Kanohar Electricals IPO
ListedMainboardOpens 8 September 2026Closes 10 September 2026
Established in 1972, Kanohar Electricals Limited is an established Indian manufacturer of power and distribution transformers with comprehensive capabilities across engineering, procurement, and construction (EPC)…
Established in 1972, Kanohar Electricals Limited is an established Indian manufacturer of power and distribution transformers with comprehensive capabilities across engineering, procurement, and construction (EPC) solutions for substations and transmission lines. The company operates across two core business divisions: Transformer Manufacturing and EPC Services, serving critical infrastructure segments including power transmission, power distribution, renewable energy, and railways. Kanohar is among the select Indian manufacturers certified by RDSO to manufacture specialized 100 MVA, 132 kV and 220 kV Scott Transformers for the high-speed traction networks of Indian Railways. Operating two manufacturing facilities in Meerut, Uttar Pradesh, with an aggregate manufacturing capacity of 19,200 MVA, the company maintains a pan-India footprint supported by regional offices across Delhi, Mumbai, Kolkata, Bengaluru, and Chennai.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
8 Sept 2026
IPO Closes
10 Sept 2026
Allotment
11 Sept 2026
Listing
16 Sept 2026
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 8 September 2026 |
| IPO Close Date | 10 September 2026 |
| Allotment Date | 11 September 2026 |
| Listing Date | 16 September 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,536 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,88,968 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,03,504 |
SHNI (Max)Below ₹10,00,000 | 68 | ₹9,88,448 |
BHNIAbove ₹10,00,000 | 69 | ₹10,02,984 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 50.00% |
| NII (Non-Institutional Investor) | 15.00% |
| SHNI (Small Non-Institutional Investor) | 5.00% |
| BHNI (Big Non-Institutional Investor) | 10.00% |
| Retail | 35.00% |
| Total | 100.00% |
IPO Objectives
- Funding the capital expenditure requirements of Company (₹64.18 Cr).
- Funding the incremental working capital requirements of Company (₹155.00 Cr).
- General Corporate Purposes.
Strengths
- Over five decades of established operational track record in manufacturing high-voltage power and distribution transformers up to 500 MVA 400 kV class.
- Specialized approval from RDSO for manufacturing 100 MVA Scott-connected transformers for Indian Railways' high-speed traction networks.
- Rapid financial expansion with revenue advancing 45.10% YoY to ₹653.84 Cr and PAT surging 99.23% YoY to ₹129.73 Cr in FY26 alongside a high ROCE of 70.13%.
- Robust and accelerating order book standing at ₹1,818.32 Cr as of March 31, 2026 (a 74.69% CAGR from FY24), driven by high-growth power transmission and railway tenders.
Weaknesses
- High customer concentration risk, with the top 10 customers generating 93.16% of total operational revenues in FY26.
- Product segment concentration, with transformer manufacturing operations contributing 83.43% of total revenue from operations in FY26.
- Geographic concentration of production assets situated entirely in Meerut, Uttar Pradesh, exposing operations to localized disruptions.
- Working capital intensity with ₹251.58 Cr tied up in working capital and average trade receivable days of 114 days due to milestone-based government payment terms.
Financial Performance
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets (₹ Cr.) | 613.93 | 432.07 | 322.86 |
| Revenue (₹ Cr.) | 662.86 | 457.3 | 281.12 |
| PAT (₹ Cr.) | 129.73 | 65.12 | 17.76 |
| Net Worth (₹ Cr.) | 372.84 | 243.13 | 178.12 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Kanohar Electricals | 12.62 | 38.58 | 34.8% | 372.84 |
| GE Vernova T&D India | 41.45 | 85.44 | 45.84% | 105.07 |
| Transformers & Rectifiers (India) | 5.96 | 33.58 | 17.45% | 50.47 |
| Bharat Heavy Electricals | 5.76 | 61.92 | 6.12% | 75.09 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.03x | 6.5x | 215.37x |
| NII | 4.9x | 19.22x | 87.74x |
| S-HNI | 6.51x | 21.84x | 75.14x |
| B-HNI | 4.09x | 17.91x | 94.04x |
| RII | 3.36x | 8.49x | 20.5x |
| Total | 2.73x | 10.22x | 90.59x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 33,40,950 | 71,95,39,590 | 45,474.9 |
| NII | 25,05,713 | 21,98,44,304 | 13,894.16 |
| Small NII | 8,35,238 | 6,27,57,639 | 3,966.28 |
| Big NII | 16,70,475 | 15,70,86,665 | 9,927.88 |
| RII | 58,46,663 | 11,98,62,890 | 7,575.33 |
| Total | 1,16,93,326 | 1,05,92,46,784 | 66,944.4 |
Company Details
- Kanohar Electricals Limited
- Rithani, Delhi Road, Meerut - 250 103, Uttar Pradesh, India
- +91 121 3500801
- compliance@kanohar.com
- https://www.kanohar.com
Registrar Details
- MUFG Intime India Private Limited
- +91 810 811 4949
- kanoharelectricals.ipo@in.mpms.mufg.com
- https://www.in.mpms.mufg.com/
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Kanohar Electricals IPO News & Updates
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Sources
We match Kanohar Electricals IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- MUFG Intime India Private LimitedOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.