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Kanohar Electricals IPOLISTED

NSE, BSEMainboardBook Built Issue

Kanohar Electricals Limited manufactures transformers and provides EPC services, catering to the power transmission, railways, renewable energy and power distribution sectors.

Compare

Listing price

₹685.5

Listing gain

+8.47%

Current

₹685.5

Listed

16 Sept 26

Opens

08 Sept 26

Closes

10 Sept 26

Allotment

11 Sept 26

Refund

15 Sept 26

Demat

15 Sept 26

Listing

16 Sept 26

Listed at

₹685.5

+8.47% on 16 Sept 26

Min. investment₹14,536
GMP₹220 · +34.8%
Subscribed90.59x
Track in the app

Overview

Price band

₹601-632

Lot size

23 shares

Min. investment

₹14,536

Issue size

₹1055.74 Cr

1.67 Cr shares

Fresh issue

₹300 Cr

47.47 L shares

Offer for sale

₹755.74 Cr

1.20 Cr shares

Face value

₹2 / share

Issue type

Book Built Issue

Listing at

NSE, BSE

Reservation

Anchor Investor 30%QIB 20%B-HNI 10%S-HNI 5%Individual 35%
CategoryShares offered% of issue
Anchor Investor50,11,42430%
QIB33,40,95020%
NII (HNI)25,05,71315%
B-HNI16,70,47510%
S-HNI8,35,2385%
Individual58,46,66335%
Total1,67,04,750100%

Lot size & investment

ApplicationLotsSharesAmount
Retail (Min)123₹14,536
Retail (Max)13299₹1,88,968
S-HNI (Min)14322₹2,03,504
S-HNI (Max)681,564₹9,88,448
B-HNI (Min)691,587₹10,02,984

Listing performance

NSE/BSE: KANOHAR

Listing gain

+8.47%

Gain per retail lot

₹1,230.5

Latest vs issue

—

GMP was

₹220 (+34.81%)

₹632
₹852+34.81%
₹685.5+8.47%

Issue price

GMP estimate

Listing price

Latest price appears here during market hours.

Kanohar Electricals Live GMP

GMP₹220
Est. Price₹852
Est. Gain34.81%
19020021022023008 Sept · ₹19608 Sept · ₹20008 Sept · ₹20508 Sept · ₹20408 Sept · ₹20508 Sept · ₹20808 Sept · ₹21008 Sept · ₹21508 Sept · ₹21808 Sept · ₹21509 Sept · ₹22009 Sept · ₹22209 Sept · ₹21509 Sept · ₹22009 Sept · ₹22509 Sept · ₹21509 Sept · ₹22709 Sept · ₹22509 Sept · ₹22210 Sept · ₹22310 Sept · ₹22710 Sept · ₹23010 Sept · ₹22810 Sept · ₹23010 Sept · ₹22812 Sept · ₹22112 Sept · ₹22008 Sept08 Sept09 Sept09 Sept10 Sept12 Sept12 Sept

Latest GMP

₹220

All-time high

₹230

All-time low

₹196

GMP × retail lot ₹5,060GMP × S-HNI min ₹70,840Expected listing ~ ₹852GMP is unofficial and changes often. Data as of 11 Sept, 12:00 am.

Subscription

11 Sept, 12:00 am

Oversubscribed 90.59 times · 49,23,275 applications

QIB
215.37x
NII (HNI)
87.74x
S-HNI
75.14x
B-HNI
94.04x
Retail
20.51x
Total
90.59x

Total applications

49,23,275

Total bid amount

₹66,947 Cr

Category breakdown

CategoryShares offeredShares bidTimesBid amount
QIB33,40,95071,95,39,590215.37x₹45,475 Cr
NII (HNI)25,05,71321,98,49,77887.74x₹13,895 Cr
B-HNI16,70,47515,70,86,66594.04x₹9,928 Cr
S-HNI8,35,2386,27,63,11375.14x₹3,967 Cr
Retail58,46,66311,98,99,46020.51x₹7,578 Cr
Total1,16,93,3261,05,92,88,82890.59x₹66,947 Cr

Application-wise breakup

CategoryApplications reservedAppliedTimes
B-HNI5,18898,00718.89x
S-HNI2,5941,89,31272.98x
Retail2,54,20346,12,08718.14x

Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).

Financials

(₹ in crores)

0200400600800Mar 2024 · Revenue: 281.12Mar 2024 · Expense: 255.25Mar 2024 · Profit after tax: 17.76Mar 2024 · Assets: 322.86Mar 2024 · Borrowing: 42.08Mar 2024Mar 2025 · Revenue: 457.3Mar 2025 · Expense: 369.5Mar 2025 · Profit after tax: 65.12Mar 2025 · Assets: 432.07Mar 2025 · Borrowing: 32.27Mar 2025Mar 2026 · Revenue: 662.86Mar 2026 · Expense: 489.29Mar 2026 · Profit after tax: 129.73Mar 2026 · Assets: 613.93Mar 2026 · Borrowing: 39.04Mar 2026

Key performance indicators

As of 31 Mar 2026

ROE

42.12%

PAT Margin

19.57%

ROCE

70.13%

EBITDA Margin

27.59%

Debt to Equity Ratio

0.1

Price to Book Value

12.62

RoNW

34.8%

Valuation vs listed peers

EPS Pre IPO

₹17.43

EPS Post IPO

₹16.38

P/E Pre IPO

36.26

P/E Post IPO

38.58

Price-to-earnings

Kanohar Electricals (post-issue)
38.58×
Hitachi Energy India Limited
159.55×
Bharat Heavy Electricals Limited
91.30×
Schneider Electric Infrastructure Limited
155.12×
CG Power and Industrial Solutions Limited
114.77×
Transformers & Rectifiers (India) Limited
32.19×
GE Vernova T&D India Limited
89.37×
CompanyP/EP/BRoNWFace value
Hitachi Energy India Limited159.55——₹2
Bharat Heavy Electricals Limited91.3——₹2
Schneider Electric Infrastructure Limited155.12——₹2
CG Power and Industrial Solutions Limited114.77——₹2
Transformers & Rectifiers (India) Limited32.19——₹1
GE Vernova T&D India Limited89.37——₹2

Peer median P/E 103.0× · Ratios as disclosed in the offer document.

Buzz AI analysis

From this IPO's filings and market data · educational, not investment advice

Revenue growth FY24 → FY26

+135.8%

Profit growth FY24 → FY26

+630.5%

P/E vs peer median

38.6× vs 103.0×

  • PAT margin 19.6% and ROCE 70.1%.
  • Priced below its listed-peer median P/E.
  • Price-to-book of 12.6× leaves little room for an earnings miss.

Strengths & risks

  • High-Voltage Expertise with 500 MVA, 400 kV transformer certification.
  • Strong Order Book of ₹1,818.32 crore as of March 2026.
  • Experienced Management with strong industry expertise.
  • Large Manufacturing Capacity of 19,200 MVA annually.
7.1/10

Buzz score · Solid

From GMP, subscription and issue size

Financials7.8
Growth6.9
Business7.3
Demand8.7
Risk7.2

Objects of the issue

PurposeAmount (₹ Cr)
Funding the capital expenditure requirements of Company.64.18
Funding the incremental working capital requirements of Company.155
General Corporate Purposes.-

Company & documents

Kanohar Electricals Limited is engaged in transformer manufacturing and EPC solutions, serving the power transmission, railways, renewable energy and power distribution sectors.

The Company operates through two business segments:

  • Transformer Manufacturing Business – Manufactures power, traction, Scott and distribution transformers, along with shunt reactors.
  • EPC Business – Provides EPC solutions for substations and transmission lines, with capabilities across 132 kV, 220 kV and 400 kV.

Kanohar Electricals is among the five Indian companies certified for 500 MVA, 400 kV transformers and one of four RDSO-certified manufacturers of 100 MVA, 132 kV Scott transformers for Indian Railways.

The Company operates two manufacturing facilities in Meerut, Uttar Pradesh, with a combined capacity of 19,200 MVA. The Gangol facility can manufacture transformers up to 500 MVA and 400 kV.

The Company serves PSUs, central and state utilities, Indian Railways and private-sector companies, with key customers including POWERGRID, Indian Railways and Bhutan Power Corporation Limited.

In Fiscal 2026, the Transformer Manufacturing Business contributed 83.43% of revenue from operations, while the EPC Business contributed 16.44%. The Company's order book stood at ₹1,818.32 crore as of March 31, 2026, of which 89.19% was from the Transformer Manufacturing Business.

As of March 31, 2026, the Company had five regional offices across major Indian cities and a workforce of 526 employees. It has executed projects across multiple Indian states and international markets.

Registrar

MUFG Intime India Pvt. Ltd.

Phone: 022-49186000

Email: kanoharelectricals.ipo@in.mpms

Web: https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Company contact

Kanohar Electricals Ltd.

Rithani, Delhi Road, Meerut, Uttar Pradesh, 250103

Phone: 121-3500801-05

Email: compliance@kanohar.com

Web: https://www.kanohar.com/

Book running lead managers

  • IIFL Capital Services Ltd.
  • Nuvama Wealth Management Ltd.

Promoters

99.7%Pre Issue
78.6%Post Issue
  • Dinesh Singhal
  • Adesh Singhal
  • Vivek Singhal
  • Abhishek Singhal
  • Virat Singhal
  • Aditya Singhal