Raksan TransformersShare price, financial results, shareholding and management
- Market cap
- ₹486 cr
- Stock P/E
- 14.3peers 32.6
- Book value
- ₹36.9
- Price to book
- 6.31
- EV / operating profit
- -
- Market cap to sales
- 1.34
- ROCE · FY26
- 55.5%
- ROE · FY26
- 56.3%
- ROE, 3-year average
- 51.9%
- Operating margin · FY26
- 13.0%peers 14.5%
- Sales growth, 3 years
- 71.5%
- Profit growth, 3 years
- 124.6%
- Debt to equity
- 0.27peers 0.36
- Borrowings
- ₹21 cr
- Interest cover
- 46.0×
- Cash from business / op. profit
- 32%
- Debtor days
- 74
- Pledged
- 0.00%
- Promoter holding
- 73.62%
- Change in promoter holding
- +0.01 pts
- Shareholders
- 3,043
- 52-week high / low
- ₹299 / ₹216
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Raksan Transformers share price chart
Close on 6 Nov 2026 · -2.29% on the day · Vol 18,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -20.5%
- Traded a day, 20 days
- ₹1.44 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +12% | +70% |
| 3 years, a year | +72% | +125% |
About Raksan Transformers: business, products and customers
Raksan Transformers makes electrical transformers, the heavy equipment that brings grid power down to a level homes and factories can use, mostly for state power distribution companies that award orders through tenders. Its shares trade on BSE SME.
Raksan makes oil filled distribution transformers up to 3150 KVA, power transformers, and transformers for solar and special uses. It began in 1995 repairing transformers and has made them since 2005 to 2006 at two plants in the HSIIDC industrial estate at Rai, Sonipat; the main plant and an adjoining plot are rented from Haryana Power Industries, which the offer document lists among enterprises in which its key managers have a significant interest. It cuts cores, winds coils and tests every unit in house, and buys most transformer tanks from SHR Powers, a group company run by the same promoters.
Most orders come from tenders by state power distribution companies, where the lowest qualified bid wins; the company is an approved vendor for over twenty utilities and also supplies EPC contractors and industrial firms. Raw materials such as copper, CRGO steel and transformer oil make up about four fifths of sales, and the price is fixed when the tender is won, so metal prices decide much of the margin. Utilities pay only after inspection and acceptance, often by a third party, so money owed by customers grows with sales; tenders also bunch in the second half of the year, which makes the last quarter the largest.
Read more about the business
Uttar Pradesh is by far the biggest market, and in FY26 sales to Bihar and Madhya Pradesh rose sharply. Power transformers have grown from about an eighth of sales in FY24 to more than a quarter in FY26, and in FY26 the company also began trading goods for customers, which added about ₹25.4 cr of revenue at the cost of buying them in.
With both plants running above ninety percent, the IPO of September 2026 funds a new owned plant at Liwaspur near Rai that adds power transformer capacity and a new line of inverter duty transformers for solar plants, with production scheduled from December 2026. The offer document names Marsons, Shilchar Technologies and Supreme Power Equipment as key competitors, all makers of distribution and power transformers; Marsons is the listed peer the offer document compares its own figures with.
From the offer document (Red Herring Prospectus, 4 September 2026) and the Infomerics credit rating note of 13 January 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 72% a year over three years.
- It earns a high return on the money it uses: ROCE 56% in FY26.
- It has little debt for its size: debt to equity 0.27.
- The promoters own a large part of the company: 73.62%.
To watch
- Start of production at the new Liwaspur plant, scheduled for December 2026 (offer document, p.93).
- Whether the FY26 margin holds in the first results as a listed company: the company put level material costs down to product mix, material use and stock movements (offer document, p.225).
- Money owed by customers, which the company itself estimates at around eighty days of sales for FY27 and FY28 (offer document, p.94).
- The May 2025 penalty orders from Paschimanchal Vidyut Vitran Nigam, which the company disputes, and purchases from promoter group company SHR Powers (offer document, p.28 and p.60).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Raksan Transformers revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
Raksan Transformers profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 34 | 72 | 161 | 324 | 363 |
| Expenses | 33 | 66 | 150 | 294 | 316 |
| Operating profit | 1 | 6 | 11 | 30 | 47 |
| OPM | 2.6% | 8.0% | 7.0% | 9.0% | 13.0% |
| Other income | 1 | 1 | 2 | 1 | 1 |
| Interest | 1 | 2 | 2 | 2 | 1 |
| Depreciation | 0 | 0 | 0 | 1 | 1 |
| Exceptional and other items | -1 | · | -1 | · | · |
| Profit before tax | 0 | 5 | 10 | 28 | 45 |
| Tax rate | 72.0% | 40.0% | 20.0% | 28.6% | 24.4% |
| Net profit | 0 | 3 | 8 | 20 | 34 |
| EPS ₹ | 0.81 | 39.08 | 87.50 | 234.96 | 20.39 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 1.0% | 0.0% |
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY21) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Raksan Transformers profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 2.6% | 8.0% | 7.0% | 9.0% | 13.0% |
| Tax rate | 72.0% | 40.0% | 20.0% | 28.6% | 24.4% |
| ROCE | · | 32.8% | 43.1% | 59.0% | 55.5% |
| ROE | · | 21.6% | 40.3% | 59.0% | 56.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 1.0% | 0.0% |
Raksan Transformers debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Raksan Transformers balance sheet
At each 31 March · ₹ crore
| FY21 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.87 | 0.87 | 0.87 | 0.87 | 16 |
| Reserves | 11 | 15 | 23 | 43 | 61 |
| Net worth | 11.87 | 15.87 | 23.87 | 43.87 | 77 |
| Borrowings | 9 | 6 | 10 | 24 | 21 |
| Other liabilities | 18.13 | 20.13 | 33.13 | 50.13 | 58 |
| Total liabilities | 39 | 42 | 67 | 118 | 156 |
| Fixed assets | 6 | 7 | 9 | 33 | 42 |
| Capital work in progress | 0 | 0 | 0 | 3 | 4 |
| Investments | 1 | 0 | 0 | 0 | 0 |
| Other assets | 32 | 35 | 58 | 82 | 110 |
Raksan Transformers cash flow
₹ crore
| FY21 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 0 | 6 | 7 | 5 | 15 |
| Cash from investing | 5 | -8 | -7 | -23 | -11 |
| Cash from financing | 3 | -7 | 4 | 13 | -4 |
| Net cash flow | 8 | -9 | 4 | -5 | 0 |
Working capital
Days
| FY21 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 107 | 78 | 46 | 59 | 74 |
| Inventory days | 157 | 72 | 51 | 29 | 32 |
| Days payable | 172 | 76 | 70 | 57 | 55 |
| Cash conversion cycle | 92 | 74 | 27 | 30 | 52 |
| Working capital days | -22 | 20 | 3 | 13 | 32 |
Raksan Transformers peers and competitors
Listed SME companies in the same industryBy sales, Raksan Transformers is number 9 of the 34 listed SME companies in electrical equipment.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Danish Power | 2,095 | 30.4 | 521 | 69 | 18.0% | 0.00 |
| Sahaj Solar | 197 | 6.6 | 419 | 29.6 | 12.4% | 1.27 |
| GP Eco Solutions India | 506 | 11.8 | 414 | 43 | 14.0% | 0.99 |
| Raksan Transformers | 486 | 14.3 | 363 | 34 | 13.0% | 0.27 |
| INDO SMC | 1,183 | 37.0 | 310 | 32 | 15.0% | 0.31 |
| Sugs Lloyd | 569 | 19.6 | 301 | 29 | 14.0% | 0.50 |
| Smarten Power Systems | 111 | 12.6 | 243 | 8.8 | 4.9% | 0.07 |
| Yash Highvoltage | 3,671 | 99.2 | 235 | 37 | 24.0% | 0.21 |
| Vivid Electromech | 1,510 | 47.2 | 200 | 32 | 23.0% | 0.45 |
| Parth Electricals & Engineering | 802 | 56.4 | 198 | 14.2 | 10.5% | 0.15 |
| Supreme Power Equipment | 732 | 34.9 | 182 | 21 | 18.0% | 0.42 |
| Median of the 10 others | 767 | 32.7 | 272 | 30.8 | 14.5% | 0.36 |
Raksan Transformers shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders is about the same.
Raksan Transformers shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jun 26 | Sep 26 | |
|---|---|---|
| Promoters | 73.61% | 73.62% |
| Foreign investors (FIIs) | - | 2.10% |
| Indian institutions (DIIs) | - | 7.54% |
| Number of shareholders | 3,043 | 3,043 |
Raksan Transformers study: the business from its own documents
Read from 2 of the company's own documentsRaksan Transformers key facts from the filings
Each figure with the document it comes from
- Order book
- ₹329.7 cr
- Unexecuted value of 83 confirmed orders at 30 June 2026, a little under one year of FY26 revenue.Offer document, p.25 and p.127; reported figures, our arithmetic
- Plants nearly full
- 95% and 92%
- FY26 use of power transformer and distribution transformer capacity, up from 31% and 82% in FY24.Offer document, p.26 and p.132
- New Liwaspur plant
- ₹72.6 cr
- Total cost, ₹62.1 cr from the IPO; adds 1,900 MVA of power transformers and 704 MVA of inverter duty transformers.Offer document, p.89
- Production start
- December 2026
- Scheduled start at Liwaspur; about 76% of the capital spending had been ordered before the IPO.Offer document, p.37 and p.93
- Power transformers
- 27.58% of sales
- FY26 share, up from 12.20% in FY24; distribution transformers were 64.18%.Offer document, p.27
Show 5 more facts
- Top ten customers
- 71.49%
- Share of FY26 revenue, down from 82.82% in FY25; the top three gave 32.27%.Offer document, p.27
- Uttar Pradesh
- 58.56%
- Share of FY26 revenue from one state, down from 74.6% in FY25.Offer document, p.129
- Material cost
- 80.18% of revenue
- FY26 raw materials after stock changes, down from 83.55% in FY25; there are no long term supply contracts.Offer document, p.26
- Money owed by customers
- ₹73.2 cr
- Trade receivables at March 2026, about 74 days of sales against 46 days in FY24.Offer document, p.93 and p.94
- Tanks from a group company
- ₹44.7 cr
- FY26 purchases from promoter group company SHR Powers, up from ₹36.3 cr in FY25.Offer document, p.60
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it had an order book of ₹329.7 cr across 83 orders at 30 June 2026. Its schedule puts building and civil works at the new Liwaspur plant from February to November 2026, installation of machinery from October to December 2026 and the start of production in December 2026. The company says it plans to grow its non-government customers alongside utilities, which may need longer credit, and it estimates money owed by customers at around eighty days of sales for FY27 and FY28.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Raksan Transformers earns by winning utility tenders for transformers and making them in two busy plants, so it grows when it wins more tenders and adds capacity.
Its weak spots are thin pricing power in lowest bid tenders, reliance on a few state utilities, and customers who pay slowly.
WatchCan it set its own prices?Not much. Most orders go to the lowest qualified bidder, and the price is fixed while copper and steel prices move.
AverageHow strong is it against rivals?It has the approvals and track record utilities ask for and its plants are full, but the industry is crowded and larger rivals have more money and a wider range.
WatchWho are its customers?Mainly state power distribution companies, with one state giving more than half of sales; these customers are safe payers but slow, and one of them has penalised the company.
AverageDoes it need a lot of money?The current plants are rented and light on machinery, but growth ties up cash in money owed by utilities, and the new plant is a large step for a company this size.
AverageCan it keep finding new work?The order book covers close to a year of sales and the company is winning in new states, but every order has to be won again in a tender.
WatchDo good and bad years swing a lot?Yes. Sales depend on when state budgets release tenders, and margins have moved a lot from year to year.
Who runs Raksan Transformers?
Promoters, directors and officers; tap a name for the background
SKSanjeev KandaPromoter, Chairman and Managing Director · holds 85.58% pre IPO
Bachelor of Arts from Delhi University. With the company since its incorporation in 1995 and Managing Director since then; over 31 years in the power and distribution industry. Looks after accounts, finance, legal, production, sales and marketing. Also a director of SHR Powers Private Limited. Paid ₹1.51 cr in FY26. Has given a personal guarantee for bank loans with a sanctioned amount of ₹63.9 cr. The offer document states Sanjeev Kanda is the husband of Renu Kanda and the father of Dievam Singh Kanda.
Offer document, p.148, p.149, p.151, p.147 and p.150DSDievam Singh KandaPromoter and Whole Time Director · holds 2.88% pre IPO
Master of Science (Management) from Cranfield University; over 4 years in the power and distribution industry. Director since February 2025 and Whole Time Director since August 2025, looking after overall business operations. Paid ₹0.48 cr in FY26.
Offer document, p.148, p.149 and p.151RKRenu KandaPromoter and Non-Executive Director · holds 5.76% pre IPO
Master of Arts (Economics) from Himachal Pradesh University; over 14 years in the power and distribution industry. On the board since May 2023 and also a director of SHR Powers Private Limited.
Offer document, p.148 and p.149AArvindChief Financial Officer
MBA in finance and a Master of Science in computer science; over 23 years in finance and accounts, earlier with Shree Ganesh Steel Traders. Chief Financial Officer since 4 August 2025.
Offer document, p.157, p.158 and p.159MSMukesh SharmaCompany Secretary and Compliance Officer
Associate member of the Institute of Company Secretaries of India since 2021 and a commerce graduate; about 4 years in secretarial and corporate law work, earlier with Corp Nexus Solutions LLP. Appointed from 1 January 2025.
Offer document, p.157 to 159KDKamal Dev AroraIndependent Director
M.A. (Economics) and B.Sc. from Meerut University; over 40 years of experience, having worked as Assistant General Manager at Bank of Baroda. Appointed from 29 July 2025.
Offer document, p.148 and p.149LVLokesh VatsIndependent Director
A qualified Company Secretary with a commerce degree from Kurukshetra University; over 5 years in secretarial law. Appointed from 29 July 2025.
Offer document, p.149Raksan Transformers latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 Sept 2026: promoters 73.61% to 73.62%.
Raksan Transformers announcements
2 on record, latest first; each opens the filing on the exchange
- Company UpdateCompliance-Certificate under Reg. 74(5) of SEBI (DP) Regulations 2018 for quarter ended September 30, 2026PDF ↗
- New ListingTrading Members of the Exchange are hereby informed that effective from September 18, 2026, the Equity Shares of Raksan Transformers Ltd (Scrip Code: 544924) ar
Raksan Transformers annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- Credit ratings ↗read
Raksan Transformers share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Raksan Transformers' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe shares traded on only 18 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,08,93,400 shares).
- !The FY26 results imply 1,60,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY25 (₹234.96) and FY26 (₹20.39) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Raksan Transformers
What does Raksan Transformers do?
Raksan Transformers makes electrical transformers, the heavy equipment that brings grid power down to a level homes and factories can use, mostly for state power distribution companies that award orders through tenders. Its shares trade on BSE SME.
What is the share price of Raksan Transformers?
₹233 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Raksan Transformers?
₹486 cr at the close on 6 Nov 2026, on 2,08,93,400 shares.
What is the P/E of Raksan Transformers?
14.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Raksan Transformers' revenue and profit?
Revenue ₹363 cr and profit after tax ₹34 cr in FY26.
Who are the promoters of Raksan Transformers?
Sanjeev Kanda, Dievam Singh Kanda, Renu Kanda; promoters held 73.62% at 30 Sept 2026.
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Built from 1 offer document, 1 credit rating note, 2 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.