Tamil Nadu’s Vans Electroengineerings made a bumper debut on the BSE SME platform on Wednesday, 7 October 2026, listing at ₹224.20 — a 90.0% gain over its issue price of ₹118.
The company manufactures electrical equipment for railway electrification, including vacuum circuit breakers, vacuum interrupters and Loco VCBs, and is an RDSO-approved vendor. It has also acquired a 67% stake in Infowin Electric, widening its footprint in the segment.
The ₹33.98 crore IPO comprised 28.8 lakh fresh shares and drew overwhelming demand, getting subscribed 628.73 times — a signal of how hot the SME railways-and-power theme is running right now.
On the financials, Vans reported FY26 revenue of ₹23.19 crore and a profit after tax of ₹5.39 crore, reflecting steady profitability in a niche where Indian Railways’ electrification programme keeps order books ticking.
The listing adds to a crowded week for the SME bourses, with investors clearly favouring specialist industrial names over generic plays.
Why it matters for founders
Specialist industrial startups serving large institutional buyers — railways, power, defence — are commanding serious premiums on the SME platforms. If your venture has approved-vendor status and profitable unit economics, the SME IPO route is wide open.