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)
- 95.47%
- Holding (post-issue)
- 74.65%
- Dilution
- 20.82%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the Kanohar Electricals IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
Before the issue opened to the public, Kanohar Electricals placed shares with 42 anchor investors, who together put in ₹316.69 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to ICICI PRUDENTIAL MULTICAP FUND (₹34.12 crore), ISIF EQUITY EX-TOP 100 LONG-SHORT FUND (₹24.37 crore) and ASHOKA WHITEOAK ICAV-ASHOKA WHITEOAK EMERGING MARKETS EQUITY FUND (₹21 crore). Investor categories represented include Other, FII/FPI, Insurance, Bank and MF. The lock-in on half the anchor shares ends on 10 Oct 2026, with the remainder locked until 9 Dec 2026.
Analyst view tally
1 third-party review is on record for the Kanohar Electricals IPO — among them Capital Market. Of the 1 with a stated verdict, 1 says "May Apply". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
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 issue expenses (₹65.25 crore). In all, 4 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 95.47% before the issue and comes down to 74.65% after listing.
Frequently asked questions
- What is the reservation split in the Kanohar Electricals IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%.
- 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 95.47% before the issue and 74.65% 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 4 disclosed objects.