Vans ElectroengineeringsIPO Review — Financials, Valuation & Peers
A data-only look at the Vans Electroengineerings 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 | 2.76 | 0.02 | 0.02 | 1.05 | 6.57 | 5.17 | — |
| FY 2025 | 13.82 | 1.73 | 2.48 | 3.78 | 5.34 | 1.2 | — |
| FY 2026 | 23.19 | 5.39 | 7.23 | 9.17 | 16.85 | 2.55 | 6.74 |
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)
- 17.51x
- P/E (post-issue)
- 23.79x
- RoNW
- 58.79%
- RoE
- 83.27%
- RoCE
- 63.96%
- Debt / Equity
- 0.28
- EPS (pre-issue)
- ₹6.74
- EPS (post-issue)
- ₹4.96
- EBITDA Margin
- 31.63%
- PAT Margin
- 23.61%
- P/BV
- 10.3x
- NAV / share
- ₹11.46
- Market Cap
- ₹128.38 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.
Promoters & Shareholding
Promoters: <p>Balakrishnan Srinivasan, Viraj Bansal, Abhishek Saraff, Nitin Jain, Pooja Bansal, Hotspot Infodot Pvt.Ltd.</p>
- Holding (pre-issue)
- 90.75%
- Holding (post-issue)
- 66.73%
- Dilution
- 24.02%
Analysis in brief
Anchor book
The anchor round of the Vans Electroengineerings IPO drew 3 institutional investors committing a combined ₹9.48 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to MINT FOCUSED GROWTH FUND PCC-CELL 1 (₹4.47 crore), INDIA MAX INVESTMENT FUND LTD. (₹3 crore) and HEM GROWTH OPPORTUNITIES FUND (₹2.01 crore). Investor categories represented include Other. The lock-in on half the anchor shares ends on 3 Nov 2026, with the remainder locked until 2 Jan 2027.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Vans Electroengineerings operates at an EBITDA margin of 31.63% and a net (PAT) margin of 23.61% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 63.96% and a return on equity (RoE) of 83.27%. At the upper band, the post-issue market capitalisation works out to about ₹128.38 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 to meet working capital requirements of the company (₹25 crore), alongside general corporate purpose.
Financials
In FY2026, Vans Electroengineerings reported revenue of ₹23.19 crore and a net profit of ₹5.39 crore. Revenue grew from ₹2.76 crore in FY2024 to ₹23.19 crore in FY2026 (+740.0%). Net worth stood at ₹9.17 crore at the end of FY2026. At the upper band, that puts the issue at roughly 17.5× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 23.79× post-issue earnings and 10.3× book value, against a return on net worth of 58.79% and a debt-to-equity ratio of 0.28. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Balakrishnan Srinivasan, Viraj Bansal, Abhishek Saraff, Nitin Jain, Pooja Bansal, Hotspot Infodot Pvt.Ltd.</p>. Promoter holding stands at 90.75% before the issue and comes down to 66.73% after listing.
Frequently asked questions
- What is the reservation split in the Vans Electroengineerings IPO?
- Of the total shares offered, retail investors get 34.42%, QIBs 19.67% (plus 29.41% anchor), non-institutional investors 14.75%.
- Who are the promoters of Vans Electroengineerings and what is their holding?
- The promoters are <p>Balakrishnan Srinivasan, Viraj Bansal, Abhishek Saraff, Nitin Jain, Pooja Bansal, Hotspot Infodot Pvt.Ltd.</p>. Promoter holding is 90.75% before the issue and 66.73% after listing.
- What is the P/E ratio of the Vans Electroengineerings IPO?
- At the upper price band, the Vans Electroengineerings IPO is valued at 17.51× pre-issue earnings and 23.79× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Vans Electroengineerings IPO?
- The net proceeds go primarily toward to meet working capital requirements of the company, among 2 disclosed objects.