Kanohar Electricals Limited IPO opened its ₹1,055.74 crore mainboard IPO for subscription this morning, and it didn’t take long to get moving — the issue crossed full subscription within two hours of opening, backed by a ₹316.72 crore anchor book from names like ICICI Prudential Mutual Fund, HDFC Life Insurance, and Allianz Global Investors. By the end of Day 1, grey-market trackers were pricing in listing gains of roughly 31–32%.
Here’s everything you need to know before the issue closes on September 10.
Disclaimer: This article is for informational purposes only and not investment advice. GMP figures are unofficial and unregulated by SEBI. IPO investments carry market risk. Please consult a SEBI-registered financial advisor before applying.
IPO Snapshot
| Detail | Information |
|---|---|
| Company | Kanohar Electricals Limited |
| Incorporated | 1972 |
| Open Date | September 8, 2026 |
| Close Date | September 10, 2026 |
| Price Band | ₹601 – ₹632 per share |
| Face Value | ₹2 per share |
| Issue Type | Book-built — Fresh Issue + Offer for Sale |
| Fresh Issue | ₹300.00 crore (47,46,835 shares) |
| Offer for Sale | ₹755.74 crore (1,19,57,915 shares) |
| Total Issue Size | ₹1,055.74 crore |
| Lot Size | 23 shares |
| Min Investment (Retail) | ₹14,536 |
| Max Retail Lots | 13 lots (299 shares, ₹1,88,968) |
| Allocation | QIB 50% · NII 15% · Retail 35% |
| Allotment Date | September 11, 2026 |
| Listing Date | September 16, 2026 |
| Exchanges | BSE, NSE |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Lead Managers | Nuvama Wealth Management Ltd., IIFL Capital Services Ltd. |
Who Is Kanohar Electricals?
Kanohar Electricals has been manufacturing transformers since 1972, and today operates across two business segments: transformer manufacturing (roughly 83% of FY26 revenue) and EPC — turnkey execution of substations and transmission lines, including air-insulated and gas-insulated substation installation and bay augmentation.
A few things set it apart from a generic power-equipment supplier:
- It’s one of only four Indian manufacturers accredited by RDSO (Research Designs and Standards Organisation, Indian Railways’ R&D arm) to build 100 MVA 132 kV Scott transformers used in railway electrification.
- As of March 2026, it was among five Indian companies certified to conduct short-circuit testing for 500 MVA, 400 kV transformers, having tested over 200 transformer ratings.
- Manufacturing runs across two facilities — Rithani and Gangol, both in Meerut, Uttar Pradesh — with a combined transformer capacity of 19,200 MVA.
- The business serves power transmission, railways, renewable energy, and power distribution customers.
The promoter group — Dinesh, Adesh, Vivek, Abhishek, Virat and Aditya Singhal, along with the K Sons Family Trust — held roughly 99.72% of the company pre-IPO. The entire OFS portion of this issue is being sold by the K Sons Family Trust.
Financial Performance
| Metric (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | 276.60 | 457.30 | 662.86 |
| Profit After Tax | 17.76 | 65.12 | 129.73 |
| EBITDA Margin | — | — | 27.59% |
| PAT Margin | — | — | ~19.6% |
Revenue grew from ₹276.60 crore in FY24 to ₹662.86 crore in FY26 — a roughly 55% CAGR — while profit after tax grew nearly 7x over the same two years, from ₹17.76 crore to ₹129.73 crore. FY26 alone saw revenue up 45% and PAT up 99% year-on-year.
A caution worth flagging: growth this steep usually comes with a working-capital tail. Trade receivables stood at ₹210.79 crore in FY26 with receivable days around 114 — largely a function of serving government and utility customers who tend to pay slowly. The company’s top 10 customers accounted for 93.16% of FY26 revenue (93.88% in FY25, 95.43% in FY24), so customer concentration is real, though the trend is at least moving in the right direction.
Objects of the Issue — Where the Money Goes
Of the ₹300 crore fresh issue:
| Use of Proceeds | Amount |
|---|---|
| Capital expenditure (Gangol facility — machinery, automation, backward integration, sustainability initiatives) | ₹64.1 crore |
| Incremental working capital | ₹155 crore |
| General corporate purposes | Balance (~₹81 crore) |
The ₹755.74 crore offer-for-sale portion is a straight secondary sale by the K Sons Family Trust — that money goes to the selling promoter entity, not into the company.
Anchor Book: ₹316.72 Crore From 42 Investors
A day ahead of the public opening, on September 7, Kanohar Electricals raised ₹316.72 crore from 42 anchor investors, allotting 50,11,424 shares at ₹632 — the top of the band.
Notable anchor participants: ICICI Prudential Mutual Fund, Kotak Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, HSBC Global Investment Funds, HDFC Life Insurance Company, Allianz Global Investors Fund, and Ashoka Whiteoak Emerging Markets Equity Fund.
Eleven domestic mutual funds, spread across 19 schemes, took up 55.64% of the anchor allocation. Insurance and pension money accounted for another 11.05%. A well-diversified, largely domestic anchor book is generally read as a mild positive signal — it suggests institutional comfort with the pricing, though it’s not a guarantee of listing performance.
Day 1 Subscription Status
| Category | Subscription (as of 5:06 PM, Sep 8) |
|---|---|
| QIB | 0.04x |
| NII (HNI) | 4.88x |
| Retail | 3.31x |
| Overall | 2.71x |
The issue crossed full subscription within about two hours of opening, driven almost entirely by retail and NII demand — the QIB book, as is typical, stays thin on Day 1 and tends to fill up on the final day as institutions wait for the full bidding window. With two more days of bidding left (the issue closes September 10), these numbers will keep moving — check back for updates.
GMP Tracker
| Date | GMP | Implied Listing Gain |
|---|---|---|
| September 8, 2026 (Day 1) | ₹195 – ₹205 | ~31–32% over ₹632 |
Grey-market premium is unofficial, unregulated by SEBI, and can move sharply — including down — right up to listing day. Treat it as a sentiment indicator, not a forecast.
Valuation: How It Compares to Listed Peers
At the upper price band, Kanohar Electricals is valued at roughly 38.6x FY26 P/E and 28x FY26 EV/EBITDA.
| Company | P/E (FY26) | EBITDA Margin |
|---|---|---|
| Kanohar Electricals | 38.58x | 27.59% |
| Transformers & Rectifiers India (TRIL) | 32.19x | 15.3% |
| Hitachi Energy India | 159.55x | — |
| Schneider Electric Infrastructure | 155.12x | — |
Kanohar prices at a premium to its closest mid-cap comparable, TRIL, but at a steep discount to large-cap peers Hitachi Energy and Schneider Electric Infrastructure. Brokerage SBI Securities has pointed to Kanohar’s superior EBITDA margin (27.59% vs TRIL’s 15.3%) as justification for the premium over TRIL, issuing a “Subscribe for long-term” rating while flagging customer concentration and sector dependence as the main watch-items.
Strengths & Risk Factors
| Strengths | Risk Factors |
|---|---|
| One of 4 RDSO-accredited Scott transformer manufacturers in India | Top 10 customers = 93.16% of FY26 revenue |
| Among 5 companies certified for 500 MVA/400kV short-circuit testing | Receivable days ~114; working-capital intensive |
| Strong FY24-26 growth: revenue ~55% CAGR, PAT ~170% CAGR | Heavy dependence on transformer segment (~83% of revenue) |
| EBITDA margin (27.59%) well above closest peer TRIL | Facility utilisation risk at Rithani & Gangol plants |
| Diversified, largely domestic anchor book | Government/utility-heavy client base = payment-cycle risk |
How to Apply
Step 1: Open your broker app — Zerodha, Groww, Upstox, Angel One, or 5Paisa Step 2: Go to the IPO section → search “Kanohar Electricals” Step 3: Enter your UPI ID, select quantity (minimum 1 lot = 23 shares), bid at cut-off price Step 4: Approve the UPI mandate in your payment app (Google Pay, PhonePe, BHIM) Step 5: Wait for allotment on September 11 — money is only debited if you receive shares
Via bank (ASBA): SBI / HDFC / ICICI / Axis net banking → Investments → IPO
You need: ✅ PAN Card ✅ Active Demat Account ✅ Linked bank account with UPI
Frequently Asked Questions (FAQ)
Q1. What is the price band of Kanohar Electricals IPO? The price band is ₹601 to ₹632 per share, with a lot size of 23 shares. The minimum retail investment at the upper band is ₹14,536.
Q2. When will Kanohar Electricals IPO list? Allotment is expected on September 11, 2026, with listing tentatively scheduled for September 16, 2026 on both NSE and BSE.
Q3. What is the GMP of Kanohar Electricals IPO? As of September 8, 2026 (Day 1), grey-market trackers showed a premium of ₹195–₹205, implying roughly 31–32% listing gains over the ₹632 upper band. GMP is unofficial and can change before listing.
Q4. How much did Kanohar Electricals raise from anchor investors? ₹316.72 crore from 42 anchor investors on September 7, 2026, at ₹632 per share — the top of the price band. ICICI Prudential Mutual Fund, HDFC Life Insurance, Kotak Mutual Fund, and Allianz Global Investors were among the participants.
Q5. What does Kanohar Electricals do? It manufactures transformers (roughly 83% of FY26 revenue) and executes EPC projects — substations and transmission line works — serving the power transmission, railways, renewable energy, and power distribution sectors. It’s one of only four RDSO-accredited manufacturers of Scott transformers for Indian Railways.
Q6. Is the Kanohar Electricals IPO fully subscribed? Yes — the issue crossed full subscription within about two hours of opening on Day 1. By 5:06 PM on September 8, overall subscription stood at 2.71x, led by NII (4.88x) and retail (3.31x) demand, while the QIB book remained thin at 0.04x — typical for a Day 1 snapshot.
Q7. Is the entire OFS portion being sold by the promoter? Yes. The ₹755.74 crore offer-for-sale is being sold entirely by the K Sons Family Trust, part of the promoter group.
Stay Updated
This page will be updated through the close of bidding on September 10. Check back for:
- ✅ Final Day 2 and Day 3 subscription numbers, including QIB participation
- ✅ GMP movement into the listing window
- ✅ Allotment status link (live from September 11)
- ✅ Listing-day price and performance on September 16
👉 Also read: Complete September 2026 IPO Calendar 👉 Also read: How to Check IPO Allotment Status