Kanohar Electricals IPO Day 2: Subscribed 5.08x; NII bHNI jumps 22.3% intraday
- Kanohar Electricals IPO subscribed 5.08x on Day 2.
- NII (bHNI) demand surged 22.3% intraday to 12.32x.
- Retail participation rose to 5.49x.
- Issue remains open until September 10, 2026.
*this image is generated using AI for illustrative purposes only.
Kanohar Electricals IPO is subscribed 5.08 times as of Day 2, with the Non-Institutional Investor (NII) category driving the momentum. Big HNI (bHNI) demand surged 22.3% intraday to 12.32x, while retail participation climbed to 5.49x. The issue remains open for subscription until September 10, 2026.
Subscription Status
The IPO saw a significant acceleration in overall subscription from 4.25x at 11:15 AM to 5.08x by 12:15 PM on Day 2. The momentum was primarily fueled by the NII segment, where both small and high-net-worth individuals increased their bids substantially.
| 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 | 0.52x | 12.32x | 9.19x | 5.49x | 5.08x |
Category-wise Breakdown
Non-Institutional Investors (NII): This category is the standout performer. Big HNI (bHNI) subscriptions surged to 12.32x, up from 10.07x earlier in the day. Small HNI (sHNI) demand also rose to 9.19x.
Retail: Retail investor interest grew steadily, moving from 4.68x to 5.49x within an hour.
QIB: Qualified Institutional Buyer demand remained subdued at 0.52x, a marginal increase from 0.51x.
Employees: Subscription from employees stood at 0x.
Intra-day Timeline
Subscription figures for Day 2 picked up pace after 11:15 AM IST.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.51x | 10.07x | 4.68x | 4.25x |
| 12:15 | 0.52x | 12.32x | 5.49x | 5.08x |
Offer Details
- Price Band: ₹601 - ₹632
- Issue Size: ₹14,536 - ₹5,00,000 lakhs
- Min Bid Qty: 23 shares
- IPO Open Date: 08-09-2026
- IPO Close Date: 10-09-2026
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 five types of transformers, including power, traction, Scott, shunt reactors, and distribution transformers.
The company operates two manufacturing facilities in Meerut, Uttar Pradesh, with an aggregate capacity of 19,200 MVA. It is one of only five companies in India certified for 500 MVA 400 kV transformers. The management team includes MD Dinesh Singhal, CEO Adesh Singhal, and CFO Vivek Singhal.
Financial Highlights
The company has shown strong revenue growth over the past three years.
| Particulars | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 653.84 | 450.61 | 276.69 |
| Total Profit (₹ crores) | 129.73 | 65.12 | 17.76 |
| Total Assets (₹ crores) | 613.93 | 432.07 | 322.86 |
Objects of the Issue
The net proceeds from the IPO will be utilized for:
- Purchase of new machinery and equipment to increase transformer manufacturing capacity (₹40.00 crores).
- Funding incremental working capital requirements (₹155.00 crores).
- Civil construction and interior development of an office building (₹12.04 crores).
- Enhancing sustainability initiatives via solar power plants and electric vehicles (₹12.15 crores).
- General corporate purposes.
Risk Factors
- High Customer Concentration: The top 10 customers contributed 93.16% of revenue in Fiscal 2026.
- Government Dependence: 85.37% of revenue came from government entities through competitive bidding.
- Capacity Under-utilization: Capacity utilization was 45.99% in Fiscal 2026.
- Raw Material Dependencies: The company relies on suppliers for key raw materials without long-term agreements.
- Geographic Concentration: Significant revenue is derived from limited states including Rajasthan, Punjab, and Gujarat.
How might the persistent lack of Qualified Institutional Buyer (QIB) interest impact the stock's listing price and initial volatility?
Given the 93% revenue concentration in the top 10 customers, what is the risk of order continuity if key government contracts are not renewed post-IPO?
Will the planned capacity expansion via IPO proceeds be sufficient to address the current 46% under-utilization, or does it signal a mismatch between supply and demand forecasts?
15
Access 50+ Readymade Screeners 
Use 200+ Custom Filters 
Get Full Market Insights 
