Kanohar Electricals IPO: Date, Price, GMP & Review | Finowings

Kanohar Electricals IPO – Complete Overview

Kanohar Electricals IPO is a Mainboard IPO with an issue size of approximately ₹1,055.74 Cr by Kanohar Electricals Limited, a manufacturer of transformers serving industries including power transmission, railways, renewable energy and power distribution.

The company operates through two major business segments:

• Transformer Manufacturing: Manufactures transformers for power transmission, distribution, railways and renewable energy applications.
• Engineering, Procurement and Construction (EPC): Provides EPC-related solutions associated with its electrical infrastructure business.
  
  

Kanohar Electricals was incorporated in 1972 and operates manufacturing facilities at Rithani and Gangol in Meerut, Uttar Pradesh. As of March 31, 2026, the combined transformer manufacturing capacity of its facilities was 19,200 MVA.

This company is also one of four manufacturers in India certified by the Research Designs and Standards Organisation (RDSO) for manufacturing 100 MVA 132 kV Scott transformers.

The Kanohar Electricals IPO is scheduled to open for subscription on Sep 08, 2026, and will close on Sep 10, 2026.

Kanohar Electricals IPO Details

Kanohar Electricals IPO is a book-built issue comprising a combination of a fresh issue of 47.47 lakh shares aggregating to ₹300 Cr, and an offer for sale of 1.20 crore shares aggregating to ₹755.74 Cr.

The tentative Kanohar Electricals IPO listing date is Sep 16, 2026, with the shares proposed to be listed on the BSE and NSE.

The Kanohar Electricals IPO price band has been fixed at ₹601 to ₹632 per share, while the IPO lot size is 23 shares.

IPO Timetable (Tentative)

The Kanohar Electricals IPO date is from Sep 08 to Sep 10, 2026. The IPO allotment is expected on Sep 11, 2026, while refunds and credit of shares are expected on Sep 15, followed by listing on Sep 16, 2026.

Kanohar Electricals Company Overview

Kanohar Electricals Limited was incorporated in 1972 and is engaged in the manufacturing of transformers in India.

The company caters to several critical sectors, including:

• Power transmission
• Power distribution
• Railways
• Renewable energy

The business is divided into transformer manufacturing and engineering, procurement and construction (EPC).

Kanohar Electricals operates two manufacturing facilities in Rithani and Gangol, Meerut, Uttar Pradesh, with a combined transformer manufacturing capacity of 19,200 MVA as of March 31, 2026.

The company also has five regional offices across Delhi NCR , Mumbai, Kolkata, Bengaluru and Chennai and employs more than 526 employees.

If you want to apply for the IPO, click to open a Demat Account. 

Kanohar Electricals IPO Industry Overview & Outlook

Kanohar Electricals operates in the heavy electrical equipment and transformer manufacturing industry, where demand is linked to power transmission, distribution, railway electrification, renewable energy, and broader infrastructure development.

The company's exposure to multiple end-use sectors provides it with a diversified customer and application base. Its transformer manufacturing capabilities are particularly relevant to India's growing electricity transmission and distribution infrastructure.

However, the company's performance remains dependent on factors such as infrastructure spending, raw-material costs, project execution, power-sector investment and overall economic conditions.

Kanohar Electricals Company Financial Performance

Kanohar Electricals has reported strong growth in revenue and profitability over the recent financial years.

According to the provided restated financial information, revenue increased by 45% and PAT increased by 99% between FY2025 and FY2026.

Kanohar Electricals – Profit & Loss

Amount in ₹ Cr

Kanohar Electricals – Balance Sheet

(Source: RHP)

The financial data shows a substantial increase in income, profitability and net worth over the three years.

Kanohar Electricals IPO – Business Model

Kanohar Electricals primarily earns revenue through transformer manufacturing and EPC activities.

1. Transformer Manufacturing

The company manufactures transformers for applications across:

• Power transmission
• Power distribution
• Railway infrastructure
• Renewable energy

Its manufacturing infrastructure includes two facilities in Meerut, Uttar Pradesh, with an aggregate capacity of 19,200 MVA as of March 31, 2026.

2. Engineering, Procurement and Construction (EPC)

The company's second business segment is EPC, which complements its electrical equipment manufacturing operations.

This segment allows Kanohar Electricals to participate in projects that require engineering, procurement and construction capabilities in addition to electrical equipment.

3. Railway & Specialized Transformer Capability

One of the company's notable capabilities is its RDSO certification for manufacturing 100 MVA 132 kV Scott transformers.

The company is among four manufacturers in India with this certification, according to the provided IPO source.

Kanohar Electricals IPO – Manufacturing Facilities

Kanohar Electricals operates two manufacturing facilities:

• Rithani Manufacturing Facility
• Gangol Manufacturing Facility

Both facilities are located in Meerut, Uttar Pradesh.

Together, these facilities had an aggregate transformer manufacturing capacity of 19,200 MVA as of March 31, 2026.

The Objective of the Issue

Kanohar Electricals proposes to utilise the net proceeds from the IPO for the following purposes:

• Funding the capital expenditure requirements of the company – approximately ₹64.18 Cr
• Funding incremental working capital requirements – approximately ₹155 Cr
• General Corporate Purposes

The total specified utilisation amounts to approximately ₹219.18 Cr.

IPO Fresh Issue vs Offer for Sale

The IPO consists of:

• Fresh Issue: 47,46,835 shares, aggregating up to ₹300 Cr
• Offer for Sale: 1,19,57,915 shares, aggregating up to ₹755.74 Cr

The fresh issue brings capital into the company, while proceeds from the offer for sale go to the selling shareholder.

Peers of Kanohar Electricals

Kanohar Electricals operates in the heavy electrical equipment space. Recently listed companies in this segment can provide a useful reference point for investors evaluating IPO valuations.

Recently Listed IPOs in Heavy Electrical Equipment

• Powerica Ltd. – Mainboard IPO, issue size ₹1,100 Cr
• Atlanta Electricals Ltd. – Mainboard IPO, issue size ₹687.34 Cr
• Anawil Wire & Engineering Ltd. – SME IPO, issue size ₹177.81 Cr

These companies represent recent IPO activity within related electrical equipment and infrastructure segments.

Kanohar Electricals IPO Valuation

At the IPO price band, Kanohar Electricals is being offered at a valuation that investors can evaluate using metrics such as EPS, P/E ratio, and market capitalisation.

As per the provided data:

The higher post-IPO P/E indicates that investors should evaluate the issue price against the company's earnings growth, profitability, industry prospects, and comparable companies rather than considering the IPO price in isolation.

Kanohar Electricals IPO Key Performance Indicators

The company has reported improvement across several key financial performance indicators.

The improvement in ROE, ROCE, RoNW, PAT margin, and EBITDA margin indicates stronger profitability during FY2026 compared with FY2025.

Kanohar Electricals IPO Strengths

Some of the key strengths of Kanohar Electricals include:

• Long operating history: The company has been operating since 1972.
• Large manufacturing capacity: Aggregate transformer manufacturing capacity of 19,200 MVA.
• Diversified end-use sectors: Exposure to power transmission, distribution, railways and renewable energy.
• RDSO certification: The company is among four Indian manufacturers certified for manufacturing 100 MVA 132 kV Scott transformers.
• Strong recent financial growth: Revenue and PAT recorded substantial growth between FY2025 and FY2026.
• Improving profitability: ROE, ROCE, PAT margin and EBITDA margin improved during FY2026.
  
  

Kanohar Electricals IPO Weaknesses

Investors should also consider the following risks before applying:

• The company operates in a capital-intensive electrical equipment industry.
• Its business performance can be influenced by infrastructure and power-sector spending.
• Transformer manufacturing can be exposed to fluctuations in input and raw material costs.
• The business is dependent on successful execution of projects and customer orders.
• A significant portion of the IPO is an Offer for Sale, meaning a large component of the issue does not represent fresh capital for the company.

The provided source does not give a detailed quantified risk-factor analysis beyond these business characteristics, so investors should refer to the company's RHP for the complete risk disclosures.

Kanohar Electricals IPO GMP Today

Kanohar Electricals IPO GMP is ₹205 as of Sep 04, 2026, 12:30 PM, based on the GMP information provided.

With the upper price band of ₹632, the estimated listing price based on the current GMP is approximately:

₹632 + ₹205 = ₹837

The implied estimated listing gain is approximately 32.44% over the upper IPO price.

Kanohar Electricals IPO GMP Calculation

• IPO Upper Price: ₹632
• Current GMP: ₹205
• Estimated Listing Price: ₹837
• Estimated Listing Gain: 32.44%

GMP is an unofficial indicator from the grey market and should not be considered a guaranteed listing price or return.

Kanohar Electricals IPO Other Details

The issue details are based on the provided IPO source.

Kanohar Electricals IPO Lot Size

The Kanohar Electricals IPO lot size is 23 shares.

Retail investors can apply for a minimum of one lot, requiring an investment of ₹14,536 at the upper price band of ₹632.

The maximum retail application is 13 lots, or 299 shares, requiring ₹1,88,968.

For HNI investors, the minimum S-HNI application is 14 lots, while B-HNI starts at 69 lots.

Kanohar Electricals IPO Reservation

The IPO reservation is structured as follows:

Promoters and Management of Kanohar Electricals

The promoters of Kanohar Electricals include:

• Dinesh Singhal
• Adesh Singhal
• Vivek Singhal
• Abhishek Singhal
• Virat Singhal
• Aditya Singhal

The promoter and promoter group holding is expected to change from 99.72% pre-IPO to 78.64% post-IPO, while public shareholding is expected to increase from 0.28% to 21.36%.

Kanohar Electricals IPO Offer for Sale

The Offer for Sale component consists of shares offered by K.Sons Family Trust.

The selling shareholder is classified as a promoter, offering 1,19,57,915 shares aggregating to approximately ₹755.74 Cr.

Kanohar Electricals IPO Registrar

MUFG Intime India Pvt. Ltd. is the registrar to the Kanohar Electricals IPO.

For allotment-related updates, investors can check the registrar's official IPO services after the allotment process is completed.

Kanohar Electricals IPO Lead Managers

The IPO is managed by:

1. Nuvama Wealth Management Ltd.
2. IIFL Capital Services Ltd.
   
   

IPO Review: Subscribe or Avoid?

Kanohar Electricals has several positive factors, including a long operating history, established transformer manufacturing capabilities, a large manufacturing capacity of 19,200 MVA and exposure to power transmission, distribution, railway and renewable-energy sectors.

The company has also demonstrated strong financial growth. Total income increased from ₹457.30 Cr in FY2025 to ₹662.86 Cr in FY2026, while PAT increased from ₹65.12 Cr to ₹129.73 Cr. EBITDA increased from ₹93.39 Cr to ₹180.42 Cr over the same period.

The company's profitability metrics also improved, with FY2026 ROE of 42.12%, ROCE of 70.13%, PAT margin of 19.57% and EBITDA margin of 27.59%.

However, investors should consider the valuation. At the offer price, the post-IPO P/E is reported at 38.58x, while a substantial portion of the issue comprises an Offer for Sale.

Therefore, investors should evaluate Kanohar Electricals IPO valuation, financial growth, industry outlook, risks and peer valuations before making an investment decision.

Our view: The IPO presents a combination of strong recent financial performance, established manufacturing capabilities and exposure to structural power-sector demand, but the valuation and OFS component should be carefully assessed before subscribing.

Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor.

Kanohar Electricals IPO News

Investors should track the following IPO-related updates:

• Kanohar Electricals IPO RHP

• IPO Allotment Status
  
  

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Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to provide every important detail that investors should know before applying for the Kanohar Electricals IPO.

From Kanohar Electricals IPO GMP, price band, lot size, and IPO dates to financial performance, business model, valuation, strengths, and risks, this page provides a complete overview of the IPO.

You must consult your financial advisor before making any financial decisions.

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company, Download the RHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.