Kanohar Electricals IPO
Kanohar Electricals IPO is a mainboard IPO raising ₹1,056 Cr at ₹601 – ₹632 a share. The smallest application you can make is 23 shares, costing ₹14,536 at the top of the band. Bidding has closed; the shares list on 16 Sept 2026. So far it has been subscribed 91× in total.
90.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What happens when
Next: allotment is finalised — you find out what you got on 15 Sept 2026.
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Kanohar Electricals Limited manufactures power, traction, Scott, shunt reactor and distribution transformers (up to 500 MVA, 400 kV) and executes turnkey EPC projects for substations and transmission lines up to 400 kV, serving India's power transmission, railways, renewable energy and power distribution sectors.
How it earns
Revenue comes from (a) selling transformers manufactured in-house and (b) undertaking EPC contracts for substations and transmission lines, primarily under tender-led orders from central/state utilities, PSUs and the Indian Railways.
Who buys
Top 10 customers contributed 93.16% of revenue in FY26 (93.88% FY25, 95.43% FY24). Government sector made up 93.62% of the FY26 order book (₹1,702.32 crore of ₹1,818.32 crore); private sector only 6.38%. Tender-led revenue from central/state utilities and PSUs was 85.37% of FY26 revenue. Named key customers: POWERGRID (₹568.67 crore order for 500 MVA 400 kV power transformers in June 2025; total order book of ₹573.26 crore as of March 31, 2026), BNC Power Projects Ltd (power transformers), Blue Star Limited (Scott/traction transformers), Bhutan Power Corporation Limited (distribution transformers); EPC projects executed for utilities in Delhi, Himachal Pradesh, Maharashtra and Rajasthan.
Scale
2 manufacturing facilities in Meerut, Uttar Pradesh (Rithani since 1983, Gangol since 1997) with aggregate capacity of 19,200 MVA; 5 regional offices (Delhi, Mumbai, Kolkata, Bangalore, Chennai); over 526 employees as of March 31, 2026; 40+ years in transformer manufacturing.
What it says sets it apart
- One of only 5 Indian companies with short-circuit test certification for 500 MVA 400 kV power transformers (as of March 31, 2026)
- One of 4 RDSO-certified Indian manufacturers of 100 MVA 132 kV Scott transformers and one of 2 certified for 100 MVA 220 kV Scott transformers for Indian Railways electrification
- Backward-integrated facilities producing transformer tanks and pressed steel radiators in-house, reducing third-party dependence
- Two manufacturing facilities in Meerut, UP with aggregate transformer capacity of 19,200 MVA; short-circuit testing conducted across over 200 ratings
- Technical collaboration with CHEM (Taiwan) since 2017 to manufacture up to 252 kV GIS bays at the Gangol facility
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs632 / stated EPS Rs17.43 (Fiscal 2026 diluted EPS (face value ₹2), restated consolidated, per Kanohar Electricals Limited basis). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
Where the money goes
The offer →72% of this issue is existing shareholders cashing out — only the fresh issue reaches the business.
How the book stands today
The category split is the number worth reading, not the total.
QIB: 215× their allocation. Retail: 21×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
How this cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group it is about to join.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
Led by Nuvama Wealth Management Limited — median −19.1% across the 27 of its issues we can price. All lead managers →
What to watch
- 72% of the issue is offer for sale — only ₹300 Cr of new money reaches the company.
- Priced at 36.3× earnings — 65% below the median of the peers the issuer itself names.
- Its cohort's record: median +33.9% since issue price, 27% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track this company once it lists
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.