Reviewed by BuyUnlistedShares Research Desk.
Kanohar Electricals Limited, a Meerut-based transformer manufacturer serving the power transmission, railways, renewable energy, and power distribution sectors, is opening its ₹1,055.74 crore initial public offering on September 8, 2026. The mainboard issue combines a fresh issue of shares worth up to ₹300 crore with an offer for sale of 1,19,57,915 equity shares by the promoter entity K.Sons Family Trust, and closes on September 10, 2026. This review covers the offer structure, financials, business model, and the strengths and risks disclosed in the offer documents, so you can form your own view before the issue closes.
Kanohar Electricals IPO: Quick Overview
Issue Size | ₹1,055.74 crore (1,67,04,750 shares) |
Fresh Issue | 47,46,835 shares — up to ₹300 crore |
Offer for Sale | 1,19,57,915 equity shares — up to ₹755.74 crore |
Price Band | ₹601 – ₹632 per equity share |
Face Value | ₹2 per equity share |
Lot Size | 23 equity shares |
Minimum Retail Investment | ₹14,536 (1 lot, at the upper price band) |
Implied Market Cap (upper band) | Approx. ₹5,004.6 crore |
Open Date | September 8, 2026 |
Close Date | September 10, 2026 |
MUFG Intime India Private Limited is the registrar for the IPO and will manage allotment, refunds, and other investor-related processes. Nuvama Wealth Management Limited is the lead manager coordinating the issue. The equity shares are proposed to be listed on the BSE and NSE, with a tentative listing date of September 16, 2026.
About Kanohar Electricals
Incorporated in 1972, Kanohar Electricals Limited manufactures transformers in India, serving customers across power transmission, railways, renewable energy, and power distribution. Its product range spans small distribution units up to extra-high-voltage transformers rated up to the 400 kV class.
The company operates two manufacturing facilities, at Rithani and Gangol in Uttar Pradesh, with a combined transformer manufacturing capacity of 19,200 megavolt-amperes (MVA). Beyond core transformer manufacturing, Kanohar also undertakes engineering, procurement, and construction (EPC) work in the power transmission and distribution sector, including turnkey projects for substations and transmission lines. In FY26, transformer manufacturing contributed approximately 83% of the company's topline, with EPC projects contributing around 16%. As of March 2026, the company's order book stood at ₹1,818.3 crore. Kanohar is led by experienced promoters and management, with a track record of executing orders for large clients across its core sectors.
Financial Performance of Kanohar Electricals
Figures below are in ₹ crore, drawn from the company's offer document disclosures.
• Total Income: Grew from ₹281.12 Cr in FY24 to ₹457.3 Cr in FY25, and further to ₹662.86 Cr in FY26.
• Profit After Tax: Grew from ₹17.76 Cr in FY24 to ₹65.12 Cr in FY25, and further to ₹129.73 Cr in FY26.
• EBITDA: Grew from ₹31.07 Cr in FY24 to ₹93.39 Cr in FY25, and further to ₹180.42 Cr in FY26.
• Revenue growth (FY26): Revenue from operations grew by approximately 45.1% year-on-year, to ₹653.8 Cr from ₹450.6 Cr in FY25.
Strengths of Kanohar Electricals
• Long operating history. Incorporated in 1972, the company brings over five decades of experience in transformer manufacturing.
• Broad product and voltage range. Manufactures transformers spanning small distribution units to extra-high-voltage transformers up to the 400 kV class, allowing it to serve a wide range of customer requirements.
• Diversified end-sector exposure. Serves power transmission, railways, renewable energy, and power distribution customers, reducing dependence on any single end market.
• Strong and growing order book. An order book of ₹1,818.3 crore as of March 2026 provides revenue visibility well beyond the current fiscal year.
• Sharp recent financial growth. Total income, PAT, and EBITDA all grew at a rapid pace over FY24–FY26, with PAT rising more than seven-fold over two years.
• Sector tailwinds. Exposure to power transmission upgrades, railway electrification, and renewable energy grid infrastructure — all areas seeing sustained government and private investment in India.
Risks of Kanohar Electricals
• Large offer-for-sale component. Of the ₹1,055.74 Cr issue, ₹755.74 Cr is an offer for sale by the promoter entity K.Sons Family Trust, meaning the majority of issue proceeds go to the selling shareholder rather than the company.
• Two-facility manufacturing base. Production is concentrated across two facilities in Uttar Pradesh; any disruption at either site could affect delivery timelines against the order book.
• EPC execution risk. The EPC segment, which contributed about 16% of FY26 revenue, involves project execution risks typical of turnkey infrastructure contracts, including timeline and cost overruns.
• Customer and tender dependence. Revenue depends significantly on large, marquee clients and tender-based orders in power transmission, railways, and renewable energy, which can be cyclical and policy-sensitive.
• Working-capital-intensive growth. A significant share of fresh issue proceeds (₹155 Cr) is earmarked for incremental working capital, reflecting the capital intensity of scaling transformer manufacturing and EPC operations together.
How to Apply in Kanohar Electricals IPO
1. Log in to your broker's platform or your bank's net banking application that supports ASBA.
2. Search for 'Kanohar Electricals Limited' in the IPO section and open its detail page.
3. Review the price band, lot size, and dates one more time before applying.
4. Select the number of lots (in multiples of 23 shares) and choose your bid price within the ₹601–₹632 band.
5. Submit the application using your registered UPI ID and approve the mandate request when it arrives, before the deadline on the closing date.
The application amount stays blocked in your bank account via ASBA/UPI and is debited only on allotment. You can also apply through net banking ASBA directly.
Frequently Asked Questions
Ques 1: What is Kanohar Electricals IPO?
Kanohar Electricals IPO is a book-built mainboard issue worth ₹1,055.74 crore, priced at ₹601–₹632 per share. It opens on September 8, 2026 and closes on September 10, 2026, and is proposed to list on BSE and NSE. MUFG Intime India Private Limited is the registrar.
Ques 2: What is the price band for Kanohar Electricals IPO?
The price band is ₹601 to ₹632 per equity share, with a face value of ₹2 per share.
Ques 3: What is the lot size for Kanohar Electricals IPO?
The lot size is 23 equity shares.
Ques 4: What is the minimum investment required?
The minimum retail investment is ₹14,536, based on the upper end of the price band for one lot of 23 shares.
Ques 5: When does Kanohar Electricals IPO open and close?
The IPO opens on September 8, 2026 and closes on September 10, 2026.
Ques 6: When is the Kanohar Electricals IPO allotment date?
The allotment is expected to be finalised on September 11, 2026.
Ques 7: When will Kanohar Electricals shares list?
Kanohar Electricals is expected to list on September 16, 2026, on both BSE and NSE.
Ques 8: Is Kanohar Electricals IPO a fresh issue or an offer for sale?
It includes both. The issue comprises a fresh issue of shares worth up to ₹300 crore and an offer for sale of 1,19,57,915 equity shares worth up to ₹755.74 crore, by the promoter entity K.Sons Family Trust.
Ques 9: What does Kanohar Electricals do?
Kanohar Electricals manufactures transformers, ranging from small distribution units to extra-high-voltage transformers up to the 400 kV class, and also undertakes EPC projects such as substations and transmission lines, serving the power transmission, railways, renewable energy, and power distribution sectors.
Ques 10: How will the Kanohar Electricals IPO proceeds be used?
The fresh issue proceeds are earmarked for capital expenditure of ₹64.18 crore (machinery and equipment, civil construction and interior work at the Gangol facility, solar power plants, and electric trucks and forklifts), ₹155.00 crore for incremental working capital, and the remainder for general corporate purposes. The offer-for-sale proceeds go to the selling shareholder, not to the company.
Disclaimer:
This is written for educational and informational purposes only. Nothing here constitutes investment advice or a recommendation to buy or sell securities. All data is sourced from publicly available information. Investments in securities markets are subject to market risks — please read all offer documents carefully before investing.