Kanohar Electricals IPO
LISTEDMAINBOARDKANOHARListing Performance
▲ 8.47%
Issue Price
₹632
Listing Price
₹686
Listed On
16 Sep 2026
- Price Band
- ₹601 – ₹632
- Lot Size
- 23
- Lot Value
- ₹14,536
- Open Date
- 08 Sep08 Sep 2026
- Close Date
- 10 Sep10 Sep 2026
- Min Investment
- ₹14,536
About Kanohar Electricals
Kanohar Electricals manufactures five custom transformer types (power, traction, Scott, shunt reactors, and distribution) across two Meerut facilities. Serving high-growth transmission, railway, and renewable sectors, it also provides turnkey substation and transmission line EPC solutions. Most revenue is driven by these core segments and secured through government and state utility tenders. <span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span>
Use of IPO Proceeds
Total allocation: ₹196.74 Cr (excludes issue expenses)
Promoters
Dinesh Singhal
Chairman and Managing Director · age 70
Adesh Singhal
Whole-time Director · age 67
Investment Analysis
Quick Analysis: 5 strengths · 5 risk factors· Exchange: Equity
Strengths (5)
- •Strong order book standing at ₹1818.32 crores as of March 31, 2026.
- •Proven track record of executing large-scale turnkey EPC projects for government entities.
- •Comprehensive in-house manufacturing capabilities at the Rithani and Gangol facilities.
- •Specialized product portfolio catering to high-growth sectors like railways and renewable energy.
- •Successful development and short-circuit testing of advanced 500 MVA and Scott transformers
Risk Factors (5)
- •High customer concentration with the top 10 clients contributing 93.16% of total revenue.
- •Heavy reliance on government tenders exposes the business to disqualification and blacklisting risks.
- •Business operations are geographically concentrated around the Meerut manufacturing facilities.
- •The absence of long-term contracts with raw material suppliers exposes the company to pricing volatility.
- •History of negative cash flows from operating, investing, and financing activities.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 69.53x (QIB 158.84x, NII 78.42x, Retail 14.69x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | 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 | 1,564 | ₹9,88,448 |
| B-HNI (min) | 69 | 1,587 | ₹10,02,984 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.03x | 5.66x | 158.84x |
| sNII (S-HNI) | 5.01x | 17.52x | 62.09x |
| bNII (B-HNI) | 3.85x | 16.70x | 86.58x |
| Retail | 2.26x | 5.88x | 14.69x |
| Total | 2.04x | 8.20x | 69.53x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
14.69x
Allotment Ratio
1 lot per 15 applicants
Allotment Probability
~6.8%
Non-Institutional Investors (NII / HNI)
Subscription
78.42x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
158.84x
Allotment Type
Discretionary allotment
Total Subscription
69.53x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
08 Sep 2026 · Tue
Issue Closes
10 Sep 2026 · Thu
UPI Deadline
10 Sep 2026 · Thu
Allotment
11 Sep 2026 · Fri
Refund
15 Sep 2026 · Tue
Share Credit
15 Sep 2026 · Tue
Listing
16 Sep 2026 · Wed
Issue Opens
08 Sep 2026 · Tue
Issue Closes
10 Sep 2026 · Thu
UPI Deadline
10 Sep 2026 · Thu
Allotment
11 Sep 2026 · Fri
Refund
15 Sep 2026 · Tue
Share Credit
15 Sep 2026 · Tue
Listing
16 Sep 2026 · Wed
IPO Details
| Registrar | MUFG Intime India Private Limited |
| Exchange | Equity |
| ISIN | — |
| Face Value | ₹2 |
| Issue Size | ₹1222.09 Cr |
| Fresh Issue | ₹300.00 Cr |
| OFS Size | ₹922.09 Cr |
| Lead Managers | Nuvama Wealth Management Limited, IIFL Capital Services Limited, MUFG Intime India Private Limited |
3-Year Financial Summary
Revenue trend
↑ 6M-FY26→FY26
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY26 | 653.84 | 129.73 | 17.43 | 36.26 | 34.80% |
| FY25 | 450.61 | 65.12 | 8.75 | 72.25 | 26.78% |
| FY24 | 276.69 | 17.76 | 2.39 | 264.97 | 9.97% |
| FY23 | 303.77 | 16.81 | — | — | — |
| 6M-FY26 | 165.58 | 30.67 | 4.12 | 153.39 | 11.20% |
Detailed Line Items (₹ Cr)
| Line Item | 6M-FY26 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total Income | 170.63 | 306.97 | 281.12 | 457.3 | 662.86 |
| EBITDA | 42.73 | 28.36 | 31.07 | 93.39 | 180.42 |
| Net Worth | 273.88 | 160.51 | 178.12 | 243.13 | 372.84 |
| Total Borrowings | 41.41 | 23.62 | 42.08 | 32.27 | — |
| Cash Flow — Operating | 3.12 | — | -16.32 | 79.38 | 25.84 |
| Cash Flow — Investing | 1.29 | — | -12.99 | -61.5 | -21.95 |
| Cash Flow — Financing | 5.02 | — | 12.14 | -17.69 | -4.15 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
36.3x
Price ÷ EPS
EPS (FY26)
₹17
Earnings per share
RoNW
34.80%
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
27.6%
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Check the valuation yourself
Company Fundamentals
13 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹14.89 Cr |
| Equity Shares (Pre-Issue) | 7,44,40,000 |
| Equity Shares (Post-Issue) | — |
Source: Kanohar Electricals offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Kanohar Electricals's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Kanohar Electricals's filing.
Source: Kanohar Electricals offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB50.00%
- NII / HNI15.00%
- Retail35.00%
OFS Selling Shareholders
- K Sons Family Trust1,45,90,000 sh
Source: Kanohar Electricals offer document (DRHP/RHP).
Board & Management
Board of Directors (8)
- Dinesh Singhal₹0.83 Cr p.a.
Chairman and Managing Director
Chairman and Managing Director of our Company
- Adesh Singhal₹0.83 Cr p.a.
Whole-time Director
Whole-time Director of our Company
- Vivek Singhal₹0.81 Cr p.a.
Whole-time Director
Whole-time Director of our Company
- Abhishek Singhal₹0.81 Cr p.a.
Whole-time Director
Whole-time Director of our Company
- Anil Girotra
Independent Director
- Anil Bhardwaj
Independent Director
- Ashok Kumar Goel
Independent Director
- Ram Kumar Chugh
Independent Director
Key Managerial Personnel (2)
- Shiv Kumar Kamboj₹0.33 Cr p.a.
Chief Financial Officer
Bachelor's degree in commerce from Chaudhary Charan Singh University, Meerut; Associate member of ICAI
Associated with the Company since August 1, 1996, with more than 30 years of experience in finance and accounts
- Neha
Company Secretary and Compliance Officer
Bachelor's degree in commerce from University of Delhi; Bachelor's degree in law from Chaudhary Charan Singh University, Meerut; Master's degree in commerce from University of Delhi
Associated with the Company since April 1, 2025 as manager - secretarial; more than 11 years of experience in secretarial matters
Source: Kanohar Electricals offer document (DRHP/RHP).
Industry & Market
One of the leading domestic players in transformer manufacturing in terms of revenue in Fiscal 2025; one of five companies in India with short circuit test certification for 500 MVA 400 kV transformers; one of four manufacturers certified by RDSO to manufacture 100 MVA 132 kV Scott transformers
Per CARE Report; MAIA Research; National Electricity Plan; CareEdge Research, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Kanohar Electricals Limited | — | 8.75 | 26.78 | 32.66 |
| Hitachi Energy India Limited | 208.09 | 90.36 | 9.11 | 945.76 |
| Bharat Heavy Electricals Limited | 203.74 | 1.47 | 2.16 | 70.9 |
| Schneider Electric Infrastructure Limited | 64.04 | 11.2 | 51.43 | 21.78 |
| CG Power and Industrial Solutions Limited | 101.74 | 6.38 | 28.91 | 22.02 |
| Transformers & Rectifiers (India) Limited | 53.31 | 6.31 | 17.02 | 42.37 |
| GE Vernova T&D India Limited | 130.21 | 23.76 | 34.36 | 28.21 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Other | — | 1 | — |
Historical share transfer transactions involving promoters and their family members, dated 1990-1998
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:MUFG Intime India Private Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Kanohar Electricals IPO opening?
The Kanohar Electricals IPO opens on 08 Sep 2026 and closes on 10 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Kanohar Electricals IPO?
The price band for the Kanohar Electricals IPO is ₹601 to ₹632. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Kanohar Electricals IPO?
The minimum lot size is 23 shares with a minimum investment of ₹14,536. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Kanohar Electricals IPO today?
The latest Grey Market Premium for Kanohar Electricals is ₹240 (+37.97%). GMP is unofficial data and is not a guarantee of listing price.
When will the Kanohar Electricals IPO list on NSE and BSE?
The Kanohar Electricals IPO is expected to list on 16 Sep 2026 on Equity. Actual listing day trading begins at the start of the normal market session.
How can I check the Kanohar Electricals IPO allotment status?
The registrar for this IPO is MUFG Intime India Private Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Kanohar Electricals IPO a mainboard or SME issue?
Kanohar Electricals is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Kanohar Electricals IPO?
You can apply for the Kanohar Electricals IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Kanohar Electricals IPO?
The GMP-implied price (unofficial, not a forecast) is ₹872: the upper price band of ₹632 plus the latest grey market premium of ₹240, as of 16 Sep 2026, 11:32 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Kanohar Electricals IPO?
Based on the retail subscription of 14.69x, the estimated allotment ratio is 1 lot per 15 applicants (approximately 6.8% chance of allotment). This is an estimate and actual allotment may vary.
Recently Listed IPOs
| Company | Listed | Listing Gain |
|---|---|---|
| Fusion CX | 22 Oct 2026 | +5.54% |
| HD Fire Protect | 21 Oct 2026 | +23.62% |
| Vishal Nirmiti | 08 Oct 2026 | -2.27% |
Related IPOs
Related Articles
How to Use 10 Minutes of Research to Validate Any IPO Video You Watch
SEBI now requires issuers to publish a 10-minute IPO disclosure video. Here is a practical, source-by-source method to verify what you watch against the DRHP and official exchange records in about ten minutes.
Read more →
How-ToHow to Read Past IPO Data to Set Realistic Listing Gain Targets
Median listing gains fell to 3.8% in 2025 from 15.2% in 2024. Here is how to read past IPO data, GMP, and subscription numbers to set realistic listing day expectations instead of chasing hype.
Read more →
How-ToHow to Compare an IPO With Listed Peers Using Key Ratios and Growth Metrics
A practical framework for Indian retail investors on comparing an IPO with its listed peers using P/E, P/B, EV/EBITDA and growth metrics, illustrated with the NSE vs BSE case study.
Read more →