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Kanohar Electricals IPOLISTED
Kanohar Electricals Limited manufactures transformers and provides EPC services, catering to the power transmission, railways, renewable energy and power distribution sectors.
Listing price
₹685.5
Listing gain
+8.47%
Current
₹685.5
Listed
16 Sept 26
Opens
08 Sept 26Closes
10 Sept 26Allotment
11 Sept 26Refund
15 Sept 26Demat
15 Sept 26Listing
16 Sept 26Listed at
₹685.5
+8.47% on 16 Sept 26
Overview
Price band
₹601-632
Lot size
23 shares
Min. investment
₹14,536
Issue size
₹1055.74 Cr
1.67 Cr shares
Fresh issue
₹300 Cr
47.47 L shares
Offer for sale
₹755.74 Cr
1.20 Cr shares
Face value
₹2 / share
Issue type
Book Built Issue
Listing at
NSE, BSE
Reservation
| Category | Shares offered | % of issue |
|---|---|---|
| Anchor Investor | 50,11,424 | 30% |
| QIB | 33,40,950 | 20% |
| NII (HNI) | 25,05,713 | 15% |
| B-HNI | 16,70,475 | 10% |
| S-HNI | 8,35,238 | 5% |
| Individual | 58,46,663 | 35% |
| Total | 1,67,04,750 | 100% |
Lot size & investment
| 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 | 1,564 | ₹9,88,448 |
| B-HNI (Min) | 69 | 1,587 | ₹10,02,984 |
Listing performance
NSE/BSE: KANOHARListing gain
+8.47%
Gain per retail lot
₹1,230.5
Latest vs issue
—
GMP was
₹220 (+34.81%)
Issue price
GMP estimate
Listing price
Latest price appears here during market hours.
Kanohar Electricals Live GMP
Latest GMP
₹220
All-time high
₹230
All-time low
₹196
Subscription
11 Sept, 12:00 amOversubscribed 90.59 times · 49,23,275 applications
Total applications
49,23,275
Total bid amount
₹66,947 Cr
Category breakdown
| Category | Shares offered | Shares bid | Times | Bid amount |
|---|---|---|---|---|
| QIB | 33,40,950 | 71,95,39,590 | 215.37x | ₹45,475 Cr |
| NII (HNI) | 25,05,713 | 21,98,49,778 | 87.74x | ₹13,895 Cr |
| B-HNI | 16,70,475 | 15,70,86,665 | 94.04x | ₹9,928 Cr |
| S-HNI | 8,35,238 | 6,27,63,113 | 75.14x | ₹3,967 Cr |
| Retail | 58,46,663 | 11,98,99,460 | 20.51x | ₹7,578 Cr |
| Total | 1,16,93,326 | 1,05,92,88,828 | 90.59x | ₹66,947 Cr |
Application-wise breakup
| Category | Applications reserved | Applied | Times |
|---|---|---|---|
| B-HNI | 5,188 | 98,007 | 18.89x |
| S-HNI | 2,594 | 1,89,312 | 72.98x |
| Retail | 2,54,203 | 46,12,087 | 18.14x |
Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).
Financials
(₹ in crores)
Key performance indicators
As of 31 Mar 2026ROE
42.12%
PAT Margin
19.57%
ROCE
70.13%
EBITDA Margin
27.59%
Debt to Equity Ratio
0.1
Price to Book Value
12.62
RoNW
34.8%
Valuation vs listed peers
EPS Pre IPO
₹17.43
EPS Post IPO
₹16.38
P/E Pre IPO
36.26
P/E Post IPO
38.58
Price-to-earnings
| Company | P/E | P/B | RoNW | Face value |
|---|---|---|---|---|
| Hitachi Energy India Limited | 159.55 | — | — | ₹2 |
| Bharat Heavy Electricals Limited | 91.3 | — | — | ₹2 |
| Schneider Electric Infrastructure Limited | 155.12 | — | — | ₹2 |
| CG Power and Industrial Solutions Limited | 114.77 | — | — | ₹2 |
| Transformers & Rectifiers (India) Limited | 32.19 | — | — | ₹1 |
| GE Vernova T&D India Limited | 89.37 | — | — | ₹2 |
Peer median P/E 103.0× · Ratios as disclosed in the offer document.
Buzz AI analysis
From this IPO's filings and market data · educational, not investment advice
Revenue growth FY24 → FY26
+135.8%
Profit growth FY24 → FY26
+630.5%
P/E vs peer median
38.6× vs 103.0×
- PAT margin 19.6% and ROCE 70.1%.
- Priced below its listed-peer median P/E.
- Price-to-book of 12.6× leaves little room for an earnings miss.
Strengths & risks
- 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.
Buzz score · Solid
From GMP, subscription and issue size
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding the capital expenditure requirements of Company. | 64.18 |
| Funding the incremental working capital requirements of Company. | 155 |
| General Corporate Purposes. | - |
Company & documents
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.
Registrar
MUFG Intime India Pvt. Ltd.
Phone: 022-49186000
Email: kanoharelectricals.ipo@in.mpms
Web: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Company contact
Kanohar Electricals Ltd.
Rithani, Delhi Road, Meerut, Uttar Pradesh, 250103
Phone: 121-3500801-05
Email: compliance@kanohar.com
Book running lead managers
- IIFL Capital Services Ltd.
- Nuvama Wealth Management Ltd.
Promoters
- Dinesh Singhal
- Adesh Singhal
- Vivek Singhal
- Abhishek Singhal
- Virat Singhal
- Aditya Singhal
