Raksan Transformers IPO

Raksan Transformers IPO is a book-built issue worth ₹150.50 crore. The IPO comprises a fresh issue of 44.13 lakh shares aggregating to ₹120.47 crore and an offer for sale of 11.00 lakh shares aggregating to ₹30.03 crore.

Hem Securities Limited was the book-running lead manager to the issue, and Bigshare Services Private Limited was the registrar. Hem Finlease Private Limited is the market maker for the issue. For detailed information on the company's financials, business operations, and associated risks, investors are advised to refer to the Raksan Transformers IPO RHP.

About Raksan Transformers Limited

Raksan Transformers Limited was originally incorporated as Raksan Transformers Private Limited on July 21, 1995, under the Companies Act, 1956. The company subsequently shifted its registered office to Delhi and was later converted into a public limited company, following which its name was changed to Raksan Transformers Limited on May 14, 2025.

The company is engaged in the manufacturing of a wide range of transformers, including distribution transformers, power transformers, solar transformers, and other special-purpose transformers. Its manufacturing operations are located in Rai, Sonipat, Haryana, catering to the requirements of power utilities, government entities, industrial customers, and infrastructure projects.

Raksan derives a significant portion of its revenue from supplying transformers to government and public utility companies, including state electricity distribution companies and power sector undertakings. During FY26, government-related business accounted for more than half of its revenue, reflecting its strong presence in the public utility segment.

The company has established manufacturing capabilities for both distribution and power transformers and operates with high-capacity utilisation levels. As of FY26, its distribution transformer capacity utilisation stood at 91.68%, while power transformer utilisation stood at 95.18%, indicating strong demand for its products.

Raksan’s growth strategy focuses on expanding manufacturing capacity, strengthening its presence across power transmission and distribution projects, improving operational efficiency, and capitalising on increasing investments in India’s power infrastructure sector. The company also aims to enhance production capabilities through its proposed manufacturing facility expansion funded partly through the IPO proceeds.

Industry Outlook

• India’s power transmission and distribution sector continues to benefit from rising electricity demand, increasing urbanisation, industrial expansion, and government-led infrastructure investments.
• Growing investments in grid modernisation, rural electrification, and renewable energy integration are expected to support sustained demand for transformers and related electrical equipment.
• Distribution transformers remain critical components of the electricity network, supporting last-mile power delivery to residential, commercial, and industrial consumers.
• Expansion of renewable energy projects and strengthening of transmission infrastructure require significant deployment of power transformers across the country.
• Government schemes and public utility capital expenditure programmes continue to drive transformer procurement through large-scale tenders and project awards.
• Rising investments by state electricity boards and distribution companies are creating opportunities for established transformer manufacturers with approved vendor status and execution capabilities.
• The industry remains competitive, with success dependent on manufacturing capacity, product quality, technical qualifications, execution capabilities, and the ability to participate in large government tenders.

Raksan Transformers IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Establish a new manufacturing facility at Liwaspur, Sonipat, Haryana to expand production capacity and support future growth plans.
• Undertake civil construction work and infrastructure development required for the proposed manufacturing facility.
• Purchase and install additional plant, machinery, and equipment to enhance manufacturing capabilities.
• Meet the company’s growing working capital requirements and support operational expansion.
• Repay or prepay certain existing borrowings, thereby reducing debt obligations and finance costs.
• Strengthen the company’s balance sheet and improve financial flexibility for future business opportunities.
• Fund general corporate purposes and support overall business development initiatives.

Financial Performance of Raksan Transformers Limited

Raksan Transformers Limited Peer Details Comparison

Strengths and Opportunities of Raksan Transformers IPO

1. Established transformer manufacturer with an operating history of more than 30 years.
2. Diversified product portfolio comprising distribution transformers, power transformers, solar transformers, and special-purpose transformers.
3. Strong relationships with government utilities and electricity distribution companies.
4. Healthy order book of approximately ₹329.68 crore as of June 30, 2026, providing revenue visibility.
5. High manufacturing capacity utilisation, reflecting strong demand for products.
6. Robust financial performance, with revenue increasing from ₹160.95 crore in FY24 to ₹363.11 crore in FY26.
7. Strong profitability growth, with PAT rising from ₹7.59 crore in FY24 to ₹33.60 crore in FY26.
8. Relatively low debt levels, with a debt-to-equity ratio of approximately 0.27x as of March 31, 2026.
9. Capacity expansion plans through IPO proceeds position the company to capitalise on future growth in the power infrastructure sector.

Risks and Threats of Raksan Transformers IPO

1. Significant dependence on government and public utility customers, which contributed a major share of revenue.
2. Revenue generation is heavily dependent on winning competitive tenders and contract awards.
3. Volatility in key raw material prices such as CRGO steel, copper, aluminium, and transformer oil may impact margins.
4. High working capital requirements due to prolonged receivable cycles and inventory needs.
5. Customer concentration risk, as a substantial portion of revenue is derived from a limited number of customers.
6. Delays in manufacturing, procurement, or project execution may lead to liquidated damages and order cancellations.
7. The company’s operations are concentrated in a limited number of states, exposing it to regional risks.
8. Any slowdown in investments within the power generation, transmission, and distribution sector could adversely affect demand.
9. As an SME-listed company, the shares may experience lower post-listing liquidity and higher price volatility compared with mainboard-listed companies.

Raksan Transformers IPO Reservation

Raksan Transformers IPO Promoter Holding

The promoters of the company are Sanjeev Kanda, Dievam Singh Kanda and Renu Kanda.

Raksan Transformers IPO Prospectus

• Raksan Transformers IPO RHP

Raksan Transformers IPO Registrar and Lead Managers

Raksan Transformers IPO Lead Managers

• Hem Securities Limited

Registrar for Raksan Transformers IPO

Bigshare Services Private Limited

• Contact Number: 8657578989
• Email Address: ipo@bigshareonline.com

Raksan Transformers IPO Registrar

How To Apply for Raksan Transformers IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Raksan Transformers IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of the Raksan Transformers IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

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Contact Details of Raksan Transformers IPO

Registered Office: Shop No. 16, Local Shopping Centre-3, Sector-8, Rohini, North Delhi, New Delhi, New Delhi, 110085.

Phone: +91 8199946578

E-mail: cs@raksantransformers.com