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HomeIPOKanohar Electricals

About Kanohar Electricals

Incorporated in 1972, Kanohar Electricals Limited is involved in the production of transformers in India. The Company serves the power transmission, railways, renewable energy, and power distribution sectors. The Company runs its operations through two business segments namely (i) transformer manufacturing and (ii) Engineering, Procurement, and Construction (EPC). The Company is one of the four manufacturers in India accredited by the Research Designs and Standards Organisation (RDSO), which is the research and development organisation of Indian Railways for manufacturing 100 MVA 132 kV Scott transformers. Kanohar Electricals Limited operates two plants situated in Rithani and Gangol, Meerut, Uttar Pradesh, with a combined capacity to manufacture 19,200 MVA of transformers as of September 30, 2025. The Company has five regional offices in the National Capital Territory of Delhi, Mumbai (Maharashtra), Kolkata (West Bengal), Bengaluru (Karnataka) and Chennai (Tamil Nadu). As of September 30, 2025, it has a manpower strength of over 497 employees serving customers across India.

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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
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Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Kanohar Electricals

Kanohar Electricals

Open Date

Sep 8, 2026

Close Date

Sep 10, 2026

listed

Min Investment

₹14,536

Lot Size

23 Shares

Issue Size

₹1055.74 Cr

Price Range

₹601 - ₹601

Listing Date

Sep 16, 2026

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RHP PDF

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹182(+28.80%)GMP
28.8%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Kanohar Electricals IPO - Issue Objectives

₹64.18 crore for expansion, automation, solar, EVs and infrastructure. ₹155 crore will fund the company’s incremental working capital needs. Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Capital expenditure

21.3%

Working capital

51.6%

General corporate purposes

26.9%

1

Capital expenditure

₹64.18 crore for expansion, automation, solar, EVs and infrastructure.

21.30%
2

Working capital

₹155 crore will fund the company’s incremental working capital needs.

51.60%
3

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

26.90%

IPO Subscription Status

QIB
215.37x
NII
87.74x
Individual
20.51x
Total
90.59x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Kanohar Electricals

In Cr.

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Player with unique technical certification

40+ years’ experience in transformer manufacturing, short circuit certification of 500 MVA 400 kV transformers (1 out of 5 in India) and RDSO certification of 100 MVA 132 kV Scott transformers (1 out of 4 in India). With such unique certifications, the company gains access to large orders which are otherwise out of reach for other companies.

02

High voltage segment driving company’s growth

The proportion of income from >400 kV transformers increased from 10.30% to 52.17% between FY24 and FY26 due to the structural change in the revenue mix. This growth was aided by a ₹568.67 crore POWERGRID order in June 2025 and an order book of ₹573.26 crore from POWERGRID in March 2026.

03

Integrated EPC-manufacturing model

The combination of transformer manufacturing with EPC business gives the company access to a large addressable market.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Customer concentration

Top 10 customers accounted for 93.16% of revenue in FY26, with the largest individual customer accounting for 31.28%. This exposes the company to disproportionate risks arising out of loss of/reduction in orders from a limited customer base.

02

Risk Associated with Bid Conversion

A large part of revenue depends upon the competitive discretion associated with the bidding process. The ratio of successful bids to the total number of bids has continued to be small at 20.00% in FY26 and 21.21% in FY24.

03

Contact Details

Kanohar Electricals

Rithani, Delhi Road, Meerut, Uttar Pradesh, 250103

121350080105
compliance@kanohar.com
https://www.kanohar.com/

Kanohar Electricals IPO - FAQs

Kanohar Electricals IPO is a Mainboard IPO. The issue is priced at 601-₹632. The minimum order quantity is 23 Shares. The IPO opens on 8 Sep, and closes on 10 Sep. TBA is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-09-07
  • Bidding Starts2026-09-08
  • Bidding Ends2026-09-10
  • Allotment Finalisation2026-09-11
  • Release of Funds2026-09-15
  • Demat Transfer2026-09-15
  • Listing2026-09-16
04

Benefits of backward integration in manufacturing

Two units situated at Meerut have an installed capacity of 19,200 MVA, which helps produce tanks and radiators on-site, thereby reducing reliance on suppliers and increasing efficiency. This increased efficiency can be seen in the form of margins that have gone up from 11.23% in FY24 to 27.59% in FY26.

05

Premium tender business base

The tender-based revenue earned from PSUs and state utilities has increased from 64.09% to 85.37% during FY25 to FY26 owing to the premium low-risk customer base which pays based on milestones achieved.

Underutilised capacity

Capacity installed for manufacturing continues to be substantially underutilised. The Rithani factory was utilised at 0.25% capacity in FY26, while utilisation at both factories taken together was at only 45.99%.

04

Concentration of revenue

The revenue sources of the company are concentrated around one business segment. Transformer Manufacturing represented 83.4% of the revenue from operations in FY26, compared to 51.8% in FY24, signifying a lack of diversification from segment-specific risks.

05

Disqualification/debarment from government tender

Given the company's dependence on government tenders, disqualification would pose a serious threat to the core revenue generation of the company. In February 2026, BSPTCL has debarred the company from taking any projects for three years due to poor performance in execution of the project