Kanohar Electricals Limited IPO
Offer terms, application timeline, financial context and company details in one place.
Price per share₹63223 shares per lot · indicative
Opens8 Sept 2026
Closes10 Sept 2026
AllotmentNot reported
Listing16 Sept 2026
Offer
Issue at a glance
- Issue size
- ₹0.19 crore
- Face value
- ₹2
- Issue method
- Book Building
- Fresh issue
- ₹0.19 crore
- Symbol
- KANOHAR
- ISIN
- INE877D01025
Demand
As of 10 Sept 2026, 12:15 amSubscription
8.2×overall subscribed
| Investor category | Applications | Shares bid | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers(QIBs) | — | 1,89,26,608 | 5.67× |
| Foreign Institutional Investors(FIIs) | — | 6,785 | — |
| Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 3,243 | — |
| Mutual funds | — | 5,083 | — |
| Others | — | 1,89,11,497 | — |
| Non Institutional Investors | — | 4,25,36,982 | 16.98× |
| Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | — | 2,79,02,059 | 16.7× |
| Corporates | — | 2,27,884 | — |
| Individuals(Other than RIIs) | — | 2,65,82,204 | — |
| Others | — | 10,91,971 | — |
| Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | — | 1,46,34,923 | 17.52× |
| Corporates | — | 57,891 | — |
| Individuals(Other than RIIs) | — | 1,39,93,959 | — |
| Others | — | 5,83,073 | — |
| Retail Individual Investors(RIIs) | — | 3,43,98,501 | 5.88× |
| Cut Off | — | 2,90,86,513 | — |
| Price bids | — | 53,11,988 | — |
| Total | — | 9.59 | 8.2× |
Demand by bid price
₹6019,58,62,091 shares
₹6029,58,41,989 shares
₹6039,58,39,206 shares
₹6049,58,38,976 shares
₹6059,58,38,838 shares
₹6079,58,37,412 shares
₹6089,58,37,297 shares
₹6099,58,37,182 shares
₹6109,58,36,998 shares
₹6119,58,34,422 shares
₹6129,58,33,847 shares
₹6139,58,33,548 shares
₹6159,58,33,502 shares
₹6169,58,31,938 shares
₹6179,58,31,823 shares
₹6189,58,31,317 shares
₹6199,58,31,225 shares
₹6209,58,31,041 shares
₹6219,58,29,109 shares
₹6229,58,28,649 shares
₹6239,58,26,602 shares
₹6249,58,22,002 shares
₹6259,58,21,956 shares
₹6269,58,20,760 shares
₹6279,58,20,392 shares
₹6289,58,19,886 shares
₹6299,58,19,081 shares
₹6309,58,16,344 shares
₹6319,58,04,568 shares
₹6329,57,95,322 shares
Business
About the company
Incorporated in 1972, Kanohar Electricals Limited is engaged in the manufacturing of transformers in India. The Company caters to industries such as power transmission, railways, renewable energy and power distribution. The Company operates through two business segments: (i) transformer manufacturing and (ii) engineering, procurement and construction (EPC). It is one of four manufacturers in India certified by the Research Designs and Standards Organisation (RDSO), the research and development arm of Indian Railways, for manufacturing 100 MVA 132 kV Scott transformers. Kanohar Electricals Limited operates two manufacturing facilities in Rithani, Meerut, Uttar Pradesh (“Rithani Manufacturing Facility”) and Gangol, Meerut, Uttar Pradesh (“Gangol Manufacturing Facility” and collectively with Rithani Manufacturing Facility, “Manufacturing Facilities”) with an aggregate transformer manufacturing capacity of 19,200 MVA as on March 31, 2026.
Performance
Financial snapshot
| Particulars | FY25 | FY26 |
|---|---|---|
| Revenue | ₹450.61 cr | ₹653.83 cr (45.10%) |
| PAT | ₹65.12 cr | ₹129.73 cr (99.22%) |
| PAT Margin | 14.45 % | 19.84 % (37.30%) |
| EBITDA | ₹93.39 cr | ₹180.42 cr (93.19%) |
| EBITDA Margin | 20.73 % | 27.59 % (33.09%) |
| ROE | 26.78 % | 34.80 % (29.95%) |
| ROCE | 47.61 % | 70.13 % (47.30%) |
| D/E | 0.13 | 0.10 (-23.08%) |
Research
What to consider
Business strengths
- sources from the RE-rich states. In addition, with the implementation of two Central Sector Schemes namely, the North-Eastern Regional Power System Improvement Project (NERPSIP) and Comprehensive Scheme of Transmission & Distribution System in Arunachal Pradesh & Sikkim, the transmission and distribution infrastructure of Northeastern states are being strengthened. The transmission line network grew at a CAGR of approximately 3% to 4,94,374 Ckm as of March 2025 from 4,13,407 Ckm as of March 2019. During FY25, 8,830 Ckm of transmission lines were added to the total network as compared to 14,203 Ckm of transmission lines added to the total network in FY24.
- Chart 27Transmission Line Network (220 kV & above) Source: Central Electricity Authority, NEP, CareEdge Research Overall Intra and Inter transmission lines In FY25, India saw a line addition of ~8800 Ckm of lines where~2900 Ckm of lines was added in 400kV segment followed by ~3700 Ckm of lines was added in 220 kV.
Key risks
- This section is a general summary of certain disclosures included in this Draft Red Herring Prospectus and is neither exhaustive, nor does it purport to contain a summary of all the disclosures in this Draft Red Herring Prospectus or all details relevant to prospective investors. This summary should be read in conjunction with, and is qualified in its entirety by, the moredetailed information appearing elsewhere in this Draft Red Herring Prospectus, including the sections “Risk Factors”, “Our Business”, “Industry Overview”, “Capital Structure”, “The Offer”, “Restated Financial Information”, “Objects of the Offer”, “Our Promoters and Promoter Group”, “Management’s Discussion and Analysis of Financial Condition andResults of Operations” and “Outstanding Litigation and Material Developments” beginning on pages 30, 239, 168, 91, 77,308, 132, 301, 373 and 412, respectively, of this Draft Red Herring Prospectus.
Context
Peer comparison
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Kanohar Electricals Limited | 36.26 | 632 | 2 |
| Hitachi Energy India Limited | 159.55 | 35,360.00 | 2 |
| Bharat Heavy Electricals Limited | 91.3 | 420 | 2 |
| Schneider Electric Infrastructure Limited | 155.12 | 1,379.00 | 2 |
| CG Power and Industrial Solutions Limited | 114.77 | 886 | 2 |
| Transformers & Rectifiers (India) Limited | 32.19 | 292 | 1 |
| GE Vernova T&D India Limited | 89.37 | 4,304.00 | 2 |
Filings
Offer documents
Advertisement15 Sept 2026Final Prospectus11 Sept 2026Draft Prospectus/Draft Red Herring Prospectus24 Jan 2026In-principle XBRL24 Jan 2026Anchor Allocation ReportBidding CentersProcessing of ASBA ApplicationsRatios / Basis of Issue PriceRed Herring ProspectusSample Application FormsSecurity Parameters (Post Anchor)Security Parameters (Pre Anchor)