There is no listed Indian company named “Rakshan Transformers”. The closest and financially relevant entity is Raksan Transformers Limited (without “h”), an SME-IPO-bound transformer manufacturer. Below is a detailed summary of Raksan Transformers Limited plus a brief note on the unlisted “Rakshan Transformers Pvt Ltd”.

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1. Identity and Listing Status

- Name: Raksan Transformers Limited (earlier Raksan Transformers Pvt. Ltd.) (highnessmicro.com)

- Type: Transformer manufacturing company (power & distribution).

- Certification: ISO 9001:2015. (kotakneo.com)

- Listing plan: Proposed listing on BSE SME platform via an SME IPO; DRHP/RHP and prospectus are available on its own and intermediary websites. (raksantransformers.com)

- IPO status (as of 24 July 2026):

- DRHP/RHP filed and exchange approval received.

- Issue date, price band, and lot size are still TBA (to be announced) on most broker/IPO-tracker portals. (kotakneo.com)

This means it is not yet a regularly traded stock on the main board; it will trade only on the SME segment after listing.

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2. Business Overview

- Core activity: Design, engineering, manufacturing and supply of transformers across multiple voltage ratings.

- Product focus:

- Distribution transformers

- Power transformers

- Transformers for solar/renewable applications

- Special-purpose transformers (kotakneo.com)

- Applications: Transmission & distribution of electricity for utilities and industry; used by state power distribution companies, public utilities, EPC contractors and industrial clients. (kotakneo.com)

- Client base:

- Approved vendor for 20+ entities, including government power-distribution corporations, PSUs and public utility companies. (kotakneo.com)

In short, Raksan is a mid-sized transformer OEM positioned mainly toward utility tenders and industrial orders rather than retail products.

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3. Product & Operations Snapshot

- Transformer types:

- Single-phase and three-phase CRGO oil-filled distribution and power transformers.

- Customisation as per voltage, kVA rating, climate, system layout, noise limits, etc. (kotakneo.com)

- Operations:

- Integrated manufacturing facility with in‑house processes; detailed facility expansion (Liwaspur, Sonepat, Haryana) is one of the planned IPO uses. (kotakneo.com)

- Quality and approvals:

- Operates under standardised manufacturing and quality-control norms, as reflected in ISO certification and its approval status across multiple utilities. (kotakneo.com)

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4. Financial Snapshot (Consolidated – Illustrative, Latest as per DRHP / broker data)

Based on restated consolidated numbers cited in IPO-related material: (kotakneo.com)

- Revenue / Total income trend:

- FY23: ~₹73.6 crore

- FY24: ~₹162.5 crore

- FY25: ~₹324.8 crore

This indicates rapid scaling, with revenue roughly doubling year-on-year over the past two years (small base effect).

- Profitability (latest available):

- Diluted EPS FY25: ~₹12.24 per share.

- Book value per share: ~₹26.61. (kotakneo.com)

Detailed margin numbers (EBITDA %, PAT %) are available in the RHP/prospectus but not all are summarised on public preview pages; you should refer to the full RHP on the merchant banker/Hem Securities site or the company’s own investor-relations page for exact line-by-line financials. (hemsecurities.com)

Interpretation example (not advice):

- Revenue growth is strong but from a lower base; investors typically examine whether this growth is backed by a strong order book and sustainable margins, and whether working capital cycles (receivables from state utilities, etc.) are manageable.

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5. IPO Structure (proposed)

From the RHP/IPO summaries: (kotakneo.com)

- Exchange / segment: BSE SME.

- Issue type: Book-building SME IPO.

- Share issue mix:

- Fresh issue: Up to 44,12,800 equity shares.

- Offer for sale (OFS): 11,00,000 equity shares.

- Total shares: 55,12,800 equity shares.

- Use of proceeds:

1. Capital expenditure for a new/expanded manufacturing facility at Liwaspur, Sub‑Tehsil Rai, District Sonepat, Haryana.

2. Working-capital requirements.

3. Partial repayment of borrowings.

4. General corporate purposes. (kotakneo.com)

- Valuation signals in RHP summary:

- FY25 diluted EPS used for pricing reference: ₹12.24. (kotakneo.com)

- P/E at issue price is not yet stated publicly (price band still TBA).

Note: SME IPO lot sizes usually imply a minimum application of around ₹1–2 lakh or more, but the exact Raksan lot size and rupee minimum will be known only when the price band is notified. (motilaloswal.com)

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6. Strengths and Risk Factors (as highlighted in IPO material)

Key Strengths (company-claimed, from RHP/IPO notes)

- Established manufacturing set‑up with in‑house capabilities.

- Long-standing relationships with government utilities, PSUs and EPC players.

- “Strong order book” providing short‑ to medium‑term revenue visibility (exact order-book value needs checking directly in the RHP). (kotakneo.com)

- Experienced promoter group and management team in transformer manufacturing.

- Track record of profitability and rising scale in recent years. (kotakneo.com)

Key Risks (important for any investor to study)

- Dependence on government/utility capex:

Any slowdown, budget cut or policy change in central/state power-sector spending can directly hit order inflow. (kotakneo.com)

- Raw material volatility:

Core raw materials (CRGO steel, copper, oil) are cyclical and globally linked; margin pressure is likely if input prices spike and contracts are fixed-price. (kotakneo.com)

- Customer concentration:

Loss of one or a few major utility clients or EPC partners can significantly impact revenues. (kotakneo.com)

- Operational concentration:

Any disruption at key manufacturing facilities (breakdowns, accidents, regulatory stoppages) can affect deliveries and financial performance. (kotakneo.com)

- Sector cyclicality and tender timing:

Business is tender- and project-driven; quarterly numbers may be lumpy due to bid cycles, monsoon effects, and execution schedules. (kotakneo.com)

When evaluating such an SME IPO (example approach, not advice), investors generally look at: order-book visibility, debtor days (receivables from SEBs/PSUs), leverage, promoter background, related-party transactions, and peer valuations.

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7. Peer Context

Kotak Neo’s comparison table in the IPO note places Raksan alongside other listed transformer companies like: (kotakneo.com)

- Marsons Limited

- Shilchar Technologies Limited

- Supreme Power Equipment Limited

On that table, Raksan’s FY25 revenue (~₹324 crore) is mid-range versus peers, with EPS of ~₹12.24 and book value of ~₹26.61. Peers trade at varying P/E multiples; the exact implied P/E for Raksan will depend on the eventual IPO price band.

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8. If You Actually Meant “Rakshan Transformers Pvt Ltd” (with ‘h’)

There also exists Rakshan Transformers Pvt. Ltd., which is:

- An unlisted private company, typically appearing as:

- A supplier/vendor of distribution transformers to utilities like Assam Power Distribution Company Ltd (APDCL) – listed as “M/s Rakshan Transformers Pvt.” in APDCL’s DDUGJY vendor list. (apdcl.org)

- A trade creditor in the liquidation/stakeholder lists of EMC Limited (in liquidation) under the Insolvency and Bankruptcy Code. (emcpower.com)

There is no public equity listing or readily accessible detailed financial disclosure for “Rakshan Transformers Pvt Ltd”. From an equity-investor standpoint, it is not directly investible on NSE/BSE.

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9. How to Access Original Documents

If you want to study Raksan Transformers in depth, the primary documents to download and read are:

- Raksan Transformers DRHP/RHP & Prospectus: available via

- Company site (Investor Relations section). (raksantransformers.com)

- Hem Securities offer document download page. (hemsecurities.com)

- BSE SME public issue page (once live). (nseindia.com)

- Broker IPO summaries:

- Kotak Neo’s IPO detail page (good for quick financial and strength–risk overview). (kotakneo.com)

- Other IPO-tracking sites like A2ZIPO, IPOPlatform, etc. (a2zipo.com)

These will give you full financial statements, detailed risk factors, order-book data, and legal / corporate-information sections.

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