Kanohar Electricals IPO
Kanohar Electricals IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹601-632 |
| Face Value | ₹2 |
| Lot Size | 23 Shares |
| Issue Size | ₹1055.74 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| NSE Symbol | KANOHAR.NS |
| BSE Scrip Code | 7946 |
| Min Investment | ₹14,536 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 23 | ₹14,536 |
| Retail (Max) | 13 | 299 | ₹188,968 |
| S-HNI (Min) | 14 | 322 | ₹203,504 |
| B-HNI (Min) | 69 | 1,587 | ₹1,002,984 |
Strengths & Risks
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.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 613.93 | 432.07 | 322.86 |
| Total Income | 662.86 | 457.30 | 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 |
About The Company
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.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 215.37× | 3,340,950 | — |
| Non-Institutional Investors (NII) | 87.74× | 2,505,713 | — |
| Retail Individual Investors (RII) | 20.51× | 5,846,663 | — |
| Employee | 0× | — | — |
| Shareholder | 0× | — | — |
| Total | 90.59× | 11,693,326 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
|---|
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