Vans ElectroengineeringsShare price, financial results, shareholding and management
- Market cap
- ₹520 cr
- Stock P/E
- 96.5peers 32.5
- Book value
- ₹8.4
- Price to book
- 56.90
- EV / operating profit
- -
- Market cap to sales
- 22.77
- ROCE · FY26
- 89.7%
- ROE · FY26
- 83.2%
- ROE, 3-year average
- 77.4%
- Operating margin · FY26
- 31.6%peers 10.6%
- Sales growth, 3 years
- +68.4%
- Profit growth, 3 years
- +211.6%
- Debt to equity
- 0.28peers 0.32
- Borrowings
- ₹2.6 cr
- Interest cover
- 32.6×
- Cash from business / op. profit
- -43%
- Debtor days
- 210
- Pledged
- 0.00%
- Promoter holding
- 66.73%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 631
- 52-week high / low
- ₹478 / ₹224
- 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.
Vans Electroengineerings share price chart
Close on 6 Nov 2026 · +5.00% on the day · Vol 1.15 L
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
- +103.0%
- Traded a day, 20 days
- ₹6.48 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +68% | +212% |
| 3 years, a year | - | - |
About Vans Electroengineerings: business, products and customers
Vans Electroengineerings makes vacuum circuit breakers, the heavy switches that cut power safely on electric railway lines, and supplies them mostly to contractors building railway electrification. Its shares trade on BSE SME.
Vans Electroengineerings was set up in Salem, Tamil Nadu in February 2022 and makes single pole and double pole vacuum circuit breakers and the vacuum interrupters inside them. These are used at traction substations and sectioning posts that feed power to the overhead wire on 25 kV railway lines. In FY26 it added overhead equipment and braided flexible connectors, which together gave about 14% of sales, and it is developing a single bottle circuit breaker for Chittaranjan Locomotive Works and earthing switches.
To bid for railway work a maker needs vendor approval from RDSO or CORE, and Vans now holds approved vendor status for all four of its core products, the last one (single pole circuit breaker) in March 2026; it also received a Mumbai metro authority approval in March 2026. Most of its sales go through the contractors and vendors who build electrification projects for Indian Railways, with a small share won directly in railway tenders. It works from one rented plant in Salem with 33 permanent employees in August 2026 and a corporate office in Lucknow.
Read more about the business
The model shapes the numbers in three ways. It assembles breakers from purchased parts such as insulators, gearbox castings and structures, so material is about half of sales and it needs very little machinery, which makes return on capital high. Contracts are awarded on price once bidders qualify, and orders bunch into one half of the year, so the money owed at the year end swings sharply and cash from operations turned negative in FY26. A large part of its purchases come from firms in which its directors are interested.
The offer document says there is no listed company in India in the same line of business of comparable size, and that it competes with a few established makers that hold railway approvals.
From the red herring prospectus dated 23 September 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 68% a year last year.
- It earns a high return on the money it uses: ROCE 90% in FY26.
- It has little debt for its size: debt to equity 0.28.
- The promoters own a large part of the company: 66.73%.
To watch
- How fast the ₹50.6 cr order book of 5 September 2026 turns into sales in the first half of FY27, the first results as a listed company (offer document, p.41).
- Collection of the ₹13.1 cr owed by customers at March 2026, and the use of ₹15.0 cr of IPO money for working capital in FY27 (offer document, p.29 and p.87).
- Purchases from Sriwin Electric, Atlantic Trade Engineers, Hotspot Infodot and Global Switchgear, and the promoters' loans of ₹0.65 cr each from Nitin Jain, Abhishek Saraff and Hotspot Infodot (offer document, p.208 to 209).
- The statutory auditor, R Balamurugan, resigned on 10 March 2026 citing professional commitments; H R H & Associates was appointed on 30 March 2026, and the restated accounts were prepared by a different peer reviewed firm (offer document, p.30 and p.71 to 72).
- Its borrowings rose a lot last year: ₹2.6 cr, from ₹1.2 cr.
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.
Vans Electroengineerings 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.
Vans Electroengineerings profit and loss
Full years to March, FY24 to FY26 · ₹ crore, consolidated where reported
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Sales | 2.60 | 13.56 | 22.84 |
| Expenses | 2.58 | 11.09 | 15.62 |
| Operating profit | 0.02 | 2.47 | 7.22 |
| OPM | 0.8% | 18.2% | 31.6% |
| Other income | 0.17 | 0.26 | 0.35 |
| Interest | 0.08 | 0.35 | 0.23 |
| Depreciation | 0.06 | 0.07 | 0.08 |
| Profit before tax | 0.05 | 2.31 | 7.26 |
| Tax rate | 60.0% | 25.1% | 25.8% |
| Net profit | 0.02 | 1.73 | 5.39 |
| EPS ₹ | 0.05 | 2.16 | 6.74 |
| Dividend payout | 0.0% | 0.0% | 0.0% |
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Vans Electroengineerings 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
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Operating margin | 0.8% | 18.2% | 31.6% |
| Tax rate | 60.0% | 25.1% | 25.8% |
| ROCE | · | 47.5% | 89.7% |
| ROE | · | 71.6% | 83.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% |
Vans Electroengineerings debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Vans Electroengineerings balance sheet
At each 31 March · ₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Equity capital | 1 | 2 | 2 |
| Reserves | 0.05 | 1.78 | 7.17 |
| Net worth | 1.05 | 3.78 | 9.17 |
| Borrowings | 5.17 | 1.20 | 2.55 |
| Other liabilities | 0.35 | 0.35 | 5.13 |
| Total liabilities | 6.57 | 5.33 | 16.85 |
| Fixed assets | 0.26 | 0.37 | 0.44 |
| Capital work in progress | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 |
| Other assets | 6.31 | 4.96 | 16.41 |
Vans Electroengineerings cash flow
₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Cash from operations | -2.79 | 5.51 | -3.07 |
| Cash from investing | -0.04 | -0.10 | -0.07 |
| Cash from financing | 2.49 | -3.31 | 1.18 |
| Net cash flow | -0.34 | 2.10 | -1.96 |
Working capital
Days
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Debtor days | 300 | 11 | 210 |
| Inventory days | 1,232 | 69 | 65 |
| Days payable | 122 | 0 | 96 |
| Cash conversion cycle | 1,411 | 79 | 179 |
| Working capital days | 59 | 26 | 137 |
Vans Electroengineerings peers and competitors
Listed SME companies in the same industryBy sales, Vans Electroengineerings is number 32 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 |
|---|---|---|---|---|---|---|
| Vijaypd Ceutical | 162 | 32.5 | 100 | 5 | 4.7% | 0.70 |
| Akanksha Power and Infrastructure | 368 | 62.9 | 91.6 | 5.9 | 12.4% | 2.06 |
| Avana Electrosystems | 401 | 34.2 | 83.9 | 11.7 | 19.5% | 0.01 |
| Sungarner Energies | 74 | 19.3 | 74.2 | 3.8 | 11.1% | 1.81 |
| Accord Transformer & Switchgear | 232 | 51.5 | 70.1 | 4.5 | 10.0% | 0.18 |
| Jigar Cables | 59 | 32.5 | 57.9 | 1.8 | 5.8% | 0.39 |
| Vdeal System | 53 | 12.8 | 45.1 | 4.2 | 17.0% | 0.69 |
| ATC Energies System | 42 | - | 30.7 | -1.5 | 6.8% | 0.22 |
| Vans Electroengineerings | 520 | 96.5 | 22.8 | 5.4 | 31.6% | 0.28 |
| Electro Force (India) | 41 | 65.2 | 19.2 | 0.6 | -4.1% | 0.00 |
| Perfect Infraengineers | 3 | 3.7 | 5.9 | 0.8 | 23.2% | 0.24 |
| Median of the 10 others | 67 | 32.5 | 64 | 4 | 10.6% | 0.32 |
Vans Electroengineerings 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.
Vans Electroengineerings 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.
| Sep 26 | Oct 26 | |
|---|---|---|
| Promoters | 66.73% | 66.73% |
| Foreign investors (FIIs) | - | 6.92% |
| Indian institutions (DIIs) | - | 4.92% |
| Number of shareholders | 631 | 631 |
Vans Electroengineerings study: the business from its own documents
Read from 1 of the company's own documentsVans Electroengineerings key facts from the filings
Each figure with the document it comes from
- Order book
- ₹50.6 cr
- Orders in hand on 5 September 2026, certified by the statutory auditor, a little over twice FY26 revenue.Offer document, p.41; our arithmetic
- FY26 revenue
- ₹22.8 cr
- Up from ₹13.6 cr in FY25 and ₹2.6 cr in FY24; profit after tax was ₹5.4 cr against ₹1.7 cr.Offer document, p.119
- Plant use
- 478 of 1,800
- Breakers and interrupters made in FY26 against yearly capacity on a single eight hour shift, about 27% used.Offer document, p.126; our arithmetic
- Largest customer
- 42.66%
- Share of FY26 revenue from the top customer, down from 76.77% in FY24; the top five gave 65.74%.Offer document, p.25
- Through railway contractors
- 93.30%
- Share of FY26 revenue from contractors and vendors on railway projects; direct railway contracts gave the rest.Offer document, p.24
Show 5 more facts
- Approved vendor status
- 4 products
- Double pole breaker and interrupter (March 2024), single pole interrupter (November 2024) and single pole breaker (March 2026).Offer document, p.148
- Purchases from director linked firms
- About half
- About ₹6.5 cr of FY26 purchases and expenses went to Sriwin Electric, Atlantic Trade Engineers, Hotspot Infodot and Global Switchgear, against raw material purchases of ₹13.0 cr.Offer document, p.209 and p.223; our arithmetic
- Money owed by customers
- ₹13.1 cr
- Trade receivables at March 2026, 57.53% of FY26 revenue against 2.88% a year earlier; cash from operations was minus ₹3.1 cr.Offer document, p.29 and p.32
- Second half sales
- 75.33%
- Share of FY26 revenue earned from October to March; in FY25 the first half gave 70.88%.Offer document, p.29
- IPO money for working capital
- ₹25.0 cr
- Planned from the issue of 28,80,000 new shares: ₹15.0 cr in FY27 and ₹10.0 cr in FY28.Offer document, p.86 and p.87
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 its order book stood at about ₹50.6 cr on 5 September 2026 and that executing it, along with new products such as the single bottle circuit breaker, earthing switches and multipliers, will raise its working capital needs. It plans to put ₹15.0 cr of the IPO money into working capital in FY27 and ₹10.0 cr by 31 December 2027. The offer document warns that the order book may not turn into revenue on time or at all.
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.
Vans earns money by assembling railway power switches from purchased parts and supplying them, mostly through the contractors who build electrification projects.
Its weak spots are a short history, dependence on a few railway contractors, and heavy purchasing from firms its own directors are linked to.
WatchCan it set its own prices?Not much. Railway work goes to the lowest qualified bid, and railway contract terms are fixed in advance.
AverageHow strong is it against rivals?Railway approvals keep new makers out, and it holds them for all four core products, but it is young and small against the few established makers it competes with.
WatchWho are its customers?The end user is Indian Railways, but most orders come from a handful of project contractors without long term contracts.
WatchDoes it need a lot of money?It needs little machinery, but a lot of money gets tied up in unpaid bills as it grows, which is why the whole IPO goes to working capital.
StrongCan it keep finding new work?Orders in hand are more than twice last year's sales, more customers are ordering, and new approvals widen the tenders it can bid for.
WatchDo good and bad years swing a lot?Yes. Sales fall heavily into one half of the year, and which half changes, so half year results and year end cash can look very different from one period to the next.
Who runs Vans Electroengineerings?
Promoters, directors and officers; tap a name for the background
BSBalakrishnan SrinivasanPromoter, Chairman and Joint Managing Director · holds 9.33%
MBA in International Business and B.Sc. from Annamalai University and a Diploma in Electronics and Communication Engineering (1988); over 35 years in the electrical and electronics engineering industry. On the board since incorporation and runs engineering, project management, production and operations. A partner of M/s Sriwin Electric, a supplier to the company, and a director of Jayarani Spinning Mills, Novatrans and Prienda Consulting Services. Remuneration of ₹0.12 cr in FY26.
Offer document, p.153, p.155, p.150 and p.157VBViraj BansalPromoter and Joint Managing Director
M.Sc. in Engineering Business Management from the University of Warwick (2021) and B.Tech in Electrical and Electronics Engineering from VIT Vellore (2020); six years of experience including over three in railway infrastructure, metal castings and switchgear. On the board since August 2024 and in charge of sales, finance, supply chain, secretarial and legal work. Son of Pooja Bansal, as the offer document states, and holds 12.67% of the corporate promoter Hotspot Infodot. Holds no shares in the company directly.
Offer document, p.153, p.155, p.156 and p.170PBPooja BansalPromoter and Whole Time Director
More than 20 years in business administration, trading, procurement and general management; on the board since June 2026 and in charge of business planning, purchasing, human resources and administration. The offer document says the educational qualification could not be traced. Holds 69.60% of the corporate promoter Hotspot Infodot and is one of its two directors; holds no shares in the company directly.
Offer document, p.153, p.155 and p.170ASAbhishek SaraffPromoter and Non-Executive Director · holds 14.84%
MBA from the University of Kansas; over 23 years in sales, business development and manufacturing in railway infrastructure and electrical engineering. On the board since incorporation and Managing Director of Avadh Rail Infra, which is in the process of delisting from the Calcutta Stock Exchange. Had lent the company ₹0.65 cr at March 2026 and has a disputed income tax demand of ₹0.05 cr.
Offer document, p.154, p.155, p.38, p.209 and p.230NJNitin JainPromoter and Non-Executive Director · holds 14.84%
B.E. in Mechanical Engineering from Visveswaraiah Technological University (2006); over 15 years in making electrical and electronic equipment. On the board since incorporation and Joint Managing Director of Concord Control Systems. Had lent the company ₹0.65 cr at March 2026.
Offer document, p.154, p.156 and p.208HIHotspot Infodot Private LimitedCorporate Promoter · holds 16.68%
A Delhi company set up in 2005 that trades paper and lists electrical goods including vacuum circuit breakers among its activities; owned by Pooja Bansal, Viraj Bansal and Vikas Bansal HUF. It supplied ₹0.51 cr of goods and ₹0.13 cr of equipment to the company in FY26 and had lent it ₹0.65 cr at March 2026. It has filed cheque bounce cases for ₹0.89 cr against a paper customer, pending in a Delhi court.
Offer document, p.170, p.209 and p.229 to 230ABAmisha BisenChief Financial Officer
PGDM (Financial Services) from Jaipuria Institute of Management, Lucknow (2026) and B.Com from the University of Lucknow; more than two years in finance, accounts and tax. Appointed on 3 June 2026.
Offer document, p.165SGShikhar GuptaIndependent Director, chairs the Audit Committee
Chartered accountant since 2019 with over six years in taxation and financial advisory, earlier with Ernst and Young LLP. On the board since 3 June 2026.
Offer document, p.155, p.156 and p.160Vans Electroengineerings latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 31 Oct 2026: promoters unchanged at 66.73%.
Vans Electroengineerings announcements
1 on record, latest first
- New ListingTrading Members of the Exchange are hereby informed that effective from October 07, 2026, the Equity Shares of Vans Electroengineerings Ltd (Scrip Code: 544971)
Vans Electroengineerings annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Vans Electroengineerings 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 Vans Electroengineerings' 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 6 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 (1,08,80,000 shares).
- !The FY26 results imply 20,00,000 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 moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY24 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Vans Electroengineerings
What does Vans Electroengineerings do?
Vans Electroengineerings makes vacuum circuit breakers, the heavy switches that cut power safely on electric railway lines, and supplies them mostly to contractors building railway electrification. Its shares trade on BSE SME.
What is the share price of Vans Electroengineerings?
₹478 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Vans Electroengineerings?
₹520 cr at the close on 6 Nov 2026, on 1,08,80,000 shares.
What is the P/E of Vans Electroengineerings?
96.5 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Vans Electroengineerings' revenue and profit?
Revenue ₹23 cr and profit after tax ₹5 cr in FY26.
Who are the promoters of Vans Electroengineerings?
Balakrishnan Srinivasan, Viraj Bansal, Pooja Bansal, Abhishek Saraff, Nitin Jain, Hotspot Infodot Private Limited; promoters held 66.73% at 31 Oct 2026.
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Built from 1 offer document, 1 exchange announcements, 2 shareholding patterns and 3 years of reported results. Every figure carries its source; where the documents are silent, the page says so.