Kanohar Electricals IPO — Date, Price Band, GMP & Allotment 2026
Kanohar Electricals Limited manufactures transformers for power transmission, railways, renewable energy and distribution, and also does EPC work. Running since 1972, it is one of only four Indian makers certified by RDSO for 100 MVA 132 kV Scott transformers, with 19,200 MVA of capacity across two Meerut plants.
Open
08 Sep
2026
Close
10 Sep
2026
Allotment
11 Sep
2026
Listing
16 Sep
2026
IPO Review
Coming Soon
IPO GMP
₹ 140
(22.15%)
IPO Subscription Subscription
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IPO Summary
IPO Dates
8 to 10 Sep, 2026
Price Band
₹601 to ₹632
Face Value
₹2
Lot Size
23 Shares
Issue Size
₹1055.74 Cr
Sale Type
Fresh capital cum OFS
Listing On
BSE, NSE
Min Investment
₹ 14,536
What is the Kanohar Electricals IPO Timetable?
Track the IPO schedule and key events.
| Event | Date | Day |
|---|---|---|
| IPO Open Date | 08 Sep, 2026 | Tuesday |
| IPO Close Date | 10 Sep, 2026 | Thursday |
| Basis of Allotment | 11 Sep, 2026 | Friday |
| Refunds Initiated | 15 Sep, 2026 | Tuesday |
| Credit to Demat | 15 Sep, 2026 | Tuesday |
| Listing Date | 16 Sep, 2026 | Wednesday |
What is the Kanohar Electricals IPO Lot Size?
Bidding in multiples of 23 shares.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 23 | ₹14,536 |
| Retail (Max) | 13 | 299 | ₹1,88,968 |
| S-HNI (Min) | 14 | 322 | ₹2,03,504 |
| S-HNI (Max) | 68 | 1564 | ₹9,88,448 |
| B-HNI (Min) | 69 | 1587 | ₹10,02,984 |
About Kanohar Electricals
Kanohar Electricals Limited was started in 1972. It makes transformers, the equipment that steps electricity up or down as it moves through the grid. Its customers are in power transmission, railways, renewable energy and power distribution.
The company works through two segments. One is transformer manufacturing and the other is engineering, procurement and construction, usually called EPC, where it takes up complete project work rather than only supplying equipment.
It is one of only four manufacturers in India certified by the Research Designs and Standards Organisation, which is the research arm of Indian Railways, to make 100 MVA 132 kV Scott transformers. These are the special transformers used for railway traction. It runs two plants, both in Meerut in Uttar Pradesh, one at Rithani and one at Gangol, with a combined transformer making capacity of 19,200 MVA as on 31 March 2026. It has five regional offices in Delhi, Mumbai, Kolkata, Bangalore and Chennai and a team of more than 526 employees.
The company works through two segments. One is transformer manufacturing and the other is engineering, procurement and construction, usually called EPC, where it takes up complete project work rather than only supplying equipment.
It is one of only four manufacturers in India certified by the Research Designs and Standards Organisation, which is the research arm of Indian Railways, to make 100 MVA 132 kV Scott transformers. These are the special transformers used for railway traction. It runs two plants, both in Meerut in Uttar Pradesh, one at Rithani and one at Gangol, with a combined transformer making capacity of 19,200 MVA as on 31 March 2026. It has five regional offices in Delhi, Mumbai, Kolkata, Bangalore and Chennai and a team of more than 526 employees.
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Kanohar Electricals Key Performance Indicators (KPIs)
Pe
38.58
Eps
16.38
Roce
47.61%
Ronw
26.78%
Pat margin
14.24%
Objects of the Issue
| Issue Object | Estimate Amount |
|---|---|
| Funding the capital expenditure requirements of Company | ₹64.18 Cr. |
| Funding the incremental working capital requirements of Company | ₹155.00 Cr. |
| General Corporate Purposes |
Issue Object
Funding the capital expenditure requirements of Company
Estimate Amount
₹64.18 Cr.
Issue Object
Funding the incremental working capital requirements of Company
Estimate Amount
₹155.00 Cr.
Issue Object
General Corporate Purposes
Estimate Amount
Strengths & Risks
Strengths
- ✓ Profit has grown more than seven times in two years, from Rs 17.76 crore in FY2024 to Rs 65.12 crore in FY2025 and Rs 129.73 crore in FY2026.
- ✓ Sales have more than doubled over the same period, from Rs 281.12 crore in FY2024 to Rs 662.86 crore in FY2026, a rise of 45% in the last year alone.
- ✓ EBITDA went up nearly six times, from Rs 31.07 crore in FY2024 to Rs 180.42 crore in FY2026.
- ✓ Return ratios are excellent, with RoCE of 47.61% and RoNW of 26.78%, and the PAT margin was 14.24%.
- ✓ The company is almost debt free. Total borrowing was Rs 39.04 crore against a net worth of Rs 372.84 crore as on 31 March 2026.
- ✓ Being one of only four RDSO certified makers of 100 MVA 132 kV Scott transformers is a real entry barrier, as that approval takes years to obtain.
- ✓ It has a long record of more than 50 years, having started in 1972, with two plants and 19,200 MVA of capacity.
- ✓ Demand is supported by grid expansion, railway electrification and renewable energy projects, all of which need transformers.
Risks
- ⚠ The issue is priced high on earnings. At the upper band of Rs 632 the P/E is about 38.58 times on an EPS of Rs 16.38.
- ⚠ The profit jump is very recent. Profit after tax went up 99% in FY2026 alone, off a small base of Rs 17.76 crore two years earlier, and that pace is hard to keep up.
- ⚠ Sales depend on government and utility spending. Orders come through tenders, so a slow year in state electricity board or railway ordering directly hits the order book.
- ⚠ Rs 155 crore of the issue money goes into working capital, which shows how much cash a transformer order book ties up between raw material and payment.
- ⚠ Copper and CRGO steel are the main raw materials. Both are volatile, and a sharp rise on a fixed price order eats straight into margin.
- ⚠ Both plants are in Meerut in Uttar Pradesh, so any problem at that one location affects all production.
- ⚠ This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
- ⚠ Utility and railway customers usually pay slowly, and promoter holding falls from 99.72% to 78.64% after the issue.
Company Financials
The Kanohar Electricals company's financial performance (in ₹ Cr.) is summarized below:
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 613.93 | 432.07 | 322.86 |
| Total Income | 662.86 | 457.30 | 281.12 |
| Profit After Tax | 129.73 | 65.12 | 17.76 |
| EBITDA | 180.42 | 93.39 | 31.07 |
| NET Worth | 372.84 | 243.13 | 178.12 |
| Reserves and Surplus | 357.95 | 239.12 | 174.11 |
| Total Borrowing | 39.04 | 32.27 | 42.08 |
See how this IPO compares — view listing performance of all mainboard IPOs.
IPO Reservation
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
Promoters and Shareholding Details
Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal and Aditya Singhal
| Particular | % Share |
|---|---|
| Promoter Holding Pre Issue | 99.72% |
| Promoter Holding Post Issue | 78.64% |
Frequently Asked Questions
What is the GMP of Kanohar Electricals?
The current Grey Market Premium (GMP) of Kanohar Electricals is ₹ 140.
What is the Kanohar Electricals IPO Price Band?
The price band for Kanohar Electricals IPO is ₹601 to ₹632.
When is the Kanohar Electricals IPO Allotment?
The allotment date for Kanohar Electricals IPO is September 11, 2026.
How to check Kanohar Electricals IPO Allotment Status?
You can check the allotment status on the IPO Allotment Status page or on the registrar's website (MUFG Intime India Private Limited).
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