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IPO ·
NSE, BSE
Kanohar Electricals Ltd
Listed
Transformer manufacturer (est. 1972) serving transmission, railways and renewables, with an EPC segment.
Issue details
Price band
₹601 – ₹632
Face value
₹2
Lot size
23 shares
Minimum investment
₹14,536
Issue size
₹1,055.74 Cr
Fresh issue
₹300 Cr
Offer for sale
₹755.74 Cr
Issue type
Book Built
Exchange
NSE, BSE
Key dates
Opens
8 Sep 2026
Closes
10 Sep 2026
UPI mandate cut-off
5:00 PM on 10 Sep 2026
Allotment
11 Sep 2026
Refunds
15 Sep 2026
Shares in demat
15 Sep 2026
Listing
16 Sep 2026
Subscription and listing
Subscription
63.60x
Listing price
₹685.50
Registrar
MUFG Intime India Pvt Ltd
Lead manager
Nuvama Wealth Management, IIFL Capital Services
Subscription by category
Total
63.60x
Total applications
48,65,750
Anchor investors
Amount raised
₹316.72 Cr
Bid date
7 Sep 2026
50% lock-in ends
10 Oct 2026
Rest lock-in ends
9 Dec 2026
Listing day
Issue price
₹632
Open
₹685.50
High
₹787.00
Low
₹685.10
Day close
₹751.50
Listing gain at open
+8.47%
Issue structure
Shares reserved per category and share of the total issue
QIB
83,52,374
50.00%
Anchor Investor
50,11,424
30.00%
QIB (Ex. Anchor)
33,40,950
20.00%
NII
25,05,713
15.00%
bNII > ₹10L
16,70,476
10.00%
sNII < ₹10L
8,35,237
5.00%
Retail
58,46,663
35.00%
Total
1,67,04,750
100.00%
Finaccle’s quick read
Avoid
Income up 45% and PAT up 99% in FY26 with ROE of 42%, but about 72% of the ₹1,056 Cr issue is OFS at a post-issue P/E of 38.6x after a sharp profit jump from FY24.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Kanohar Electricals, incorporated in 1972, makes power and distribution transformers used in transmission, railways, renewable energy and power distribution, and also executes EPC work. It runs two plants in Meerut, Uttar Pradesh, with combined capacity of 19,200 MVA. Its customers are utilities, railways and renewable developers, and FY26 income was about ₹663 Cr.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
42.12%
ROCE
70.13%
Debt / equity
0.10
PAT margin
19.57%
P/E post issue
38.58
Market cap
₹5,004.61 Cr
Use of IPO money
Capital expenditure
₹64.18 Cr
Incremental working capital
₹155.00 Cr
General corporate purposes
₹55.50 Cr
Issue expenses
₹65.25 Cr
Strengths
✓
Over five decades in transformer manufacturing
✓
Very high ROCE of 70% and ROE of 42%
✓
Almost debt-free with D/E of 0.10
✓
Strong demand from grid, railway and renewable capex
Risks to watch
!
OFS of ₹756 Cr is about 72% of the issue
!
PAT rose sevenfold from ₹17.76 Cr in two years
!
Post-issue P/E of 38.6x is rich
!
Margins expanded sharply and may normalise
!
Manufacturing concentrated in Meerut
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.