Kanohar Electricals, a company specializing in transformer manufacturing and power infrastructure with over four decades of experience, is set to launch its Mainboard IPO. The public offering will run from September 8 to September 10, 2026, with shares priced between INR 601 and INR 632 each. The total IPO size is projected to be between INR 1,018.67 crore and INR 1,055.74 crore.
The IPO includes a fresh issue of INR 300 crore and an Offer For Sale (OFS) of 1,19,57,915 shares, valued between INR 718.67 crore and INR 755.74 crore. Investors can bid for a minimum of 23 shares, making the minimum bid amount INR 14,536. The shares will be listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Anchor investors are scheduled to place their bids on September 7, 2026.
Kanohar Electricals operates primarily in two segments: Transformer Manufacturing and Engineering, Procurement and Construction (EPC). Transformer manufacturing is the main revenue driver, contributing 83.43% of its FY2026 revenue, while EPC accounted for 16.44%. The company produces power, traction, Scott, and distribution transformers, along with shunt reactors. These serve applications in power transmission, railways, renewable energy, and power distribution.
The company has two manufacturing facilities in Meerut, Uttar Pradesh, with a combined transformer capacity of 19,200 MVA as of March 2026. Its Gangol facility can manufacture transformers up to 500 MVA and 400 kV. Kanohar Electricals also offers turnkey EPC solutions for substations up to 400 kV and transmission lines across 132 kV, 220 kV, and 400 kV. As of March 2026, the company’s order book stood at INR 1,818.32 crore, with transformer manufacturing making up 89.19% of this total, indicating strong revenue visibility. The company employs 526 full-time staff.
Promoters of Kanohar Electricals include Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal, Aditya Singhal, and K Sons Family Trust.
Looking at the financials, Kanohar Electricals has shown growth in recent fiscal years. Revenue increased from INR 276.69 crore in FY2024 to INR 450.61 crore in FY2025, and further to INR 653.84 crore in FY2026. Net income also saw significant growth, rising from INR 17.61 crore in FY2024 to INR 65.01 crore in FY2025, and reaching INR 129.71 crore in FY2026. The company’s net income margin improved from 6.36% in FY2024 to 19.84% in FY2026. Earnings Per Share (EPS) grew from INR 2.39 in FY2024 to INR 17.43 in FY2026 (pre-issue).
The company plans to use the net proceeds from the IPO for several key objectives. These include funding capital expenditure requirements for purchasing new machinery, civil construction, and setting up a new solar power plant, allocating INR 64.18 crore for these purposes. Additionally, INR 155 crore will be used to fund incremental working capital requirements, with the remaining funds earmarked for general corporate purposes.
Compared to listed peers, Kanohar Electricals exhibits a PE ratio of 38.58 and a Return on Net Worth (RONW) of 34.80% based on FY2026 post-issue figures. This compares to Hitachi Energy India (PE 159.55, RONW 19.08%), Bharat Heavy Electricals (PE 91.30, RONW 6.13%), and Transformers & Rectifiers (India) (PE 32.19, RONW 17.64%).
MUFG Intime India Private Limited will serve as the registrar for the issue, and Nuvama Wealth Management Limited is the lead manager for the IPO. Following the IPO closing, the finalization of allotment basis is scheduled for September 11, 2026. Refunds will begin on September 15, 2026, with shares transferred to demat accounts on the same day. Kanohar Electricals is expected to list on September 16, 2026.
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