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Kanohar Electricals IPO Review

Kanohar Electricals IPO has been reviewed by 14 analysts, and the overall consensus is Strong Apply — carrying a score of 94. Out of the 14 analysts who have covered this IPO, 11 recommend subscribing while 3 advise caution or avoidance — reflecting a broadly positive view from the analyst community.

The issue is priced in the band of ₹601-632 per share, with a minimum application size of 23 shares (minimum investment of approximately ₹14,536 at the upper band). Subscription ran from 08 Sep 2026 to 10 Sep 2026. The issue size is ₹1,056 crore, a mix of fresh issue and offer for sale. As of now, the grey market premium (GMP) for Kanohar Electricals IPO is quoting at ₹190 (30.06%), which gives a preliminary sense of how the street is pricing the listing — though GMP is unofficial and can swing sharply before the listing date. Scroll down for the full analyst breakdown and analyst-wise verdicts.

Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Analyst verdict & score

One score out of 100, aggregated from every analyst verdict tracked for this issue. How it's calculated

Sentiment score
94/ 100
Strong Apply 11 of 14 recommend subscribing
How analysts voted
Apply 11
May apply 3

Higher consensus indicates broader analyst agreement.

Detailed review

What the analyst reports say, grouped by the question you're likely asking.

General review

Kanohar Electricals, set up in 1972 in Meerut, makes transformers and executes EPC work for power transmission, railways, renewable energy and distribution. It is one of only four Indian makers RDSO-certified for 100 MVA 132 kV Scott transformers. FY26 income was ₹662.86 crore with profit of ₹129.73 crore. Eight of the nine analysts said subscribe.

Listing gains

The notes value the issue between about 36.3 and 39 times FY26 earnings, on a market cap near ₹5,005 crore, with EV to EBITDA around 27.4 times. Analysts call that fair against transmission peers such as Hitachi Energy and GE Vernova T&D, which trade far higher. That supported a positive listing view.

Short-term strategy

Profit doubled in FY26, from ₹65.12 crore to ₹129.73 crore, with EBITDA nearly doubling to ₹180.42 crore. A ₹568.67 crore POWERGRID order won in June 2025 supports near-term execution. Fresh money funds ₹64.18 crore of capex at Gangol and ₹155 crore of working capital.

Long-term strategy

Certification is the moat analysts credit: one of five Indian firms with short circuit test certification for 500 MVA 400 kV transformers, backed by 19,200 MVA of capacity and backward integration. The concentration they flag is heavy, with the top ten customers giving 93.16 percent of FY26 revenue and government tenders 85.37 percent.

How this is written: an AI-assisted summary of the 14 analyst reports listed below. It reports their views; IPO Guru does not make buy or sell recommendations.

Analyst reviews

Ordered by each analyst's track record over the past year; analysts still building one are listed last.

Latest IPO reviews

How analysts rated the most recent mainboard issues — and, where they have listed, how the call played out.

Frequently asked

Should I apply for Kanohar Electricals IPO?

The analyst consensus for Kanohar Electricals IPO tracked on this page is Strong Apply, with a score of 94/100. Out of 14 analysts who have reviewed this IPO, 11 recommend subscribing. IPO Guru does not make buy or sell recommendations. Read the individual analyst reports and consult a SEBI-registered advisor before investing.

What does the score of 94 mean for Kanohar Electricals IPO?

The score of 94 is an aggregate of all analyst ratings tracked for Kanohar Electricals IPO. A score in this range indicates strong analyst confidence — most analysts are recommending a subscribe. Read the individual analyst verdicts above for more context.

What was the actual listing price of Kanohar Electricals IPO?

Kanohar Electricals IPO listed on September 16, 2026 at ₹685.5, against the issue price of ₹632 — a gain of +8.47% (₹53.5 per share). View the full GMP history page for day-wise pre-listing trends.

What is the price band and lot size of Kanohar Electricals IPO?

Kanohar Electricals IPO was priced at ₹601-632 per share. The minimum lot size is 23 shares, making the minimum investment approximately ₹14,536 at the upper end of the price band. Subscription ran from 08 Sep 2026 to 10 Sep 2026.

Explore Kanohar Electricals IPO further

Analyst views are one input. Read them alongside the demand, the grey market and the filings before you decide.

Kanohar Electricals IPO review

A verdict is an opinion, not a guarantee.

IPO Guru collects analyst views, GMP, subscription and allotment for every Mainboard and SME issue. Weigh them together — and against the offer document — before you apply.

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Disclaimer: Grey Market Premium (GMP) is for information purposes and is not a guarantee of listing price. Always consult your financial advisor before investing.

Consensus
Strong Apply
Score
94 / 100
Listed at
₹685.5
Full IPO details