Kanohar Electricals IPO 2026: Price Band, GMP, Subscription, Financials & Key Details

The Kanohar Electricals IPO is an upcoming Mainboard IPO of Kanohar Electricals Limited, a manufacturer of power and distribution transformers and provider of EPC services. The company is announced the official IPO price band ₹601.00-632.00 per share, issue size, subscription dates, lot size 23 and listing date in due course.

According to the available IPO details, the proposed issue comprises a ₹300 crore fresh issue along with an Offer for Sale (OFS) of 1.46 crore shares.

The face value of each equity share is ₹2.

Kanohar Electricals operates in the heavy electrical equipment sector and has more than five decades of experience in transformer manufacturing and power infrastructure. The company serves sectors such as power transmission, power distribution, railways, renewable energy and industrial infrastructure.

The company operates through two key business segments: Transformer Manufacturing and EPC Services. It has two manufacturing facilities in Meerut, Uttar Pradesh, with an aggregate transformer manufacturing capacity of 19,200 MVA as of September 30, 2025.

In this article, we cover the Kanohar Electricals IPO details, GMP, subscription status, IPO timeline, lot size, reservation, business overview, financial performance, key ratios, valuation, peer comparison, IPO objectives, strengths, risks and allotment details.

Kanohar Electricals IPO Details

Kanohar Electricals IPO Timeline

The official IPO schedule is.

IPO dates are subject to announcement and may change based on regulatory approvals and the final issue schedule.

Kanohar Electricals IPO GMP

As of September 2, 2026, the Kanohar Electricals IPO GMP is ₹0 according to the provided grey-market data.

Since the IPO price band is ₹601.00-632.00 per share, an estimated listing price cannot currently be calculated.

The current GMP of ₹0 indicates no premium in the available grey-market data.

However, GMP is an unofficial and unregulated indicator and can change significantly once the IPO price band and subscription dates are announced. Investors should not make an investment decision solely on the basis of GMP.

Kanohar Electricals IPO Subscription Status

The Kanohar Electricals IPO subscription dates have not yet been announced. Therefore, live subscription figures are currently unavailable.

Once the IPO opens for bidding, subscription figures will be updated based on bids received from Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs) and Retail Individual Investors.

Kanohar Electricals IPO Day-wise Subscription Trend

What is the Current Subscription Data for Kanohar Electricals IPO?

The current subscription data is not available because the IPO has not opened for bidding.

Once bidding starts, the subscription data will provide an indication of demand across QIB, NII and Retail categories.

Kanohar Electricals IPO Lot Size

The IPO lot size is 23 and minimum investment amount is ₹14,536.

Once the price band is ₹601.00-632.00 per share and lot size are 23, investors will be able to calculate the minimum application amount.

Kanohar Electricals IPO Reservation

The proposed IPO reservation is expected to follow the standard allocation structure:

The final category-wise reservation will be confirmed in the company's RHP/final IPO documents.

What is Kanohar Electricals?

Kanohar Electricals Limited is an Indian heavy electrical equipment manufacturer incorporated in 1972. The company primarily manufactures power and distribution transformers and also provides engineering, procurement and construction (EPC) services.

With more than five decades of industry experience, Kanohar Electricals caters to customers across sectors including power transmission, power distribution, railways, renewable energy and industrial infrastructure.

The company operates through two major business segments:

• Transformer Manufacturing
• EPC Services

Kanohar Electricals operates two manufacturing facilities in Meerut, Uttar Pradesh.

As of September 30, 2025, the company's aggregate transformer manufacturing capacity stood at 19,200 MVA.

The company also maintains a pan-India presence through regional offices in Delhi, Mumbai, Kolkata, Bengaluru and Chennai.

As of September 30, 2025, Kanohar Electricals had more than 497 employees.

Product and Business Portfolio

Power Transformers

Kanohar Electricals manufactures power transformers for applications across power transmission and distribution networks.

Distribution Transformers

The company also manufactures distribution transformers used for electricity distribution infrastructure.

Railway Transformers

Kanohar Electricals has expertise in specialized transformer applications for the railway sector. It is among the select Indian manufacturers certified by RDSO for manufacturing 100 MVA, 132 kV Scott Transformers for Indian Railways.

EPC Services

The company also provides EPC services, allowing it to participate in power infrastructure projects beyond equipment manufacturing.

Kanohar Electricals IPO Objectives

The company proposes to utilise the net proceeds from the IPO towards the following objectives:

A significant portion of the identified IPO proceeds is intended for working capital requirements, while another portion will be used for capital expenditure.
The working capital investment can support the company's growing order requirements and operational needs, while capital expenditure may help expand or strengthen its manufacturing capabilities.

Kanohar Electricals Financial Performance

Kanohar Electricals has reported growth in assets, profitability and net worth over the periods covered in the provided financial information.

The company's total assets increased from ₹285.22 crore in FY23 to ₹476.26 crore as of September 30, 2025.

PAT increased from ₹16.81 crore in FY23 to ₹65.12 crore in FY25, while EBITDA increased from ₹28.36 crore to ₹93.39 crore during the same period.

Net worth also increased from ₹160.51 crore in FY23 to ₹273.88 crore as of September 30, 2025.

The company reported total borrowings of ₹41.41 crore as of September 30, 2025.

Kanohar Electricals Key Financial Ratios

The company reported an EBITDA margin of 25.81% and a PAT margin of 17.98% as of September 30, 2025.
Its FY25 EBITDA margin stood at 20.73%, while PAT margin was 14.24%.

Kanohar Electricals IPO Valuation

The available pre-IPO valuation information includes an EPS of ₹8.75 and promoter holding of 99.72%.

 The price band is ₹601.00-632.00 per share, investors should compare Kanohar Electricals' valuation with listed transformer and electrical equipment companies.

Kanohar Electricals Peer Comparison

Based on the provided DRHP/RHP peer data:

Kanohar Electricals' reported RoNW of 26.78% compares favourably with several companies in the peer set.

Competitive Strengths of Kanohar Electricals

More Than Five Decades of Industry Experience

Kanohar Electricals has been operating since 1972, giving it more than five decades of experience in the transformer and power infrastructure industry.

Large Transformer Manufacturing Capacity

The company had an aggregate transformer manufacturing capacity of 19,200 MVA as of September 30, 2025.

Presence Across Multiple Sectors

The company serves power transmission, power distribution, railways, renewable energy and industrial infrastructure sectors, providing diversification across end markets.

Railway Certification

Kanohar Electricals is among select Indian manufacturers certified by RDSO for manufacturing 100 MVA, 132 kV Scott Transformers for Indian Railways.

Pan-India Presence

The company has five regional offices across Delhi, Mumbai, Kolkata, Bengaluru and Chennai, supporting its customer and business operations.

Strong Operating Margins

The company reported a 25.81% EBITDA margin and 17.98% PAT margin as of September 30, 2025.

Diversified Business Model

The combination of transformer manufacturing and EPC services provides the company with multiple sources of business within the power infrastructure ecosystem.

Risks Investors Should Consider

Cyclical Nature of Power Infrastructure

The company's performance depends partly on investment in power transmission, distribution, renewable energy and industrial infrastructure. A slowdown in capital expenditure could affect demand.

Raw Material Price Risk

Transformer manufacturing requires key raw materials and components. Fluctuations in prices of metals and other inputs could affect margins.

Working Capital Requirements

A substantial portion of the proposed IPO proceeds is intended for incremental working capital. This indicates that the business may require significant working capital to support its operations and growth.

Customer Concentration Risk

Dependence on large institutional and infrastructure customers could expose the company to changes in order flows and project cycles.

Project Execution Risk

The company's EPC business involves project execution and completion within stipulated timelines and budgets. Delays or cost overruns could affect profitability.

Competition

Kanohar Electricals competes with established players in the transformer and electrical equipment industry. Larger listed competitors may have greater financial resources, manufacturing capacity and brand recognition.

Should You Invest in Kanohar Electricals IPO?

Kanohar Electricals operates in the power equipment and infrastructure segment, which can benefit from long-term investment in power transmission, distribution, renewable energy and railway infrastructure.
The company has several positives, including more than five decades of operating experience, 19,200 MVA transformer manufacturing capacity, RDSO certification for specialized railway transformers and a diversified business model covering transformer manufacturing and EPC services.

Financially, the company reported ₹65.12 crore PAT and ₹93.39 crore EBITDA in FY25, with a PAT margin of 14.24% and EBITDA margin of 20.73%.

As of September 30, 2025, the EBITDA margin had increased to 25.81% and PAT margin stood at 17.98%.

However, investors should also consider raw material price volatility, working capital requirements, project execution risks and competition.

Investors should evaluate the final IPO price, P/E multiple, issue structure, financial performance, order book, industry outlook and risk factors before making an investment decision.

Kanohar Electricals IPO Allotment Status

The Kanohar Electricals IPO allotment date has not yet been announced.

Once the IPO closes and the basis of allotment is finalized, investors will be able to check their allotment status through the official registrar, MUFG Intime India Pvt. Ltd.

How to Check Kanohar Electricals IPO Allotment Status?

• Visit the MUFG Intime IPO allotment page.
• Select Kanohar Electricals from the issuer list.
• Choose PAN, application number or DP ID/client ID.
• Enter the required details.
• Click on the search option.
• Your IPO allotment status will be displayed on the screen.
• Investors may also receive allotment and refund updates through their registered bank, broker, email or SMS.

Kanohar Electricals IPO Registrar

Registrar: MUFG Intime India Pvt. Ltd.

The registrar is responsible for processing IPO applications, finalizing the basis of allotment, coordinating refunds and facilitating the credit of shares to successful applicants.

Kanohar Electricals IPO Lead Managers

The book-running lead managers for the IPO are:

• IIFL Capital Services Ltd.
• Nuvama Wealth Management Ltd.

Kanohar Electricals Company Details

• Registered Office:
  Rithani,
  Delhi Road,
  Meerut, Uttar Pradesh – 250103
• Website: Kanohar Electricals
• Phone: 121-3500801-05
• Email: compliance@kanohar.com

Kanohar Electricals IPO Summary

The Kanohar Electricals IPO is an upcoming Mainboard IPO of a company operating in the heavy electrical equipment and power infrastructure sector.

The proposed IPO comprises a ₹300 crore fresh issue and an Offer for Sale of 1.46 crore shares. The face value of each equity share is ₹2. The final issue size, price band is ₹601.00-632.00 per share, lot size is 23 and IPO dates are yet to be announced.

The company reported ₹457.30 crore of total income and ₹65.12 crore of PAT in FY25. Its EBITDA stood at ₹93.39 crore, while the EBITDA margin was 20.73%.

As of September 30, 2025, the company reported an EBITDA margin of 25.81% and PAT margin of 17.98%.

The current GMP is ₹0 as of September 2, 2026, but the IPO price band is ₹601.00-632.00 per share. Therefore, the estimated listing price cannot currently be calculated.

Frequently Asked Questions (FAQs)

What is the Kanohar Electricals IPO?

Kanohar Electricals IPO is an upcoming Mainboard Book Build IPO of Kanohar Electricals Limited, a manufacturer of power and distribution transformers and provider of EPC services.

What is the Kanohar Electricals IPO issue size?

The proposed IPO includes a ₹300 crore fresh issue and an Offer for Sale of 1.46 crore shares. The final issue size is yet to be announced.

What is the Kanohar Electricals IPO price band?

The Kanohar Electricals IPO price band is  ₹601.00-632.00 per share.

What is the Kanohar Electricals IPO GMP today?

As of September 2, 2026, the GMP is ₹0 based on the provided grey-market data.

What is the Kanohar Electricals IPO lot size?

The IPO lot size is 23.

When will Kanohar Electricals IPO open?

The IPO opening date is 8th September 2026.

When will Kanohar Electricals IPO allotment take place?

The IPO allotment date is 11th September 2026

When will Kanohar Electricals IPO list?

The listing date is 16th September 2026. The shares are proposed to be listed on BSE and NSE.

What does Kanohar Electricals do?

Kanohar Electricals manufactures power and distribution transformers and provides EPC services for power and industrial infrastructure projects.

What is the transformer manufacturing capacity of Kanohar Electricals?

Kanohar Electricals had an aggregate transformer manufacturing capacity of 19,200 MVA as of September 30, 2025.

What are the key strengths of Kanohar Electricals?

Key strengths include more than five decades of industry experience, large transformer manufacturing capacity, RDSO certification, diversified end markets, pan-India presence and strong operating margins.

Who are the promoters of Kanohar Electricals?

The promoters listed in the provided IPO information are Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal and Aditya Singhal.

Who is the registrar of Kanohar Electricals IPO?

The registrar is MUFG Intime India Pvt. Ltd.

Who are the lead managers of Kanohar Electricals IPO?

The lead managers are IIFL Capital Services Ltd. and Nuvama Wealth Management Ltd.

Disclaimer

This article is intended for informational and educational purposes only and should not be considered financial or investment advice. IPO details, price band, Grey Market Premium (GMP), subscription figures, allotment dates and listing timelines are subject to change. Investors should carefully read the Red Herring Prospectus (RHP), verify the latest information from official sources and consult a qualified financial advisor before making any investment decision. Investments in the stock market are subject to market risks.

Author: Komal Bhatt

Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.

She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.

Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.