Kanohar Electricals IPO witnessed a sharp rise in investor interest on Day 1, with total subscription climbing to 0.98x by the close of trading. The Non-Institutional Buyers (NII) category emerged as the clear leader, driven by big HNIs who subscribed to 2.02x of their quota. Retail investors also showed robust engagement with a 1.34x subscription, while QIB participation remained flat at 0.00x.

Subscription Status

The IPO gained momentum throughout Day 1, with the total subscription multiple increasing from an early morning snapshot of 0.58x to 0.98x by the end of the day. The primary driver was the Non-Institutional Buyers (NII) segment, particularly the big HNI bracket, which saw its subscription more than double during the session.

Intra-day Timeline

Subscription figures ticked up significantly between the 11:15 AM and 12:15 PM snapshots, reflecting accelerating retail and high-net-worth individual interest.

Category-wise Breakdown

Non-Institutional Buyers (NII): This category led the demand on Day 1. The big HNI (bHNI) segment showed the strongest appetite, subscribing to 2.02x of its quota, marking a 68.3% increase from the earlier 1.20x figure. The small HNI (sHNI) segment followed with a 1.13x subscription.

Retail: Retail investors demonstrated strong confidence, subscribing to 1.34x of their quota. This represents a 65.4% jump from the 0.81x recorded at 11:15 AM.

Qualified Institutional Buyers (QIB): Institutional investors did not participate on Day 1, with the subscription multiple standing at 0.00x.

Employees: Employee participation remained at 0.00x.

Offer Details

• Price Band: ₹601 - ₹632
• Issue Size: ₹14,536 lakh - ₹500,000 lakh
• Minimum Bid Quantity: 23 shares
• IPO Open Date: 2026-09-08
• IPO Close Date: 2026-09-10

About the Company

Kanohar Electricals Limited is a leading domestic player in transformer manufacturing in India. Founded in 1972, the company operates two business segments: Transformer Manufacturing Business and EPC Business. It manufactures power, traction, Scott, shunt reactors, and distribution transformers for power transmission, railways, renewable energy, and power distribution sectors.

The company operates two manufacturing 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. Key management includes MD Dinesh Singhal and CEO Adesh Singhal.

Financial Highlights

The company has shown significant growth in recent years. Revenue from operations grew from ₹276.69 crore in FY2024 to ₹653.84 crore in FY2026. Total profit increased from ₹17.76 crore in FY2024 to ₹129.73 crore in FY2026.

Objects of the Issue

• Purchase of new machinery and equipment for increasing transformer manufacturing capacity: ₹40.00 crore
• Civil construction and interior development of an office building: ₹12.04 crore
• Enhancing sustainability initiatives by setting up solar power plants and purchasing Electric Vehicles: ₹12.15 crore
• Funding incremental working capital requirements: ₹155.00 crore
• General corporate purposes: Balance proceeds

Risk Factors

• Significant Revenue Dependence: 83.43% of revenue comes from transformer manufacturing.
• High Customer Concentration: Top 10 customers contributed 93.16% of revenue in FY2026.
• Manufacturing Capacity Under-utilization: Capacity utilization was 45.99% in FY2026.
• Heavy Dependence on Government Tenders: 85.37% of revenue came from government entities.
• Working Capital Requirements: Outstanding borrowings were ₹3,855.63 million as of July 31, 2026.