IPO Analysis
Vans Electroengineerings IPO Analysis: GMP, Financials, Valuation & Risks
Vans Electroengineerings IPO is open on BSE SME with a price band of ₹112 to ₹118 per share. GMP, financials, valuation, risks, and key dates are covered here.
· 5 min read
AI wrote this article from prospectus and exchange data, and software checked its figures against that data before publishing. How our content is made
Summary
Vans Electroengineerings IPO is an SME issue on BSE SME and is open from September 29, 2026 to October 1, 2026. The price band is ₹112 to ₹118 per share and the issue size is approximately ₹34 crores.
The company has shown growth in revenue and profit across the reported periods. At the same time, the business has concentration risks and operates in a niche segment. The unofficial grey market premium suggests a positive listing indication, but it is not an official market figure.
IPO snapshot
Price band, lot size, issue size
| Particulars | Details |
|---|---|
| Company | Vans Electroengineerings |
| IPO type | SME |
| Exchange | BSE SME |
| Issue type | Book build Issue |
| Price band | 112 to 118 Per Share |
| Face value | 10 Per Equity Share |
| Issue size | Approx 34 Crores |
| Fresh issue | Approx 34 Crores |
| Offer for sale | Not available |
Dates
| Event | Date |
|---|---|
| Open | September 29, 2026 |
| Close | October 1, 2026 |
| Allotment | October 5, 2026 |
| Refunds | October 6, 2026 |
| Credit to demat | October 6, 2026 |
| Listing | October 7, 2026 |
Market lot
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2400 | 2,83,200 |
| Retail Maximum | 2 | 2400 | 2,83,200 |
| S-HNI Minimum | 3 | 3600 | 4,24,800 |
| S-HNI Maximum | 7 | 8400 | 9,91,200 |
| B-HNI Minimum | 8 | 9600 | 11,32,800 |
Business
Vans Electroengineerings Limited is described in the available analysis as a company with strong revenue growth and profitability. The business has also been noted for its debt-free profile and its focus on working capital and general corporate purposes through the fresh issue.
The promoters listed are Balakrishnan Srinivasan, Viraj Bansal, Abhishek Saraff, Nitin Jain, Pooja Bansal and Hotspot Infodot Pvt.Ltd.
Financials
| Period ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 2.76 | 2.71 | 0.02 | 6.57 |
| 2025 | 13.82 | 11.51 | 1.73 | 5.34 |
| 2026 | 23.19 | 15.93 | 5.39 | 16.85 |
The reported numbers show a rise in revenue and profit over the three periods. The company’s financial performance is a key part of the IPO case, but readers should still look at the concentration and operational risks alongside the growth trend.
Valuation
| Metric | Value |
|---|---|
| ROE | 83.27% |
| ROCE | 63.96% |
| EBITDA margin | 31.63% |
| PAT margin | 23.61% |
| Debt to equity ratio | 0.28 |
| EPS | 6.74 (Basic) |
| P/E ratio | N/A |
| RONW | 58.79% |
| NAV | 11.46 |
On the reported figures, the company shows strong profitability ratios and a low debt to equity ratio. The P/E ratio is not available, so valuation needs to be read mainly through the reported earnings, margins, and NAV.
GMP
The latest unofficial grey market premium is ₹90 as of 30 Sept 2026, 8:57 am IST. Based on that unofficial indication, the estimated listing price is ₹208 and the estimated listing percent is 76.27%.
GMP trend
| Date | Unofficial GMP | Estimated listing percent |
|---|---|---|
| 2026-09-24 | 0 | 0 |
| 2026-09-25 | 0 | 0 |
| 2026-09-26 | 0 | 0 |
| 2026-09-27 | 0 | 0 |
| 2026-09-28 | 45 | 38.14 |
| 2026-09-29 | 45 | 38.14 |
| 2026-09-30 | 90 | 76.27 |
This is an unofficial grey market indication, not an exchange figure. It may help gauge sentiment, but it should not be treated as official or certain.
Strengths
- Reported strong growth in revenue and PAT across the three periods.
- ROE, ROCE, EBITDA margin, PAT margin, and RONW are reported at strong levels.
- Debt to equity ratio is 0.28.
- Fresh issue only, with no offer for sale shown.
- The promoters are publicly listed.
Risks
- The business is described as having heavy reliance on Indian Railways for revenue.
- Revenue concentration in two product verticals may create dependency risk.
- The customer base is limited.
- Operational disruption from equipment failures may affect execution.
- Dependence on third-party logistics can add operational risk.
- There are no listed peers for comparison in the available analysis.
- Related party transaction concerns may require closer review.
Important dates
| Event | Date |
|---|---|
| Issue opens | September 29, 2026 |
| Issue closes | October 1, 2026 |
| Allotment | October 5, 2026 |
| Refunds | October 6, 2026 |
| Credit to demat | October 6, 2026 |
| Listing | October 7, 2026 |
Who may find this IPO relevant
This IPO may be relevant for readers tracking SME issues on BSE SME, especially those looking at companies with reported profit growth, low leverage, and a niche industrial or railway-linked business profile.
Readers following all IPOs may also compare this issue with other open and upcoming offerings.
FAQs
What is the issue size of Vans Electroengineerings IPO?
The issue size is approximately ₹34 crores.
What is the price band?
The price band is 112 to 118 per share.
What is the latest unofficial grey market premium?
The latest unofficial grey market premium is ₹90 as of 30 Sept 2026, 8:57 am IST.
What is the listing date?
The listing date is October 7, 2026.
Is the P/E ratio available?
No. The P/E ratio is shown as N/A.