Kanohar Electricals IPO: Overview
Kanohar Electricals Limited, a Meerut-based transformer manufacturer, opens its ₹1,055.74 crore mainboard IPO on September 8, 2026. The issue closes on September 10, 2026, with listing on both BSE and NSE expected on September 16, 2026.
The issue combines a fresh issue of ~₹300 crores with a substantial offer for sale of up to 1,19,57,915 equity shares by existing shareholders.
Kanohar Electricals IPO: Key Dates
|
Event |
Date |
|
Anchor Bidding Date |
September 7, 2026 |
|
IPO Open Date |
September 8, 2026 |
|
IPO Close Date |
September 10, 2026 |
|
Basis of Allotment |
September 11, 2026 |
|
Refunds Initiated |
September 15, 2026 |
|
Credit to Demat Account |
September 15, 2026 |
|
Listing Date (BSE, NSE) |
September 16, 2026 |
Kanohar Electricals IPO: Issue Details
|
Particular |
Detail |
|
Face Value |
₹2 per equity share |
|
Price Band |
₹601 to ₹632 per share |
|
Total Issue Size |
~₹1,055.74 crores |
|
Fresh Issue |
~₹300 crores |
|
Offer for Sale |
Up to 1,19,57,915 equity shares |
|
Issue Type |
Book Building Issue |
|
Listing |
BSE, NSE |
Reservation is split 35% for retail, 50% for QIB, and 15% for NII/HNI.
Kanohar Electricals IPO: Lot Size — How to Apply
|
Application |
Lots |
Shares |
Amount |
|
Retail (Minimum) |
1 |
23 |
₹14,536 |
|
Retail (Maximum) |
13 |
299 |
₹1,88,968 |
|
S-HNI (Minimum) |
14 |
322 |
₹2,03,504 |
|
S-HNI (Maximum) |
68 |
1,564 |
₹9,88,448 |
|
B-HNI (Minimum) |
69 |
1,587 |
₹10,02,984 |
Retail investors can apply for a minimum of 1 lot (23 shares) at ₹14,536, up to a maximum of 13 lots (299 shares) at ₹1,88,968, via ASBA through your bank account, UPI-linked broker application, or offline form.
About Kanohar Electricals
Kanohar Electricals is one of India's leading transformer manufacturers, serving end-user industries including power transmission, railways, renewable energy, and power distribution. The company operates across two business segments: transformer manufacturing and engineering, procurement and construction (EPC) services.
Notably, Kanohar is among just four manufacturers in India certified by RDSO (Research Designs and Standards Organisation, Indian Railways' R&D body) for the manufacture of 100 MVA, 132 kV Scott transformers — a specialised certification relevant to railway electrification projects. The company operates two manufacturing facilities in Rithani and Gangol, Meerut, Uttar Pradesh, with a combined transformer manufacturing capacity of 19,200 MVA as of September 30, 2025.
Objects of the Issue
|
Purpose |
Amount |
|
Capital expenditure requirements |
₹66.74 crores |
|
Incremental working capital requirements |
₹130.00 crores |
|
General corporate purposes |
Balance amount |
Financial Performance
|
Period |
Revenue |
Expense |
PAT |
Assets |
|
FY2024 |
₹281.12 Cr |
₹255.25 Cr |
₹17.76 Cr |
₹322.86 Cr |
|
FY2025 |
₹457.30 Cr |
₹369.50 Cr |
₹65.12 Cr |
₹432.07 Cr |
|
FY2026 |
₹662.86 Cr |
₹489.29 Cr |
₹129.73 Cr |
₹613.93 Cr |
The growth trajectory here is exceptionally strong — revenue has more than doubled and PAT has grown over 7x from FY24 to FY26, aligned with India's ongoing power infrastructure and railway electrification capex cycle.
Peer Comparison
|
Company |
EPS |
P/E Ratio |
RoNW % |
NAV |
Income |
|
Hitachi Energy India Limited |
221.63 |
159.55 |
19.08% |
1,161.56 |
₹8,147.71 Cr |
|
Bharat Heavy Electricals Limited |
4.60 |
91.30 |
6.13% |
74.99 |
₹33,782.18 Cr |
|
Schneider Electric Infrastructure Limited |
8.89 |
155.12 |
28.98% |
30.67 |
₹2,890.63 Cr |
|
CG Power and Industrial Solutions Limited |
7.72 |
114.77 |
15.82% |
48.11 |
₹12,417.95 Cr |
|
Transformers & Rectifiers (India) Limited |
9.07 |
32.19 |
17.64% |
51.39 |
₹2,508.80 Cr |
|
GE Vernova T&D India Limited |
48.16 |
89.37 |
45.85% |
42.87 |
₹6,206.31 Cr |
Kanohar's own P/E is listed as "N/A" in the offer document, but its RoNW of 34.80% is higher than every peer here except GE Vernova T&D India (45.85%) — a genuinely favourable comparison, though all these peers operate at considerably larger scale.
How To Apply for the IPO ?
- Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of the IPO?
Steps to check IPO allotment status on JM Pro app:
- Log in to the JM Pro app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
JM Financial Services will notify you of your IPO allotment status via push notification and email
Frequently Asked Questions
The price band is set at ₹601 to ₹632 per equity share.
The IPO opens on September 8, 2026, and closes on September 10, 2026. You can apply via ASBA through your bank, UPI-linked broker apps, or offline forms during this window.
The minimum lot is 23 shares, requiring an application amount of ₹14,536 at the upper price band.
Allotment is expected to be finalised on September 11, 2026, with shares credited to demat accounts by September 15, 2026.
Shares are expected to list on both BSE and NSE on September 16, 2026.
Kanohar Electricals manufactures transformers for power transmission, railways, renewable energy, and power distribution, and is one of only four RDSO-certified manufacturers in India for 100 MVA, 132 kV Scott transformers used in railway electrification.
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