Kanohar Electricals IPO GMP, Date, Price Band & Review

Kanohar Electricals IPO GMP (Grey Market Premium)

“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.

The Kanohar Electricals IPO GMP is currently trading at ₹240, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹872, which is 37.97% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

Kanohar Electricals Ltd. was incorporated on November 13, 1972, as Kanohar Electricals Private Limited, in Meerut, Uttar Pradesh and then converted into a public limited firm in 1994 for its public listing procedures.

In 1995, Kanohar Electricals Ltd was listed on the Bombay Stock Exchange (BSE), the Delhi Stock Exchange (now known as DSE Estates Limited) and the Uttar Pradesh Stock Exchange (now known as U.P. Stock and Capital Limited), but then in 2010, the company voluntarily delisted from all three exchanges due to low liquidity and trading volumes.

The business began with lower-voltage units; the firm expanded into high-voltage transformers (up to 400 kV), gas-insulated switchgear and turnkey EPC services for substations and transmission lines, serving domestic and international power and railway sectors.

Operations & Product Range

The operations of Kanohar Electricals Ltd. are based on a “design-to-service” approach for transformers, whereby the firm offers a wide range of products, from 10 MVA distribution transformers to 500 MVA power transformers, capable of handling voltage levels up to 400 kV. The company's production engages in services related to high-voltage transformer repairs. The customer list includes both state-owned companies (DISCOMs), conglomerates and international EPC companies.

Facilities & Capacity

The manufacturing plant of Kanohar Electricals Ltd. is situated at Rithani, Delhi Road, Meerut and is well-equipped with specific machines that assist in winding coils, assembling cores and carrying out vacuum drying, all of which are essential in ensuring the dielectric strength of high-voltage apparatus. The facility also houses an extra-high-voltage test laboratory in the plant, capable of conducting impulse tests, among others.

Brands & Market Presence

Kanohar Electricals Ltd. has established itself as a reputable brand in the power transmission and distribution industry in India, with over 5 decades of operations. It acts as a pre-qualified vendor to many utilities from both the central and the state sectors, thereby acting as a deterrent to any competitor that may seek to gain entry into the market. The firm has a mainly domestic customer base, although there is an increasing trend towards exporting its products to other countries in South Asia, the Middle East and Africa.

Revenue Streams & Business Model

Kanohar Electricals Ltd. operates an integrated business model structured around two primary segments: transformer manufacturing and EPC projects in the power transmission and distribution sector. Core revenue is generated from designing and supplying high-voltage power transformers, traction transformers and Gas Insulated Switchgear (GIS). This equipment business is complemented by comprehensive EPC solutions for substations and transmission lines, creating a dual-revenue strategy that serves power distribution companies, state utilities, Indian Railways and private infrastructure projects.

Financial Performance

Kanohar Electricals Ltd. demonstrated strong top-line and bottom-line growth in recent financial years. Revenue from operations rose significantly from ₹450.61 crore in FY25 to ₹653.83 crore in FY26. In contrast, profit after tax (PAT) expanded from ₹65.12 crore in FY25 to ₹129.73 crore in FY26, driven by operational efficiencies and scaled turnkey project execution. This upward trajectory reflects strong demand across transformer manufacturing and power infrastructure segments, with a 45% revenue surge and a 99% surge in profit after tax (PAT) between FY25 and FY26.

Management & Shareholding

The promoters of Kanohar Electricals Ltd. are the Singhal family, including Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal, Aditya Singhal and the K Sons Family Trust. Before the IPO, the promoters held around a 99.72% stake in the company, but after the IPO, the promoters' shareholding will be slightly diluted as the offering includes 1.45 crore equity shares for sale by existing shareholders, which will revise the stakeholding of the existing shareholders.

Board & Key Management

The leadership of Kanohar Electricals Ltd. is led by a team of experts with many years of experience. Dinesh Singhal serves as the Chairman & Managing Director and gives strategic direction to the firm, as well as managing the daily operations, along with Whole-Time Directors Adesh Singhal, Vivek Singhal and Abhishek Singhal. To ensure good governance, the board includes independent directors Sangeeta Khorana, Anil Bhardwaj, Ashok Kumar Goel and Ram Kumar Chugh for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.