Kanohar Electricals IPO
KANOHAR · BSE, NSE · Mainboard · Electric Equipment
Overview
Updated 12 days agoKanohar Electricals is a leading Indian manufacturer of power, traction, and distribution transformers, catering to high-growth sectors like power transmission, railways, and renewable energy. The company also provides EPC solutions for substations and transmission lines, leveraging its in-house backward-integrated manufacturing capabilities.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 23 | ₹14,536 |
| Retail (max) | 13 | 299 | ₹1,88,968 |
| sNII (min) | 14 | 322 | ₹2,03,504 |
| bNII (min) | 69 | 1,587 | ₹10,02,984 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE, NSE |
| Segment | Mainboard |
| Sector | Electric Equipment |
| Price band | ₹601–632 |
| Final issue price | ₹632.00 |
| Face value | ₹2 per share |
| Lot size | 23 shares |
| Minimum investment | ₹14,536 |
| Issue size | ₹1,056 Cr |
| Fresh issue | ₹300 Cr |
| P/E at upper band | 36.3x |
| Registrar | MUFG Intime India Private Limited |
| NSE symbol | KANOHAR |
| ISIN | INE877D01025 |
Fresh issue vs offer for sale
Shareholder quota and promoter holding
Company & business
Kanohar Electricals Limited is a prominent domestic player in the transformer manufacturing sector, established with a focus on high-growth industries including power transmission, railways, and renewable energy. The company operates two manufacturing facilities in Meerut, Uttar Pradesh, and possesses specialized technical certifications, such as short-circuit testing for 500 MVA 400 kV transformers and RDSO certification for Scott transformers. Its business model integrates transformer manufacturing with EPC services for substations and transmission lines. Led by an experienced management team, the company emphasizes in-house production of critical components like transformer tanks and radiators to ensure quality control and operational efficiency. The company is currently expanding its capacity to meet growing infrastructure demand.
Objects of the issue — how the money will be used
- Capital expenditure for Gangol Manufacturing Facility (machinery, civil construction, sustainability initiatives) (₹64.18 Cr)
- Funding incremental working capital requirements (₹155 Cr)
- General corporate purposes
Key strengths
- Leading domestic player in transformer manufacturing
- Short circuit test certification for 500 MVA 400 kV transformers
- RDSO certified for 100 MVA 132 kV and 220 kV Scott transformers
- Integrated manufacturing facilities with backward integration
- Strong order book and presence in high-growth sectors
- Experienced promoters and management team
Key risks
- High revenue concentration in the Transformer Manufacturing Business
- Significant customer concentration with top 10 customers
- Dependence on government tenders and potential for disqualification/blacklisting
- Under-utilization of manufacturing capacities
- Exposure to economic cyclicality in power and railway sectors
- Requirement for significant working capital
- Risks associated with fixed-price contracts and potential disputes
Promoters
Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal, Aditya Singhal, K Sons Family Trust
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 276.69 | -- | 17.76 | 322.86 | 178.12 | 420.77 |
| FY25 | 450.61 | -- | 65.12 | 432.07 | 243.13 | 322.65 |
| FY26 | 653.84 | -- | 129.73 | 613.93 | 372.84 | 390.39 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Kanohar Electricals this issue | 653.8 | 17.43 | 36.3x | 34.80 | 50.09 |
| Hitachi Energy India Limited | 8,147.7 | 221.63 | 159.6 | 19.08 | 1,161.56 |
| Bharat Heavy Electricals Limited | 33,782.2 | 4.60 | 91.3 | 6.13 | 74.99 |
| Schneider Electric Infrastructure Limited | 2,890.6 | 8.89 | 155.1 | 28.98 | 30.67 |
| CG Power and Industrial Solutions Limited | 12,418.0 | 7.72 | 114.8 | 15.82 | 48.11 |
| Transformers & Rectifiers (India) Limited | 2,508.8 | 9.07 | 32.2 | 17.64 | 51.39 |
| GE Vernova T&D India Limited | 6,206.3 | 48.16 | 89.4 | 45.85 | 42.87 |
This issue is priced at 36.3x P/E against a peer median of 103.0x: a discount of 65%. A measurement, not a verdict.
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Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.