Kanohar Electricals
What they do: The business model details are not provided, limiting insights into the company's operations and revenue generation strategies.
By IPO Milega Research · Published · Updated
Analysis score 6.4 +1.5 for 215.37x QIB subscription
The company shows a stable asset base with total assets of 1,479.9 million INR as of March 31, 2026.
- Listing gain
- +8.47%
- Listed at ₹685.5
- Subscribed
- 90.59x
- Total
- Retail odds
- 4.9%
- 1 in 21
GMP is an unofficial grey market indication. GMP updated 16 Sept, 20:40 IST.
- Price band
- ₹601-632
- Lot size
- 23 shares
- Min. investment
- ₹14,536
- Issue size
- 1,055.74 Cr.
- Open8 Sept 2026
- Close10 Sept 2026
- Allotment11 Sept 2026
- Listing16 Sept 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 215.37x
- NII
- 87.74x
- Retail
- 20.51x
₹824 (+30.38%)
GMP trend
Unofficial grey market quotes, times in IST
Where the money goes
- To the company
- ₹300 Cr
- Fresh issue
- To selling shareholders
- ₹755.74 Cr
- Offer for sale
- Funding the capital expenditure requirements of Company₹66.74 Cr7%
- Funding the incremental working capital requirements of Company₹130 Cr14%
- General Corporate PurposesNot stated
- Offer for sale: goes to selling shareholders₹755.74 Cr79%
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials5.0
- Performance8.0
- Flexibility8.0
- Timing7.0
- Risk4.0
The Grey Market Premium (GMP) indicates a potential gain of 34.49% on listing, suggesting strong investor interest and positive market sentiment towards the IPO.
Strengths2
- Certified for 500 MVA 400 kV transformers, positioning it for high-value contracts.
- Strong order book of ₹18,183.23 million, primarily from the government sector.
Concerns5
- High revenue concentration in Transformer Manufacturing Business and reliance on key customers.
- Significant dependency on government contracts, exposing to policy changes.
- Operational risks from under-utilization of manufacturing capacities.
- Financial risks due to high borrowings and negative cash flows.
- Regulatory risks from non-compliance with environmental laws.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum14,5361 lots, 23 shares
- Retail Maximum1,88,96813 lots, 299 shares
- S-HNI Minimum2,03,50414 lots, 322 shares
- S-HNI Maximum9,88,44868 lots, 1,564 shares
- B-HNI Minimum10,02,98469 lots, 1,587 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 23 | 14,536 |
| Retail Maximum | 13 | 299 | 1,88,968 |
| S-HNI Minimum | 14 | 322 | 2,03,504 |
| S-HNI Maximum | 68 | 1,564 | 9,88,448 |
| B-HNI Minimum | 69 | 1,587 | 10,02,984 |
Timing
7.0/10The timing of Kanohar Electricals' IPO seems strategically sound. The company has addressed past compliance issues and has a robust management team in place. The involvement of well-known financial institutions as lead managers and bankers suggests confidence in the market environment. However, the complexity of related party transactions could pose a risk if not managed properly. Overall, the market conditions appear favorable for the IPO, warranting a score of 7.
- Time to market
- The company has demonstrated readiness for market entry by resolving past compliance issues and securing reputable financial partners. The strategic timing aligns with favorable market conditions, although the complexity of related party transactions requires careful management.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Favourable
- Time to market
- 7.0
- Listing on
- BSE, NSE
Key milestones
- 8 Sept 2026IPO Opens
- 10 Sept 2026IPO Closes
- 11 Sept 2026Basis of Allotment
- 15 Sept 2026Refunds Initiated
- 15 Sept 2026Credit to Demat Account
- 16 Sept 2026Listing Date
Financials
5.0/10- Revenue
- ₹663 Cr
- +45.0%
- Profit after tax
- ₹130 Cr
- +99.2%
- Net margin
- 19.6%
- +5.3 pts
- Assets
- ₹614 Cr
- +42.1%
- Return on equity
- 42.12%
- Debt to equity
- 0.10
- ROCE
- 70.13%
- Return on net worth
- 34.80%
- NAV per share (₹)
- 50.09
Financial performance trend
Amount ₹ in croresThe company shows a stable asset base with total assets of 1,479.9 million INR as of March 31, 2026. However, the lack of revenue and profit data for the recent fiscal years makes it challenging to assess the company's profitability and growth potential. The absence of liabilities data also prevents a complete analysis of financial health, including the debt-to-equity ratio.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks2
- Market risks2
- Operational risks2
- Regulatory risks2
High reliance on key sectors and customers, coupled with financial and operational vulnerabilities, pose significant risks to stability and growth.
How the company offsets these
Diversifying customer base and securing long-term supplier agreements could mitigate risks.
Financial risks2
- High borrowings and negative cash flows.
- Non-GAAP financial measures not compliant with standard accounting practices.
Market risks2
- High revenue concentration in Transformer Manufacturing Business.
- Dependency on government contracts.
Operational risks2
- Under-utilization of manufacturing capacities.
- Reliance on suppliers without long-term agreements.
Regulatory risks2
- Non-compliance with environmental laws.
- Historical non-compliance with Companies Act.
Performance
8.0/10Kanohar Electricals Ltd has demonstrated strong growth and operational execution, with a significant revenue increase and a robust order book. However, its reliance on a limited customer base poses a risk to demand stability.
- Historical growth
- The company achieved a revenue of ₹6,538.39 million in FY26, marking a year-on-year growth of 45.10%., High
- Market comparison
- Kanohar Electricals is one of five Indian firms certified for high-capacity transformers, giving it a competitive edge in securing high-value contracts.
- Future potential
- The company is well-positioned for future growth due to its strong order book and industry certifications.
- Operational consistency
- While the company has shown strong revenue growth, its high reliance on a few customers could impact stability.
- Experience
- The management team has extensive experience in the power transformer and switchgear industry.
- Track record
- The company has been operational since 1981, indicating a long-standing presence in the industry.
Key achievements
- 01Certified for 500 MVA 400 kV transformers, positioning it for high-value contracts.
- 02Strong order book of ₹18,183.23 million, primarily from the government sector.
Flexibility
8.0/10Kanohar Electricals Ltd has effectively adapted to market demands by expanding its product range and entering the EPC business. The company's ability to secure large contracts and its presence in high-growth sectors like power transmission and railways demonstrate strong market adaptability.
The company exhibits strong financial stability with increasing revenue, high EBITDA margins, and a low debt-to-equity ratio. Its profitability and return on equity have significantly improved, indicating robust financial health.
Kanohar Electricals Ltd shows operational agility through its backward integration, which enhances quality control and cost efficiency. The company's ability to execute large projects and its strategic expansion into EPC services further highlight its operational flexibility.
Kanohar Electricals Ltd demonstrates strong flexibility and adaptability, driven by its diversified product offerings, robust financial performance, and strategic market positioning. The company has shown significant revenue growth and profitability, indicating operational agility and financial stability. Its backward integration and technical collaborations enhance its competitive edge.
- Product diversification
- The company manufactures a wide range of transformers and offers EPC solutions, catering to sectors like power transmission, railways, and renewable energy.
- Future adaptability
- With its strong financial position, technical capabilities, and strategic market presence, Kanohar Electricals Ltd is well-positioned to adapt to future market changes and expand its operations.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.