Vans Electroengineerings IPO
Vans Electroengineerings IPO is a SME issue of ₹33.98 Cr (Fresh capital only). The price band is ₹112–118 per share with a lot of 1,200 shares (₹1,41,600 minimum). Bidding runs 29 Sep – 1 Oct, allotment is on 5 Oct 2026 and listing on 7 Oct 2026 on BSE SME. The issue has been subscribed 584.44x overall. It listed at ₹224.20 (+90.00% over the issue price) and trades at ₹300.35 (+154.53%).
IPO details
| Detail | Value |
|---|---|
| Price band | ₹112–118 |
| Lot size | 1,200 shares |
| Minimum investment | ₹1,41,600 |
| Issue size | ₹33.98 Cr |
| Issue type | Fresh capital only |
| Face value | ₹10 per share |
| Listing on | BSE SME |
| Issue price | ₹118 |
Subscription status
| Category | Subscribed |
|---|---|
| Qualified institutions (QIB) | 281.65x |
| Non-institutional (NII) | 757.27x |
| Retail | 686.27x |
| Employees | 0.95x |
| Shareholders | 0.00x |
Updated 07 Oct 2026, 05:27 PM IST
IPO dates
| Event | Date |
|---|---|
| Bidding opens | 29 Sep 2026 |
| Bidding closes | 1 Oct 2026 |
| Allotment | 5 Oct 2026 |
| Refunds | 6 Oct 2026 |
| Shares credited to demat | 6 Oct 2026 |
| Listing | 7 Oct 2026 |
Lot size and application amounts
| 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 |
About Vans Electroengineerings
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 financials
| ₹ crore | 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 ratios
| Ratio | Value |
|---|---|
| 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.
Allotment status
Registrar: Bigshare Services Private Limited. Check Vans Electroengineerings IPO allotment status.
FAQs
What is the price band of Vans Electroengineerings IPO?
₹112–118 per share.
What is the lot size of Vans Electroengineerings IPO?
1,200 shares, which costs ₹1,41,600 at the upper price band.
What is the GMP of Vans Electroengineerings IPO?
₹103 (+87.29%) as of 07 Oct 2026, 08:24 AM IST. GMP is unofficial and not a prediction of the listing price.
When does Vans Electroengineerings IPO open and close?
It opens on 29 Sep 2026 and closes on 1 Oct 2026.
When is the allotment date of Vans Electroengineerings IPO?
5 Oct 2026.
When will Vans Electroengineerings IPO list?
7 Oct 2026 on BSE SME.
How many times was Vans Electroengineerings IPO subscribed?
584.44x overall.