Incorporated in February 2022, VANS Electroengineerings Limited is engaged in the manufacturing and supply of components used in traction power supply and overhead equipment systems for Indian railway electrification infrastructure, metro systems and renewable energy applications. Its products are primarily supplied to Indian Railways and railway contractors, and the Company operates from its registered office and manufacturing facility in Salem, Tamil Nadu.
The Company manufactures Single Pole and Double Pole Vacuum Circuit Breakers (VCBs) and Vacuum Interrupters (VIs) for applications including traction substations, sectioning posts, feeding posts and other railway electrification systems. Its product portfolio includes products approved by the Research Designs and Standards Organization (RDSO), and the Company has received approvals from the Central Organization for Railway Electrification (CORE), including “Approved Vendor” status for certain products.
The Company’s manufacturing facility is equipped with machinery including busbar multi-processing and horizontal bandsaw machines, along with in-house testing and quality control infrastructure. It also engages with the Korea Electrotechnology Research Institute (KERI), South Korea and Central Power Research Institute (CPRI), Bengaluru for product testing and compliance with standards including IEC 62505-1:2016 and IEC 62271-100/2017-07. These capabilities support the development and supply of products for railway, metro, industrial and special applications.
The Company is supported by promoters and management with experience across electrical and electronics engineering, railway infrastructure, switchgear manufacturing and industrial manufacturing. Its operations are focused on product development, engineering, manufacturing, quality control, sales and supply chain management.
As of August 31, 2026, the Company had 33 employees across manufacturing, product development, quality control, finance and accounting, administration and operations, and purchase and stores.
Competitive Strengths
Vans Electroengineerings Ltd.’s revenue increased by 68% and profit after tax (PAT) rose by 212% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 16.85 | 5.34 | 6.57 |
| Total Income | 23.19 | 13.82 | 2.76 |
| Profit After Tax | 5.39 | 1.73 | 0.02 |
| EBITDA | 7.23 | 2.48 | 0.02 |
| NET Worth | 9.17 | 3.78 | 1.05 |
| Reserves and Surplus | 7.17 | 1.78 | 0.05 |
| Total Borrowing | 2.55 | 1.20 | 5.17 |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Raksan Transformers Ltd. | SME | ₹150.50 Cr | ₹273 | 13.39 | ₹286.60 | +4.98% | ₹274.15 |
| Anawil Wire & Engineering Ltd. | SME | ₹177.81 Cr | ₹270 | 14.53 | ₹346.10 | +28.19% | ₹482.40 |
| Accord Transformer & Switchgear Ltd. | SME | ₹25.59 Cr | ₹46 | 11.41 | ₹52.50 | +14.13% | ₹86.04 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | To Meet Working Capital Requirements of the Company | 25.00 |
| 2 | General Corporate Purpose | |
| Total | 25.00 |
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 83.27% |
| ROCE | 63.96% |
| Debt/Equity | 0.28 |
| RoNW | 58.79% |
| PAT Margin | 23.61% |
| EBITDA Margin | 31.63% |
| NAV | 11.46 |
| Price to Book Value | 10.30 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 6.74 | 4.96 |
| P/E (x) | 17.51 | 23.79 |
| IPO Date | 29 Sep to 1 Oct, 2026 |
| Listing Date | Wed, Oct 7, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹112 to ₹118 |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 28,80,000 shares (agg. up to ₹34 Cr) |
| Reserved for Market Maker | 1,46,400 shares (agg. up to ₹2 Cr) |
| Fresh Issue (Ex Market Maker) | 27,33,600 shares (agg. up to ₹32 Cr) |
| Net Offered to Public | 27,33,600 shares (agg. up to ₹32 Cr) |
| Share Holding Pre Issue | 80,00,000 shares |
| Share Holding Post Issue | 1,08,80,000 shares |
The promoters of the company are Balakrishnan Srinivasan, Viraj Bansal, Abhishek Saraff, Nitin Jain, Pooja Bansal and Hotspot Infodot Pvt.Ltd.
| Share Holding Pre Issue | 90.75% |
| Share Holding Post Issue | 66.73% |
As per our analysis and Based on the information we have, this is the output.
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