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Kanohar Electricals IPO

Kanohar Electricals IPO

Electric Equipment
upcoming
₹13,823Min. investment
  1. Pre-apply
    TBA
  2. Bid start
    8 Sep
  3. Bid end
    10 Sep
  4. Allotment
    11 Sep
  5. Release of funds
    15 Sep
  6. Demat transfer
    15 Sep
  7. Listing
    16 Sep

Kanohar Electricals Limited IPO Details

SectorElectric Equipment
Price range₹601 – ₹632
IPO type
Regular
Lot size23 shares
Issue size₹1,056Cr
Red Herring Prospectus
Read
Market Cap
₹5,004CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹653.8CrLower than sector avg
Growth rate3Y CAGR
53.72%

Kanohar Electricals Limited IPO Overview

Kanohar Electricals Ltd IPO date

Kanohar Electricals Ltd IPO will open for subscription on September 08, 2026, and the closing date for the IPO is September 10, 2026. After this, investors are expected to be updated about the allotment status on September 11, 2026.

Investors who have been allotted shares can expect them to be credited to their demat account on September 15, 2026. The shares will be listed on the NSE and the BSE on Wednesday, September 16, 2026.

Kanohar Electricals IPO price band

The IPO includes an offer for sale and a fresh issue. The IPO price band has been set between ₹601 and ₹632 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising an offer for sale of ₹756 crore and a fresh issue of ₹300 crore. Kanohar Electricals IPO listing price will be determined on September 16, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

Kanohar Electricals IPO lot size

Kanohar Electricals IPO details have been declared. The minimum lot size for an application is 23 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹1,056 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹653.8Cr
This sector
₹1,165.91Cr
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PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹129.7Cr
This sector
₹116.9Cr
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Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹5,004Cr
This sector
₹10,304.95Cr
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P/E ratio
Lower ratio usually means stock is undervalued
This IPO
36.26
This sector
99.84
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D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.10
This sector
0.59
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Objectives

Working capital
51.60%
General corporate purposes
26.90%
Capital expenditure
21.30%

Strength and Weakness

Player with unique technical certification

40+ years’ experience in transformer manufacturing, short circuit certification of 500 MVA 400 kV transformers (1 out of 5 in India) and RDSO certification of 100 MVA 132 kV Scott transformers (1 out of 4 in India). With such unique certifications, the company gains access to large orders which are otherwise out of reach for other companies.

High voltage segment driving company’s growth

The proportion of income from >400 kV transformers increased from 10.30% to 52.17% between FY24 and FY26 due to the structural change in the revenue mix. This growth was aided by a ₹568.67 crore POWERGRID order in June 2025 and an order book of ₹573.26 crore from POWERGRID in March 2026.

Integrated EPC-manufacturing model

The combination of transformer manufacturing with EPC business gives the company access to a large addressable market.

Benefits of backward integration in manufacturing

Two units situated at Meerut have an installed capacity of 19,200 MVA, which helps produce tanks and radiators on-site, thereby reducing reliance on suppliers and increasing efficiency. This increased efficiency can be seen in the form of margins that have gone up from 11.23% in FY24 to 27.59% in FY26.

Premium tender business base

The tender-based revenue earned from PSUs and state utilities has increased from 64.09% to 85.37% during FY25 to FY26 owing to the premium low-risk customer base which pays based on milestones achieved.

About Kanohar Electricals Limited

Kanohar Electricals IPO will open for subscription on 8 September 2026. The IPO will remain open till 10 September, followed by listing on 16 September. The company is one of the top domestic transformer manufacturers by revenue in FY26, serving high-growth industries such as power transmission, railways, renewable energy, and power distribution.
The company operates in two business segments: the Transformer Manufacturing Business and the EPC Business. As of March 31, 2026, Kanohar Electricals is among the five companies in India that have received short-circuit test certification for 500 MVA 400 kV transformers used in the power transmission industry and have carried out testing on more than 200 ratings.
Furthermore, the company is one of the four Indian manufacturers to be certified by RDSO to manufacture 100 MVA 132 kV Scott transformers and one of the two companies to manufacture 100 MVA 220 kV Scott transformers for Indian Railways.
The company produces five categories of transformers, including power transformers, traction transformers, Scott transformers, shunt reactors and distribution transformers. The EPC business includes turnkey installation of air- and gas-insulated substations, expansion of bays in existing substations up to 400 kV class, and installation of transmission lines in 132 kV, 220 kV and 400 kV classes. The contracts for EPC business usually have periods of execution between 6 to 24 months and a milestone-based payment structure. Key customers include BNC Power Projects Ltd, Blue Star Limited and Bhutan Power Corporation Limited.
For FY26, the transformer manufacturing business accounted for 83.4%, and the EPC business accounted for 16.4% of revenue from operations. Central/state utilities and PSUs (tender-led) accounted for 85.3% of revenue in FY26, whereas revenue from private entities accounted for 14.6%. With respect to revenue, Rajasthan accounted for 20.05%, Punjab for 16.61% and Gujarat for 15.23% in FY26. International revenue continues to be negligible and limited to one shipment to Taiwan amounting to ₹29.7 lakhs in FY26.
As per FY26, the order book of the company amounted to ₹1,818.3 crore, as against ₹861.47 crore in FY25 and ₹595.85 crore in FY24. The share of the order book of the business of manufacture of transformers stood at 89.19%, whereas 68.00% constituted the power transformers order book. The government sector accounted for 93.62% of the total order book of the company in FY26. The company received an order worth ₹568.67 crore for the supply of 500 MVA 400 kV power transformers from POWERGRID in June 2025. The order book of the company from POWERGRID amounted to ₹573.26 crore as of March 31, 2026.
Kanohar Electricals runs two manufacturing plants in Meerut, Uttar Pradesh, namely Rithani Manufacturing Facility and Gangol Manufacturing Facility. As of March 31, 2026, the aggregate installed transformer manufacturing capacity of the company was 19,200 MVA. The capacity utilisation increased to 45.99% in FY26 as compared to 16.46% in FY24, due to the 17.31% in FY24 to 49.04% in FY26 capacity utilisation of the Gangol plant.
The Indian market for transformers has seen continuous growth, from $3,691.4 million in CY19 to $4,944.9 million in CY25 at a CAGR of 5%, and is forecast to further grow to $6,854.2 million by CY30 (CAGR 6.7%). In this regard, the market for power transformers, which is India's biggest category of transformers, has seen its growth rise from around $1,691.3 million in CY19 to $2,660.0 million in CY26, whereas only high-voltage transformers would be growing from $697.1 million (CY19) to $1,605.7 million in CY30. Such growth is being fuelled by various government initiatives such as the National Electricity Plan (Transmission), the National Rail Plan 2030, the Green Energy Corridor that aligns with India's 500 GW renewable energy targets, and about ₹9.15 lakh crore worth of transmission sector investment opportunity up to FY32, apart from "Make in India" and "Atmanirbhar Bharat" policies. Similarly, high entry barriers due to capital intensiveness, lengthy facility setup periods, and testing certification requirements help ensure that competition remains low in the high-voltage industry segments as well.
Kanohar Electricals is well positioned to take advantage of these tailwinds in the industry. Its presence in the power transmission, railway, and renewable energy industries is helped immensely by the government-led initiatives of power grid modernisation, rail electrification, and renewable energy integration that create favourable tailwinds, which not only mitigate risks of delayed payments but also provide similar tailwinds for Kanohar Electricals that are helping to fuel growth in the industry. Expansion of its installed capacity from 15,000 MVA to 19,200 MVA and its association with CHEM Taiwan for GIS technology help Kanohar Electricals capture growing demand for high-voltage transformers.
Now, Kanohar Electricals Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹300 crore and an offer for sale of ₹756 crore. The total issue size of the IPO is ₹1,056.00 crore. Its shares will be listed on the NSE and BSE.

How to apply for Kanohar Electricals IPO?

If you are interested in this investment opportunity but unsure how to apply for Kanohar Electricals IPO, follow these steps.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Kanohar Electricals IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Kanohar Electricals IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

Frequently asked questions

Investors can apply for the Kanohar Electricals IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Kanohar Electricals IPO is 1056 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Opens on 8 Sep 2026