Raksan Transformers Limited announced its unaudited financial results for the half year ended September 30, 2026 (H1FY27). The disclosure was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance H1FY27

  • Revenue: Rs 121.1 crore
  • EBITDA: Rs 8.2 crore with margin of 6.8%
  • PAT: Rs 4.9 crore with margin of 4.1%
  • Net Worth: Rs 195 crore
  • Debt/Equity Ratio: 0.14x
  • Trade receivables declined by 29% during the period

Operational Highlights

  • Majority of supplies comprised lower-capacity B2G orders which impacted revenue growth
  • Certain deliveries were deferred due to customer funding timelines, with orders shifting to subsequent quarters
  • Margins were impacted by elevated aluminum, copper, steel and transformer oil prices (due to US-Iran war)
  • Company maintained profitability while navigating input cost pressures
  • Order book of approximately Rs 427 crore as of September 2026, with 85-90% comprising orders from private-sector customers and EPC companies

Manufacturing Capabilities

  • Integrated manufacturing setup with in-house capabilities across tank fabrication, radiator manufacturing, core cutting, copper and aluminium processing, wire drawing and wire covering
  • Expanded beyond conventional distribution transformers into higher-capacity transformers and substation-related products
  • ISO 9001:2015 certified manufacturer of transformers across different voltage ratings

Corporate Developments

  • Completed IPO comprising fresh issue of approximately Rs 120 crore and Offer for Sale of approximately Rs 30 crore
  • Proceeds from fresh issue primarily earmarked towards development of new manufacturing facility and supporting business expansion
  • Acquired land at Liwaspur, Sonepat, Haryana for new manufacturing facility spanning 1.07 lakh sq. ft.
  • Proposed investment of ~Rs 72.58 crores, partly funded through IPO proceeds

Expansion Plans

  • Proposed expansion expected to increase installed power transformer manufacturing capacity from ~1,350 MVA to ~3,250-4,000 MVA p.a.
  • Power transformer manufacturing capability enhancement from 12.5 MVA to 100 MVA transformers
  • Voltage handling capability enhancement from 220 kV to 400 kV class transformers
  • Estimated incremental annual revenue potential of approximately 2-3 times existing revenue levels upon stabilization and optimum utilization

Management Commentary

Mr. Sanjeev Kanda, Chairman and Managing Director, commented on significant developments in the Indian power sector driven by growing need for reliable electricity distribution infrastructure, grid modernization and increasing investments. He noted that government initiatives to strengthen distribution networks alongside private-sector infrastructure investments are creating opportunities. The listing on BSE SME platform in September 2026 was described as an important milestone. He acknowledged that H1FY27 performance was impacted by slower execution of certain customer orders and volatility in raw material prices, but emphasized focus on strengthening manufacturing capabilities and improving operational efficiency.

Company Background

Incorporated in July 1995, Raksan Transformers Limited manufactures diversified range of transformers including distribution transformers, power transformers, transformers for solar applications and special purpose transformers used across power generation, transmission and distribution networks, as well as various industrial and infrastructure projects.