Kanohar Electricals Limited

Kanohar Electricals Limited (New IPO): GMP, Profit, Price & expert review

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Kanohar Electricals Limited is a veteran manufacturer specializing in power transformers and turnkey EPC substation solutions up to 400kV. It serves critical sectors including power transmission, Indian Railways, and renewable energy, boasting a prestigious certification for 500MVA 400kV transformers.

Kanohar Electricals Limited operates through two manufacturing facilities in Meerut, reaching domestic and international markets. As of September 2025, it holds a specialized market position as one of only five Indian companies certified for 500MVA 400kV transformers, serving giants like POWERGRID and Indian Railways.

Kanohar Electricals Limited was incorporated on November 13, 1972 and it is currently led by Mr. Dinesh Singhal.

Kanohar Electricals Limited has filed DRHP with SEBI for a proposed IPO with an issue size of ₹300 Crore + 14,590,000 Equity Shares consisting Fresh Issue of ₹300 Crore & Offer for Sale (OFS) of 14,590,000 Equity Shares.

Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.

Check DRHP
Check IPO Allotment
Visit Official Website
Issue Size:₹300 Crore + 14,590,000 Equity Shares
Fresh Issue:₹300 Crore
Offer for Sale:14,590,000 Equity Shares
Price Range:TBA
Lot Size:TBA
GMPPending

Kanohar Electricals Limited important data points

Revenue, PAT, EBITDA

YearFiscal 2025
Networth₹ 243.13 Cr
Revenue:₹ 457.29 Cr
EBITDA₹ 93.39 Cr
PAT₹ 65.12 Cr
EBITDA Margin:~20.73%
PAT Margin~ 14.24%
Face Value:₹ 02 Per Equity Shares

IPO important dates

Open Date:TBA
Close Date:TBA
Anchor Investor BiddingTBA
Allotment Date:TBA
Refunds & Demat CreditTBA
Tentative Listing Date:TBA

Use of Proceeds

PurposeAmount
Capital Expenditure Requirement~ ₹ 66.74 Cr
Technology & Infrastructure~ ₹ 00 Cr
Working capital requirement~ ₹ 130 Cr
General Corporate PurposeBalance

Kanohar Electricals Limited Financial Data

202320242025
Revenue (₹ Cr)₹ 307.0₹ 281.1₹ 457.3
PAT (₹ Cr)₹ 16.8₹ 17.8₹ 65.1
Asset (₹ Cr)₹ 285.2₹ 322.9₹ 432.1
Net Worth (₹ Cr)₹ 160.5₹ 178.1₹ 243.1

Kanohar Electricals Ltd IPO Grey Market Premium

DateIPO PriceIPO GMPProfit per lot
03-Mar₹ –₹ –₹ –
02-Mar₹ –₹ –₹ –
01-Mar₹ –₹ –₹ –
28-Feb₹ –₹ –₹ –
27-Feb₹ –₹ –₹ –
Kanohar Electricals Limited

Kanohar Electricals Limited IPO Pros & Cons

Strengths:

  • Strong Profit Growth: Net profit surged 267% in FY25, reaching ₹65.1 crore from ₹17.8 crore.
  • Specialized Certification: One of only five Indian firms certified for 500 MVA 400 kV transformers.
  • Robust Order Book: The order book stood at ₹1,635.56 crore as of September 2025.
  • Strategic Sector: Operates in high-growth sectors like renewable energy, railways, and national power transmission.
  • Healthy Financial Ratios: Reported a strong ROE of 30.9% and ROCE of 47.6% for FY25.

Risks:

  • High Government Dependence: Over 95% of the total order book is derived from government entities.
  • Tendering Risks: Revenue depends on winning competitive government bids; losing pre-qualification status would hurt.
  • Geographic Concentration: Manufacturing is centered in Meerut; any local/logistics disruption might impact entire business.
  • Intense Competition: Faces large-scale rivals like BHEL, CG Power, and Schneider Electric Infrastructure.
  • Raw Material Volatility: No long-term supplier agreements, making margins vulnerable to price swings in metals.

Kanohar Electricals Limited Promoters – Pre offer equity (Approx)

Promoters%Shares
K sons Family Trust~97.00%

Kanohar Electricals Limited Lot Size details

Application TypeLot SizeNo. of LotsNo. of SharesInvestment Amount
Retail(Min)–1–₹ –
Retail (Max)–13–₹ –
Small HNI (Min)–14–₹ –
Small HNI (Max)–66–₹ –
Big HNI (Min)–67–₹ –

Lead Managers / Registrars of Kanohar Electricals Limited 

Lead / Book Running Lead ManagersNuvama Wealth Management Limited, IIFL Capital Services Limited
Registrar (RTA)MUFG Intime India Private Limited

Kanohar Electricals Limited FAQ

  • It manufactures high-voltage power transformers and provides comprehensive electrical substation engineering solutions.

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  • Kanohar Electricals is raising funds via IPO for machinery purchases, facility expansion, incremental working capital requirements, and supporting general corporate growth objectives.

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  • The issue size of the IPO include a ₹300 crore fresh issue plus 1.45 crore shares via OFS. It will be listed on BSE and NSE platform.

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  • Risks to invest in the IPO include heavy dependence on government contracts, intense competition from industry giants, and high geographic manufacturing concentration.

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  • Potential upsides include surging profits, specialized certifications for high-voltage transformers, a massive ₹1,635 crore order book, and sector tailwinds.

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  • Investors can apply through ASBA via net banking or using UPI through registered stock brokers once the IPO is open for subscription.

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