Kanohar ElectricalsIPO Review — Financials, Valuation & Peers
A data-only look at the Kanohar Electricals IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 281.12 | 17.76 | 31.07 | 178.12 | 322.86 | 42.08 | — |
| FY 2025 | 457.3 | 65.12 | 93.39 | 243.13 | 432.07 | 32.27 | — |
| FY 2026 | 662.86 | 129.73 | 180.42 | 372.84 | 613.93 | 39.04 | 17.43 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 36.26x
- P/E (post-issue)
- 38.58x
- RoNW
- 34.8%
- RoE
- 42.12%
- RoCE
- 70.13%
- Debt / Equity
- 0.1
- EPS (pre-issue)
- ₹17.43
- EPS (post-issue)
- ₹16.38
- EBITDA Margin
- 27.59%
- PAT Margin
- 19.57%
- P/BV
- 12.62x
- NAV / share
- ₹50.09
- Market Cap
- ₹5,004.61 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Kanohar Electricals | 17.43 | 50.09 | — | 34.8% | — | Consolidated |
| Bharat Heavy Electricals | 4.6 | 74.99 | 91.3x | 6.13% | 5.6x | Consolidated |
| CG Power and Industrial Solutions | 7.72 | 48.11 | 114.77x | 15.82% | 18.42x | Consolidated |
| GE Vernova T&D India | 48.16 | 42.87 | 89.37x | 45.85% | 100.4x | Consolidated |
| Hitachi Energy India | 221.63 | 1,161.56 | 159.55x | 19.08% | 30.44x | Consolidated |
| Schneider Electric Infrastructure | 8.89 | 30.67 | 155.12x | 28.98% | 44.96x | Consolidated |
| Transformers & Rectifiers (India) | 9.07 | 51.39 | 32.19x | 17.64% | 5.68x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal, Aditya Singhal</p>
- Holding (pre-issue)
- 99.72%
- Holding (post-issue)
- 78.64%
- Dilution
- 21.08%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Kanohar Electricals operates at an EBITDA margin of 27.59% and a net (PAT) margin of 19.57% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 70.13% and a return on equity (RoE) of 42.12%. At the upper band, the post-issue market capitalisation works out to about ₹5,004.61 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
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.
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.
Frequently asked questions
- Who are the promoters of Kanohar Electricals and what is their holding?
- The promoters are <p>Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal, Aditya Singhal</p>. Promoter holding is 99.72% before the issue and 78.64% after listing.
- What is the P/E ratio of the Kanohar Electricals IPO?
- At the upper price band, the Kanohar Electricals IPO is valued at 36.26× pre-issue earnings and 38.58× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Kanohar Electricals IPO?
- The net proceeds go primarily toward funding the incremental working capital requirements of company, among 3 disclosed objects.