Kanohar Electricals IPO Day 1: Subscribed 2.65x; NII bHNI surges 426%
- Kanohar Electricals IPO subscription closed at 2.65x on Day 1.
- NII (bHNI) segment led with 6.31x subscription, up 425.8% intraday.
- Retail investors subscribed 3.24x, marking a 300.0% increase.
- QIB participation remained minimal at 0.02x.
- IPO opens on 2026-09-08 and closes on 2026-09-10.
*this image is generated using AI for illustrative purposes only.
Kanohar Electricals IPO subscription surged to 90.47x on Day 3, with QIB demand jumping 3133% to 215.37x. The issue closed on 10-09-2026, with allotment scheduled for next week.
Subscription Status
The IPO witnessed explosive growth in the final hours of Day 3. Total subscription jumped from 33.81x at 14:15 IST to 90.47x by the close. Qualified Institutional Buyers (QIB) led the charge, racing from 6.66x at 11:15 AM to 215.37x by market close. Non-Institutional Individual (NII) bHNI segment also saw strong participation, ticking up to 94.04x. Retail subscription grew steadily to 20.30x.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 08-09-2026 | 0.02x | 6.31x | 4.02x | 3.24x | 2.65x |
| Day 2 | 09-09-2026 | 2.50x | 21.26x | 17.31x | 8.35x | 8.88x |
| Day 3 | 10-09-2026 | 215.37x | 75.00x | 94.04x | 20.30x | 90.47x |
Intra-day Timeline
Subscription figures ticked up significantly between the 11:15 AM and 4:15 PM snapshots, reflecting accelerating retail and high-net-worth individual interest. The most notable jump occurred in the NII (bHNI) category, which surged from 1.20x to 6.31x.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 1.20x | 0.81x | 0.58x |
| 12:15 | 0.00x | 2.02x | 1.34x | 0.98x |
| 13:15 | 0.01x | 2.93x | 1.82x | 1.36x |
| 14:15 | 0.01x | 2.77x | 2.25x | 1.62x |
| 15:15 | 0.01x | 4.70x | 2.69x | 2.06x |
| 16:15 | 0.02x | 5.83x | 3.05x | 2.46x |
| 17:15 | 0.02x | 6.31x | 3.24x | 2.65x |
Category-wise Breakdown
Qualified Institutional Buyers emerged as the dominant force, with subscription jumping +3133.8% intraday from 6.66x to 215.37x. The NII (bHNI) category also showed robust interest, rising +125.4% to 75.00x, while NII (sHNI) reached 94.04x. Retail investors contributed 20.30x, a +82.9% increase from morning levels. The Employee quota remained unsubscribed at 0x.
Offer Details
Kanohar Electricals priced its IPO in the band of ₹601.00000 to ₹632.00000. The minimum bid quantity is 23 shares. The issue size ranges from ₹14,536 lakh to ₹5,00,000 lakh. The IPO opened on 08-09-2026 and closed on 10-09-2026.
What's Next
Allotment is scheduled for 11-09-2026. The shares are set to list on 16-09-2026.
About the Company
Kanohar Electricals Limited is a leading domestic player in transformer manufacturing in India. Founded in 1972, it operates two business segments: Transformer Manufacturing Business and EPC Business. The company manufactures power, traction, Scott, shunt reactors, and distribution transformers. It operates two facilities in Meerut, Uttar Pradesh, with an aggregate capacity of 19,200 MVA. It is one of five companies in India certified for 500 MVA 400 kV transformers.
Financial Highlights
The company reported revenue from operations of ₹653.84 crores for the year ended 31/03/2026, up from ₹450.61 crores in FY2025. Total profit increased to ₹129.73 crores in FY2026 from ₹65.12 crores in FY2025.
| Particulars | FY2026 (₹ crores) | FY2025 (₹ crores) | FY2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 653.84 | 450.61 | 276.69 |
| Total Profit | 129.73 | 65.12 | 17.76 |
| Total Assets | 613.93 | 432.07 | 322.86 |
Objects of the Issue
- Purchase of new machinery and equipment for increasing transformer manufacturing capacity: ₹40.00 crores
- Civil construction and interior development of an office building at Gangol Manufacturing Facility: ₹12.04 crores
- Enhancing sustainability initiatives by setting up solar power plants and purchasing Electric Vehicles: ₹12.15 crores
- Funding incremental working capital requirements: ₹155.00 crores
- General corporate purposes: Balance proceeds
Risk Factors
- Significant Revenue Dependence on Transformer Manufacturing Business: 83.43% of revenue derived from this segment in Fiscal 2026.
- High Customer Concentration Risk: Top 10 customers contributed 93.16% of revenue in Fiscal 2026.
- Heavy Dependence on Government Tenders and Contracts: 85.37% of revenue came from government entities in Fiscal 2026.
How might the negligible QIB participation (0.02x) impact the stock's listing price and initial volatility compared to IPOs with strong institutional backing?
Given the 85% revenue dependence on government tenders, how vulnerable is Kanohar Electricals to potential delays in public sector payments or changes in infrastructure spending policies?
With capacity utilization at only 46% despite a strong IPO subscription, what specific operational hurdles could prevent the company from converting this capital into immediate revenue growth?
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