About Kanohar Electricals IPO
Kanohar Electricals IPO Details
Kanohar Electricals IPO is a 100% book-built issue, comprising a fresh issue of ₹300 crore and an offer for sale (OFS) of 1.45 crore equity shares, with the face value of ₹2 per share. The company filed its DRHP with SEBI on January 23, 2026.
The price band and official date of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the BSE and the NSE platforms. The book-running lead managers of the issue are Nuvama Wealth Management Ltd. and IIFL Capital Services Ltd., while MUFG Intime India Private Limited will serve as the registrar.
Kanohar Electricals IPO Date & Timeline
Kanohar Electricals Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on January 23, 2026. However, the specific Kanohar Electricals IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalize the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding and the final listing on the exchange will be formally disclosed.
Kanohar Electricals IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Kanohar Electricals IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 2 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Capital & OFS |
| Total Issue Size | - |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | [.] shares (agg. up to ₹ 300 Cr) |
| Offer for Sale | 1,45,90,000 shares of ₹2 (agg. up to ₹[.] Cr) |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 7,44,40,000 shares |
| Share Holding Post Issue | - |
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 ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% 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 in 1972 in Meerut, Uttar Pradesh and then converted into a public limited company in 1994. With market experience of over 5 decades (50+ years), the company has evolved from a regional player into a nationally recognized manufacturer of electrical transformers, progressively moving up the value chain from smaller distribution transformers to higher voltage classes. Currently, it is an established name in the power sector, providing critical equipment to state electricity boards, central utilities and private industrial clients.
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
The Kanohar Electricals Ltd. has established itself as a reputable brand in the power transmission and distribution industry in India. 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
The primary revenue of Kanohar Electricals Ltd. is through selling its manufactured transformers. Besides, another dependable source of income is that generated by the repairing of high-capacity transformers. The business operations rely highly on the process of tendering. Most of their sales are based in India, although export income offers some protection from any changes in domestic policy.
Management & Shareholding
Kanohar Electricals Ltd. is promoted by 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 and promoter group held around 99% of the shareholding in the ownership of the company, but after the IPO, the promoters' ownership will be diluted as the offering is 1.45 crore equity shares for sale by 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 and gives strategic direction to the firm and daily operations are managed by the Managing Director, 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.
Kanohar Electricals IPO Financial Information
Latest Revenue
170.63
₹ Crore
Profit After Tax
30.67
₹ Crore
Net Worth
273.88
₹ Crore
Total Borrowing
41.41
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 476.26 | 170.63 | 30.67 | 273.88 | 258.95 | 41.41 | |||
| 31 Mar 2025 | 432.07 | 457.30 | 65.12 | 243.13 | 239.00 | 32.27 | |||
| 31 Mar 2024 | 322.86 | 281.12 | 17.76 | 178.12 | 174.09 | 42.08 | |||
| 31 Mar 2023 | 285.22 | 306.97 | 16.81 | 160.51 | 156.36 | 23.62 | |||
| Amount in ₹ Crore | |||||||||
Kanohar Electricals Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 30.92% |
| ROCE | 47.61% |
| Debt/Equity | 0.13 |
| RoNW | 26.78% |
| PAT Margin | 14.24% |
| EBITDA Margin | 20.73% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 8.75 | - |
| P/E (x) | - | - |
Kanohar Electricals IPO Objectives
The company has intended to use the Kanohar Electricals IPO for strategic purposes:
- • Repayment/prepayment of debt (in part or in full)
- • Funding working capital requirements
- • General corporate purposes
Kanohar Electricals IPO Review
Kanohar Electricals Ltd. is well-placed to benefit from the "Revamped Distribution Sector Scheme" and other government initiatives aimed at modernizing India's power grid. The company is one of 5 companies in India to have the short circuit test certification for 500 MVA 400 kV transformers that are used in the power transmission industry and one of 4 manufacturers in India who are certified by the Research Designs and Standards Organisation (RDSO), the research and development wing of Indian Railways, to manufacture 100 MVA 132 kV Scott transformers.
Financially, the company has shown a growing financial statement. As of FY25, the company's revenue from operations was reported at ₹4,506.12 million, reflecting a healthy growth trajectory and PAT was at ₹651.18 million, indicating strong operating leverage and better margin management on larger, more complex projects.
However, investors should consider checking the risks, which include high dependence on government spending in the power sector, significant customer concentration with a few large utilities accounting for a major revenue portion and raw material price volatility, particularly for copper and specialized steel. Overall, the IPO presents an opportunity to invest in a veteran manufacturing play with a strong order book and improving financial metrics in a competitive, tender-driven industry.
Conclusion
The Kanohar Electricals IPO is an opportunity for investors to invest in a growing company with over 5 decades of deep roots and a proven ability to survive and grow through multiple economic cycles. The company maintains its focus on high-voltage power transformers and an expanding footprint in the service segment and successfully positioning itself as a key beneficiary of India's energy transition. This issue mainly aims to fund the capital expenses, debt reduction to strengthen the balance sheet and for day-to-day operations.
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Competitive Strengths
With experience of more than 50 years with an established brand image in the Indian transformer sector.
Wide-ranging product range able to produce high-voltage transformers up to 400 kV.
Long-term associations with a large number of customers such as electricity boards of states and central power stations.
Designing and testing facilities for meeting strict technical requirements and international standards.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 23/01/2026 | - |
| 2 | SEBI/Exchange approval received | - | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | — | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |