Raksan Transformers IPO

About Raksan Transformers IPO

The public issue of Raksan Transformers Limited, an SME IPO, opens on 10 September 2026 and closes on 15 September 2026. The basis of allotment is expected to be finalised on 16 September 2026. Shares are scheduled to be credited to eligible investors' demat accounts on 17 September 2026, while refunds, if any, will also be initiated on the same day.

The shares are scheduled to be listed on Friday, September 18, 2026 on the BSE SME platform.

The IPO comprises a fresh issue and an offer for sale. The fresh issue consists of up to 44,12,800 equity shares aggregating up to ₹1,20,46,94,400. The offer for sale comprises up to 11,00,000 equity shares offered by the selling shareholder, aggregating up to ₹30,03,00,000. The total issue comprises up to 55,12,800 equity shares aggregating up to ₹1,50,49,94,400.

Raksan Transformers Limited's price band is fixed at ₹258 to ₹273 per share. The minimum application size is 2 lots (800 shares). The minimum investment required for retail investors is ₹2,18,400.

Raksan Transformers Limited is an ISO 9001:2015 certified manufacturer of transformers across different voltage ratings. Its product range includes distribution transformers, power transformers, transformers for solar applications and special-purpose transformers. These products are used in power generation, transmission and distribution networks, as well as industrial and infrastructure projects.

Objectives Of Raksan Transformers IPO

• Funding capital expenditure towards setting up a manufacturing facility at Liwaspur, Sub-Tehsil Rai, District Sonepat, Haryana
  
• Meeting working capital requirements
  
• Repayment of certain borrowings, in part or full
  
• General corporate purposes
  

Industry Outlook

India’s power sector continues to expand as electricity demand rises and investments in generation, transmission and distribution infrastructure increase. India had an installed power generation capacity of 523.79 GW as of December 2025, while electricity consumption reached 1,622.97 billion units in FY25, up 32% from FY21. Peak power demand is expected to reach 277 GW in FY26, with overall energy demand projected to grow at 6–6.5% annually over the next five years.

The transmission network is also being expanded to keep pace with rising demand and new generation capacity. Around 1,14,687 circuit kilometres of transmission lines and 7,76,330 MVA of transformation capacity are planned to be added during 2022–27. The estimated expenditure on additional transmission infrastructure is around ₹4.25 lakh crore for 2022–27 and another ₹4.91 lakh crore for 2027–32.

This expansion creates a favourable environment for the transformer industry. India’s power transformer market is expected to grow as generation capacity increases and transmission and distribution networks are strengthened. Transformers remain an important part of the electrical equipment industry, which also includes cables, transmission lines and other T&D equipment.

About Raksan Transformers

Raksan Transformers Limited started its operations in 1995 with the repair and servicing of distribution and power transformers before entering transformer manufacturing in 2005-06. Over the years, the company has expanded its manufacturing capabilities to cater to demand from the power and infrastructure sectors.

It now operates two manufacturing facilities in Rai, Sonipat, Haryana. As of March 31, 2026, these facilities had a combined installed capacity of approximately 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers.

Raksan Transformers uses key materials such as CRGO steel, copper and aluminium conductors, transformer oil and insulating materials. Its manufacturing process covers core cutting, coil winding, core-coil assembly, tank fabrication, drying, oil filling, assembly and testing. The company also has an in-house testing laboratory and manufactures products in compliance with applicable BIS standards. Its group company, SHR Powers Private Limited, manufactures transformer tanks, providing the company with backward integration in its production process.

Strengths Of Raksan Transformers

• Two manufacturing facilities spanning 3,037.5 sq. meters in total with advanced in-house capabilities like core cutting, wire drawing, and tank fabrication.
• A strong order book valued at ₹32,967.92 lakhs consisting of 83 active transformer orders as of 30 June 2026.
• An approved vendor for over 20 entities, serving a broad base of 121 active clients across public utilities and private sectors.
• Led by promoter Sanjeev Kanda, who brings 31 years of specialised industry experience to drive strategic expansion.
• A consistent track record of scaling operations, with revenue rising from ₹160.95 crore in FY24 to ₹363.11 crore in FY26.

Risks of Raksan Transformers

• The company depends on competitive bidding to secure orders from government entities. Pricing pressure or failure to win tenders could affect future revenue.
• Raw material prices can fluctuate and affect the company's costs.
• The company needs to maintain high capacity utilisation to operate efficiently. In FY26, utilisation was 91.68% for distribution transformers and 95.18% for power transformers.
• Distribution transformers account for a large share of the company's revenue. The segment contributed 64.18% of revenue from operations in FY26.
• Delays in manufacturing, raw material procurement or logistics could affect delivery schedules.
• Product quality issues could lead to warranty or recall claims, penalties and additional costs. Such issues may also affect customer relationships.
• The business requires significant working capital to meet its operating needs. Any shortfall in funding could affect operations and future growth.

Anchor Investor Bidding Date

Wednesday, 9 September 2026.

Registrar Details
Bigshare Services Private Limited
Email: ipo@bigshareonline.com
Telephone: +91 22 6263 8200

Book Running Lead Manager
Hem Securities Limited

Raksan Transformers Limited Contact Details
Shop No. 16, Local Shopping Centre-3, Sector-8, Rohini, North Delhi,
New Delhi, Delhi, India, 110085
E-mail: cs@raksantransformers.com
Telephone: +91 8199946578

Raksan Transformers Business Model

Raksan Transformers Limited generates revenue from the manufacture and sale of distribution transformers, power transformers, solar application transformers and special-purpose transformers. In FY26, distribution transformers up to 3,150 KVA contributed 64.18% of revenue from operations, followed by power transformers at 27.58%. Other products and services contributed 8.24% of the revenue.

The company caters to government entities, power utilities, EPC contractors and industrial customers. In FY26, sales to government and public utility customers accounted for 50.73% of revenue from operations, while B2B sales contributed 49.22%.

Raksan Transformers Growth Trajectory

Raksan Transformers Limited's Total Income for FY26 was ₹363.63 crore, compared with ₹324.78 crore in FY25 and ₹162.53 crore in FY24.

The company's Profit After Tax (PAT) for FY26 was ₹33.61 crore, compared with ₹20.38 crore in FY25 and ₹7.59 crore in FY24.

Its EBITDA for FY26 was ₹46.72 crore, compared with ₹29.51 crore in FY25 and ₹10.19 crore in FY24.

Raksan Transformers Market Position

Raksan Transformers Limited has established relationships with government entities, power utilities, EPC contractors and industrial customers. The company is an approved vendor for more than 20 entities, including power distribution corporations, public sector undertakings and public utility companies.

As of 31 March 2026, the company's Total Income, Profit After Tax and EBITDA stood at ₹363.63 crore, ₹33.61 crore and ₹46.72 crore, respectively.

How to apply for Raksan Transformers IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.