Kanohar Electricals
- Issue price
- ₹ 632
- Issue size
- ₹ 1,055.74 Cr.
- Min. investment
- ₹ 14,536
- Listing price
- ₹ 685.5
- Subscribed
- 90.59x
- Lot size
- 23 shares
- P/E
- 38.58
- RoNW
- 34.80%
- RoCE
- 70.13%
- Debt / Equity
- 0.10
- PAT margin
- 19.57%
- EBITDA margin
- 27.59%
- RoE
- 42.12%
- EPS
- ₹ 16.38
- NAV
- ₹ 50.09
- Promoter stake
- 78.64%
About
Kanohar Electricals Limited was started in 1972. It makes transformers, the equipment that steps electricity up or down as it moves through the grid. Its customers are in power transmission, railways, renewable energy and power distribution. The company works through two segments. One is transformer manufacturing and the other is engineering, procurement and construction, usually called EPC, where it takes up complete project work rather than only supplying equipment. It is one of only four manufacturers in India certified by the Research Designs and Standards Organisation, which is the research arm of Indian Railways, to make 100 MVA 132 kV Scott transformers. These are the special transformers used for railway traction. It runs two plants, both in Meerut in Uttar Pradesh, one at Rithani and one at Gangol, with a combined transformer making capacity of 19,200 MVA as on 31 March 2026. It has five regional offices in Delhi, Mumbai, Kolkata, Bangalore and Chennai and a team of more than 526 employees.
Timeline
- doneOpens8 Sep
- doneCloses10 Sep
- doneAllotment11 Sep
- doneRefunds15 Sep
- doneDemat credit15 Sep
- doneListing16 Sep
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 241 on 13 Sep 2026
- Lowest
- ₹ 190 on 5 Sep 2026
- First quoted
- ₹ 200 on 3 Sep 2026
Subscription
How many times each investor group bid for its share, as of 16 Sep 2026, 06:30 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 23 | ₹ 14,536 |
| Retail (Max) | 13 | 299 | ₹ 1,88,968 |
| S-HNI (Min) | 14 | 322 | ₹ 2,03,504 |
| B-HNI (Min) | 69 | 1,587 | ₹ 10,02,984 |
Company overview
Financials
| Assets | 613.93 | 432.07 | 322.86 |
| Total Income | 662.86 | 457.3 | 281.12 |
| Profit After Tax | 129.73 | 65.12 | 17.76 |
| EBITDA | 180.42 | 93.39 | 31.07 |
| NET Worth | 372.84 | 243.13 | 178.12 |
| Reserves and Surplus | 357.95 | 239.12 | 174.11 |
| Total Borrowing | 39.04 | 32.27 | 42.08 |
Strengths
- Profit has grown more than seven times in two years, from Rs 17.76 crore in FY2024 to Rs 65.12 crore in FY2025 and Rs 129.73 crore in FY2026.
- Sales have more than doubled over the same period, from Rs 281.12 crore in FY2024 to Rs 662.86 crore in FY2026, a rise of 45% in the last year alone.
- EBITDA went up nearly six times, from Rs 31.07 crore in FY2024 to Rs 180.42 crore in FY2026.
- Return ratios are excellent, with RoCE of 47.61% and RoNW of 26.78%, and the PAT margin was 14.24%.
- The company is almost debt free. Total borrowing was Rs 39.04 crore against a net worth of Rs 372.84 crore as on 31 March 2026.
- Being one of only four RDSO certified makers of 100 MVA 132 kV Scott transformers is a real entry barrier, as that approval takes years to obtain.
- It has a long record of more than 50 years, having started in 1972, with two plants and 19,200 MVA of capacity.
- Demand is supported by grid expansion, railway electrification and renewable energy projects, all of which need transformers.
Risks
- The issue is priced high on earnings. At the upper band of Rs 632 the P/E is about 38.58 times on an EPS of Rs 16.38.
- The profit jump is very recent. Profit after tax went up 99% in FY2026 alone, off a small base of Rs 17.76 crore two years earlier, and that pace is hard to keep up.
- Sales depend on government and utility spending. Orders come through tenders, so a slow year in state electricity board or railway ordering directly hits the order book.
- Rs 155 crore of the issue money goes into working capital, which shows how much cash a transformer order book ties up between raw material and payment.
- Copper and CRGO steel are the main raw materials. Both are volatile, and a sharp rise on a fixed price order eats straight into margin.
- Both plants are in Meerut in Uttar Pradesh, so any problem at that one location affects all production.
- This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
- Utility and railway customers usually pay slowly, and promoter holding falls from 99.72% to 78.64% after the issue.
What the money is for
| Funding the capital expenditure requirements of Company | 64.18 |
| Funding the incremental working capital requirements of Company | 155 |
| General Corporate Purposes | — |
Promoters
- Dinesh Singhal
- Adesh Singhal
- Vivek Singhal
- Abhishek Singhal
- Virat Singhal
- Aditya Singhal
Anchor investors
42 anchors put in ₹ 316.69 Cr., including 19 mutual funds.
| ISIF EQUITY EX-TOP 100 LONG-SHORT FUND | 3,85,664 | 24.37 | 7.7% |
| ICICI PRUDENTIAL MULTICAP FUND | 5,39,948 | 34.12 | 10.77% |
| KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND | 1,26,638 | 8 | 2.53% |
| KOTAK MANUFACTURE IN INDIA FUND | 1,26,638 | 8 | 2.53% |
| KOTAK SPECIAL OPPORTUNITIES FUND | 1,26,638 | 8 | 2.53% |
| KOTAK ENERGY OPPORTUNITIES FUND | 58,604 | 3.7 | 1.17% |
| KOTAK RURAL OPPORTUNITIES FUND | 1,26,638 | 8 | 2.53% |
| ASHOKA WHITEOAK ICAV-ASHOKA WHITEOAK EMERGING MARKETS EQUITY FUND | 3,32,258 | 21 | 6.63% |
| WHITEOAK CAPITAL EQUITY FUND-II | 1,18,680 | 7.5 | 2.37% |
| MIRAE ASSET SMALL CAP FUND | 2,21,513 | 14 | 4.42% |
| MOTILAL OSWAL BALANCED ADVANTAGE FUND | 2,21,513 | 14 | 4.42% |
| TATA DIVIDEND YIELD FUND | 1,18,680 | 7.5 | 2.37% |
| TITANIUM HYBRID LONG-SHORT FUND | 79,120 | 5 | 1.58% |
| TITANIUM EQUITY LONG-SHORT FUND | 23,713 | 1.5 | 0.47% |
| ALLIANZ GLOBAL INVESTORS FUND-ALLIANZ INDIA EQUITY | 2,21,513 | 14 | 4.42% |
| HSBC GLOBAL INVESTMENT FUNDS-ASIA EX JAPAN EQUITY SMALLER COMPANIES | 2,21,513 | 14 | 4.42% |
| VQ FASTERCAP FUND | 2,21,513 | 14 | 4.42% |
| 360 ONE FLEXICAP FUND | 1,58,240 | 10 | 3.16% |
| EDELWEISS AGGRESSIVE HYBRID FUND | 1,18,680 | 7.5 | 2.37% |
| EDELWEISS RECENTLY LISTED IPO FUND | 39,560 | 2.5 | 0.79% |
| HDFC LIFE INSURANCE CO.LTD. | 1,58,240 | 10 | 3.16% |
| AXIS MAX LIFE INSURANCE LTD.-ULIF 01815/02/13 PENSPRESER 104-PENSION PRESERVER FUND | 1,380 | 0.09 | 0.03% |
| AXIS MAX LIFE INSURANCE LTD.-ULIF 01715/02/13 PENSMAXIMI 104-PENSION MAXIMISER FUND | 25,116 | 1.59 | 0.5% |
| AXIS MAX LIFE INSURANCE LTD.-ULIF 00625/11/05 PENSBALANC 104-PENSION BALANCED FUND | 1,380 | 0.09 | 0.03% |
| AXIS MAX LIFE INSURANCE LTD.-ULGF 00217/04/06 GRATBALANC 104-GROUP GRATUITY BALANCED FUND | 4,025 | 0.25 | 0.08% |
| AXIS MAX LIFE INSURANCE LTD.-UMFPH-HIGH GROWTH PENSION FUND | 6,992 | 0.44 | 0.14% |
| AXIS MAX LIFE INSURANCE LTD.-UHG2S-INDIA CONSUMPTION OPPORTUNITIES FUND | 5,566 | 0.35 | 0.11% |
| AXIS MAX LIFE INSURANCE LTD.-UEGFH-HIGH GROWTH FUND II | 78,200 | 4.94 | 1.56% |
| AXIS MAX LIFE INSURANCE LTD.-SUSTAINABLE EQUITY FUND-ULIF02505/10/21 SUSTAINEQU104 | 35,581 | 2.25 | 0.71% |
| ABAKKUS FLEXI EDGE FUND 1 | 1,58,240 | 10 | 3.16% |
| BANK OF INDIA BUSINESS CYCLE FUND | 79,120 | 5 | 1.58% |
| UNION SMALL CAP FUND | 79,120 | 5 | 1.58% |
| TRUST MF MID CAP FUND | 79,120 | 5 | 1.58% |
| GROWW SMALL CAP FUND | 79,120 | 5 | 1.58% |
| KOTAK MAHINDRA LIFE INSURANCE CO.LTD. | 79,120 | 5 | 1.58% |
| EDELWEISS LIFE INSURANCE CO.LTD. | 79,120 | 5 | 1.58% |
| BHARTI AXA LIFE INSURANCE CO.LTD. | 79,120 | 5 | 1.58% |
| NUVAMA CROSSOVER OPPORTUNITIES FUND-SERIES III A | 79,120 | 5 | 1.58% |
| ICICI PRUDENTIAL SMART NAVIGATOR FUND (IFSC) | 79,120 | 5 | 1.58% |
| INDIA CAPITAL GROWTH FUND LTD. | 79,120 | 5 | 1.58% |
| MOTILAL OSWAL FINVEST LTD. | 79,120 | 5 | 1.58% |
| SOCIETE GENERALE | 79,120 | 5 | 1.58% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 2 a share
- Registrar
- MUFG Intime India Private Limited
- Lead managers
- Nuvama Wealth Management Ltd., IIFL Capital Services Limited
- Red herring prospectus (RHP)
- Open
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.