Kanohar Electricals Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹632
Per ShareLot Size
23 Shares
Minimum Investment
₹14,536
Issue Size
₹1,055.74 Cr
Face Value
₹2
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Kanohar Electricals Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
95.47%
Promoter Holding (Post-Issue)
74.64%
Issue Type
Book Building
ISIN
INE877D01025
About the Company
We are one of the leading domestic players in transformer manufacturing in terms of revenue in Fiscal 2026. We cater to high growth industries such as power transmission, railways, renewable energy, and power distribution. As on March 31, 2026, we are one of five companies in India to have the short circuit test certification for 500 MVA 400 kV transformers that are used in the power transmission industry. We conduct short circuit testing of our transformers at a scale and as on March 31, 2026, have tested over 200 ratings. We are one of four manufacturers in India who are certified by Research Designs and Standards Organisation (RDSO), the research and development wing of Indian Railways, to manufacturing 100 MVA 132 kV Scott transformers. We are also one of two Indian manufacturers certified to manufacture 100 MVA 220 kV Scott transformers, both of which cater to the demand for rail network electrification from the Indian Railways. Through our backward integrated facilities, we offer a wide range of products and solutions for India's energy infrastructure, particularly in the manufacture of transformers with our in-house technology. We are led by our Promoter, Chairman and Managing Director, Dinesh Singhal, who is graduate of Indian Institute of Technology Roorkee (formerly known as University of Roorkee), with over 40 years of experience in the transformer manufacturing industry.
Industry Overview
India's power transmission system has expanded at a significant pace driven by growing demand, the government's focus on providing electricity in rural areas, and the need for connecting the generation stations including integration of RE sources from the RE-rich states (Source: CARE Report). From CY24 onward, growth across all voltage categories is expected to accelerate. By CY 30, high voltage transformers are projected to reach USD 1,598.4 million, while medium voltage transformers are expected to grow to USD 1,026.5 million. Further, the extra high voltage segment (which includes 400 kV transformers) and ultra-high voltage segment (which includes 765 kV and above transformers) are expected to expand significantly. Between CY 24 and CY 30, the market for ultra-high voltage, extra high voltage, high voltage, and medium voltage transformers is expected to grow at a CAGR of 9.0%, 9.3%, 9.2%, and 6.6%, respectively.
Company History
Our Company was originally incorporated as "Kanohar Electricals Private Limited" under the provisions of the Companies Act, 1956 pursuant to a certificate of incorporation dated November 13, 1972, issued by the Registrar of Companies. The name of our Company was subsequently changed to "Kanohar Electricals Limited" upon conversion of our Company from a private limited to a public limited company pursuant to a Shareholders' resolution dated November 30, 1994, and a fresh certificate of incorporation dated December 22, 1994, issued by the RoC. The equity shares of our Company were, in the past, listed on Bombay Stock Exchange (now known as BSE Limited), The Delhi Stock Exchange Association Limited (now known as DSE Estates Limited) and The Uttar Pradesh Stock Exchange Association Limited (now known as U.P. Stock and Capital Limited) on November 13, 1995, November 1, 1995 and October 31, 1995, respectively. However, thereafter, the equity shares of our Company were voluntarily delisted from Bombay Stock Exchange (now known as BSE Limited), The Delhi Stock Exchange Association Limited (now known as DSE Estates Limited) and The Uttar Pradesh Stock Exchange Association Limited (now known as U.P. Stock and Capital Limited) with effect from July 12, 2010, August 30, 2010 and October 20, 2010, respectively.
Growth Strategy
- Capitalize on industry tailwinds by strengthening our manufacturing capabilities and enhancing operational efficiencies at our Manufacturing Facilities.
- Strengthening our backward integration capabilities.
- Strategic focus on new product development and technology advancements.
- Commitment to robust execution standards for operational excellence.
- Ensure supply chain security through adequate working capital liquidity.
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a standalone basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of up to 16,704,750 equity shares of face value of Rs. 2 each ("Equity Shares") of Kanohar Electricals Limited ("Company" or "Issuer") for cash at a price of Rs. 632 per equity share (including a share premium of Rs. 630 per equity share) ("Offer Price") aggregating up to Rs. 1055.74 Crores (the "Offer") comprising of a fresh issue of up to 4,746,835 equity shares of face value of Rs. 2 each aggregating up to Rs. 300.00 Crores ("Fresh Issue") and an offer for sale of up to 11,957,915 equity shares of face value of Rs. 2/- each ("Offered Shares") aggregating up to Rs. 755.74 Crores by K Sons Family Trust ("promoter selling shareholder" and such equity shares offered by the promoter selling shareholder, the "offered shares"). The offer shall constitute [*]% of the post-offer paid up equity share capital of the company. Price Band: Rs. 632/- per equity share of face value of Rs. 2 each. The floor price is 316 times the face value of the equity shares. Bids can made for a minimum of 23 equity shares of face value of Rs. 2 each and in multiples of 23 equity shares of face value of Rs. 2 each thereafter.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Established player in the transformer manufacturing sector catering to high growth industries.
- Successful short circuit testing of transformers up to 500 MVA 400 kV which enables us to compete for large, high-value contracts across sectors.
- Comprehensive presence across our Transformer Manufacturing Business and EPC Business enabling us to serve a large total addressable market.
- Integrated manufacturing facilities equipped to deliver high-quality products.
- Track record of executing orders for large and marquee clients.
- The company derives a significant portion of its revenue from the Transformer Manufacturing Business. A reduction in demand for purchase of transformers could adversely affect the company's business, results of operations and financial condition.
- A significant portion of the company's revenue from operations is from its Transformer Manufacturing Business which is attributable to high growth sectors including the power transmission, railways and renewable energy sectors. Any economic cyclicality coupled with reduced demand or negative trend in these or other sectors that the company operates in, could have material adverse effect on its business, financial condition and results of operations.
- Under-utilization of the company's manufacturing capacities and an inability to effectively utilize its manufacturing capacities could have an adverse effect on the company's business, future prospects and future financial performance.
- The company depends on certain customers for a significant portion of its revenue from operations. In the Fiscals 2026, 2025 and 2024, the company's top 10 customers contribution towards its revenue from operations was 93.16%, 93.88%, and 95.43%, respectively. Any decrease in demand from such customers, the loss of such customers or the company's inability to diversify its customer base could have an adverse effect on the company's business, financial condition and results of operations.
- If the company is unable to raise additional working capital or are unable to obtain financing on favourable terms or at all, its business and growth could be adversely affected.