While working on my project I supplied 12v to my pro mini through raw input and then a s4 named component smoked and my pro mini stopped working . It didn't turn on either through vcc or raw. The voltage regulator seems completely fine. Can I repair my pro mini. Please help.
Many Arduinos have a Schottky diode between the power connector and the voltage regulator as a protection against accidental reverse polarity connection. The official Pro Mini, or the Sparkfun variant, does not.
So you can either de-solder the diode or break it off the board using diagonal cutters and then replace it with either a similar diode -- or with a solder-bridge if you are confident about never connecting power the wrong way around.
It's possible (likely even) that other components that look OK visually are actually damaged. Especially if you can't power the board by connecting a regulated 5V supply to the VCC pin.
Once you have removed the diode as described in @RedGrittyBrick's answer, you will need to replace it with another. Note you don't have to replace it with a SMD version if you can't get your hands on one. Most electronics shops sell a 1N4004 or 1N4007 diode which would be a suitable replacement.
If worst comes to worst, you could solder a blob of solder across the diode's pads - which would mean you lose the reverse polarit protection - but it would provide a path for your voltage input to go into the regulator.