Kanohar Electricals Ltd IPO
Capital Goods - Electrical Equipment
Price Band
₹601 – ₹632
Lot Size
23
Minimum Bid Quantity
23
Minimum Investment
₹14536
Issue Size
₹1055.74Cr
Opens
2026-09-08
Closes
2026-09-10
Listing
16-09-2026
Subscription Status
Qualified Institutional Buyers
122.61 x
Non-Institutional Investor
81.57 x
Retail Individual Investor
17.74 x
Total
61.38 x
IPO Details
Issue Type
EQUITY
Face Value
₹2
Tick Size
1
ISIN
INE877D01025
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Kanohar Electricals Limited is a company engaged in transformer manufacturing and engineering, procurement and construction (EPC) activities in the power transmission and distribution sector. Its transformer manufacturing business covers transformers used in power transmission, railways, renewable energy, and power distribution. As of March 31, 2026, the company had short circuit test certification for 500 MVA 400 kV transformers and had conducted short circuit testing for more than 200 ratings. It is also certified by the Research Designs and Standards Organisation (RDSO) to manufacture 100 MVA 132 kV Scott transformers and is certified to manufacture 100 MVA 220 kV Scott transformers for railway electrification. Through its EPC business, the company undertakes turnkey installation of air and gas-insulated substations, bay augmentation of existing substations up to 400 kV, and transmission lines across 132 kV, 220 kV, and 400 kV. Its EPC activities include design, engineering, procurement, supply, erection, testing, and commissioning of electrical infrastructure.
Pros
- • The company has over 40 years of experience in transformer manufacturing and caters to power transmission, railways, renewable energy, and power distribution. It manufactures transformers across capacities ranging from below 132 kV to above 400 kV.
- • The company has short circuit test certification for 500 MVA 400 kV transformers, which it claims places it among five companies in India with this certification as of March 31, 2026. It has also conducted short circuit testing for more than 200 transformer ratings at laboratories, including the Central Power Research Institute and National High Power Test Laboratory.
- • The company has certifications for specialised railway transformers. It claims to be one of four manufacturers in India certified by RDSO to manufacture 100 MVA 132 kV Scott transformers and one of two Indian manufacturers certified to manufacture 100 MVA 220 kV Scott transformers.
Cons
- • The company derives a significant portion of its revenue from its transformer manufacturing business. The segment contributed Rs 545.50 crore (83.43%), Rs 383.79 crore (85.17%), and Rs 143.20 crore (51.75%) to revenue from operations in FY26, FY25, and FY24, respectively, with power transformers accounting for Rs 373.28 crore (57.09%), Rs 242.24 crore (53.76%), and Rs 65.66 crore (23.73%), respectively. Any reduction in demand for transformers, changes in technology or regulations, or failure to successfully manufacture and market its products could adversely affect the company’s business, financial condition, cash flows, and results of operations.
- • A significant portion of the company’s revenue from operations is generated from the power transmission, railways, and renewable energy sectors. These sectors contributed Rs 633.14 crore (96.83%), Rs 393.28 crore (87.27%), and Rs 247.09 crore (89.30%) to revenue from operations in FY26, FY25, and FY24, respectively, with power transmission alone contributing Rs 461.09 crore (70.52%), Rs 252.85 crore (56.11%), and Rs 176.45 crore (63.77%). Any economic cyclicality, demand reduction, changes in government policies, trade policies, environmental regulations, or commodity prices affecting these sectors could adversely affect the company’s business, financial condition and results of operations.
- • The company derives a significant portion of its revenue from its top 10 customers, which contributed Rs 609.42 crore (93.16%), Rs 436.35 crore (93.88%), and Rs 273.42 crore (95.43%) to revenue from operations in FY26, FY25, and FY24, respectively. Any loss of these customers, reduction in orders, deterioration in their financial condition, or inability to diversify its customer base could adversely affect the company’s business and finances.
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