Raksan TransformersIPO Review — Financials, Valuation & Peers
A data-only look at the Raksan Transformers IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 162.52 | 7.59 | 10.19 | 23.7 | 67.02 | 9.81 | — |
| FY 2025 | 324.78 | 20.38 | 29.51 | 44.07 | 117.9 | 23.51 | — |
| FY 2026 | 363.63 | 33.6 | 46.72 | 77.42 | 155.59 | 20.74 | 20.39 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 13.39x
- P/E (post-issue)
- 16.98x
- RoNW
- 43.41%
- RoE
- 55.32%
- RoCE
- 46.72%
- Debt / Equity
- 0.27
- EPS (pre-issue)
- ₹20.39
- EPS (post-issue)
- ₹16.08
- EBITDA Margin
- 12.87%
- PAT Margin
- 9.25%
- P/BV
- 18.98x
- NAV / share
- ₹14.38
- Market Cap
- ₹570.39 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Raksan Transformers | 20.39 | — | — | 43.41% | Restated |
| Marsons Ltd | 2.69 | — | 49.63x | 21.28% | — |
| Shilchar Technologies Ltd | 138.25 | — | 29.47x | 32.22% | — |
| Supreme Power Equipment Limited | 8.18 | — | 27.75x | 17.49% | — |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Sanjeev Kanda, Dievam Singh Kanda, Renu Kanda</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 73.61%
- Dilution
- 26.39%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Raksan Transformers operates at an EBITDA margin of 12.87% and a net (PAT) margin of 9.25% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 46.72% and a return on equity (RoE) of 55.32%. At the upper band, the post-issue market capitalisation works out to about ₹570.39 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding capital expenditure towards setting up of manufacturing facility at liwaspur, sub-tehsil rai, distt. sonepat, haryana (₹62.14 crore), alongside to meet working capital requirements (₹35 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Raksan Transformers reported revenue of ₹363.63 crore and a net profit of ₹33.6 crore. Revenue grew from ₹162.52 crore in FY2024 to ₹363.63 crore in FY2026 (+124.0%). Net worth stood at ₹77.42 crore at the end of FY2026. At the upper band, that puts the issue at roughly 13.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 16.98× post-issue earnings and 18.98× book value, against a return on net worth of 43.41% and a debt-to-equity ratio of 0.27. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Marsons Ltd and Shilchar Technologies Ltd, with a median peer P/E of about 29.5×. The issue's own post-issue P/E works out to 16.98×.
Promoters
The promoters of the company are <p>Sanjeev Kanda, Dievam Singh Kanda, Renu Kanda</p>. Promoter holding stands at 100% before the issue and comes down to 73.61% after listing.
Frequently asked questions
- What is the reservation split in the Raksan Transformers IPO?
- Of the total shares offered, retail investors get 14.89%, QIBs 8.51% (plus 12.75% anchor), non-institutional investors 63.85%.
- Who are the promoters of Raksan Transformers and what is their holding?
- The promoters are <p>Sanjeev Kanda, Dievam Singh Kanda, Renu Kanda</p>. Promoter holding is 100% before the issue and 73.61% after listing.
- What is the P/E ratio of the Raksan Transformers IPO?
- At the upper price band, the Raksan Transformers IPO is valued at 13.39× pre-issue earnings and 16.98× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Raksan Transformers IPO?
- The net proceeds go primarily toward funding capital expenditure towards setting up of manufacturing facility at liwaspur, sub-tehsil rai, distt. sonepat, haryana, among 4 disclosed objects.