Raksan Transformers IPO 2026
Raksan Transformers Limited is coming to the SME market with a ₹150.50 crore book-built IPO. The company manufactures power and distribution transformers used by power utilities, government organisations, EPC contractors and industrial customers.
The IPO opened on September 10, 2026 and will close on September 15, 2026. The shares are scheduled to list on the BSE SME platform on September 18, 2026. The issue consists of both a fresh issue and an offer for sale.
| Particular | Details |
|---|---|
| IPO Name | Raksan Transformers IPO |
| IPO Date | 10–15 Sep 2026 |
| Allotment | 16 Sep 2026 |
| Refund | 17 Sep 2026 |
| Demat Credit | 17 Sep 2026 |
| Listing Date | 18 Sep 2026 |
| IPO Type | Book Built Issue |
| IPO Size | ₹150.50 Cr |
| Price Band | ₹258–₹273 |
| Lot Size | 400 Shares |
| Min. Investment | ₹2,18,400 |
| Fresh Issue | ₹120.47 Cr |
| OFS | ₹30.03 Cr |
| Listing | BSE SME |
| Lead Manager | Hem Securities |
| Registrar | Bigshare Services |
Raksan Transformers IPO GMP Today
The latest available grey-market updates show Raksan Transformers IPO GMP around ₹30 per share. At the upper price band of ₹273, this indicates an estimated listing price of approximately ₹303 per share.
The ₹30 GMP represents an indicative premium of around 11% over the upper issue price. Recent market coverage also reported the GMP at around ₹30, although grey-market premiums can change quickly before listing.
| Particular | GMP |
|---|---|
| IPO Price | ₹273 |
| Current GMP | ₹30 |
| Estimated Listing | ₹303 |
| Estimated Gain | ₹30 |
| GMP Return | ~10.99% |
| GMP Status | Positive |
GMP is unofficial and unregulated, so the actual listing price can be significantly different.
Raksan Transformers IPO Dates
The IPO opened on September 10 and closes on September 15. The basis of allotment is expected on September 16, refunds and demat credit on September 17, followed by the BSE SME listing on September 18.
| Event | Date |
|---|---|
| Anchor Bidding | 9 Sep 2026 |
| IPO Opens | 10 Sep 2026 |
| IPO Closes | 15 Sep 2026 |
| Allotment | 16 Sep 2026 |
| Refund | 17 Sep 2026 |
| Demat Credit | 17 Sep 2026 |
| Listing | 18 Sep 2026 |
Raksan Transformers IPO Lot Size and Investment
The Raksan Transformers IPO lot size is 400 shares. At the upper price band of ₹273, one lot requires ₹1,09,200.
For retail investors, the minimum application is two lots or 800 shares, taking the minimum retail investment to ₹2,18,400. This relatively high minimum amount is an important consideration because SME IPOs generally require larger applications than mainboard issues.
| Particular | Details |
|---|---|
| Lot Size | 400 Shares |
| Price per Share | ₹273 |
| 1 Lot Value | ₹1,09,200 |
| Retail Minimum | 800 Shares |
| Retail Investment | ₹2,18,400 |
Raksan Transformers Company Business
Raksan Transformers is engaged in the manufacturing and sale of distribution transformers, power transformers, solar application transformers and special-purpose transformers.
Its products are supplied to government entities, power utilities, EPC contractors and industrial customers. In FY2026, distribution transformers up to 3,150 KVA accounted for approximately 64.18% of revenue from operations, while power transformers contributed about 27.58%.
The company's customer base is split between government and public-utility customers and private B2B customers. Government entities and power utilities contributed approximately 50.73% of FY2026 revenue, while B2B sales contributed around 49.22%.
This positioning gives Raksan Transformers exposure to India's power transmission and distribution infrastructure, where transformer demand can increase with grid expansion, renewable-energy integration and industrial electrification.
Raksan Transformers IPO Issue Structure
The ₹150.50 crore IPO consists of a ₹120.47 crore fresh issue and a ₹30.03 crore offer for sale. The fresh issue proceeds will be received by the company for its stated business objectives, while the OFS proceeds will go to the selling shareholders.
| Particular | Amount |
|---|---|
| Fresh Issue | ₹120.47 Cr |
| Offer for Sale | ₹30.03 Cr |
| Total Issue | ₹150.50 Cr |
| Fresh Issue Share | ~80% |
| OFS Share | ~20% |
Raksan Transformers Financial Performance
Raksan Transformers has reported strong growth in revenue and profitability over the last three financial years.
Revenue increased from ₹162.52 crore in FY2024 to ₹324.78 crore in FY2025 and further to ₹363.63 crore in FY2026. PAT increased from ₹7.59 crore in FY2024 to ₹20.38 crore in FY2025 and ₹33.60 crore in FY2026. EBITDA reached ₹46.72 crore in FY2026.
| Financial Year | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY2024 | ₹162.52 Cr | ₹10.19 Cr | ₹7.59 Cr |
| FY2025 | ₹324.78 Cr | ₹29.51 Cr | ₹20.38 Cr |
| FY2026 | ₹363.63 Cr | ₹46.72 Cr | ₹33.60 Cr |
The numbers show particularly strong improvement in profitability. FY2026 revenue grew around 12% over FY2025, while PAT increased by roughly 65%.
Raksan Transformers Financial Ratios
The company's FY2026 ratios show strong returns and improving financial efficiency. RoNW was around 43.41%, while ROCE stood at 46.72%. The debt-to-equity ratio was around 0.27, indicating relatively moderate leverage based on the reported FY2026 figures.
| Ratio | FY2026 |
|---|---|
| EPS | ₹20.39 |
| Post-Issue EPS | ₹16.08 |
| RoNW | 43.41% |
| ROCE | 46.72% |
| EBITDA Margin | 12.87% |
| PAT Margin | 9.25% |
| Debt/Equity | 0.27 |
| NAV | ₹46.97 |
| Post-Issue P/E | ~16.98x |
The improvement in EBITDA margin from 6.33% in FY2024 to 12.87% in FY2026 is another positive development.
Raksan Transformers IPO Subscription Status
The IPO has attracted institutional demand during the bidding period. As of the latest Day 3 update, the issue was subscribed approximately 1.38x overall, with QIB demand at 3.87x. Retail participation was around 0.34x and NII participation around 0.89x.
| Category | Latest Subscription |
|---|---|
| QIB | 3.87x |
| NII | 0.89x |
| Retail | 0.34x |
| Overall | 1.38x |
The final subscription figure can change significantly on the closing day, particularly as QIB and NII bidding tends to increase toward the end of the issue.
Raksan Transformers IPO Objects of the Issue
A significant portion of the fresh IPO proceeds will be used to establish a new manufacturing facility at Liwaspur, Sub-Tehsil Rai, Sonipat, Haryana.
The company also plans to allocate funds toward working capital and repayment of certain borrowings. The expansion is intended to increase manufacturing capability and support the company's future growth.
| Use of Funds | Amount |
|---|---|
| New Manufacturing Facility | ₹62.14 Cr |
| Working Capital | ₹35.00 Cr |
| Debt Repayment | ₹7.28 Cr |
| General Corporate Purpose | Balance |
Raksan Transformers IPO Strengths
Raksan Transformers benefits from its presence in a power-equipment segment that can participate in India's ongoing electricity infrastructure expansion. Its product portfolio covers distribution, power, solar and specialised transformers.
The company's financial performance has also improved considerably, with revenue more than doubling between FY2024 and FY2026 and PAT increasing substantially over the same period.
Key strengths include:
- Established transformer manufacturing business
- Exposure to power and electricity infrastructure
- Distribution and power transformer portfolio
- Government and utility customer relationships
- Strong FY2024–FY2026 financial growth
- FY2026 RoNW of about 43.41%
- FY2026 ROCE of about 46.72%
- Moderate reported debt-to-equity ratio
- New manufacturing facility planned
- Positive current GMP
- Strong QIB participation during the IPO
Raksan Transformers IPO Risks
The company's business is linked to government utilities, power-sector spending and infrastructure projects. Any slowdown in tender activity or delays in project execution could affect order inflow and revenue.
Customer concentration is another factor to monitor. Government entities and public utilities contributed about half of FY2026 revenue, so changes in procurement policies, tender cycles or payment schedules could affect working capital.
The transformer industry is also exposed to raw-material costs, particularly metals and electrical components. Changes in copper, aluminium, steel and other input prices can put pressure on margins if the company cannot pass higher costs to customers.
Other risks include:
- Dependence on power-sector spending
- Government and utility customer concentration
- Raw-material price volatility
- Working-capital requirements
- Competition from established transformer manufacturers
- Execution risk for the new Haryana facility
- SME-stock liquidity risk
- High minimum retail investment
Raksan Transformers IPO Valuation
At the upper price band of ₹273, the reported post-issue P/E is approximately 16.98x, based on post-issue EPS of ₹16.08. The pre-issue P/E is around 13.39x based on FY2026 EPS of ₹20.39.
The disclosed listed peers include Marsons, Shilchar Technologies and Supreme Power Equipment. Their reported P/E multiples are higher than Raksan Transformers' post-issue multiple, although each company has a different business mix, scale and profitability profile.
The valuation therefore appears reasonable on an earnings-multiple basis, but investors should also consider the company's SME status, execution risks and dependence on the power-infrastructure cycle.
Raksan Transformers IPO Review
Raksan Transformers IPO Review: Positive with SME Risk
Raksan Transformers presents a relatively strong financial-growth story. Revenue increased from ₹162.52 crore in FY2024 to ₹363.63 crore in FY2026, while PAT increased from ₹7.59 crore to ₹33.60 crore. The company has also improved its EBITDA margin and reported strong ROCE and RoNW figures.
The current ₹30 GMP is another positive factor, while QIB subscription of around 3.87x indicates strong institutional interest in the issue.
The planned ₹62.14 crore manufacturing facility could provide additional capacity for future growth, and the issue also allocates funds toward working capital and debt repayment.
However, investors should not ignore the risks. The business is exposed to power-sector investment cycles, government/utility customers, raw-material costs and execution risk. As an SME IPO, post-listing liquidity can also be lower than that of mainboard stocks.
Overall, Raksan Transformers IPO looks fundamentally interesting, but it is more suitable for investors who understand SME IPO risk and can tolerate higher volatility.
Raksan Transformers IPO Key Highlights
- ₹150.50 crore BSE SME IPO
- IPO opens September 10 and closes September 15, 2026
- Price band ₹258–₹273
- Lot size 400 shares
- Minimum retail investment ₹2.18 lakh
- ₹120.47 crore fresh issue
- ₹30.03 crore OFS
- Expected listing on September 18, 2026
- FY2026 revenue ₹363.63 crore
- FY2026 PAT ₹33.60 crore
- FY2026 EBITDA ₹46.72 crore
- FY2026 RoNW 43.41%
- FY2026 ROCE 46.72%
- FY2026 debt/equity 0.27
- Current GMP around ₹30
- Indicative GMP-based listing around ₹303
- Latest reported overall subscription around 1.38x
- QIB subscription around 3.87x
- New manufacturing facility planned in Sonipat, Haryana
Raksan Transformers IPO Conclusion
Raksan Transformers IPO combines a growing transformer-manufacturing business with strong recent financial performance and planned manufacturing expansion. The company's revenue and PAT have increased sharply over the past three years, while FY2026 profitability ratios are also encouraging.
The ₹62.14 crore investment in a new manufacturing facility can support the next phase of growth, while the working-capital and debt-repayment components should help strengthen operations.
The current GMP of around ₹30 and strong QIB participation provide positive near-term signals. However, investors should consider the company's exposure to government and utility customers, raw-material prices, power-sector cycles and the liquidity risks associated with SME-listed shares.
Disclaimer: GMP is an unofficial and unregulated market indicator and can change at any time. GMP-based listing estimates are not guaranteed. IPO subscription figures may change until the issue closes. Investors should read the RHP and evaluate the company's financials, valuation and risk factors before investing.
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