| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 276.69 | 450.61 | 653.84 |
| Expenses | 255.25 | 369.50 | 489.29 |
| Other Income | 4.43 | 6.68 | 9.02 |
| Total Revenue | 281.12 | 457.30 | 662.86 |
| Profit Before Tax | 25.87 | 87.79 | 173.58 |
| Net Profit | 17.76 | 65.12 | 129.73 |
Kanohar Electricals
Kanohar Electricals IPO
₹13,823
32.12 xOver-subscribedBidding Dates 08 Sept, 26 -10 Sept, 26
Min Investment ₹13,823
Lot Size23
Price Range ₹601 – ₹632
Issue Size ₹1,055.74 Cr.
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IPO Subscription Details
Retail Subscription Details
15.41 x
Non-Institutional Buyers (sHNI)
54.76 x
Non-Institutional Buyers (bHNI)
62.89 x
Qualified Institutional Buyers (QIB)
40.33 x
Total32.12 x
32.12 x IPO Timeline
IPO Offer Start
08 Sept,26
IPO Offer Ends
10 Sept,26
Allotment Finalisation
11 Sept,26
Refund Initiation
14 Sept,26
Listing of Shares
15 Sept,26
IPO Analysis
Strengths
The company has over 40 years of experience in transformer manufacturing and is one of the leading domestic players in terms of revenue in Fiscal 2026. The company caters to high growth industries such as power transmission, railways, renewable energy, and power distribution.
The company has conducted short circuit testing at scale and as of March 31, 2026, has tested over 200 ratings. The company is one of five companies in India to have short circuit test certification for 500 MVA 400 kV transformers, enabling it to compete for large, high-value contracts.
The company entered EPC Business for substations in 2013 and transmission lines in 2021, enabling it to provide single window solutions. This integration allows the company to serve a large total addressable market and capitalise on hybrid contracts with integrated EPC and equipment supply requirements.
Risks
The company derives 83.43% of revenue from operations from transformer manufacturing in Fiscal 2026. A reduction in demand for transformers could adversely affect business operations and financial condition.
The company's top 10 customers contributed 93.16%, 93.88%, and 95.43% of revenue from operations in Fiscals 2026, 2025, and 2024 respectively. Loss of major customers or inability to diversify customer base could significantly impact revenues.
The company's capacity utilization was only 45.99% in Fiscal 2026, down from 29.70% in Fiscal 2025. Under-utilization of manufacturing capacities could lead to operational inefficiencies and adversely impact financial performance.
Objectives
The company intends to utilize Net Proceeds to scale up production of key offerings such as power transformers, traction transformers and Scott transformers. The investment is expected to increase transformer manufacturing capacity by an additional annual installed capacity and improve plant utilization.
The company intends to consolidate employees into one office building located at the Gangol Manufacturing Facility. The New Office Building, once completed, is expected to house up to employees involved in manufacturing operations and routine operational activities.
The company plans to invest in captive renewable energy generation by setting up on-grid rooftop solar power plants at Manufacturing Facilities and purchasing electric trucks and forklifts for handling and movement at the Gangol Manufacturing Facility.
The company proposes to utilize Net Proceeds towards funding a portion of the incremental working capital requirements to support operations and future growth initiatives, including funding inventory, trade receivables, and maintaining margin fixed deposits.
The company intends to deploy any balance left out of the Gross Proceeds towards general corporate purposes, including strategic initiatives, funding growth opportunities, acquisitions, brand building, and other purposes in the ordinary course of business.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 322.86 | 432.07 | 613.93 |
| Current Assets | 229.08 | 375.17 | 537.08 |
| Fixed Assets | 93.78 | 56.89 | 76.84 |
| Total Equity & Liabilities | 322.86 | 432.07 | 613.93 |
| Total Liabilities | 144.74 | 188.93 | 241.09 |
| Current Liabilities | 131.78 | 170.80 | 214.58 |
| Non Current Liabilities | 12.96 | 18.14 | 26.51 |
| Total Equity | 178.12 | 243.13 | 372.84 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -17.17 | 0.20 | -0.25 |
| Investing Activities | -12.99 | -61.50 | -21.95 |
| Operating Activities | -16.32 | 79.38 | 25.84 |
| Financing Activities | 12.14 | -17.69 | -4.15 |
About Kanohar Electricals
Kanohar Electricals Limited is one of the leading domestic players in transformer manufacturing in India, operating two business segments: Transformer Manufacturing Business and EPC Business. The company manufactures five different types of transformers (power, traction, Scott, shunt reactors, and distribution transformers) with customized technical specifications for power transmission, railways, renewable...more
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Managing DirectorDinesh Singhal
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