Vans Electroengineerings IPO
Vans Electroengineerings IPO Details
-
Open Date
29 Sep 2026
-
Close Date
01 Oct 2026
- IPO Price Range
₹ 112 to ₹118
- IPO Size
₹ 33.98 Cr
Vans Electroengineerings IPO Timeline
Last Updated: 25 September 2026 9:45 AM by 5paisa
VANS Electroengineerings Limited is an ISO 9001:2015-certified company engaged in manufacturing and supplying components used in traction power supply and overhead equipment systems for Indian railway electrification, metro systems and renewable energy applications. Its principal products include single-pole and double-pole vacuum circuit breakers and vacuum interrupters, with products approved by the Research Designs and Standards Organisation (RDSO) for railway electrification applications.
The company operates a manufacturing facility in Salem, Tamil Nadu, equipped with in-house assembly, testing and quality-control infrastructure. Its products are supplied primarily to Indian Railways and railway contractors.
Established in: 2022
Joint Managing Directors: Balakrishnan Srinivasan and Viraj Bansal
Peers:
There are no listed companies in India with a comparable size, scale and business model in the manufacture of vacuum circuit breakers, vacuum interrupters and related products.
Vans Electroengineerings Objectives
1. To meet working capital requirements of the company
2. General corporate purposes
VANS Electroengineerings IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹33.98 Cr |
| Offer For Sale | - |
| Fresh Issue | ₹33.98 Cr |
VANS Electroengineerings IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 2,400 | 2,68,800 |
| Individual investors (IND) (Max) | 2 | 2,400 | 2,83,200 |
| HNI (Min) | 3 | 3,600 | 4,03,200 |
| S-HNI (Max) | 7 | 8,400 | 9,91,200 |
| B-HNI (Min) | 8 | 9,600 | 11,32,800 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 2.60 | 13.56 | 22.84 |
| EBITDA | 0.02 | 2.48 | 7.23 |
| PAT | 0.02 | 1.73 | 5.39 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 6.57 | 5.34 | 16.85 |
| Share Capital | 1.00 | 2.00 | 2.00 |
| Total Liabilities | 5.52 | 1.56 | 7.68 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (used in) operating activities | -2.79 | 5.51 | -3.07 |
| Net Cash Generated From / (used in) Investing Activities | -0.04 | -0.10 | -0.07 |
| Net Cash Generated From / (used in) financing activities | 2.49 | -3.31 | 1.18 |
| Net Increase / (Decrease) In Cash And Cash Equivalents | -0.34 | 2.10 | -1.96 |
Strengths
1. The company operates in a specialised railway electrification segment, with a focus on vacuum circuit breakers, vacuum interrupters and traction-power equipment.
2. Its product portfolio includes RDSO-approved products used in traction substations and other railway electrification applications.
3. In-house engineering, assembly, testing and quality-control capabilities support product development and compliance with prescribed technical standards.
4. Revenue from operations increased substantially between FY24 and FY26, alongside expansion in EBITDA and PAT.
Weaknesses
1. The business is substantially dependent on the Indian Railways ecosystem and government-funded railway infrastructure projects.
2. Vacuum circuit breakers and vacuum interrupters together accounted for 85.51% of FY26 revenue, creating product concentration.
3. Customer concentration remains relatively high, with the top ten customers contributing 80.80% of FY26 revenue.
4. Working-capital intensity is significant, reflected in the company's proposed use of ₹25 crore of IPO proceeds for working capital.
Opportunities
1. Continued investment in railway electrification and traction-system upgrades could support demand for the company's product categories.
2. Upgradation of existing electric traction infrastructure from 1×25 kV to 2×25 kV systems can widen requirements for specialised traction equipment.
3. Metro rail expansion can create additional applications for traction power supply and overhead equipment products.
4. Expansion into additional railway electrification products can help diversify the company's existing product portfolio, subject to technical approvals and commercial acceptance.
Threats
1. Changes in Indian Railways' capital expenditure, procurement policies, technical specifications or vendor qualification requirements could affect order flows.
2. Competitive tendering may create pricing pressure and uncertainty around future contract wins.
3. Delays or increases in the cost of raw materials and components can affect production schedules and margins.
4. Concentration of manufacturing activities at a single Salem facility creates operational exposure in the event of disruptions.
1. The company operates in the specialised traction power and railway electrification equipment segment.
2. RDSO approvals and ISO 9001:2015 certification support its participation in a technically regulated railway procurement ecosystem.
3. Revenue from operations increased from ₹2.60 crore in FY24 to ₹22.84 crore in FY26, accompanied by improvement in profitability.
4. Integrated manufacturing, testing and engineering capabilities support the company's existing product portfolio and potential product expansion.
India's railway electrification and modernisation programmes form the primary demand environment for VANS Electroengineerings. As of March 2025, 68,701 km, or 98.83%, of India's broad-gauge railway network had been electrified, while investment is also being directed towards higher-capacity traction systems, track upgrades and network modernisation.
The RDSO's traction-installation activities include development and standardisation of equipment for 25 kV and 2×25 kV AC traction systems, covering traction substations and overhead equipment.
For manufacturers serving this ecosystem, opportunities extend beyond new electrification to upgrades, replacements, metro rail systems and higher-capacity traction infrastructure. VANS Electroengineerings' RDSO-approved portfolio and focus on circuit breakers, interrupters and overhead equipment position its products within these applications. However, actual business growth remains linked to railway spending, tender wins, vendor approvals and project execution.
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FAQs
VANS Electroengineerings IPO opens on September 29, 2026 and closes on October 1, 2026.
The VANS Electroengineerings IPO has an issue size of approximately ₹33.98 crore at the upper end of the price band. The issue comprises entirely a fresh issue of 28,80,000 equity shares, with no offer-for-sale component.
The price band of VANS Electroengineerings IPO is fixed at ₹112 to ₹118 per share.
To apply for VANS Electroengineerings IPO, follow the steps given below:
1. Login to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the VANS Electroengineerings IPO.
3. Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.
4. You will receive a mandate notification to block funds in your UPI app.
The IPO lot size is 1,200 shares. An Individual Bidder must apply for a minimum of two lots, equivalent to 2,400 shares. At the lower end of the price band, this translates to approximately ₹2,68,800, while the amount at the upper price of ₹118 is ₹2,83,200.
The basis of allotment for VANS Electroengineerings IPO is scheduled for October 5, 2026.
VANS Electroengineerings IPO is tentatively scheduled to list on the BSE SME platform on October 7, 2026.
Hem Securities Limited is the Book Running Lead Manager to the issue.
The IPO proceeds are proposed to be used for:
1. Meeting the company's working capital requirements
2. General corporate purposes
Of the net proceeds, ₹25 crore is proposed to be used towards long-term working capital requirements.