Raksan Transformers IPO

Raksan Transformers manufactures transformers of different voltages, and the product range includes distribution transformers, power transformers, solar application transformers, and special purpose transformers. It was registered in the year 1995, and it started out as a repair and servicing company for distribution and power transformers. The company has backwards-integrated itself into the supply chain because of its group company SHR Powers Private Limited, which is involved in the manufacturing of transformer tanks/bodies for the company's production process.

The company has two manufacturing units, and as of March 31, 2026, its capacity was about 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers. Capacity utilisation was very high, with distribution transformers at 91.6% and power transformers at 95.1%. As of June 30, 2026, the company’s order book size was ₹329.68 crore on 83 orders in hand. The number of customers that the company has as of March 31, 2026, is around 121, and the company has been certified as a vendor by over 20 firms.

In terms of revenues, 50.7% of revenue came from the B2G category in FY26, whereas 49.2% came from the B2B category. In the case of products, distribution transformers up to 3150 KVA contributed 64.18% of revenue in FY26, whereas power transformers contributed 27.5%, while others contributed the rest, which included revenue from scrap sales and job works. In terms of geographies, 58.5% of revenue came from Uttar Pradesh in FY26, whereas 14.2% came from Bihar, 8.2% from Madhya Pradesh, 7.7% from Haryana and 6.9% from Jammu & Kashmir.