Kanohar Electricals IPO

Kanohar Electricals Limitedkanohar.com

ListedMainboardIndustrialsNSE · BSE

Price band: ₹601 – ₹632
Issue size: ₹1,056 Cr
Lot size: 23 sh
Bidding: 8 – 10 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Kanohar Electricals manufactures transformers at two plants in Meerut and separately builds substations and transmission lines on a turnkey EPC basis; the about section states it was incorporated in 1972, had been listed before and voluntarily delisted in 2010, and that this offer returned it to the exchanges. Revenue from operations went from Rs 276.69 Cr in FY24 to Rs 450.61 Cr in FY25 and Rs 653.84 Cr in FY26, and profit after tax from Rs 17.76 Cr to Rs 65.12 Cr to Rs 129.73 Cr. The Rs 1,055.74 Cr issue was 71.58% secondary — Rs 755.74 Cr of offer for sale against Rs 300 Cr of fresh issue — and was subscribed 90.59 times overall on day three. It listed at Rs 685.5 against a band top of Rs 632 and last traded at Rs 888 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

88Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Kanohar Electricals, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

Majority offer for sale
Only 28.4% of the raise is fresh capital into the company; the rest goes to selling shareholders.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1972 · Rithani, Delhi Road, Meerut 250103, Uttar Pradesh, India · 526 employees

Kanohar Electricals manufactures transformers at two plants in Meerut, Uttar Pradesh, and separately builds substations and transmission lines on a turnkey EPC basis. The range covers distribution transformers, power transformers up to 500 MVA and 400 kV, shunt reactors, and Scott-connected and traction transformers used for railway electrification. Buyers are mainly government-controlled power utilities and transmission companies, reached through competitive tenders: tenders awarded by government entities accounted for 85.37% of Fiscal 2026 revenue from operations. Combined installed transformer capacity was 19,200 MVA as at March 31, 2026, and the company had 526 full-time employees on that date. Incorporated in 1972, it had been listed before and voluntarily delisted in 2010; this offer returned it to the exchanges.

Nearly all revenue is product sales: transformer manufacturing brought in Rs 545.51 crore of Fiscal 2026's Rs 653.84 crore revenue from operations (83.43%), with EPC contracts at Rs 107.50 crore (16.44%). Work is won at tendered prices, so margin turns on input costs — copper and CRGO steel — and on how fully the plants run. Capacity utilisation rose from 16.46% in Fiscal 2024 to 45.99% in Fiscal 2026, and EBITDA margin moved with it, from 11.23% to 27.59%. The structural constraint is concentration: the top ten customers were 93.16% of Fiscal 2026 revenue and the largest alone 31.28%. Order book stood at Rs 1,818.32 crore at March 31, 2026.

The company on paper

Legal name: Kanohar Electricals Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 13 Nov 1972
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U31909UP1972PLC003635
Sector: Industrials · Power and traction transformers, plus EPC for substations and transmission lines
Employees: 526
Registered office: Rithani, Delhi Road, Meerut 250103, Uttar Pradesh, India
Promoters: Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal, Aditya Singhal, K Sons Family Trust
Promoter holding, pre-issue: 99.7%
Promoter holding, post-issue: 74.7%
Website: kanohar.com

The numbers

Financial performance

Revenue has compounded at 53.7% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

28% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹300 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹756 Cr
Total issue size: ₹1,056 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 25.1% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription90.59×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹632.00
Listed at: ₹685.50
Listing gain: up 8.5%
Since listing: up 38.6%
Against the issue price: up 50.3%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 23
At cut-off price: ₹632.00
Amount blocked: ₹14,536

One lot is 23 shares at ₹14,536. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~5%

chance of one lot, per application

Retail subscription: 20.51×
Applicants per share available: 20.5× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹685.50

listed at, 8.5% against the issue price

Issue price: ₹632.00
Premium said: —
If allotted 23 shares: ₹1,231

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations rose 62.86% in FY25, from Rs 276.69 Cr to Rs 450.61 Cr, and a further 45.10% in FY26, to Rs 653.84 Cr. Profit after tax rose 266.67% and then 99.22% over the same two steps, from Rs 17.76 Cr to Rs 65.12 Cr to Rs 129.73 Cr.
EBITDA margin was higher at each step on record: 11.23% in FY24 (Rs 31.07 Cr on Rs 276.69 Cr), 20.73% in FY25 (Rs 93.39 Cr on Rs 450.61 Cr) and 27.59% in FY26 (Rs 180.42 Cr on Rs 653.84 Cr). The business description separately puts capacity utilisation at 16.46% in Fiscal 2024 and 45.99% in Fiscal 2026.
Borrowings measured against net worth fell at each step on record: Rs 42.08 Cr against Rs 178.12 Cr in FY24 (0.24x), Rs 32.27 Cr against Rs 243.13 Cr in FY25 (0.13x) and Rs 39.04 Cr against Rs 372.84 Cr in FY26 (0.10x). In absolute terms borrowings went down from FY24 to FY25 and back up from Rs 32.27 Cr to Rs 39.04 Cr in FY26.
FY26 profit after tax of Rs 129.73 Cr on closing net worth of Rs 372.84 Cr is 34.80%. The business description puts the order book at Rs 1,818.32 Cr at 31 March 2026, which is 2.78 times FY26 revenue from operations of Rs 653.84 Cr.

What to weigh against it

Customer concentration: the business description puts the top ten customers at 93.16% of Fiscal 2026 revenue and the largest single customer at 31.28%.
The about section states that tenders awarded by government entities accounted for 85.37% of Fiscal 2026 revenue from operations. The business description states that work is won at tendered prices, so margin turns on input costs — copper and CRGO steel — and on how fully the plants run.
The issue was 71.58% secondary: Rs 755.74 Cr of offer for sale against Rs 300 Cr of fresh issue within a Rs 1,055.74 Cr total. Promoter holding is recorded at 99.72% before the issue and 74.65% after.
At Rs 888 on 23 October 2026 the shares sit 40.51% above the Rs 632 band top and 18.16% above the Rs 751.5 close of listing day. The record carries no valuation, peer or allocation data against which to place that price.

Easy to miss in the prospectus

Revenue against the order book the business description reports at Rs 1,818.32 Cr on 31 March 2026, set beside FY26 revenue from operations of Rs 653.84 Cr.
Capacity utilisation, put at 16.46% in Fiscal 2024 and 45.99% in Fiscal 2026, against combined installed transformer capacity of 19,200 MVA as at 31 March 2026.
EBITDA margin, which stood at 27.59% in FY26 (Rs 180.42 Cr on Rs 653.84 Cr) against 11.23% in FY24 (Rs 31.07 Cr on Rs 276.69 Cr).

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Kanohar Electricals — Abridged ProspectusThe statutory summary that goes out with the application form — a dozen pages, not the full filing.Opens on sebi.gov.in

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Nuvama Wealth Management Limited, IIFL Capital Services Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited (formerly Link Intime India Private Limited)

How these figures were checked

Reconciled to Kanohar Electricals's own prospectus and to exchange disclosures, then cross-checked against 10 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

SEBI — Kanohar Electricals Limited, Abridged Prospectus (PDF) · read 15 Oct 2026
Kanohar Electricals — About Company (corporate site) · read 15 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 8 Sep 2026
Closes: 10 Sep 2026
Allotment: 11 Sep 2026
Lists: 16 Sep 2026
Revenue (FY26): ₹654 Cr
Profit (FY26): ₹130 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.