Kanohar Electricals IPO is a book-built mainboard public issue of Kanohar Electricals Limited, a manufacturer of transformers and an EPC service provider for substations and transmission lines.
The IPO is scheduled to open for subscription on 8 September 2026 and close on 10 September 2026. The price band has been fixed at ₹601 to ₹632 per equity share, with a face value of ₹2 per share. The shares are proposed to be listed on the BSE and NSE.
The total issue size is approximately ₹1,055.74 crore. It consists of a fresh issue of up to 47,46,835 equity shares aggregating to ₹300 crore and an offer for sale of up to 1,19,57,915 equity shares aggregating to approximately ₹755.74 crore at the upper price band.
Kanohar Electricals IPO Details
| Particular | Details |
|---|---|
| IPO Name | Kanohar Electricals IPO |
| Company Name | Kanohar Electricals Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹2 Per Equity Share |
| Price Band | ₹601 to ₹632 Per Share |
| Total Issue Size | ₹1,055.74 Crore |
| Fresh Issue | ₹300 Crore |
| Fresh Issue Shares | 47,46,835 Equity Shares |
| Offer for Sale | 1,19,57,915 Equity Shares |
| OFS Value | ₹755.74 Crore |
| IPO Open Date | 8 September 2026 |
| IPO Close Date | 10 September 2026 |
| Basis of Allotment | 11 September 2026 |
| Refund Initiation | 15 September 2026 |
| Demat Credit | 15 September 2026 |
| Listing Date | 16 September 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 23 Shares |
| Minimum Retail Investment | ₹14,536 |
| Lead Managers | Nuvama Wealth Management Limited; IIFL Capital Services Limited |
| Registrar | MUFG Intime India Private Limited |
The fresh issue proceeds will be received by the company, whereas the proceeds from the offer for sale will go to the selling shareholder.
Kanohar Electricals IPO Dates & Timeline
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 7 September 2026 |
| IPO Opening Date | 8 September 2026 |
| IPO Closing Date | 10 September 2026 |
| Basis of Allotment | 11 September 2026 |
| Refund Initiation | 15 September 2026 |
| Credit of Shares to Demat | 15 September 2026 |
| Listing Date | 16 September 2026 |
The anchor investor bidding is scheduled for 7 September 2026, followed by the three-day public issue from 8 September to 10 September. Allotment is scheduled for 11 September and listing for 16 September 2026.
Kanohar Electricals IPO Price Band
The Kanohar Electricals IPO price band is fixed at ₹601 to ₹632 per equity share.
| Particular | Amount |
|---|---|
| Face Value | ₹2 |
| Lower Price Band | ₹601 |
| Upper Price Band | ₹632 |
| Fresh Issue | ₹300 Crore |
| Offer for Sale | ₹755.74 Crore |
| Total Issue Size | ₹1,055.74 Crore |
The floor price represents 300.50 times the face value, while the cap price represents 316 times the face value.
Kanohar Electricals IPO Lot Size
The Kanohar Electricals IPO market lot is 23 shares. Investors can bid in multiples of 23 shares.
| Application | Lots | Shares | Amount at ₹632 |
|---|---|---|---|
| Retail Minimum | 1 | 23 | ₹14,536 |
| Retail Maximum | 13 | 299 | ₹1,88,968 |
| S-HNI Minimum | 14 | 322 | ₹2,03,504 |
| S-HNI Maximum | 68 | 1,564 | ₹9,88,448 |
| B-HNI Minimum | 69 | 1,587 | ₹10,02,984 |
The minimum retail application at the upper price band is ₹14,536.
Kanohar Electricals IPO Reservation
| Investor Category | Percentage of Offer |
|---|---|
| Qualified Institutional Buyers | 50% |
| Non-Institutional Investors | 15% |
| Retail Individual Investors | 35% |
| Total | 100% |
The issue provides 50% of the net offer for QIBs, 15% for NIIs and 35% for retail investors.
About Kanohar Electricals Limited
Kanohar Electricals Limited was incorporated in 1972 and operates in the power equipment and electrical infrastructure sector. The company manufactures transformers and provides EPC services for substations and transmission lines.
Its products and solutions serve several infrastructure markets, including power transmission and distribution, railways, renewable energy, power generation and industrial customers.
The company has manufacturing facilities at Rithani and Gangol in Meerut, Uttar Pradesh. As of 30 September 2025, the combined transformer manufacturing capacity of these facilities was 19,200 MVA. The facilities also have in-house testing laboratories and backward-integrated manufacturing capabilities for critical transformer components such as tanks and radiators.
Kanohar Electricals Business Operations
Kanohar Electricals operates across transformer manufacturing and EPC services.
Its principal business activities include:
- Manufacturing of power transformers.
- Manufacturing of shunt reactors.
- Manufacturing of Scott-connected transformers.
- Manufacturing of traction transformers.
- Gas insulated switchgear solutions.
- EPC substations.
- Transmission line EPC services.
- Installation, testing and commissioning services.
The company offers power transformers up to 500 MVA and 400 kV, shunt reactors up to 125 MVAR and 400 kV, Scott-connected transformers up to 100 MVA and traction transformers up to 30.24 MVA.
Kanohar Electricals Product Portfolio
| Product / Solution | Key Capability |
|---|---|
| Power Transformers | Up to 500 MVA, 400 kV |
| Shunt Reactors | Up to 125 MVAR, 400 kV |
| Scott-Connected Transformers | Up to 100 MVA |
| Traction Transformers | Up to 30.24 MVA |
| Gas Insulated Switchgear | Up to 252 kV |
| EPC Substations | Turnkey substation solutions |
| Transmission Lines | Design, construction and commissioning up to 400 kV |
The company states that its transformer portfolio is backed by in-house technology and testing capabilities.
Kanohar Electricals Markets Served
Kanohar Electricals serves customers across India’s power and transportation infrastructure.
Power Transmission and Distribution
The company supplies power transformers, shunt reactors, GIS, AIS and related transmission infrastructure to central and state transmission utilities.
Railways and Metro Infrastructure
The company supplies specialised transformer solutions for railway electrification, metro systems and dedicated freight corridors.
Power Generation
Its products are used in thermal, renewable and hybrid power-generation projects for evacuation of electricity into transmission networks.
Industrial and Commercial Customers
Kanohar also serves industrial and commercial customers requiring reliable power infrastructure.
EPC Contractors
The company works with EPC contractors and system integrators for substations and transmission projects.
Kanohar Electricals Manufacturing Facilities
The company operates two manufacturing facilities at Rithani and Gangol in Meerut.
| Particular | Details |
|---|---|
| Rithani Facility | Meerut, Uttar Pradesh |
| Gangol Facility | Meerut, Uttar Pradesh |
| Combined Transformer Capacity | 19,200 MVA |
| Capacity Reference Date | 30 September 2025 |
| Testing Laboratories | NABL-accredited laboratories |
| ISO Certifications | ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 |
| Backward Integration | Transformer tanks and radiators |
The manufacturing setup gives the company control over several critical stages of transformer production and testing.
Kanohar Electricals IPO Objects of the Issue
The company proposes to use the net proceeds from the fresh issue for capital expenditure, incremental working capital and general corporate purposes.
| Object of the Issue | Amount |
|---|---|
| Capital Expenditure Requirements | ₹64.18 Crore |
| Incremental Working Capital Requirements | ₹155.00 Crore |
| General Corporate Purposes | ₹80.82 Crore |
| Total Fresh Issue Proceeds | ₹300.00 Crore |
The largest allocation is toward incremental working capital, followed by capital expenditure.
Capital Expenditure
Approximately ₹64.18 crore is proposed for capital expenditure requirements.
The planned expenditure is intended to strengthen the company’s manufacturing and operating capabilities, including machinery and equipment and other infrastructure-related requirements.
Working Capital Requirements
The company proposes to allocate ₹155 crore toward incremental working capital.
Working capital is particularly important for transformer manufacturing and EPC businesses because projects can involve long execution cycles, inventory requirements, receivables and advance procurement of materials.
General Corporate Purposes
The remaining amount of up to approximately ₹80.82 crore is proposed to be used for general corporate purposes, subject to applicable limits and requirements.
Kanohar Electricals IPO Financials
Kanohar Electricals has reported strong growth in revenue and profitability over the last three financial years.
Total income increased from ₹281.12 crore in FY2024 to ₹457.30 crore in FY2025 and ₹662.86 crore in FY2026.
Profit after tax increased from ₹17.76 crore in FY2024 to ₹65.12 crore in FY2025 and ₹129.73 crore in FY2026.
Kanohar Electricals Financial Performance
₹ in Crore
| Particular | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total Income | 281.12 | 457.30 | 662.86 |
| EBITDA | 31.07 | 93.39 | 180.42 |
| Profit After Tax | 17.76 | 65.12 | 129.73 |
| Net Worth | 178.12 | 243.13 | 372.84 |
| Total Assets | 322.86 | 432.07 | 613.93 |
| Reserves & Surplus | 174.11 | 239.12 | 357.95 |
| Total Borrowings | 42.08 | 32.27 | 39.04 |
The figures indicate significant improvement in revenue, EBITDA and profit between FY2024 and FY2026.
Kanohar Electricals Financial Highlights
Revenue increased more than two times between FY2024 and FY2026, while PAT increased substantially over the same period.
EBITDA increased from ₹31.07 crore in FY2024 to ₹180.42 crore in FY2026. PAT increased from ₹17.76 crore to ₹129.73 crore.
The company also reported net worth of ₹372.84 crore and total borrowings of ₹39.04 crore as of 31 March 2026.
Kanohar Electricals IPO Key Performance Indicators
| KPI | FY2026 | FY2025 |
|---|---|---|
| ROE | 42.12% | 30.92% |
| ROCE | 70.13% | 47.61% |
| RoNW | 34.80% | 26.78% |
| PAT Margin | 19.57% | 14.24% |
| EBITDA Margin | 27.59% | 20.73% |
| Debt/Equity | 0.10x | 0.13x |
| NAV | ₹50.09 | ₹32.66 |
The FY2026 figures show improvement in return ratios and operating margins compared with FY2025.
Kanohar Electricals IPO Valuation
At the upper price band of ₹632, the company is valued at approximately ₹5,004.61 crore on a post-issue basis.
The FY2026 basic EPS is ₹17.43 on the pre-issue share base and approximately ₹16.38 on the post-issue basis. The corresponding P/E ratios are approximately 36.26x pre-issue and 38.58x post-issue.
| Valuation Parameter | Value |
|---|---|
| Upper Price Band | ₹632 |
| Pre-IPO EPS | ₹17.43 |
| Post-IPO EPS | ₹16.38 |
| Pre-IPO P/E | 36.26x |
| Post-IPO P/E | 38.58x |
| NAV | ₹50.09 |
| Price to Book Value | 12.62x |
| ROE | 42.12% |
| ROCE | 70.13% |
| Debt/Equity | 0.10x |
| Post-IPO Market Capitalisation | ₹5,004.61 Crore |
The valuation should be assessed against the company’s earnings growth, order book, technical capabilities, industry outlook and the valuation of comparable transformer and electrical-equipment companies.
Kanohar Electricals IPO GMP
Kanohar Electricals IPO GMP is an unofficial grey-market indicator and is not determined by the stock exchanges.
As of 4 September 2026, reported grey-market indications were around ₹150 per share. At the upper IPO price of ₹632, this implies an unofficial indicative price of around ₹782.
| Particular | Value |
|---|---|
| Upper IPO Price | ₹632 |
| Reported GMP | Around ₹150 |
| Indicative GMP-Based Price | Around ₹782 |
| Indicative Premium | Around 23.73% |
GMP can change before the issue opens, during subscription and before listing. It should not be considered a guaranteed listing price or investment return.
Kanohar Electricals IPO Subscription Status
The Kanohar Electricals IPO is scheduled to open on 8 September 2026 and close on 10 September 2026.
Therefore, as of 4 September 2026, the public subscription has not started.
| Investor Category | Subscription Status |
|---|---|
| QIB | Not Yet Open |
| NII | Not Yet Open |
| Retail | Not Yet Open |
| Total | Not Yet Open |
The final subscription figures should be updated only after the bidding period begins and the issue closes.
Kanohar Electricals IPO Allotment
The basis of allotment is scheduled for 11 September 2026.
Investors who receive shares are expected to receive the equity shares in their demat accounts on the scheduled credit date.
| Event | Date |
|---|---|
| IPO Closing | 10 September 2026 |
| Basis of Allotment | 11 September 2026 |
| Refund Initiation | 15 September 2026 |
| Demat Credit | 15 September 2026 |
| Listing | 16 September 2026 |
The IPO schedule is subject to the applicable issue process.
How to Check Kanohar Electricals IPO Allotment Status
Investors can check the allotment status after the basis of allotment is finalised.
Through the Registrar
- Visit the IPO allotment facility of the registrar.
- Select Kanohar Electricals Limited.
- Choose the relevant identification option.
- Enter the PAN, application number or other required details.
- Submit the information.
- View the allotment status.
The registrar for the issue is MUFG Intime India Private Limited.
Through the Stock Exchange
Investors may also check the application status through the applicable BSE or NSE facility after allotment information is made available.
Kanohar Electricals IPO Listing
Kanohar Electricals shares are scheduled to list on 16 September 2026 on the BSE and NSE.
The actual listing price will depend on market demand and trading conditions on the listing day.
| Particular | Details |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | 16 September 2026 |
| Issue Price | ₹601–₹632 |
| Actual Listing Price | To be announced |
| Listing Gain | To be announced |
| Listing Gain % | To be announced |
The GMP-based price should not be treated as the confirmed listing price.
Kanohar Electricals IPO Anchor Investors
The anchor investor bidding date is scheduled for 7 September 2026, one day before the public issue opens.
The QIB portion is 50% of the offer, with the anchor allocation forming part of the QIB category.
| Particular | Details |
|---|---|
| Anchor Bidding Date | 7 September 2026 |
| QIB Allocation | 50% |
| Anchor Shares | To be disclosed |
| Anchor Amount | To be disclosed |
| Public Issue Opens | 8 September 2026 |
Anchor investor details should be updated after the final anchor allocation is announced.
Kanohar Electricals IPO Promoters
The promoters of Kanohar Electricals Limited are:
- Dinesh Singhal
- Adesh Singhal
- Vivek Singhal
- Abhishek Singhal
- Virat Singhal
- Aditya Singhal
The promoter and promoter-group holding before the IPO is 99.72%. Following the issue, promoter and promoter-group holding is expected to reduce to approximately 78.64%.
Kanohar Electricals Shareholding
| Particular | Pre-IPO | Post-IPO |
|---|---|---|
| Promoter & Promoter Group | 99.72% | 78.64% |
| Others / Public | 0.28% | 21.36% |
| Total | 100% | 100% |
The dilution is mainly due to the fresh issue and offer structure associated with the IPO.
Kanohar Electricals IPO Lead Managers
| Particular | Details |
|---|---|
| Lead Manager 1 | Nuvama Wealth Management Limited |
| Lead Manager 2 | IIFL Capital Services Limited |
| Role | Book Running Lead Managers |
| IPO Type | Mainboard Book-Built Issue |
| Listing | BSE & NSE |
The two institutions are the book-running lead managers for the issue.
Kanohar Electricals IPO Registrar
| Particular | Details |
|---|---|
| Registrar | MUFG Intime India Private Limited |
| Role | Registrar to the Issue |
| IPO | Kanohar Electricals Limited |
| Website | https://in.mpms.mufg.com/ |
MUFG Intime India Private Limited is appointed as the registrar to the Kanohar Electricals IPO.
Kanohar Electricals Company Details
| Particular | Details |
|---|---|
| Company Name | Kanohar Electricals Limited |
| Former Name | Kanohar Electricals Private Limited |
| Incorporation Year | 1972 |
| Registered Office | Rithani, Delhi Road, Meerut, Uttar Pradesh – 250103 |
| Industry | Electrical Equipment / Power Infrastructure |
| Business | Transformers and EPC Services |
| Promoters | Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal and Aditya Singhal |
| Listing Exchange | BSE & NSE |
| Website | kanohar.com |
The company was originally incorporated as Kanohar Electricals Private Limited in Meerut in 1972 and later became a public limited company.
Kanohar Electricals IPO Strengths
- Established operating history dating back to 1972.
- More than four decades of experience in transformer manufacturing.
- Integrated transformer manufacturing and EPC capabilities.
- Presence across power transmission and distribution.
- Exposure to railways and metro infrastructure.
- Exposure to renewable and conventional power-generation projects.
- Manufacturing capacity of 19,200 MVA across its two facilities as of 30 September 2025.
- Manufacturing facilities located in Meerut, Uttar Pradesh.
- Backward integration for critical transformer components.
- In-house testing capabilities.
- ISO-certified manufacturing facilities.
- Power transformer capabilities up to 500 MVA and 400 kV.
- GIS capabilities up to 252 kV.
- EPC capabilities for substations and transmission lines.
- Transmission-line EPC capability up to 400 kV.
- Short-circuit testing certification for 500 MVA, 400 kV transformers.
- Technical capabilities for Scott-connected transformers used in railway electrification.
- Strong improvement in revenue over FY2024–FY2026.
- PAT increased from ₹17.76 crore in FY2024 to ₹129.73 crore in FY2026.
- EBITDA increased from ₹31.07 crore to ₹180.42 crore over the same period.
- ROE of 42.12% in FY2026.
- ROCE of 70.13% in FY2026.
- Low debt-to-equity ratio of 0.10x in FY2026.
- Strong order book of approximately ₹1,818.32 crore as of 31 March 2026.
Kanohar Electricals IPO Risks
- A substantial portion of the company’s revenue comes from transformer manufacturing.
- Dependence on power-sector capital expenditure can affect future demand.
- The company is exposed to government and transmission-utility tenders.
- Failure to qualify for or win tenders could affect revenue.
- Customer concentration presents a business risk.
- The top 10 customers contributed a significant portion of revenue.
- Government-controlled customers can have lengthy procurement and payment cycles.
- Raw-material prices can affect margins.
- The company does not necessarily have long-term contracts with all raw-material suppliers.
- Fluctuations in commodity prices can affect production costs.
- Manufacturing operations are concentrated around Meerut.
- Expansion and capacity utilisation depend on future demand.
- EPC projects involve execution and completion risks.
- Delays in project execution can affect revenue recognition and cash flows.
- Working-capital requirements can increase as the order book expands.
- The fresh issue represents only part of the overall IPO, with a substantial OFS component.
- The offer for sale does not provide funds to the company.
- The IPO valuation is considerably above the company’s NAV.
- The post-issue P/E is higher than the pre-issue P/E.
- The electrical-equipment sector is competitive.
- Changes in government policies and infrastructure spending may affect business opportunities.
- Failure to maintain technical certifications and qualification requirements could affect market access.
- Grey-market premiums are unofficial and may not translate into listing gains.
- Mainboard IPO shares may experience substantial post-listing price volatility.
Kanohar Electricals IPO Review 2026
Kanohar Electricals has a long operating history in the transformer manufacturing business and has expanded its capabilities into EPC services for substations and transmission lines.
The company has exposure to several infrastructure segments, including power transmission and distribution, railways, renewable energy, power generation and industrial customers. Its product portfolio includes high-capacity power transformers, shunt reactors, traction transformers, Scott-connected transformers and GIS solutions.
One of the company’s important strengths is its manufacturing infrastructure. The Rithani and Gangol facilities together had transformer manufacturing capacity of 19,200 MVA as of 30 September 2025. The facilities also provide testing capabilities and backward integration for components such as transformer tanks and radiators.
Financial performance has improved significantly. Total income increased from ₹281.12 crore in FY2024 to ₹662.86 crore in FY2026, while PAT increased from ₹17.76 crore to ₹129.73 crore. EBITDA increased from ₹31.07 crore to ₹180.42 crore over the same period.
The balance sheet also shows relatively low leverage. Total borrowings were ₹39.04 crore against net worth of ₹372.84 crore as of 31 March 2026, resulting in a debt-to-equity ratio of 0.10x.
The company’s order book is another important factor. An order book of approximately ₹1,818.32 crore as of 31 March 2026 provides visibility into future execution, although converting orders into revenue and profit depends on timely project execution.
The IPO has a substantial offer-for-sale component. Out of the ₹1,055.74 crore total issue, ₹300 crore represents fresh capital for the company, while approximately ₹755.74 crore represents shares being offered by the existing selling shareholder. Therefore, investors should distinguish between money entering the business and proceeds going to the selling shareholder.
The fresh issue proceeds are planned for ₹64.18 crore of capital expenditure, ₹155 crore of incremental working capital and approximately ₹80.82 crore for general corporate purposes. The working-capital allocation is particularly relevant given the company’s large project and order-book requirements.
Valuation is an important consideration. At the upper band of ₹632, the post-issue P/E is approximately 38.58x based on the disclosed FY2026 post-issue EPS. Investors should therefore assess whether the company’s growth rate, technical capabilities, order book and future power-infrastructure opportunities justify the valuation.
The key risks include dependence on tenders and government-related customers, customer concentration, raw-material price volatility, project execution, working-capital requirements and competition.
Overall, Kanohar Electricals presents a combination of established manufacturing capabilities, strong recent financial growth, a sizeable order book and low reported leverage. However, its relatively high IPO valuation and dependence on infrastructure spending, tender wins and execution make careful evaluation important before investing.
Kanohar Electricals IPO Conclusion
Kanohar Electricals IPO is a ₹1,055.74 crore mainboard public issue comprising a ₹300 crore fresh issue and an offer for sale of up to 1,19,57,915 equity shares worth approximately ₹755.74 crore at the upper price band. The IPO price band is ₹601 to ₹632 per share.
The company operates in transformer manufacturing and EPC services, serving power transmission, distribution, railways, renewable energy, power generation and industrial markets.
Its financial performance has improved strongly over recent years. Total income increased from ₹281.12 crore in FY2024 to ₹662.86 crore in FY2026, while PAT increased from ₹17.76 crore to ₹129.73 crore.
The company also has substantial manufacturing capabilities, including 19,200 MVA of combined transformer manufacturing capacity at its Rithani and Gangol facilities as of 30 September 2025.
The fresh IPO proceeds will be used for capital expenditure, incremental working capital and general corporate purposes. The ₹155 crore working-capital allocation is the largest identified use of the fresh issue proceeds.
At the same time, investors should carefully consider the valuation, customer concentration, dependence on tenders, raw-material costs, project execution, working-capital requirements and competition.
The IPO is scheduled to open on 8 September 2026, close on 10 September 2026, receive allotment on 11 September 2026 and list on 16 September 2026.
Kanohar Electricals IPO FAQs
What is Kanohar Electricals IPO?
Kanohar Electricals IPO is a book-built mainboard public issue comprising a fresh issue of ₹300 crore and an offer for sale of up to 1,19,57,915 equity shares.
What is the Kanohar Electricals IPO price band?
The IPO price band is ₹601 to ₹632 per equity share.
What is the Kanohar Electricals IPO issue size?
The total issue size is approximately ₹1,055.74 crore.
What is the Kanohar Electricals IPO lot size?
The IPO lot size is 23 shares.
What is the minimum investment in Kanohar Electricals IPO?
The minimum retail application is 23 shares. At the upper price band of ₹632, the minimum investment is ₹14,536.
When is Kanohar Electricals IPO allotment?
The basis of allotment is scheduled for 11 September 2026.
When will Kanohar Electricals shares be listed?
The shares are scheduled to list on the BSE and NSE on 16 September 2026.
What is Kanohar Electricals IPO GMP?
The reported grey-market premium was around ₹150 per share as of 4 September 2026. GMP is unofficial and can change before listing.
What does Kanohar Electricals Limited do?
Kanohar Electricals manufactures transformers and provides EPC services for substations and transmission lines. It serves power transmission, distribution, railways, renewable energy, power generation and industrial markets.
Who are the promoters of Kanohar Electricals?
The promoters are Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal and Aditya Singhal.
