Vans Electroengineerings IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Vans Electroengineerings

Price band

₹112 – ₹118

Lot size

1200 shares

Min investment

₹1,41,600

Issue size

₹33.98 Cr

About the company

Vans Electroengineerings Limited was started in February 2022. It makes components used in traction power supply and overhead equipment, the systems that feed electricity to trains, for Indian railway electrification, metro systems and renewable energy projects. Its main products are single pole and double pole vacuum circuit breakers and vacuum interrupters. These switch and protect the power supply at traction substations, sectioning posts, feeding posts and other points along an electrified railway line. Its products are supplied mainly to Indian Railways and to railway contractors. It holds approvals from the Research Designs and Standards Organisation, the technical arm of Indian Railways, for some products, and has Approved Vendor status from the Central Organisation for Railway Electrification. It operates from its registered office and manufacturing facility in Salem, Tamil Nadu.

Vans Electroengineerings Limited makes single and double pole vacuum circuit breakers and vacuum interrupters for railway traction power supply and overhead equipment, supplying Indian Railways, railway contractors, metro systems and renewable energy projects from its facility in Salem, Tamil Nadu. It holds RDSO approvals and CORE approved vendor status.

IPO details

Issue price: ₹118
Price band: ₹112 – ₹118
Face value: ₹10
Lot size: 1200
Min investment: ₹1,41,600
Issue size: ₹33.98 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 8019
NSE symbol: VANS.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,41,600
Retail (Max)	1	1,200	₹1,41,600
HNI (Min)	2	2,400	₹2,83,200

Investor reservation

CATEGORY	RESERVED
QIB	13,41,600 shares (49.96% of the Offer)
NII	4,03,200 shares (15.01% of the Offer)
Retail	9,40,800 shares (35.03% of the Offer)
Employee	48,000 shares (1.67% of the Offer)

Objects of the issue

1To Meet Working Capital Requirements of the Company25.00

2General Corporate Purpose

Financials

Rs. Crore • restated

METRIC	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

Key performance indicators

P/E Ratio

23.79

EPS (₹)

4.96

RoE

83.27%

RoCE

63.96%

RoNW

58.79%

PAT Margin

23.61%

EBITDA Margin

31.63%

Debt / Equity

0.28

NAV (₹)

11.46

✓ Strengths

• Sales have grown very fast, from Rs 2.76 crore in FY2024 to Rs 13.82 crore in FY2025 and Rs 23.19 crore in FY2026.

• Profit has grown from almost nothing to Rs 5.39 crore in FY2026, with a PAT margin of 23.61%.

• Return ratios are very high, with RoCE of 63.96% and RoNW of 58.79%.

• RDSO approval and CORE approved vendor status are required to supply Indian Railways and take time to obtain, which keeps new competitors out.

• Railway electrification, metro expansion and renewable energy all need this equipment, and all are areas of steady government spending.

• Debt is low at Rs 2.55 crore against a net worth of Rs 9.17 crore.

⚠ Risks

• The company is very young, having been started only in February 2022, and its growth is from a tiny base, with sales rising about eight times in two years.

• It is raising a lot relative to its size. Rs 25 crore of the Rs 33.98 crore issue goes into working capital, which is almost three times its entire net worth of Rs 9.17 crore.

• The issue is priced at about 23.79 times earnings on an EPS of Rs 4.96, which is high for a company with barely two years of real revenue.

• Almost all the business comes from Indian Railways and its contractors, so it depends on one customer ecosystem and its tender and payment cycles.

• Railway supply contracts are won through competitive tenders, and approvals can be reviewed or withdrawn.

• The company runs from one facility in Salem, and a corporate entity is among the promoters, whose holding falls from 90.75% to 66.73%.

• This is an SME issue. One lot is 1,200 shares, which is about Rs 1.42 lakh at the upper band of Rs 118, and SME shares usually trade in low volume after listing.

Promoters & holding

Balakrishnan Srinivasan, Viraj Bansal, Abhishek Saraff, Nitin Jain, Pooja Bansal and Hotspot Infodot Pvt.Ltd

Pre-issue promoter holding

90.75%

Post-issue promoter holding

66.73%

Promoters hold 90.75% before the issue and will hold 66.73% after it.

Data refreshed 07 Nov 2026, 04:49 pm IST. GMP is unofficial market sentiment, not investment advice.