Raksan Top-Five Customer Share Fell, Six States Supplied 97%

Raksan Transformers Limited reduced its top-five customer concentration to 46.36% in FY2026 from 75.08% in FY2025, while six states still supplied 97.13% of revenue from operations. Uttar Pradesh alone generated Rs 212.65 crore, or 58.56%, of Raksan’s FY2026 revenue of Rs 363.11 crore.

How concentrated is Raksan revenue by customer and state?

Raksan’s top-five customer concentration declined in FY2026, but its revenue remained concentrated in six state markets. The five largest customers contributed Rs 168.34 crore in FY2026, down from Rs 243.41 crore in FY2025, although revenue from operations increased to Rs 363.11 crore from Rs 324.21 crore.

The top-five share fell by 28.72 percentage points from FY2025 and was also below the 68.07% reported in FY2024. Raksan had around 121 customers as of March 31, 2026, but the five largest customers still generated almost half of FY2026 revenue from operations.

Customer and geographic concentration measure different exposures. Raksan can sell to more customers while remaining dependent on the same state-level tender cycles, public-utility procurement processes, technical requirements and payment patterns. Uttar Pradesh, Bihar, Madhya Pradesh, West Bengal, Haryana and Jammu and Kashmir together contributed Rs 352.72 crore in FY2026.

What changed in Raksan’s customer mix and B2B revenue?

Raksan’s business-to-business, or B2B, revenue increased to 49.22% of FY2026 revenue from 27.01% in FY2025. B2B revenue was Rs 178.74 crore in FY2026, compared with Rs 87.58 crore in FY2025, bringing its share close to business-to-government, or B2G, revenue of 50.73%.

B2G revenue was Rs 184.19 crore in FY2026, compared with Rs 236.63 crore in FY2025. In FY2024, B2B represented 43.87% of revenue and B2G represented 56.13%, showing that the customer-category mix changed across the three reported financial years.

Raksan also reported business-to-consumer, or B2C, revenue of Rs 17.83 lakh in FY2026, equal to 0.05% of revenue from operations. The reported shift in mix therefore came mainly through B2B business rather than retail sales, while government entities and utilities remained responsible for about half of FY2026 revenue.

Raksan is an approved vendor for more than 20 entities, including power distribution corporations, public sector undertakings and public utility companies. Maintaining the lower top-five customer share depends on Raksan converting those vendor relationships and its 121-customer base into revenue beyond a limited group of accounts.

Why did six states still supply 97% of Raksan revenue?

Raksan’s six-state revenue concentration persisted because Uttar Pradesh generated Rs 212.65 crore, or 58.56%, of FY2026 revenue. Bihar was the second-largest market at Rs 51.63 crore, or 14.22%, followed by Madhya Pradesh at Rs 29.83 crore, or 8.21%.

Uttar Pradesh revenue declined from Rs 241.86 crore in FY2025, when it accounted for 74.60% of revenue, but it remained the largest market in FY2026. The FY2026 change in state mix included higher revenue from Bihar, which rose from Rs 12.03 crore in FY2025, and Madhya Pradesh, which rose from Rs 2.19 crore.

West Bengal shows that Raksan’s state exposure can change substantially by year. Revenue from West Bengal fell to Rs 5.03 crore in FY2026 from Rs 23.42 crore in FY2025, while the six-state share rose from 94.05% in FY2024 to 97.13% in FY2026 as Bihar, Madhya Pradesh, Haryana and Jammu and Kashmir contributed more revenue.

What could reduce Raksan’s six-state revenue concentration?

Raksan has disclosed plans to deepen its presence in existing markets and expand into new state-government, regional electricity-board and public-sector tenders. The stated measures include improving bid success rates, increasing engagement with government departments and utilities, strengthening relationships with decision-makers and establishing or enhancing local presence in target regions.

Geographic concentration would decline only if revenue outside the six named states grows faster than revenue from those markets. Other states generated Rs 10.39 crore, or 2.87%, of FY2026 revenue, compared with Rs 7.53 crore, or 2.33%, in FY2025; the filing lists Delhi, Rajasthan, Chandigarh, Jharkhand, Punjab, Assam, Uttarakhand and Himachal Pradesh among those markets.

Tender participation is subject to eligibility and pre-qualification requirements, including technical capability, execution of similar projects and registration or enlistment with relevant departments and agencies. Raksan states that it may use project-specific joint ventures or consortiums where projects exceed its individual financial or technical eligibility.

Raksan has also acquired land at Liwaspur, Rai, Sonepat, Haryana for a proposed transformer manufacturing facility. The company proposes to spend about Rs 72.58 crore on the facility, including factory construction, civil work and machinery, partly from initial public offering proceeds; as of June 30, 2026, Raksan had 83 orders in hand worth Rs 329.68 crore.

Conclusion

Raksan’s FY2026 figures indicate lower reliance on its five largest customers but continued dependence on a narrow geographic base. The top-five customer share fell to 46.36% as B2B revenue reached 49.22% of sales, yet the six named states produced Rs 352.72 crore, or 97.13%, of total revenue from operations.

The next disclosure to watch is whether Raksan’s stated tender-expansion plan increases revenue from markets outside the six core states. Results will also depend on tender eligibility, the proposed Rs 72.58 crore Liwaspur facility and conversion of the Rs 329.68 crore order book into deliveries without increasing dependence on Uttar Pradesh or another individual state.