Kanohar Electricals Limited is engaged in transformer manufacturing and EPC solutions, serving the power transmission, railways, renewable energy and power distribution sectors.
The Company operates through two business segments:
- Transformer Manufacturing Business – Manufactures power, traction, Scott and distribution transformers, along with shunt reactors.
- EPC Business – Provides EPC solutions for substations and transmission lines, with capabilities across 132 kV, 220 kV and 400 kV.
Kanohar Electricals is among the five Indian companies certified for 500 MVA, 400 kV transformers and one of four RDSO-certified manufacturers of 100 MVA, 132 kV Scott transformers for Indian Railways.
The Company operates two manufacturing facilities in Meerut, Uttar Pradesh, with a combined capacity of 19,200 MVA. The Gangol facility can manufacture transformers up to 500 MVA and 400 kV.
The Company serves PSUs, central and state utilities, Indian Railways and private-sector companies, with key customers including POWERGRID, Indian Railways and Bhutan Power Corporation Limited.
In Fiscal 2026, the Transformer Manufacturing Business contributed 83.43% of revenue from operations, while the EPC Business contributed 16.44%. The Company’s order book stood at ₹1,818.32 crore as of March 31, 2026, of which 89.19% was from the Transformer Manufacturing Business.
As of March 31, 2026, the Company had five regional offices across major Indian cities and a workforce of 526 employees. It has executed projects across multiple Indian states and international markets.
Kanohar Electricals IPO – Details
| IPO Opening Date | 08 September 2026 |
| IPO Closing Date | 10 September 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,67,04,750 Shares Worth ₹1055.74 Crore Fresh Issue: 47,46,835 Shares Worth ₹300.00 Crore Offer For Sale: 1,19,57,915 Shares Worth ₹755.74 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹601 – ₹632 per share |
| Market Lot | 23 Shares |
| Min Order | 23 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Kanohar Electricals IPO – Date Schedule
| IPO Open Date | 08 September 2026 |
| IPO Close Date | 10 September 2026 |
| Basis of Allotment | 11 September 2026 |
| Initiation of Refund | 15 September 2026 |
| Credit of Shares to Demat Account | 15 September 2026 |
| IPO Listing Date | 16 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 10, 2026 |
Kanohar Electricals IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 23 | ₹14,536 |
| Retail (Max) | 13 | 299 | ₹1,88,968 |
| S-HNI (Min) | 14 | 322 | ₹2,03,504 |
| S-HNI (Max) | 68 | 1564 | ₹9,88,448 |
| B-HNI (Min) | 69 | 1587 | ₹10,02,984 |
Competitive Strength
- Established player in the transformer manufacturing sector catering to high growth industries.
- Successful short circuit testing of transformers up to 500 MVA 400 kV which enables us to compete for large, highvalue contracts across sectors.
- Comprehensive presence across its Transformer Manufacturing Business and EPC Business enables us to serve a large total addressable market.
- Integrated manufacturing facilities equipped to deliver high-quality products.
- Track record of executing orders for large and marquee clients.
- Experienced Promoters and management team with significant industry experience.
- Track record of profitability.
Company Promoters
- Dinesh Singhal
- Adesh Singhal
- Vivek Singhal
- Abhishek Singhal
- Virat Singhal
- Aditya Singhal
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹281.12 Cr | ₹255.25 Cr | ₹17.76 Cr | ₹42.08 Cr |
| 31 March 2025 | ₹457.30 Cr | ₹369.50 Cr | ₹65.12 Cr | ₹32.27 Cr |
| 31 March 2026 | ₹662.86 Cr | ₹489.29 Cr | ₹129.73 Cr | ₹39.04 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 42.12% |
| ROCE | 70.13% |
| Debt/Equity | 0.10 |
| RoNW | 34.80% |
| PAT Margin | 19.57% |
| EBITDA Margin | 27.59% |
| NAV | 50.09 |
| Pre IPO | Post IPO | |
| EPS (₹) | 17.43 | – |
| P/E (x) | – | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding the capital expenditure requirements of the Company towards: (i) purchase of new machinery and equipment for the Gangol Manufacturing Facility for increasing transformer manufacturing capacity, expanding and automating backward integration facilities and enhancing operational efficiency; (ii) civil construction and interior development of an office building at the Gangol Manufacturing Facility; and (iii) enhancing sustainability initiatives by (a) setting up solar power plants at the Manufacturing Facilities, and (b) purchasing Electric Vehicles for handling and movement at the Gangol Manufacturing Facility. | ₹64.18 |
| Funding the incremental working capital requirements of the Company. | ₹155.00 |
| General corporate purposes. |
Kanohar Electricals IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 2 | Hitachi Energy India Limited | 159.55 |
| 2 | 2 | Bharat Heavy Electricals Limited | 91.30 |
| 3 | 2 | Schneider Electric Infrastructure Limited | 155.12 |
| 4 | 2 | CG Power and Industrial Solutions Limited | 114.77 |
| 5 | 1 | Transformers & Rectifiers (India) Limited | 32.19 |
| 6 | 2 | GE Vernova T&D India Limited | 89.37 |
✅Strengths
- High-Voltage Expertise with 500 MVA, 400 kV transformer certification.
- Strong Order Book of ₹1,818.32 crore as of March 2026.
- Experienced Management with strong industry expertise.
- Large Manufacturing Capacity of 19,200 MVA annually.
⚠️Risks
- Customer Concentration with top 10 customers contributing 93.16% of FY2026 revenue.
- Competitive Industry with established players across the sector.
- Capacity Expansion Risk if planned expansion is delayed or not successfully implemented.
- Historical Compliance Issues involving certain missing records and delayed filings.
Kanohar Electricals IPO Promoter Holding
| Pre Issue Share Holding | 99.72% |
| Post Issue Share Holding | 78.64% |
Kanohar Electricals IPO Prospectus
Company Contact Information
| Kanohar Electricals Ltd. Rithani, Delhi Road, Meerut, Uttar Pradesh, 250103 Phone: 121-3500801-05 Email: compliance@kanohar.com Website: https://www.kanohar.com/ |
Kanohar Electricals IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: kanoharelectricals.ipo@in.mpms Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Kanohar Electricals IPO Lead Manager(s)
| 1. IIFL Capital Services Limited 2. Nuvama Wealth Management Limited |
Kanohar Electricals IPO FAQs
| What is the Kanohar Electricals IPO? Kanohar Electricals IPO is a main-board IPO. The issue is priced at ₹601 to ₹632 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Kanohar Electricals IPO open? The IPO is to open on 08 September 2026 for QIB, NII, and Retail Investors. |
| What is Kanohar Electricals IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Kanohar Electricals IPO Size? Kanohar Electricals IPO size is ₹1055.74 Crore. |
| What are the Kanohar Electricals IPO Minimum and maximum lot sizes for Retail? The minimum bid is 23 Shares with ₹14,536, while the maximum bid is 299 Shares with ₹1,88,968 . |
| What is the Kanohar Electricals IPO Allotment Date? Kanohar Electricals IPO allotment date is 11 September 2026. |
| What is the Kanohar Electricals IPO Listing Date? Kanohar Electricals IPO listing date is 16 September 2026. The IPO is to be listed on the BSE and the NSE. |
