Kanohar Electricals IPO
Kanohar Electrical Ltd is one of the leading companies in transformer manufacturing in India, catering to a diverse range of end-user industries, including power transmission, railways, renewable energy, and power distribution. The Company operates across two principal business segments (i) transformer manufacturing and (ii) engineering, procurement and construction (EPC) services. It is among the four manufacturers in India certified by the Research Designs and Standards Organisation (RDSO), the research and development organisation of Indian Railways, for the manufacture of 100 MVA, 132 kV Scott transformers.
IPO GMP
+₹192
+30% expected gain
Price Band
₹601 - ₹632
Lot Size
23 shares
Min Investment
₹14,536
Listing Date
September 16, 2026
About Kanohar Electricals
Company overview, business, and key facts.
Kanohar Electrical Ltd is one of the leading companies in transformer manufacturing in India, catering to a diverse range of end-user industries, including power transmission, railways, renewable energy, and power distribution. The Company operates across two principal business segments (i) transformer manufacturing and (ii) engineering, procurement and construction (EPC) services. It is among the four manufacturers in India certified by the Research Designs and Standards Organisation (RDSO), the research and development organisation of Indian Railways, for the manufacture of 100 MVA, 132 kV Scott transformers.
Kanohar Electricals Limited operates two manufacturing facilities situated at Rithani and Gangol in Meerut, Uttar Pradesh. As of September 30, 2025, these facilities had a combined transformer manufacturing capacity of 19,200 MVA.
Headquarters
Meerut, Uttar Pradesh
Promoters
Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal, Aditya Singhal
Website
http://www.kanohar.com/
IPO Details
Subscription Status
How many times each investor category has bid for the issue.
Strengths & Risks
Strengths
- Leading Transformer Manufacturer: Being in business for over 40 years, the Company is one of the top-ranked domestic transformer manufacturers in Fiscal 2025 in terms of revenues catering to growth sectors like power transmission, railways, renewable energy, and power distribution.
- Ability to Manufacture High-Premium Transformers: The ability to conduct short-circuit testing of transformers up to 500 MVA, 400 kV through reputed laboratories like CPRI and NHPTL indicates the ability to satisfy safety and reliability requirements and win lucrative contracts.
- Integrated Transformer & EPC Operations: The Company runs in both the transformer manufacturing business and EPC business providing one-stop solution. In EPC business, it provides services in substations and transmission lines up to 400 kV.
Risks
- High Reliance on Transformer Manufacturing Business: One of the key sources of income comes from the Transformer Manufacturing Business. Any reduction in demand for transformers will impact the business performance of the Company negatively.
- Reliance on Government Policies and Transmission Utilities: A large part of revenues is generated through the supply of power transformers to transmission utilities, which includes state transmission utilities as well. Demand is dependent on government policies, which means any economic slowdown will impact business adversely.
- Government Tenders Dependency: The revenues are highly dependent on tenders conducted by government-owned firms through competition. There is no guarantee that the Company will have the eligibility to compete, bid and retain pre-qualification criteria for the same.
Financials
Restated summary financials for the most recent periods.
Figures are indicative and restated for presentation.
Kanohar Electricals IPO Key Numbers
Calculated by IPOLyst from the published offer-document data. These are figures, not buy or sell calls.
Market cap at upper band
₹5,004.6 Cr
Post-IPO shares × upper price band
P/E on 2026 profit
38.6x
Peer median 103x (discount of 62.5%)
Price to sales
7.55x
Revenue growth, 2026
+45%
53.6% a year over the period
Profit growth, 2026
+99.2%
170.3% a year over the period
Profit margin (PAT)
19.6%
EBITDA margin 27.59%
ROE / ROCE
42.12% / 70.13%
As published in the offer document
Debt to equity
0.1
Promoter holding
99.72% → 78.64%
Before → after the IPO
Issue mix
28.4% fresh / 71.6% sale
Fresh issue goes to the company, offer for sale to selling shareholders
GMP-implied gain per lot
₹4,416
23 shares on ₹14,536. GMP is unofficial.
What stands out
- Healthy profit margin: PAT margin was 19.6% in 2026.
- Profit grew 99.2% in 2026.
- Priced at a 62.5% discount to the peer median P/E of 103.
Watch-outs
- 71.6% of the issue is an offer for sale, so most money goes to selling shareholders, not the company.
- 1 use-of-proceeds item(s) have no disclosed amount.
- GMP has fallen 20.3% from its peak of ₹241 to ₹192.
Scenarios apply today's grey market premium figures to the upper price band. They are illustrations, not predictions. GMP is unofficial and can be wrong.
IPO Analysis SummaryAI-generated
A plain-language review of Kanohar Electricals's financials, valuation and demand, based only on the verified figures above. For information only. It does not recommend whether to apply.
Kanohar Electricals IPO Review
Analysis based on live GMP, subscription, and issue details.
As of today, Kanohar Electricals IPO is trading at a grey market premium (GMP) of +₹192 (+30% estimated listing gain), indicating positive market sentiment.
The IPO has been subscribed 61.38x overall — QIB: 122.61x, NII: 81.57x, Retail: 17.74x.
Kanohar Electricals IPO subscription has closed. The shares are expected to list on September 16, 2026.
The minimum investment required is ₹14,536 for 23 shares (1 lot). Retail investors can apply at cut-off price for the best chance of allotment.
Key strengths include: Leading Transformer Manufacturer: Being in business for over 40 years, the Company is one of the top-ranked domestic transformer manufacturers in Fiscal 2025 in terms of revenues catering to growth sectors like power transmission, railways, renewable energy, and power distribution.; Ability to Manufacture High-Premium Transformers: The ability to conduct short-circuit testing of transformers up to 500 MVA, 400 kV through reputed laboratories like CPRI and NHPTL indicates the ability to satisfy safety and reliability requirements and win lucrative contracts.. Investors should note the following risks: High Reliance on Transformer Manufacturing Business: One of the key sources of income comes from the Transformer Manufacturing Business. Any reduction in demand for transformers will impact the business performance of the Company negatively.; Reliance on Government Policies and Transmission Utilities: A large part of revenues is generated through the supply of power transformers to transmission utilities, which includes state transmission utilities as well. Demand is dependent on government policies, which means any economic slowdown will impact business adversely..
Disclaimer: IPO GMP is indicative and sourced from the grey market. This is not investment advice. Please consult a SEBI-registered advisor before investing.
Kanohar Electricals IPO — Frequently Asked Questions
What is Kanohar Electricals IPO GMP today?
Kanohar Electricals IPO GMP (grey market premium) today is +₹192, suggesting an estimated listing gain of +30%. GMP is indicative and subject to change.
What is the price band of Kanohar Electricals IPO?
The price band for Kanohar Electricals IPO is ₹601 - ₹632 with a lot size of 23 shares. The minimum investment required is ₹14,536.
When is Kanohar Electricals IPO allotment date?
Kanohar Electricals IPO allotment is expected to be finalised on September 11, 2026. You can check your allotment status on the registrar's website (MUFG Intime India Pvt. Ltd.) using your PAN number.
When will Kanohar Electricals IPO list on NSE/BSE?
Kanohar Electricals IPO is expected to list on BSE, NSE on September 16, 2026.
How to check Kanohar Electricals IPO allotment status?
To check Kanohar Electricals IPO allotment status, visit the registrar's website (MUFG Intime India Pvt. Ltd.) and enter your PAN number, application number, or DP/Client ID. You can also check on the BSE IPO allotment page at https://www.bseindia.com/investors/appli_check.aspx.
Should I apply for Kanohar Electricals IPO?
Kanohar Electricals IPO is showing a strong GMP of +₹192 (+30%), indicating positive market sentiment for listing gains. However, GMP is informal and not a guarantee of returns. Evaluate the company's fundamentals, price band, and your own risk appetite before applying. IPOLyst is not a SEBI-registered investment advisor — please do your own research.
What is the lot size of Kanohar Electricals IPO?
The lot size for Kanohar Electricals IPO is 23 shares per lot. The minimum investment for retail investors is ₹14,536. Retail investors can apply for a maximum of 13 lots or up to ₹2 lakh, whichever is lower.