Kanohar Electricals IPO: Price Band, Lot Size, Financials & Review
Kanohar Electricals IPO listed on BSE & NSE on Wed, 16 Sep 2026. The issue was subscribed 90.59x overall.
- Open Date
- 8 Sep 2026
- Close Date
- 10 Sep 2026
Last updated
- Price band
- ₹601 – ₹632
- Lot size
- 23 shares
- Min. investment
- ₹14,536
- Issue size
- ₹1,055.74 Cr
- Last GMP
- +₹192
- Subscribed
- 🔥 90.59x
Kanohar Electricals IPO details
Kanohar Electricals IPO is a ₹1,055.74 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It combines a fresh issue of ₹300 Cr (28.42%) with an offer for sale of ₹755.74 Cr (71.58%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Tue, 8 Sep 2026 to Thu, 10 Sep 2026. Allotment was finalised on Fri, 11 Sep 2026, and the shares listed on BSE & NSE on Wed, 16 Sep 2026.
The price band is ₹601 to ₹632 per share and the lot size is 23 shares, so the minimum retail application is ₹14,536. Retail investors can apply for up to 13 lots (299 shares, ₹1,88,968).
MUFG Intime India Pvt Ltd is the registrar, and IIFL Capital Services Limited and Nuvama Wealth Management Limited are the book running lead managers.
Grey market premium (GMP)
Day-wise GMP →The last Kanohar Electricals IPO GMP before listing was +₹192 (+30.38% against the upper price band of ₹632), implying an estimated listing price of ₹824. Across 10 days of tracking, GMP ranged from +₹192 (15 Sep) to +₹241 (13 Sep).
| Last GMP | +₹192 |
|---|---|
| GMP vs upper band | +30.38% |
| Estimated listing price | ₹824 |
| Highest (13 Sep) | +₹241 |
| Lowest (15 Sep) | +₹192 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Kanohar Electricals IPO day-wise GMP.
Subscription
Day-wise subscription →Kanohar Electricals IPO was subscribed 90.59x overall: QIB 215.37x, NII 87.74x and retail 20.51x.
| Category | Subscribed |
|---|---|
| QIB | 215.37x |
| NII | 87.74x |
| └ bNII (above ₹10 lakh) | 94.04x |
| └ sNII (₹2–10 lakh) | 75.14x |
| Retail | 20.51x |
| Total | 90.59x |
Final figures at the close of bidding on 10 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Kanohar Electricals IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 50,11,424 | 30.00% |
| Qualified Institutions | 33,40,950 | 20.00% |
| Non-Institutional | 25,05,713 | 15.00% |
| └ BNII | 16,70,475 | 10.00% |
| └ SNII | 8,35,238 | 5.00% |
| Retail Investors | 58,46,663 | 35.00% |
| Total | 1,67,04,750 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Kanohar Electricals IPO lot size
| 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 | 1,564 | ₹9,88,448 |
| B-HNI (Min) | 69 | 1,587 | ₹10,02,984 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹300 Cr (28.42%) with an offer for sale of ₹755.74 Cr (71.58%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹632, the issue is priced at 36.26x pre-issue earnings and 38.58x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 103.04x (6 companies).
Promoter holding falls from 99.72% before the issue to 78.64% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹17.43 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 36.26x |
| EPS (post-issue) EPS on the enlarged share capital | ₹16.38 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 38.58x |
| Promoter holding (pre-issue) | 99.72% |
| Promoter holding (post-issue) | 78.64% |
Kanohar Electricals Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹457.3 Cr to ₹662.86 Cr, and profit after tax rose from ₹65.12 Cr to ₹129.73 Cr. The PAT margin for 31 Mar 2026 was 19.57%.
| Period ended | 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 |
| Reserve & Surplus | 357.95 | 239.00 | 174.09 |
| Total Borrowings | 39.04 | 32.27 | 42.08 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 42.12 | 30.92 | 10.49 |
| ROCE % | 70.13 | 47.61 | 16.69 |
| Debt / Equity | 0.10 | 0.13 | 0.24 |
| RoNW % | 34.80 | 26.78 | 9.97 |
| Pat Margin % | 19.57 | 14.24 | 6.32 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Kanohar Electricals Ltd | 2 | — | 17.43 | 17.43 | 34.80% | 50.09 |
| Hitachi Energy India Ltd | 2 | 159.55 | 221.63 | 221.63 | 19.08% | 1,161.56 |
| Bharat Heavy Electricals Ltd | 2 | 91.30 | 4.60 | 4.60 | 6.13% | 74.99 |
| Schneider Electric Infrastructure Ltd | 2 | 155.12 | 8.89 | 8.89 | 28.98% | 30.67 |
| CG Power and Industrial Solutions Ltd | 2 | 114.77 | 7.72 | 7.71 | 15.82% | 48.11 |
| Transformers & Rectifiers (India) Ltd | 1 | 32.19 | 9.07 | 9.07 | 17.64% | 51.39 |
| GE Vernova T&D India Ltd | 2 | 89.37 | 48.16 | 48.16 | 45.85% | 42.87 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Funding the capital expenditure requirements of Company |
| 2 | Funding the incremental working capital requirements of Company |
| 3 | General Corporate Purposes |
About Kanohar Electricals Limited
Kanohar Electricals Limited, incorporated in 1972, is an Indian power infrastructure company engaged in the manufacturing of transformers and the execution of engineering, procurement and construction (EPC) projects. With over five decades of industry experience, the Company serves customers across power transmission, power distribution, railways and renewable energy sectors.
The Company operates through two principal business segments: (i) Transformer Manufacturing and (ii) EPC. Transformer manufacturing is its core business, contributing 83.43% of revenue in FY2026, while the EPC segment accounted for 16.44%. Its product portfolio includes power, traction, Scott and distribution transformers, as well as shunt reactors. Kanohar Electricals is also one of four manufacturers in India certified by the Research Designs and Standards Organisation (RDSO) for manufacturing 100 MVA, 132 kV Scott transformers.
Kanohar Electricals operates two manufacturing facilities at Rithani and Gangol in Meerut, Uttar Pradesh, with an aggregate transformer manufacturing capacity of 19,200 MVA as of March 31, 2026. The Gangol facility is capable of manufacturing transformers with ratings of up to 500 MVA and 400 kV. The Company also benefits from backward integration, including in-house manufacturing of critical components such as transformer tanks and radiators.
Through its EPC segment, the Company provides turnkey solutions for substations of up to 400 kV and transmission lines across 132 kV, 220 kV and 400 kV. As of March 31, 2026, its order book stood at ₹1,818.32 crore, with transformer manufacturing accounting for 89.19%, providing visibility for future revenue. The Company has five regional offices across Delhi-NCR, Mumbai, Kolkata, Bengaluru and Chennai and had 526 full-time employees as of FY2026.
Promoters
- Dinesh Singhal
- Adesh Singhal
- Vivek Singhal
- Abhishek Singhal
- Virat Singhal
- Aditya Singhal
Contact details
Kanohar Electricals Ltd.
Rithani, Delhi Road
Meerut, Uttar Pradesh, 250103
Telephone: +91 121-3500801-05
Email: compliance@kanohar.com
Website: https://www.kanohar.com/
Kanohar Electricals IPO FAQs
- What is the Kanohar Electricals IPO price band?
- The Kanohar Electricals IPO price band is ₹601 to ₹632 per share.
- What is the Kanohar Electricals IPO lot size and minimum investment?
- The Kanohar Electricals IPO lot size is 23 shares. The minimum retail investment is ₹14,536 for one lot at the upper price band. Retail investors can apply for up to 13 lots (299 shares), costing ₹1,88,968.
- When was Kanohar Electricals IPO open for subscription?
- Kanohar Electricals IPO was open for subscription from Tue, 8 Sep 2026 to Thu, 10 Sep 2026.
- What is the Kanohar Electricals IPO subscription status?
- Kanohar Electricals IPO was subscribed 90.59x overall: QIB 215.37x, NII 87.74x and retail 20.51x. Day-wise and category-wise figures are on the subscription page.
- What was the Kanohar Electricals IPO GMP before listing?
- The last Kanohar Electricals IPO GMP before listing was +₹192 (+30.38% against the upper price band of ₹632), implying an estimated listing price of ₹824. Across 10 days of tracking, GMP ranged from +₹192 (15 Sep) to +₹241 (13 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the Kanohar Electricals IPO allotment date?
- The Kanohar Electricals IPO basis of allotment was finalised on Fri, 11 Sep 2026. You can check your allotment status on the MUFG Intime India Pvt Ltd website.
- What is the Kanohar Electricals IPO listing date?
- Kanohar Electricals IPO listed on BSE & NSE on Wed, 16 Sep 2026.
- Is the Kanohar Electricals IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹300 Cr (28.42%) with an offer for sale of ₹755.74 Cr (71.58%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Kanohar Electricals IPO?
- The registrar for the Kanohar Electricals IPO is MUFG Intime India Pvt Ltd, and the book running lead managers are IIFL Capital Services Limited and Nuvama Wealth Management Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.