concentration: top customer 42.66% of FY26 revenue; high supplier concentration: top 10 suppliers 72.48% of raw material.
•Outstanding debt ₹2.55 crore; negative operating cash flows of ₹3.07 crore (FY26) and ₹2.79 crore (FY24).

Financial Performance

Revenue (Annual)
Total money brought in by the company's operations before deducting any expenses.

↑ +68.4% YoY

INR in Crores

Net Income (Annual)
The company's total profit after all expenses, taxes, and costs have been deducted.

↑ +211.6% YoY

INR in Crores

Cash Flow vs Profit
Compares actual cash entering the business versus accounting profit. Strong cash flow indicates high earnings quality.

Cash Flow YoY

INR in Crores

EBITDA vs PAT
Earnings Before Interest, Taxes, Depreciation, and Amortization. Shows pure operating performance.

EBITDA YoY

INR in Crores

EBITDA

PAT

IPO Timeline

IPO Opens2026-09-29

IPO Closes2026-10-01

Basis of Allotment2026-10-05

Refunds & Demat2026-10-03

Listing Date2026-10-07

Valuation Analysis

IPO Price₹118

Estimated Fair Value

The theoretical true worth of the company based on its financial performance and peers.

Pending Data

Valuation Premium

How much more expensive this IPO is compared to its estimated fair value or its industry peers.

Pending

vs Fair Value

IPO DNA

Growth

Evaluates the company's historical and projected revenue and profit expansion.

Governance

Assesses the quality, transparency, and track record of the company's management team.

Profitability

Measures how effectively the company turns its sales into actual profit.

Valuation

Analyzes whether the IPO price is cheap, fair, or expensive compared to peers.

Competition

Evaluates the company's market share, moats, and competitive threats in its industry.

Execution

Assesses the company's ability to successfully utilize IPO proceeds and deliver on its promises.

Pros vs Cons

Pros

Strong revenue and profit growth with FY26 revenue of ₹22.84 crore and PAT of ₹5.39 crore.
ISO 9001:2015 certified manufacturing facility with RDSO and CORE approvals for products.
In-house engineering, assembly, testing, and validation capabilities ensuring quality control.
Diversified geographical revenue base across North, West, South, Central and East India.

Cons

Substantial dependence on Indian Railways and government-funded railway infrastructure projects.
High customer concentration: top customer contributed 42.66% of FY26 revenue.
High supplier concentration: top 10 suppliers accounted for 72.48% of raw material consumption.
Negative operating cash flows in FY24 (₹2.79 crore) and FY26 (₹3.07 crore) and outstanding debt of ₹2.55 crore.

Financial Health

Revenue Growth

The year-over-year percentage increase in the company's total sales.

Revenue grew at a CAGR of approximately 197% from FY24 to FY26 (Excellent)

Debt Level

An assessment of whether the company's borrowing is manageable or risky.

Total debt stood at ₹2.55 crore as of March 31, 2026 (Moderate)

Cash & Equivalents

How much liquid cash the company has on hand to fund daily operations.

Cash and equivalents not disclosed in the prospectus (Moderate)

Institutional Signals

Anchor Investors

Large institutional investors who buy shares before the IPO opens to the public, signaling confidence.

Undisclosed

VC Backing Tier

Whether renowned Venture Capital or Private Equity firms have invested in the company.

Undisclosed

Strategic Partners

Key business alliances that give the company a competitive edge.

Undisclosed

Vans Electroengineerings 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.

Vans Electroengineerings IPO — Frequently Asked Questions

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IPO Terminology Explained

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Grey Market Premium (GMP)Subject to Sauda ASBA Offer for Sale (OFS)

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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 Vans Electroengineerings

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Vans Electroengineerings IPO Analysis & Review

Quick Answers

Key IPO Information

ViewIPO AI Analysis Score

Frequently Asked Questions

What does Vans Electroengineerings manufacture?

What is the company's revenue trend over the last three years?

What approvals does the company hold for its products?

What are the major risks highlighted in the IPO prospectus?

What is the issue size and price band for the IPO?

Where is the company's manufacturing facility located and what certifications does it hold?

Vans ElectroengineeringsNSE SME / BSE SME:

Is Vans Electroengineerings IPO Good? Quick Verdict

Quick Verdict

Company Snapshot

Risk Breakdown

AI Summary

Key Highlights

Financial Performance

Revenue (Annual) Total money brought in by the company's operations before deducting any expenses.

Net Income (Annual) The company's total profit after all expenses, taxes, and costs have been deducted.

Cash Flow vs Profit Compares actual cash entering the business versus accounting profit. Strong cash flow indicates high earnings quality.

EBITDA vs PAT Earnings Before Interest, Taxes, Depreciation, and Amortization. Shows pure operating performance.

IPO Timeline

Valuation Analysis

IPO DNA

Pros vs Cons

Pros

Cons

Financial Health

Institutional Signals

Vans Electroengineerings IPO Reddit Pulse & Sentiment

No Public Data Available

Vans Electroengineerings IPO — Frequently Asked Questions

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Frequently Asked Questions about Vans Electroengineerings

Is Vans Electroengineerings IPO good for long term?

What is the lot size of Vans Electroengineerings IPO?

What is the expected listing price of Vans Electroengineerings?

Revenue (Annual)
Total money brought in by the company's operations before deducting any expenses.

Net Income (Annual)
The company's total profit after all expenses, taxes, and costs have been deducted.

Cash Flow vs Profit
Compares actual cash entering the business versus accounting profit. Strong cash flow indicates high earnings quality.

EBITDA vs PAT
Earnings Before Interest, Taxes, Depreciation, and Amortization. Shows pure operating performance.