Kanohar Electricals IPO Day 2: Subscribed 8.88x; QIB surges 390%; NII bHNI leads
- Kanohar Electricals IPO subscribed 8.88x by end of Day 2.
- QIB demand surged 390.2% to 2.5x in final hour.
- NII bHNI leads with 21.26x subscription.
- Retail participation rose 78.4% to 8.35x.
- Issue closes on September 10, 2026.
*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 for Day 2 accelerated consistently throughout the session, with a sharp uptick in QIB bids in the final hour.
| 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 |
| 13:15 | 0.54x | 14.02x | 6.15x | 5.73x |
| 14:15 | 1.04x | 16.28x | 6.83x | 6.69x |
| 15:15 | 1.05x | 17.89x | 7.41x | 7.28x |
| 16:15 | 1.07x | 19.97x | 8.02x | 7.99x |
| 17:15 | 2.50x | 21.26x | 8.35x | 8.88x |
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 Kanohar Electricals' heavy reliance on government contracts (85% of revenue) impact its earnings stability if public infrastructure spending slows post-IPO?
Given the current 46% capacity utilization, will the ₹40 crore allocation for new machinery be sufficient to significantly improve margins, or is further capital expenditure likely?
Could the late-day surge in QIB subscription indicate institutional concerns about the company's high customer concentration risk, or does it reflect confidence in the power sector's growth trajectory?
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