Kanohar Electricals IPO

The Kanohar Electricals mainboard IPO opens for subscription on 8 Sept 2026 and closes on 10 Sept 2026, offered at a price band of ₹601–632 per share, and is set to list on NSE and BSE. In total, the issue aims to mobilise ₹1,055.74 crore. Retail investors bid in lots of 23 shares, a minimum application of ₹14,536.

Issue structure

The offer combines a fresh issue of ₹300 crore with an offer for sale (OFS) of ₹755.74 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward funding the incremental working capital requirements of company (₹155 crore), alongside funding the capital expenditure requirements of company (₹64.18 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Kanohar Electricals reported revenue of ₹662.86 crore and a net profit of ₹129.73 crore. Revenue grew from ₹281.12 crore in FY2024 to ₹662.86 crore in FY2026 (+136.0%). Net worth stood at ₹372.84 crore at the end of FY2026. At the upper band, that puts the issue at roughly 36.3× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 38.58× post-issue earnings and 12.62× book value, against a return on net worth of 34.8% and a debt-to-equity ratio of 0.1. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Bharat Heavy Electricals and CG Power and Industrial Solutions, with a median peer P/E of about 103×. The issue's own post-issue P/E works out to 38.58×.

Promoters

The promoters of the company are <p>Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal, Aditya Singhal</p>. Promoter holding stands at 99.72% before the issue and comes down to 78.64% after listing.

Grey market premium (GMP)

In the unofficial grey market, Kanohar Electricals shares are quoted at a premium of ₹205 implying an expected listing around ₹837, about +32.4% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the Kanohar Electricals IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Kanohar Electricals

Incorporated in 1972 , engaged in the manufacturing of power and distribution transformers. Operates through two business segments: Transformer Manufacturing and EPC Services . Serves industries including power transmission, power distribution, railways, renewable energy, and industrial infrastructure . Among the select Indian manufacturers certified by RDSO for manufacturing 100 MVA, 132 kV Scott Transformers for Indian Railways. Operates two manufacturing facilities located in Meerut, Uttar Pradesh. Aggregate transformer manufacturing capacity of 19,200 MVA as of September 30, 2025. Maintains a pan-India presence through five regional offices in Delhi, Mumbai, Kolkata, Bengaluru, and Chennai. Workforce of over 497 employees as of September 30, 2025. Serves a diversified customer base across multiple sectors throughout India. Over five decades of experience in the transformer and power infrastructure industry.