Vans Electroengineerings
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 236.78×
- Big non-institutionalbNII · above ₹10 lakh
- 1008.92×
- Small non-institutionalsNII · ₹2–10 lakh
- 618.97×
- Retail individualRII · up to ₹2 lakh
- 582.87×
- Employeesreserved quota
- 0.60×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 12 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 07 Oct 2026 | ₹103 | — | ₹93,900 | ₹221 | ₹1,23,600 |
| 06 Oct 2026 | ₹103 | — | ₹93,900 | ₹221 | ₹1,23,600 |
| 05 Oct 2026 | ₹103 | — | ₹93,900 | ₹221 | ₹1,23,600 |
| 04 Oct 2026 | ₹70 | — | ₹63,800 | ₹188 | ₹84,000 |
| 03 Oct 2026 | ₹70 | — | ₹63,800 | ₹188 | ₹84,000 |
| 02 Oct 2026 | ₹70 | — | ₹63,800 | ₹188 | ₹84,000 |
| 01 Oct 2026 | ₹70 | — | ₹63,800 | ₹188 | ₹84,000 |
| 30 Sep 2026 | ₹85 | — | ₹77,500 | ₹203 | ₹1,02,000 |
| 29 Sep 2026 | ₹90 | — | ₹82,100 | ₹208 | ₹1,08,000 |
| 28 Sep 2026 | ₹45 | — | ₹41,000 | ₹163 | ₹54,000 |
| 27 Sep 2026 | ₹45 | — | ₹41,000 | ₹163 | ₹54,000 |
| 26 Sep 2026 | ₹45 | — | ₹41,000 | ₹163 | ₹54,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 5,37,600 | 15,14,12,400 | ₹1,787 Cr | 281.65× |
| Non-institutional | 4,03,200 | 41,60,49,600 | ₹4,909 Cr | 1031.87× |
| Big non-institutionalwithin NII | 2,66,400 | 31,51,51,200 | ₹3,719 Cr | 1183.00× |
| Small non-institutionalwithin NII | 1,36,800 | 10,08,98,400 | ₹1,191 Cr | 737.56× |
| Retail individual | 9,40,800 | 64,56,88,800 | ₹7,619 Cr | 686.32× |
| Employees | 48,000 | 45,600 | ₹0.54 Cr | 0.95× |
| Total | 19,29,600 | 1,21,31,96,400 | ₹14,316 Cr | 628.73× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 01 Oct, 05:55 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 29 Sep 2026 – 01 Oct 2026
- Listing date
- 07 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹112 – ₹118
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹33.98 Cr
- Fresh issue
- ₹32.26 Cr 27,33,600 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹128 Cr
- Promoter holding
- 90.75% → 66.73% pre-issue → post-issue
- ISIN
- INE2SO401011
- CIN
- U27104TZ2022PLC038141
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Plot 17, SIDCO Women's Industrial Estate, Karuppur, Salem – 636011, Tamil Nadu, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 5,37,600 | 28.57% | 25.90% |
| Anchor investor · within QIB | 8,04,000 | — | 38.73% |
| NII (HNI) | 4,03,200 | 21.43% | 19.42% |
| bNII > ₹10L · within NII | 2,66,400 | — | 12.83% |
| sNII < ₹10L · within NII | 1,36,800 | — | 6.59% |
| Retail (RII) | 9,40,800 | 50.00% | 45.32% |
| Employee | 48,000 | — | 2.31% |
| Market maker | 1,46,400 | — | 7.05% |
| Total issue | 20,76,000 | — | 100.00% |
Net offer to the public of 18,81,600 shares, out of a total issue of 20,76,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹118
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,41,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,83,200 |
| S-HNI (max) | 7 | 8,400 | ₹9,91,200 |
| B-HNI (min) | 8 | 9,600 | ₹11,32,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹118 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.74 | 4.96 |
| P/E (×) | 17.51 | 23.79 |
| Price to book (×) | 10.30 | — |
| Market cap | — | ₹128 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 58.79%
- ROCE
- 90.00%
- Debt / equity
- 0.28
- PAT margin
- 23.61%
- EBITDA margin
- 31.63%
- NAV per share
- ₹11.46
- Price to book
- 10.30
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 23.19 | 13.82 | 2.76 |
| Revenue from operations | 22.84 | 13.56 | 2.6 |
| Other income | 0.35 | 0.26 | 0.17 |
| Total expenses | 15.93 | 11.51 | 2.71 |
| Operating profit | 7.26 | 2.31 | 0.05 |
| Operating margin | 31.31% | 16.71% | 1.81% |
| Profit before tax | 7.26 | 2.31 | 0.05 |
| Profit after tax | 5.39 | 1.73 | 0.02 |
| PAT margin | 23.24% | 12.52% | 0.72% |
| Balance sheet | |||
| Total assets | 16.85 | 5.34 | 6.57 |
| Current assets | 16.38 | 4.95 | 6.3 |
| Current liabilities | 7.59 | 1.51 | 5.5 |
| Total liabilities | 7.68 | 1.56 | 5.52 |
| Net worth | 9.17 | 3.78 | 1.05 |
| Current ratio | 2.16× | 3.28× | 1.15× |
| Return on equity | 58.78% | 45.77% | 1.90% |
| Cash flow | |||
| Operating cash flow | -3.07 | 5.51 | -2.79 |
| Investing cash flow | -0.07 | -0.1 | -0.04 |
| Financing cash flow | 1.18 | -3.31 | 2.49 |
| Net cash flow | -1.96 | 2.1 | -0.34 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 To Meet Working Capital Requirements ₹25 Cr
The company intends to utilize a portion of the Net Proceeds towards funding its long-term working capital requirements, including inventories, trade receivables, and trade payables, to support expanding operations and future growth initiatives.
2 General Corporate Purpose —
The company intends to deploy the balance Fresh Issue proceeds towards general corporate purposes, including meeting operating expenses, initial development costs, strengthening business development and marketing capabilities, and meeting unforeseen exigencies.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Vans Electroengineerings
VANS Electroengineerings Limited (incorporated February 7, 2022) manufactures and supplies components for railway traction power supply and overhead equipment systems. The company operates from manufacturing facilities in Salem, Tamil Nadu and corporate office in Lucknow, Uttar Pradesh. Its primary products are vacuum circuit breakers (VCBs) and vacuum interrupters (VIs) used in railway electrification applications. The company generates revenue primarily through direct contracts with Indian Railways and indirectly through engineering, procurement and construction (EPC) contractors and vendors serving railway infrastructure projects. Revenue grew from ₹259.57 lakhs in FY 2023-24 to ₹2,284.30 lakhs in FY 2025-26.
Management
Balakrishnan Srinivasan
MD
Viraj Bansal
MD
Pooja Bansal
COO
Nitin Jain
Director
Abhishek Saraff
Director
Abhishek Mishra
Director
Mridusha Havelia
Director
Shikhar Gupta
Director
Amisha Bisen
CFO
Yash Agarwal
Director of Operations
Strengths
As stated in the offer document
Niche Market Focus with Quality and Timely Delivery
The company is strategically positioned within a specialized niche, focusing exclusively on Vacuum Circuit Breakers and Interrupters for Indian Railways' 25kV traction requirements, with stringent regulatory approvals creating high entry barriers for potential competitors.
Quality Assurance Standards and RDSO Approved Entity
The company is an RDSO-approved entity with ISO 9001:2015 certification, engaging with KERI (South Korea) and CPRI (Bangalore) for testing compliance with international standards including IEC 62505-1:2016 and IEC 62271-100/2017-07.
Core Engineering and Integrated Engineering, Assembling and Testing Capabilities
The company maintains comprehensive in-house design, assembly, and testing capabilities for VCBs and VIs at its Salem, Tamil Nadu facility, equipped with standardized testing apparatus enabling quality assurance at every production stage.
Established Customer Base and Geographical Footprint
The company has achieved revenue of ₹2,284.30 lakhs in FY 2025-26 with a pan-India presence across North (36.12%), West (31.13%), South (25.61%), Central (4.31%), and East (2.83%) regions, mitigating concentration risks.
Experienced and Qualified Promoters
The company is led by promoters with cumulative decades of expertise — including Balakrishnan Srinivasan (35+ years), Pooja Bansal (20 years), Abhishek Saraff (23 years), and Nitin Jain (15 years) — ensuring consistent business growth and strong market relationships.
Risk factors
As stated in the offer document
Substantial Dependence on Indian Railways
The company's business and revenues are substantially dependent on Indian Railways, with 93.30%, 90.12%, and 80.34% of revenue derived from associated EPC contractors and vendors in FY2025-26, FY2024-25, and FY2023-24 respectively. Any slowdown, policy change, reduction in budgetary allocations, or cancellation of railway electrification projects could materially and adversely affect demand for the company's products and its financial condition.
High Revenue Concentration in Two Key Products
Vacuum Circuit Breakers and Vacuum Interrupters contributed 85.50% (₹1,953.13 lakhs), 99.52% (₹1,349.84 lakhs), and 94.58% (₹245.50 lakhs) of total revenue in FY2025-26, FY2024-25, and FY2023-24 respectively. Any decline in sales of these key products due to increased competition, pricing pressures, or demand fluctuations could materially impact the company's financial performance.
Customer Concentration Risk
The company's top customer accounted for approximately 42.66%, 61.60%, and 76.77% of revenue from operations in FY2025-26, FY2024-25, and FY2023-24 respectively, while the top five customers contributed 65.74%, 82.14%, and 97.48% during the same periods. The absence of long-term contractual commitments with these customers exposes the company to significant revenue risk if any key customer reduces or discontinues orders.
Supplier Concentration and Raw Material Supply Risk
The company's top supplier represented approximately 25.24%, 56.86%, and 64.18% of total raw materials consumed in FY2025-26, FY2024-25, and FY2023-24 respectively, creating significant supply chain vulnerability. Any disruption in supply, price fluctuations, or inability to procure critical raw materials may adversely affect manufacturing operations, margins, and financial performance.
Working Capital and Cash Flow Volatility
The company's trade receivables stood at ₹1,314.16 lakhs (57.53% of revenue) in FY2025-26, driven by seasonal revenue concentration in the second half of the year, contributing to negative operating cash flows of ₹278.92 lakhs. Working capital requirements are projected to grow significantly from ₹1,115.06 lakhs in FY2025-26 to ₹2,771.40 lakhs in FY2026-27 and ₹3,718.85 lakhs in FY2027-28, posing liquidity and financing risks.
Single Manufacturing Facility Dependency
The company's entire manufacturing operations are concentrated at a single leased facility in Salem, Tamil Nadu, making it highly vulnerable to location-specific risks including equipment failures, natural disasters, labor disputes, and regulatory shutdowns. Any temporary or prolonged disruption at this facility could result in delayed order execution, breach of contractual commitments, increased costs, and severe reputational damage.
Regulatory Approvals, Compliance Failures, and Corporate Record Discrepancies
The company has experienced multiple instances of delayed statutory filings, including DPT-3 filings delayed by up to 992 days and BEN-2 delayed by 1,539 days, as well as delays in PF and ESIC remittances. Failure to maintain critical RDSO/CORE vendor approvals or any adverse regulatory action could restrict the company's ability to participate in railway procurement processes and materially affect its business operations.
Limited Operating History and Sustainability of Growth
The company was incorporated on February 7, 2022, giving it approximately four years of operating history, making it difficult to assess future prospects reliably. While revenue grew at a CAGR of 196.65% from ₹259.57 lakhs in FY2023-24 to ₹2,284.30 lakhs in FY2025-26, there is no assurance that such growth rates can be sustained, and rapid growth may strain managerial, operational, and financial resources.
Low Manufacturing Capacity Utilization
The company's overall capacity utilization remained significantly low, with grand total production of 478, 387, and 57 units against an installed capacity of 1,800 units in FY2025-26, FY2024-25, and FY2023-24 respectively. Persistent under-utilization increases the fixed cost burden per unit, adversely affects operating margins, and impairs return on capital invested in manufacturing assets.
Key Personnel Dependency and Promoter Concentration
The company's growth and operations are substantially dependent on its promoters and senior management, and the loss of key personnel could severely disrupt operations as suitable replacements may not be readily available. Post-IPO, promoters will retain approximately 55.70% shareholding, enabling them to significantly influence corporate decisions in ways that may not always align with the interests of minority shareholders.
Company Analysis
from RHPVANS Electroengineerings manufactures vacuum circuit breakers and vacuum interrupters for railway electrification and traction power supply infrastructure.
VANS Electroengineerings Limited (incorporated February 7, 2022) manufactures and supplies components for railway traction power supply and overhead equipment systems. The company operates from manufacturing facilities in Salem, Tamil Nadu and corporate office in Lucknow, Uttar Pradesh. Its primary products are vacuum circuit breakers (VCBs) and vacuum interrupters (VIs) used in railway electrification applications. The company generates revenue primarily through direct contracts with Indian Railways and indirectly through engineering, procurement and construction (EPC) contractors and vendors serving railway infrastructure projects. Revenue grew from ₹259.57 lakhs in FY 2023-24 to ₹2,284.30 lakhs in FY 2025-26.
Objects of the Issue
- Not specified in Part 1
- To Meet Working Capital Requirements of our Company ₹2,500.00 lakhs p.86
- General Corporate Purpose p.86
- General corporate purposes [●] lakhs p.90
Issue Structure
- Total Issue
- up to ₹[●] lakhs (28,80,000 equity shares at issue price of ₹[●])
- Fresh Issue
- up to 28,80,000 equity shares aggregating up to ₹[●] lakhs
- Offer for Sale
- Nil - entire issue constitutes fresh issue of equity shares
- Price Band
- To be announced (Floor Price ₹[●] and Cap Price ₹[●])
- Lot Size
- [●] equity shares and multiples of [●] equity shares
- Face Value
- ₹10 per equity share
Business Model
The company earns revenue from manufacturing and supplying vacuum circuit breakers and vacuum interrupters primarily to Indian Railways through direct contracts and through EPC contractors/vendors. In FY 2025-26, 6.70% of revenue came from direct railway contracts and 93.30% from EPC contractors and vendors. The company operates on a purchase order basis without long-term contractual commitments from most customers.
Business Segments
SWOT Analysis
- • Established presence in Indian railway electrification and metro systems(p.86)
- • Growing revenue trajectory and improved profitability(p.59)
- • Concentrated customer base with Indian Railways(p.86)
- • Niche market focus with specialization in railway traction components and high entry barriers(p.122)
- • RDSO-approved entity with ISO 9001:2015 certification and international quality standards compliance(p.120)
- • Integrated in-house design, engineering, assembly and testing capabilities for full product lifecycle control(p.120)
- • Established customer base and geographically diversified revenue across multiple Indian regions(p.120)
- • Experienced promoter team with 35+ years combined technical expertise in electrical engineering and railway infrastructure(p.118)
- • Strong financial performance with 68.4% revenue growth and improving margins(p.119)
- • Regulatory approvals from Indian Railways and transport authorities(p.149)
- • Experienced management with deep industry expertise(p.155)
- • Recent acquisition expanding product portfolio(p.149)
- • Strong revenue growth trajectory(p.181)
- • Profitability improvement and positive earnings(p.181)
- • Substantial dependence on Indian Railways for revenue(p.24)
- • Concentration of revenue from two key product verticals(p.25)
- • High customer concentration creating revenue dependency(p.25)
- • Dependency on limited number of suppliers for critical raw materials(p.27)
- • Reliance on rented manufacturing and office premises(p.28)
- • Significant fluctuations in working capital and cash flows due to seasonality(p.29)
- • Low manufacturing capacity utilization rates(p.30)
- • Negative operating cash flow in recent financial years(p.32)
- • Limited operating history as a company(p.37)
- • Single manufacturing facility creating operational vulnerability(p.37)
- • Restated financial statements provided by non-statutory auditor peer-reviewed accountant(p.30)
- • Past discrepancies and delays in regulatory filings(p.35)
- • Delays in payment of statutory contributions (ESIC and Provident Fund)(p.34)
- • Educational qualification documentation of Promoter and Whole Time Director missing(p.42)
- • Outstanding litigation involving group companies(p.42)
- • Unsecured loans repayable on demand(p.48)
- • Directors lack experience with listed entities(p.44)
- • Dependency on competitive bidding and tendering processes(p.42)
- • Labour-dependent operations with risk of workforce disruptions(p.43)
- • No alternate funding sources identified if IPO proceeds fall short(p.44)
- • High dependence on top suppliers with concentrated raw material sourcing(p.127)
- • Very low installed capacity utilization across all product lines(p.126)
- • Limited product portfolio with heavy dependence on vacuum circuit breakers and interrupters(p.119)
- • High inventory carrying costs with projected significant increases in working capital requirements(p.89)
- • Small company size with only 33 total employees as of August 31, 2026(p.128)
- • Receivables extending to 94-99 days straining working capital management(p.89)
- • Significant working capital deficit and cash flow challenges(p.182)
- • Heavy dependence on short-term borrowings(p.180)
- • Concentration of shareholder ownership with promoters(p.168)
- • Minimal cash reserves relative to liabilities(p.180)
- • Very recent appointment of key financial personnel(p.165)
- • Expansion of product offerings and market presence(p.43)
- • Growth in railway electrification and infrastructure projects(p.42)
- • Increasing operational efficiency and capacity utilization(p.42)
- • Government's massive investment program in railway electrification and modernization infrastructure(p.121)
- • Large-scale traction system upgradation projects from 1×25 kV to 2×25 kV creating substantial demand(p.121)
- • Planned product portfolio expansion into earthing switches and single bottle circuit breakers(p.122)
- • Expanding R&D capabilities to develop cost-effective and innovative processes for new products(p.122)
- • Record capital expenditure allocation to Indian Railways supporting sustained infrastructure growth(p.109)
- • Significant growth in freight and passenger services supporting railway modernization demand(p.110)
- • Railway electrification and traction expansion(p.147)
- • Growth in power distribution and electrical infrastructure(p.147)
- • R&D capability in advanced electrical technology(p.147)
- • Expansion of medium voltage switchgear systems through subsidiary(p.149)
- • Reduction in railway infrastructure spending by Indian Railways(p.25)
- • Changes in government policies affecting railway sector(p.25)
- • Fluctuations in raw material prices and supply disruptions(p.28)
- • Disruption in logistics and transportation arrangements(p.42)
- • Changes in railway procurement procedures and technical specifications(p.30)
- • Power supply disruptions and increased electricity costs(p.41)
- • Technological obsolescence and changing industry standards(p.41)
- • Industry cyclicality and macro-economic slowdown(p.37)
- • Delays in order execution and project delivery impacting contractual obligations(p.42)
- • Economic slowdown in India affecting infrastructure spending and market demand(p.44)
- • Global financial instability and macroeconomic uncertainty(p.52)
- • Changes in government policies, regulations, and taxation laws(p.53)
- • Natural disasters, pandemics, and force majeure events(p.44)
- • Geopolitical disruptions affecting supply chains and testing certification(p.45)
- • Competition law compliance risks and potential CCI action(p.54)
- • Dependence on railway sector cyclicality and government budgetary allocations(p.122)
- • Limited competition but vulnerability to potential entry of larger electrical equipment manufacturers(p.127)
- • Supply chain disruptions and dependence on concentrated supplier base for raw materials(p.127)
- • Vulnerability to regulatory changes and changes in RDSO specifications affecting product demand(p.112)
- • Concentration of revenue in North and West regions creating geographical risk exposure(p.120)
- • Regulatory and compliance burden on environmental protection(p.134)
- • Extensive labour law compliance requirements(p.137)
- • Complex customs and foreign trade regulatory obligations(p.139)
- • Stringent occupational safety and health compliance(p.137)
- • Significant trade receivables concentration risk(p.180)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Balakrishnan Srinivasan | Individual Promoter | — | — |
| Viraj Bansal | Individual Promoter | — | — |
| Abhishek Saraff | Individual Promoter | — | — |
| Nitin Jain | Individual Promoter | — | — |
| Pooja Bansal | Individual Promoter | — | — |
| Hotspot Infodot Private Limited | Corporate Promoter | — | — |
| Hotspot Infodot Private Limited | Promoter | 22.69% | 16.68% |
| Abhishek Saraff | Promoter | 20.19% | 14.84% |
| Nitin Jain | Promoter | 20.19% | 14.84% |
| Balakrishnan Srinivasan | Promoter | 12.69% | 9.33% |
| Balakrishnan Srinivasan | Promoter/Chairman and Joint Managing Director | — | — |
| Viraj Bansal | Promoter/Joint Managing Director | — | — |
| Pooja Bansal | Promoter/Whole-Time Director | — | — |
| Abhishek Saraff | Promoter/Non-Executive Director | — | — |
| Nitin Jain | Promoter/Non-Executive Director | — | — |
| Balakrishnan Srinivasan | Promoter | 12.69% | — |
| Viraj Bansal | Promoter | — | — |
| Abhishek Saraff | Promoter | 20.19% | — |
| Nitin Jain | Promoter | 20.19% | — |
| Pooja Bansal | Promoter | — | — |
| Hotspot Infodot Private Limited | Promoter Group | — | — |
| Nitin Jain | Promoter | 25.00% | — |
| Abhishek Saraff | Promoter | 25.00% | — |
| Balakrishnan Srinivasan | Promoter | 25.00% | — |
| Hotspot Infodot Private Limited | Promoter Group | 25.00% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.