Raksan Transformers IPO

About Raksan Transformers IPO

The Raksan Transformers IPO opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include up to 44,12,800 equity shares aggregating up to ₹ [-] crores. The offer for sale portion includes 11,00,000 equity shares aggregating to ₹ [-] crores. The total number of shares is 55,12,800 while the aggregate amount is yet to be finalised.

Raksan Transformers IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

Raksan Transformers aims to deliver single/three phase CRGO oil-filled distribution or power transformers which are designed according to customer requirements and individual factors like voltage, power, climate, system landscape, sound level, etc. They have developed and maintained long-standing relationships with a diverse client base, including government entities, power utilities, EPC contractors, and industrial customers.

Objectives of Raksan Transformers IPO

• Funding capital expenditure towards setting up a manufacturing facility at Liwaspur, Sub-Tehsil Rai, Distt. Sonepat, Haryana.
• To meet working capital requirements.
• Repayment of certain borrowings availed by the company, in part or full.
• General corporate purposes.

Industry Outlook

Imports of electrical machinery in India increased to US$ 1,230 crores in FY24. The Indian electrical equipment industry comprises two broad segments: generation equipment (boilers, turbines, generators) and transmission & distribution (T&D) and allied equipment like transformers, cables, transmission lines, etc.

The electrical equipment market in India is expected to increase by US$ 5,298 crores from 2022 to reach US$ 12,483 crores in 2027, and the market's growth momentum will accelerate at a CAGR of 11.68%. In FY23, India’s heavy electrical equipment production stood at ₹2,44,300 crores (US$ 2,938 crores). The electrical machinery segment grew nearly 13%, with shipments jumping to US$ 1,019 crores in the April–December 2023 period from US$ 906 crores in the year-ago period.

About Raksan Transformers

Raksan Transformers is an ISO 9001:2015 certified company engaged in the manufacturing of transformers across different voltage ratings. Their product offerings include distribution transformers, power transformers, transformers for solar applications, and special purpose transformers. These transformers are utilised across multiple sectors to facilitate the transmission and distribution of electrical energy.

They focus on delivering quality and reliability in their product range, supported by standardised manufacturing practices and compliance with applicable industry norms. The company is an approved vendor for over 20 entities, which includes power distribution corporations, public sector undertakings, and public utility companies.

Strengths of Raksan Transformers

• Established manufacturing facility and in-house operations.
• Strong order book.
• Established relationships with clients including government entities and power utilities.
• Experienced and strong promoters/management team.
• Track record of profitability and consistent financial performance.

Risks of Raksan Transformers

• Any policy shift, budget cuts, or slowdowns in government-led infrastructure projects.
• Volatility in the supply and pricing of their raw materials.
• The loss of one or more key customers, or a reduction in the volume of business from any of them.
• Any disruption, breakdown or shutdown of their manufacturing facilities.
• Seasonal variations and cyclical trends, particularly in relation to the timing and availability of government tenders and delivery schedules in the power sector.

i. Source – All the financial information for listed industry peers mentioned above is sourced from the Annual Reports of the aforesaid companies for the year ended March 31, 2025 and stock exchange data dated September 25, 2025 to compute the corresponding financial ratios. For Raksan Transformers, they have taken Current Market Price as the Issue price of equity share. Further, P/E Ratio is based on the current market price of the respective scrips.
ii. The EPS, NAV, RoNW and total Income of Raksan Transformers are taken as per Restated Financial Statement for the Financial Year 2024-25.
iii. NAV per share is computed as the closing net worth divided by the weighted average number of paid up equity shares as on March 31, 2025.
iv. RONW has been computed as net profit after tax divided by closing net worth.
v. Net worth has been computed in the manner as specified in Regulation 2(1) (hh) of SEBI (ICDR) Regulations, 2018.
vi. The face value of Equity Shares of Raksan Transformers is ₹ 10/- per Equity Share and the Issue price is [-] times the face value of equity share.

Anchor Investor Bidding Date

TBA

• Registrar: Bigshare Services Private Limited
• Book Running Lead Managers: Hem Securities Limited

Raksan Transformers Business Model

The company earns its revenue by manufacturing transformers across different voltage ratings. Their product offerings include distribution transformers, power transformers, transformers for solar applications, and special purpose transformers.

Raksan Transformers Growth Trajectory

(Consolidated Restated Data) Raksan Transformers’ Total Income for FY25 was ₹324.78 crores, whereas in FY24 and FY23 it was ₹162.52 crores and ₹73.59 crores, respectively.

The Profit After Tax for FY25 was ₹20.17 crores, whereas in FY24 and FY23 it was ₹7.59 crores and ₹3.39 crores, respectively.

Their EBITDA for FY25 was ₹29.51 crores, whereas in FY24 and FY23 it was ₹10.19 crores and ₹5.65 crores, respectively.

Raksan Transformers Market Position

The company’s business approach has supported the development of long-term relationships with a wide range of customers, including government entities, utility companies, EPC contractors, and industrial clients. They are an approved vendor for over 20 entities, which includes power distribution corporations, public sector undertakings, and public utility companies.

In their existing markets (Uttar Pradesh, West Bengal, Haryana, and Jammu and Kashmir), they aim to deepen their presence by increasing engagement with government departments, public utilities, EPC contractors, and industrial clients. They also plan to expand their geographical footprint by participating in tenders issued by new state governments, regional electricity boards, and other public sector clients in underpenetrated or untapped markets.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹324.780 crores, ₹20.165 crores, and ₹29.510 crores, 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.