Raksan Transformers IPO: Check GMP, Subscription, Price, Lot Size, Financials and IPO Review

Raksan Transformers IPO Overview

Raksan Transformers IPO opened for subscription on September 10, 2026, and will remain open until September 15. The SME public issue has a price band of ₹258 to ₹273 per share and is proposed to list on the BSE SME platform.

The company is raising approximately ₹150.50 crore through a combination of a fresh issue and an offer for sale. The fresh issue comprises up to 44.13 lakh shares worth around ₹120.47 crore, while 11 lakh shares worth ₹30.03 crore are being offered by an existing shareholder.

Raksan Transformers operates in the electrical equipment industry and manufactures transformers used in power generation, transmission and distribution networks. Its products also cater to solar projects, industrial applications and infrastructure requirements.

The company has been operating in the transformer industry for several years and has built relationships with government entities, power utilities and EPC companies.

Raksan Transformers IPO Details

Retail investors need to apply for a minimum of 2 lots, or 800 shares. At the upper price of ₹273, the minimum investment works out to ₹2,18,400.

Raksan Transformers IPO GMP Today

The grey market has shown a positive indication for Raksan Transformers since the IPO opened.

The latest available GMP trackers are reporting approximately ₹20 to ₹25 per share. IPORise reported a GMP of ₹20, while IPOStation reported ₹25 in its latest September 10 update.

Using ₹25 as an indicative GMP against the upper IPO price of ₹273 gives an estimated grey-market price of approximately ₹298 per share.

GMP is unofficial and can change significantly before the listing. It should be viewed only as an indication of grey-market sentiment and not as a guaranteed listing price.

Raksan Transformers IPO Subscription Status

The IPO has received a mixed response on its opening day.

According to the latest available exchange-based subscription data for September 10, the issue was subscribed 0.49 times overall. QIB participation was stronger at 1.17x, while NII subscription was 0.41x and retail subscription was 0.13x.

The subscription figure is expected to change substantially during the remaining bidding days. Investors should use the final exchange data after the issue closes for the most accurate assessment of demand.

Raksan Transformers IPO Lot Size and Investment

The IPO has a market lot of 400 shares, but retail investors need to apply for at least two lots.

The minimum retail investment of ₹2.18 lakh is considerably higher than the usual ₹15,000 mainboard IPO application amount.

Raksan Transformers IPO Important Dates

The issue opened on September 10 and will close on September 15. The tentative basis of allotment is scheduled for September 16, followed by refund initiation and demat credit on September 17. The shares are expected to begin trading on September 18, 2026.

About Raksan Transformers

Raksan Transformers Limited was incorporated in 1995 and has its registered office in New Delhi. The company initially started with transformer repair and servicing before moving into manufacturing.

Over the years, it expanded its product range to include distribution transformers, power transformers, solar application transformers and special-purpose transformers.

The company's products are used across electricity generation, transmission and distribution applications. It serves a mix of government entities, public utilities, EPC companies and industrial customers.

The business has also developed export exposure, including supplies through Indian customers and EPC companies to African markets.

Raksan Transformers Product Portfolio

The company's main product categories include:

• Distribution transformers
• Power transformers
• Solar and inverter-duty transformers
• Special-purpose transformers

Its distribution transformers are available up to 5,000 KVA and 33 KV class, while its power-transformer portfolio extends up to 20 MVA and 33 KV class.

Distribution transformers remain the company's largest revenue contributor.

According to IPO information, distribution transformers up to 3,150 KVA contributed around 64.18% of FY2026 revenue from operations, while power transformers contributed around 27.58%.

Raksan Transformers Manufacturing Facilities

Raksan Transformers operates manufacturing facilities in Sonipat, Haryana, and has been expanding its production infrastructure.

The company has also started construction of a new manufacturing facility at Liwaspur, Sub-Tehsil Rai, Sonipat, Haryana.

The proposed facility is one of the major reasons for raising fresh capital through the IPO. Expansion of manufacturing capacity could allow the company to take on larger orders and improve its ability to serve growing demand from the power and renewable-energy sectors.

Raksan Transformers Business Model

Raksan Transformers earns most of its revenue from manufacturing and selling transformers to institutional and industrial customers.

Its customer base includes:

• Government entities
• State electricity boards
• Public utilities
• EPC companies
• Industrial customers
• Renewable-energy projects

The business has a relatively balanced mix between government/public-utility and B2B customers. In FY2026, government and public-utility customers accounted for around 50.73% of revenue, while B2B customers contributed around 49.22%.

This customer mix provides diversification, although dependence on government tenders and utility projects remains an important consideration.

Raksan Transformers Financial Performance

Raksan Transformers has reported significant growth in revenue and profitability over the recent financial years.

According to the latest available IPO information, revenue increased to approximately ₹363.11 crore in FY2026, compared with around ₹324 crore in FY2025. Profit after tax increased to ₹33.60 crore from ₹20.38 crore.

The financial performance indicates continued growth in both operating scale and profitability.

The increase in PAT is particularly notable because profit growth has been faster than revenue growth over the latest reported period.

Raksan Transformers FY2026 Earnings

The company's diluted FY2026 EPS is reported at approximately ₹20.39. At the upper IPO price of ₹273, the issue valuation works out to around 13.4x earnings on the pre-issue EPS basis.

Post-issue valuation calculations can differ because the fresh issue increases the company's share capital. Investors should therefore consider both the current earnings and the potential earnings contribution from the new manufacturing facility.

Raksan Transformers IPO Objectives

The fresh issue proceeds are primarily intended to strengthen the company's manufacturing capacity and working capital.

The largest allocation, approximately ₹62.14 crore, is planned for the new manufacturing facility at Liwaspur.

Another ₹35 crore will support working-capital requirements, while ₹7.28 crore is earmarked for repayment or prepayment of certain borrowings.

Raksan Transformers Order Book and Growth Opportunity

The transformer industry is benefiting from increased electricity demand, grid expansion, renewable-energy projects and infrastructure investment.

Raksan Transformers is positioned in several of these areas through its distribution, power and solar transformer products.

The company's expansion into a new manufacturing facility could increase its production capacity and allow it to pursue larger orders.

Its existing relationships with government entities, utilities and EPC companies can also provide access to infrastructure and power-sector opportunities.

However, the actual benefit of the expansion will depend on capacity utilisation, order execution and the company's ability to maintain margins.

Raksan Transformers IPO Valuation

At the upper price band of ₹273, the company is being valued at around ₹450 crore on the pre-issue basis, according to IPO valuation data. The post-issue market capitalisation is expected to be higher because of the fresh equity issuance.

The valuation should be considered alongside the company's growth rate, transformer-industry outlook, order pipeline and future capacity expansion.

Raksan Transformers IPO Peer Comparison

The company has identified transformer and electrical-equipment companies such as Marsons, Shilchar Technologies and Supreme Power Equipment as listed peers for comparison.

Raksan Transformers is smaller than several established listed competitors, but its valuation needs to be assessed in relation to its growth rate and future manufacturing capacity.

Investors should also remember that peer companies can differ significantly in scale, product mix, margins, customer profile and geographical reach.

Raksan Transformers IPO Strengths

Long operating history: The company has been active in the transformer business since the 1990s.

Broad product portfolio: It manufactures distribution, power, solar and special-purpose transformers.

Government and utility relationships: More than half of FY2026 revenue came from government and public-utility customers.

Growing profitability: FY2026 PAT increased to approximately ₹33.60 crore.

Manufacturing expansion: A new facility at Liwaspur could increase future production capacity.

Multiple end markets: Products are used in power distribution, transmission, renewable energy and industrial applications.

IPO-funded growth: A substantial portion of fresh capital is being directed toward capacity expansion and working capital.

Raksan Transformers IPO Risks

The IPO also carries several risks that investors should evaluate.

Government dependence: A significant portion of revenue comes from government entities and public utilities. Tender delays or changes in government spending could affect business.

Customer concentration: Dependence on a limited number of large customers can create revenue volatility.

Raw-material prices: Transformer manufacturing requires materials such as copper, aluminium, electrical steel and other components. Price volatility can affect margins.

Working-capital requirements: The company is allocating ₹35 crore of IPO proceeds toward working capital, highlighting the capital requirements of the business.

Project execution: The benefits of the new Liwaspur facility depend on timely construction, commissioning and capacity utilisation.

Regional concentration: Manufacturing operations and business exposure are concentrated in specific regions.

SME liquidity: Shares listed on the SME platform may experience lower liquidity and higher price volatility than Mainboard stocks.

Raksan Transformers IPO Review

Raksan Transformers IPO provides exposure to the electrical-transformer manufacturing industry at a time when India's power infrastructure, grid expansion and renewable-energy investment are creating additional demand for electrical equipment.

The company has a long operating history and has expanded from transformer repair and servicing into manufacturing a broad range of transformers. Its FY2026 revenue reached around ₹363.11 crore, while PAT increased to ₹33.60 crore.

The IPO's use of funds is also focused on growth. More than ₹62 crore is planned for the new manufacturing facility, while ₹35 crore is allocated to working capital.

The main concerns are the company's dependence on government and utility customers, raw-material price movements, working-capital needs and the execution of its expansion plans.

The current GMP is positive, but the IPO is still in its early subscription period. Investors should give greater weight to final subscription figures, valuation and business fundamentals rather than relying only on grey-market indications.

What Investors Should Watch

After listing, investors should monitor:

• New manufacturing facility progress.
• Production capacity utilisation.
• New transformer orders.
• Government and utility tender wins.
• Revenue from solar transformers.
• Raw-material costs.
• EBITDA and operating margins.
• Working-capital cycle.
• Customer concentration.
• Debt levels.
• Export business growth.
• Cash-flow generation.

These factors will indicate whether Raksan Transformers can convert its expansion investment into sustainable earnings growth.

Raksan Transformers IPO Key Highlights

*GMP is unofficial and can change before listing. The latest available trackers showed different GMP levels.

Conclusion

Raksan Transformers IPO is a ₹150.50 crore SME issue from an established transformer manufacturer with exposure to power transmission, distribution, renewable energy and industrial infrastructure.

The company's recent financial performance is encouraging, with FY2026 revenue of approximately ₹363.11 crore and PAT of ₹33.60 crore. The planned Liwaspur manufacturing facility could provide additional capacity and support future growth.

The IPO also allocates funds toward working capital and debt reduction, which could strengthen the company's operating position.

At the same time, investors should carefully consider government and utility dependence, customer concentration, raw-material volatility, working-capital requirements and the execution risk associated with the new facility.

The IPO opened on September 10, 2026, and closes on September 15, 2026. Allotment is expected on September 16 and the BSE SME listing is scheduled for September 18.

The current GMP suggests a modest positive listing indication, but GMP should not be treated as a guaranteed return. For a longer-term view, the company's order growth, capacity utilisation, margins and cash flows will be more important.

Disclaimer: Grey Market Premium is unofficial and can change at any time. GMP-based listing estimates are not guaranteed. IPO information is provided for informational purposes only and should not be considered investment advice.