Kanohar Electricals Ltd. IPO
Price Band
₹601 – ₹632
Issue Size
₹1055.74 Cr
Issue Dates
8 Sept – 10 Sept 2026
Listing Date
16 Sept 2026
About Kanohar Electricals Ltd.
Incorporated in 1972, Kanohar Electricals Limited is engaged in the manufacturing of transformers in India. The Company caters to industries such as power transmission, railways, renewable energy and power distribution. The Company operates through two business segments: (i) transformer manufacturing and (ii) engineering, procurement and construction (EPC). It is one of four manufacturers in India certified by the Research Designs and Standards Organisation (RDSO), the research and development arm of Indian Railways, for manufacturing 100 MVA 132 kV Scott transformers. Kanohar Electricals Limited operates two manufacturing facilities located at Rithani and Gangol in Meerut, Uttar Pradesh, with an aggregate transformer manufacturing capacity of 19,200 MVA as of September 30, 2025. The Company has five regional offices located in the National Capital Territory of Delhi, Mumbai (Maharashtra), Kolkata (West Bengal), Bengaluru (Karnataka) and Chennai (Tamil Nadu). As of September 30, 2025, it had a workforce of over 497 employees, serving customers across India.
IPO Details
| Price Band | ₹601 – ₹632 |
| Face Value | ₹2 |
| Issue Size | ₹1055.74 Cr |
| Fresh Issue | ₹300 Cr |
| Offer for Sale | ₹755.74 Cr |
| Total Shares Offered | 1,67,04,750 |
| Listed On | Both |
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: (1) Funding the capital expenditure requirements of the Company - Rs. 64.18 Cr; (2) Funding the incremental working capital requirements of the Company - Rs. 155.00 Cr; (3) General Corporate Purposes (amount not disclosed). Total of specified objects: Rs. 219.18 Cr. The Offer for Sale of 1,19,57,915 equity shares of Rs. 2 each (aggregating Rs. 755.74 Cr) comprises shares sold entirely by K.Sons Family Trust (Promoter).
Key Financial Metrics
ROE
30.92%
ROCE
47.61%
Debt / Equity
0.13
Financial Performance
| Particulars (₹ Cr) | FY2023 | FY2024 | FY2025 | H1 FY2026 | FY2026 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA | 28.36 | 31.07 | 93.39 | 42.73 | 180.42 |
| PAT | 16.81 | 17.76 | 65.12 | 30.67 | 129.73 |
| Total Assets | 285.22 | 322.86 | 432.07 | 476.26 | 613.93 |
| Net Worth | 160.51 | 178.12 | 243.13 | 273.88 | 372.84 |
| Total Borrowings | 23.62 | 42.08 | 32.27 | 41.41 | 39.04 |
Valuation
Market Capitalisation
P/E Ratio
Promoter Holding
Public Holding
Lot Size & Allocation
Investment by Category
| Category | Lot Size | Min Investment | Max Investment |
|---|---|---|---|
| retail_min | 23 shares | ₹14,536 | — |
| retail_max | 23 shares | — | ₹1,88,968 |
| shni_min | 14 × 23 | ₹2,03,504 | — |
| shni_max | 23 shares | — | ₹9,88,448 |
| bhni_min | 69 × 23 | ₹10,02,984 | — |
Reservation / Allocation
| Category | Allocation | Cut-off |
|---|---|---|
| QIB Shares Offered | 50% | No |
| Retail Shares Offered | 35% | Yes |
| NII (HNI) Shares Offered | 15% | No |
Registrar & Lead Managers
Peer Comparison
| Company | Listed | Mkt Cap (₹ Cr) | EPS (₹) | P/E | ROE % |
|---|---|---|---|---|---|
| Kanohar Electricals Ltd. IPO (this IPO) | — | 5,004.61 | — | — | 30.92% |
| Powerica Ltd. | Yes | — | — | 24.45x | — |
| Atlanta Electricals Ltd. | Yes | — | — | 46.33x | — |
| Anawil Wire & Engineering Ltd. | Yes | — | — | 14.53x | — |
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