| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 2.60 | 13.56 | 22.84 |
| Expenses | 2.71 | 11.51 | 15.93 |
| Other Income | 0.17 | 0.26 | 0.35 |
| Total Revenue | 2.76 | 13.82 | 23.19 |
| Profit Before Tax | 0.05 | 2.31 | 7.26 |
| Net Profit | 0.02 | 1.73 | 5.39 |
Vans Electroengineerings
Vans Electroengineerings IPO
₹2,68,800
1.44 xOver-subscribedBidding Dates 29 Sept, 26 -01 Oct, 26
Min Investment ₹2,68,800
Lot Size1,200
Price Range ₹112 – ₹118
Issue Size ₹33.98 Cr.
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IPO Subscription Details
Retail Subscription Details
2.57 x
Non-Institutional Buyers (sHNI)
1.36 x
Non-Institutional Buyers (bHNI)
0.63 x
Qualified Institutional Buyers (QIB)
0 x
Employees
0 x
Total1.44 x
1.44 x IPO Timeline
IPO Offer Start
29 Sept,26
IPO Offer Ends
01 Oct,26
Allotment Finalisation
05 Oct,26
Refund Initiation
06 Oct,26
Listing of Shares
07 Oct,26
IPO Analysis
Strengths
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.
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.
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.
Risks
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.
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.
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.
Objectives
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.
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.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 6.57 | 5.34 | 16.85 |
| Current Assets | 6.30 | 4.95 | 16.38 |
| Fixed Assets | 0.27 | 0.39 | 0.47 |
| Total Equity & Liabilities | 6.57 | 5.34 | 16.85 |
| Total Liabilities | 5.52 | 1.56 | 7.68 |
| Current Liabilities | 5.50 | 1.51 | 7.59 |
| Non Current Liabilities | 0.02 | 0.04 | 0.09 |
| Total Equity | 1.05 | 3.78 | 9.17 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -0.34 | 2.10 | -1.96 |
| Investing Activities | -0.04 | -0.10 | -0.07 |
| Operating Activities | -2.79 | 5.51 | -3.07 |
| Financing Activities | 2.49 | -3.31 | 1.18 |
About Vans Electroengineerings
VANS Electroengineerings Limited is an ISO 9001:2015 certified manufacturer and supplier of traction power supply and overhead equipment system components — including Single/Double Pole Vacuum Circuit Breakers and Vacuum Interrupters — used in Indian Railways electrification infrastructure, metro systems, and renewable energy applications. The company operates from its manufacturing facility...more
Managing DirectorBalakrishnan Srinivasan
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