Kanohar Electricals
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 215.37×
- Big non-institutionalbNII · above ₹10 lakh
- 94.04×
- Small non-institutionalsNII · ₹2–10 lakh
- 75.14×
- Retail individualRII · up to ₹2 lakh
- 20.51×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 33,40,950 | 71,95,39,590 | ₹45,475 Cr | 215.37× |
| Non-institutional | 25,05,713 | 21,98,44,304 | ₹13,894 Cr | 87.74× |
| Big non-institutionalwithin NII | 16,70,475 | 15,70,86,665 | ₹9,928 Cr | 94.04× |
| Small non-institutionalwithin NII | 8,35,238 | 6,27,57,639 | ₹3,966 Cr | 75.14× |
| Retail individual | 58,46,663 | 11,98,99,391 | ₹7,578 Cr | 20.51× |
| Total | 1,16,93,326 | 1,05,92,46,784 | ₹66,944 Cr | 90.59× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 10 Sep, 06:10 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 08 Sep 2026 – 10 Sep 2026
- Listing date
- 16 Sep 2026
- Face value
- ₹2 per share
- Price band
- ₹601 – ₹632
- Issue price
- ₹632 per share
- Lot size
- 23 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹1,056 Cr
- Fresh issue
- ₹300 Cr 47,46,835 shares
- Offer for sale
- ₹756 Cr 1,19,57,915 shares
- Market cap at offer price
- ₹5,005 Cr
- Promoter holding
- 95.47% → 74.65% pre-issue → post-issue
- ISIN
- INE877D01025
- CIN
- U31909UP1972PLC003635
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Nuvama Wealth Management Ltd.
- Registered office
- Rithani, Delhi Road, Meerut 250 103, Uttar Pradesh, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 33,40,950 | 28.57% | 28.57% |
| Anchor investor · within QIB | 50,11,424 | — | 42.86% |
| NII (HNI) | 25,05,713 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 16,70,476 | — | 14.29% |
| sNII < ₹10L · within NII | 8,35,237 | — | 7.14% |
| Retail (RII) | 58,46,663 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Total issue | 1,16,93,326 | — | 100.00% |
Net offer to the public of 1,16,93,326 shares, out of a total issue of 1,16,93,326. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 23 shares per lot, in multiples, at ₹632
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 23 | ₹14,536 |
| Retail (max) | 13 | 299 | ₹1,88,968 |
| S-HNI (min) | 14 | 322 | ₹2,03,504 |
| S-HNI (max) | 68 | 1,564 | ₹9,88,448 |
| B-HNI (min) | 69 | 1,587 | ₹10,02,984 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 17.43 | 16.38 |
| P/E (×) | 36.26 | 38.58 |
| Price to book (×) | 19.35 | — |
| Market cap | — | ₹5,005 Cr |
Key performance indicators
- Return on net worth
- 26.78%
- ROCE
- 47.61%
- Debt / equity
- 0.13
- PAT margin
- 14.24%
- EBITDA margin
- 20.73%
- NAV per share
- ₹32.66
- Price to book
- 19.35
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 662.86 | 457.3 | 281.12 |
| Revenue from operations | 653.84 | 450.61 | 276.69 |
| Other income | 9.02 | 6.68 | 4.43 |
| Total expenses | 489.29 | 369.5 | 255.25 |
| Operating profit | 173.57 | 87.8 | 25.87 |
| Operating margin | 26.19% | 19.20% | 9.20% |
| Profit before tax | 173.58 | 87.79 | 25.87 |
| Profit after tax | 129.73 | 65.12 | 17.76 |
| PAT margin | 19.57% | 14.24% | 6.32% |
| Balance sheet | |||
| Total assets | 613.93 | 432.07 | 322.86 |
| Current assets | 537.08 | 375.17 | 229.08 |
| Current liabilities | 214.58 | 170.8 | 131.78 |
| Total liabilities | 241.09 | 188.93 | 144.74 |
| Net worth | 372.84 | 243.13 | 178.12 |
| Current ratio | 2.50× | 2.20× | 1.74× |
| Return on equity | 34.80% | 26.78% | 9.97% |
| Cash flow | |||
| Operating cash flow | 25.84 | 79.38 | -16.32 |
| Investing cash flow | -21.95 | -61.5 | -12.99 |
| Financing cash flow | -4.15 | -17.69 | 12.14 |
| Net cash flow | -0.25 | 0.2 | -17.17 |
Objects of the issue
1 Purchase of new machinery and equipment for increasing transformer manufacturing capacity, expanding and automating backward integration facilities and enhancing operational efficiency ₹40 Cr
The company intends to utilize Net Proceeds to scale up production of key offerings such as power transformers, traction transformers and Scott transformers. The investment is expected to increase transformer manufacturing capacity by an additional annual installed capacity and improve plant utilization.
2 Civil construction and interior development of an office building at Gangol Manufacturing Facility ₹12.04 Cr
The company intends to consolidate employees into one office building located at the Gangol Manufacturing Facility. The New Office Building, once completed, is expected to house up to employees involved in manufacturing operations and routine operational activities.
3 Enhancing sustainability initiatives by setting up solar power plants and purchasing Electric Vehicles ₹12.15 Cr
The company plans to invest in captive renewable energy generation by setting up on-grid rooftop solar power plants at Manufacturing Facilities and purchasing electric trucks and forklifts for handling and movement at the Gangol Manufacturing Facility.
4 Funding incremental working capital requirements ₹155 Cr
The company proposes to utilize Net Proceeds towards funding a portion of the incremental working capital requirements to support operations and future growth initiatives, including funding inventory, trade receivables, and maintaining margin fixed deposits.
5 General corporate purposes —
The company intends to deploy any balance left out of the Gross Proceeds towards general corporate purposes, including strategic initiatives, funding growth opportunities, acquisitions, brand building, and other purposes in the ordinary course of business.
1 of 5 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Kanohar Electricals
Kanohar Electricals Limited, incorporated in 1972 and converted to a public company in 1994, is a transformer manufacturer and EPC solutions provider headquartered in Meerut, Uttar Pradesh. The company operates two manufacturing facilities (Rithani and Gangol) and manufactures five types of transformers: power transformers, traction transformers, Scott transformers, shunt reactors, and distribution transformers. It also provides EPC solutions for substations and transmission lines. The company derives 83.43% of revenue from the Transformer Manufacturing Business (Fiscal 2026), with significant customers from government entities and state transmission companies. Revenue from operations grew from ₹2,766.90 million (Fiscal 2024) to ₹6,538.39 million (Fiscal 2026), representing a CAGR of 53.72%. The company also completed a stock split (1:5) and bonus issuance (3:1) in 2025.
Management
Dinesh Singhal
MD
Adesh Singhal
CEO
Vivek Singhal
CFO
Abhishek Singhal
COO
Sangeeta Khorana
CTO
Anil Bhardwaj
VP of Marketing
Ashok Kumar Goel
VP of Sales
Ram Kumar Chugh
Director of HR
Shiv Kumar Kamboj
Director of Operations
Neha
Director
Ajay Kohli
Director
Mohd Azad Khan
Director
Strengths
As stated in the offer document
Established player in the transformer manufacturing sector catering to high growth industries
The company has over 40 years of experience in transformer manufacturing and is one of the leading domestic players in terms of revenue in Fiscal 2026. The company caters to high growth industries such as power transmission, railways, renewable energy, and power distribution.
Successful short circuit testing of transformers up to 500 MVA 400 kV
The company has conducted short circuit testing at scale and as of March 31, 2026, has tested over 200 ratings. The company is one of five companies in India to have short circuit test certification for 500 MVA 400 kV transformers, enabling it to compete for large, high-value contracts.
Comprehensive presence across Transformer Manufacturing Business and EPC Business
The company entered EPC Business for substations in 2013 and transmission lines in 2021, enabling it to provide single window solutions. This integration allows the company to serve a large total addressable market and capitalise on hybrid contracts with integrated EPC and equipment supply requirements.
Integrated manufacturing facilities equipped to deliver high-quality products
The company operates two manufacturing facilities with aggregate transformer manufacturing capacity of 19,200 MVA as of March 31, 2026. The company has backward integrated setup supporting in-house production of critical components such as transformer tanks and radiators, ensuring quality control and cost optimization.
Track record of executing orders for large and marquee clients
The company has successfully executed orders across power transmission, railways, renewable energy, and power distribution sectors. As of March 31, 2026, the company's order book with Power Grid Corporation of India Limited (POWERGRID) aggregated to ₹ 5,732.63 million.
Experienced promoters and management team with significant industry experience
The company is led by Dinesh Singhal, a graduate of Indian Institute of Technology Roorkee, with over 40 years of experience in transformer manufacturing. The leadership is overseen by third generation of Promoters with team of over 526 professionals as of March 31, 2026.
Track record of profitability
The company achieved revenue from operations CAGR of 53.72% and EBITDA CAGR of 140.96% from Fiscal 2024 to Fiscal 2026. In Fiscal 2026, revenue from operations was ₹ 6,538.39 million and EBITDA was ₹ 1,804.16 million.
Risk factors
As stated in the offer document
Significant Revenue Dependence on Transformer Manufacturing Business
The company derives 83.43% of revenue from operations from transformer manufacturing in Fiscal 2026. A reduction in demand for transformers could adversely affect business operations and financial condition.
High Customer Concentration Risk
The company's top 10 customers contributed 93.16%, 93.88%, and 95.43% of revenue from operations in Fiscals 2026, 2025, and 2024 respectively. Loss of major customers or inability to diversify customer base could significantly impact revenues.
Manufacturing Capacity Under-utilization
The company's capacity utilization was only 45.99% in Fiscal 2026, down from 29.70% in Fiscal 2025. Under-utilization of manufacturing capacities could lead to operational inefficiencies and adversely impact financial performance.
Heavy Dependence on Government Tenders and Contracts
85.37% of revenue in Fiscal 2026 came from government entities through competitive bidding processes. The company's bid-to-win ratio was only 20% in Fiscal 2026, and failure to secure government contracts could materially impact business operations.
Working Capital and Financing Requirements
The company had outstanding borrowings of ₹3,855.63 million as of July 31, 2026, with net working capital of ₹2,515.77 million. Inability to raise additional working capital or obtain financing on favorable terms could adversely affect business growth.
Geographic Revenue Concentration
The company derives significant revenue from limited Indian states including Rajasthan (20.05%), Punjab (16.61%), and Gujarat (15.23%) in Fiscal 2026. Geographic disruptions could materially affect business operations and financial condition.
Raw Material Supply Chain Dependencies
The company depends on suppliers for key raw materials including insulated copper conductor, cold-rolled grain-oriented steel, and transformer oil without long-term agreements. Top 10 suppliers contributed 71.49% of cost of goods sold in Fiscal 2026.
Risk of Disqualification and Blacklisting by Government Authorities
The company was temporarily debarred by Bihar State Power Transmission Company Limited in February 2026 (later conditionally withdrawn). Such actions could restrict access to substantial revenue base and damage market reputation.
EPC Business Execution and Time Overrun Risks
EPC contracts have long execution periods of 12-24 months and are subject to time and cost overruns. The company generated ₹1,075.00 million (16.44% of revenue) from EPC business in Fiscal 2026, exposing it to project execution risks.
Order Book Realization Uncertainty
The company's order book of ₹18,183.23 million as of March 31, 2026 may not be representative of future results. Actual income may be significantly less than estimates due to project cancellations, delays, or scope changes.
Company Analysis
from RHPKanohar Electricals Limited manufactures transformers and provides engineering, procurement, and construction (EPC) solutions for power transmission, railways, and renewable energy sectors.
Kanohar Electricals Limited, incorporated in 1972 and converted to a public company in 1994, is a transformer manufacturer and EPC solutions provider headquartered in Meerut, Uttar Pradesh. The company operates two manufacturing facilities (Rithani and Gangol) and manufactures five types of transformers: power transformers, traction transformers, Scott transformers, shunt reactors, and distribution transformers. It also provides EPC solutions for substations and transmission lines. The company derives 83.43% of revenue from the Transformer Manufacturing Business (Fiscal 2026), with significant customers from government entities and state transmission companies. Revenue from operations grew from ₹2,766.90 million (Fiscal 2024) to ₹6,538.39 million (Fiscal 2026), representing a CAGR of 53.72%. The company also completed a stock split (1:5) and bonus issuance (3:1) in 2025.
Objects of the Issue
- Capital expenditure for increase in capacity at Gangol Manufacturing Facility p.25
- Funding capital expenditure requirements including purchase of new machinery and equipment for the Gangol Manufacturing Facility for increasing transformer manufacturing capacity, expanding and automating backward integration facilities, enhancing operational efficiency, civil construction and interior development of an office building at the manufacturing facility, and setting up solar power plants and purchasing electric vehicles for sustainability initiatives p.42
- Funding incremental working capital requirements p.42
- General corporate purposes p.42
- Funding capital expenditure requirements towards purchase of new machinery and equipment for increasing transformer manufacturing capacity, expanding and automating backward integration facilities, and enhancing operational efficiency at Gangol Manufacturing Facility; civil construction and interior development of office building; and setting up solar power plants and purchasing electric vehicles ₹641.83 million (excluding GST) p.135
- Funding incremental working capital requirements ₹1,550.00 million p.135
- General corporate purposes p.135
- Funding incremental working capital requirements ₹1,550 million p.147
- General corporate purposes Up to 25% of Gross Proceeds p.150
- Purchase of new machinery and equipment at Gangol Manufacturing Facility for increasing transformer manufacturing capacity, expanding and automating backward integration facilities and enhancing operational efficiency p.251
- Investment in testing equipment to reduce testing cycle time and improve throughput p.259
- Investment in field service equipment for erection, testing and commissioning of transformers p.259
- Expansion of backward integration facilities by replacing current in-house setup for radiator manufacturing and assembling automatic radiator manufacturing plant p.259
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹ 2 each aggregating up to ₹ 3,000 million
- Offer for Sale
- Up to 11,957,915 Equity Shares of face value of ₹ 2 each aggregating up to ₹ [●] million by K Sons Family Trust
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares of face value of ₹ 2 each and in multiples of [●] Equity Shares
- Face Value
- ₹ 2 per Equity Share
Business Model
The company earns revenue through two segments: (1) Transformer Manufacturing Business - manufacture and sale of five types of transformers with customized technical specifications serving power transmission, railways, renewable energy, and power distribution sectors; and (2) EPC Business - providing engineering, procurement, and construction solutions for substations and transmission lines. The company operates on a 'make to order' basis for transformer manufacturing, with orders typically secured through competitive bidding for government tenders or purchase orders from customers. EPC projects involve long execution periods of 12-24 months. Revenue is recognized upon transfer of control of goods/services to customers in accordance with Ind AS 115.
Business Segments
SWOT Analysis
- • Established technical partnerships and proprietary manufacturing capabilities(p.46)
- • Improved credit rating trajectory reflecting operational stability(p.50)
- • Strong revenue and profitability growth(p.74)
- • Sound financial position and balance sheet management(p.73)
- • Compliant statutory dues payment history(p.43)
- • One of five companies in India certified for 500 MVA 400 kV transformer manufacturing(p.137)
- • RDSO certification enabling participation in Indian Railways contracts(p.138)
- • One of leading domestic transformer manufacturers by revenue in Fiscal 2026(p.137)
- • Backward integrated manufacturing with in-house production of critical components(p.139)
- • Substantial revenue growth with 53.72% CAGR over three years(p.146)
- • Significant increase in order book over three fiscals(p.146)
- • Strong order book growth demonstrating market demand(p.147)
- • Significant revenue growth driven by transformer manufacturing expansion(p.158)
- • Improved profitability and margin expansion(p.158)
- • High return metrics indicating efficient capital deployment(p.158)
- • Substantial installed capacity supporting revenue growth(p.158)
- • Strong inventory management and working capital efficiency(p.158)
- • One of five companies in India certified for short-circuit testing of 500 MVA 400 kV transformers, enabling access to large, high-value contracts(p.240)
- • One of four manufacturers certified by Indian Railways (RDSO) to manufacture 100 MVA 132 kV Scott transformers and one of two for 100 MVA 220 kV Scott transformers(p.240)
- • Backward-integrated manufacturing facilities with in-house production of critical components (tanks, radiators) reducing third-party dependency and cost(p.250)
- • Over 40 years of experience in transformer manufacturing with established customer relationships and approved vendor status with utilities and railways(p.253)
- • Strong profitability with PAT CAGR of 170.31% from FY24 to FY26 and consistent improvement in EBITDA margins from 11.23% to 27.59%(p.253)
- • Low financial leverage with Debt/EBITDA declining from 1.35x to 0.22x between FY24 and FY26, enabling capacity investment(p.253)
- • Dual business model combining transformer manufacturing with EPC services providing integrated single-window solutions for customers(p.250)
- • Recent large POWERGRID order of ₹5,686.69 million for 500 MVA 400 kV transformers in June 2025 validates technical capabilities and market position(p.240)
- • Established EPC project execution across multiple Indian states(p.260)
- • High-capacity manufacturing infrastructure with recent expansion(p.289)
- • Vertical integration enabling access to larger, bundled tender projects(p.273)
- • Proprietary design and simulation capabilities for transformer optimization(p.272)
- • Comprehensive quality management system with ISO certifications(p.270)
- • Owned manufacturing facilities providing operational control(p.275)
- • Long-standing supplier relationships supporting supply chain reliability(p.270)
- • ISO-certified manufacturing with backward integration(p.333)
- • Strong revenue and profit growth trajectory(p.330)
- • Long operating history and market presence(p.333)
- • Diversified product portfolio in power transmission(p.333)
- • Leading position in transformer manufacturing with recognized certifications(p.384)
- • Expertise in specialized transformer types for railways and energy sectors(p.384)
- • Strong order book with significant visibility on future revenue(p.390)
- • Backward integrated facilities offering in-house technology(p.384)
- • Experienced promoter leadership with 40+ years in industry(p.384)
- • Significant revenue growth and profitability improvement(p.406)
- • Significant revenue dependence on Transformer Manufacturing Business(p.22)
- • High customer concentration with top 10 customers comprising 93.16% of revenue(p.25)
- • Significant reliance on state transmission companies and government entities for revenue(p.29)
- • High supplier concentration with top 10 suppliers accounting for 71.49% of cost of goods sold(p.32)
- • Significant untraceable corporate records and past non-compliance with Companies Act(p.39)
- • 34 untraceable public shareholders holding 208,000 equity shares(p.31)
- • Delayed statutory payments indicating cash management issues(p.44)
- • Significant contingent liabilities not provided for(p.45)
- • Dependence on technical collaboration with limited manufacturing autonomy for GIS(p.46)
- • High employee attrition rates(p.59)
- • Uninsured assets representing significant portion of balance sheet(p.54)
- • Outstanding legal and tax proceedings creating management distraction(p.50)
- • Unable to trace historical corporate records with missing forms and errors(p.121)
- • 34 public shareholders holding 208,000 equity shares are currently untraceable(p.126)
- • Transfer documentation and records for historic share transactions not available(p.120)
- • Significant dependence on promoter group shareholding at 99.72% pre-offer(p.127)
- • Low public shareholding of only 0.28% pre-offer(p.126)
- • Moderate debt levels relative to peers despite low absolute indebtedness(p.158)
- • Trade receivables concentration in longer cycles(p.149)
- • Increasing inventory requirements due to supply tightness(p.149)
- • Working capital funding gap requiring external financing(p.147)
- • Compressed trade payable days reducing supplier financing(p.150)
- • Heavy customer concentration with top 10 customers representing 93.16% of revenue in FY26, creating dependency risk(p.250)
- • Limited installed capacity of 19,200 MVA as of March 2026, with only two manufacturing facilities concentrated in Meerut, Uttar Pradesh(p.251)
- • Reliance on technical collaboration with CHEM Taiwan for GIS manufacturing with validity until November 2027, limiting independent GIS capabilities(p.250)
- • Geographic concentration risk with over 85% of revenue from central/state utilities and PSUs making the business dependent on tender-led government sector orders(p.257)
- • Significant cash-related working capital requirements with net working capital days of 107 days as of FY26, indicating high receivables and inventory levels(p.253)
- • Extreme dependence on small customer base for revenue(p.263)
- • Very low capacity utilization at Rithani facility(p.269)
- • No long-term agreements with raw material suppliers creating supply vulnerability(p.270)
- • Heavy reliance on domestic sourcing with limited international procurement(p.270)
- • Limited geographic concentration of manufacturing facilities in Meerut(p.265)
- • Contingent liabilities from disputed tax claims(p.355)
- • Increasing debt burden with higher borrowings(p.348)
- • High working capital requirements and inventory concentration(p.345)
- • Significant trade receivables and collection risk(p.346)
- • Related party loan dependence(p.368)
- • Heavy dependence on government and PSU orders(p.390)
- • Concentration in top customer base(p.386)
- • High dependence on few raw material suppliers(p.391)
- • Limited sourcing options for critical insulating materials(p.391)
- • Significant working capital requirements affecting cash flows(p.411)
- • Lack of long-term supply contracts with vendors(p.391)
- • Modernization of power transmission sector with evolving technologies(p.47)
- • Capacity expansion to address market demand(p.42)
- • Growth in renewable energy integration driving transmission infrastructure demand(p.47)
- • Sustainability initiatives enhancing competitive positioning(p.42)
- • Indian transformer market growing at 5.0% CAGR (CY19-CY25), expected to accelerate to 6.7% CAGR (CY25-CY30)(p.137)
- • Significant growth expected in high and extra-high voltage transformer segments by CY30(p.146)
- • Limited competition in high-voltage transformer segment above 400 kV(p.146)
- • Plan to expand transformer manufacturing capacity by additional 18,000 MVA annually(p.139)
- • Expected demand growth for large power and traction transformers due to high-speed rail expansion(p.137)
- • Massive transmission infrastructure expansion to support renewable energy integration(p.202)
- • 500 GW renewable energy capacity target by 2030 driving transformer demand(p.202)
- • Strong energy demand growth driven by rapid urbanization and industrialization(p.181)
- • Government distribution sector modernization through RDSS scheme(p.202)
- • Private sector participation expanding through competitive bidding(p.196)
- • Emerging HVDC and offshore wind opportunities(p.202)
- • Shift from Government/PSU customer base to higher-margin C&I segment(p.193)
- • Transformer market in India projected to grow from USD 4,944.9 million in CY25 to USD 6,854.2 million in CY30 at 6.7% CAGR, driven by electrification and infrastructure projects(p.205)
- • Indian Railways targeting 100% electrification of broad-gauge routes by 2030, creating sustained demand for traction and Scott transformers(p.225)
- • India's renewable energy capacity expected to reach 594 GW by end of FY32 from current 200 GW, creating demand for transformers, shunt reactors and grid infrastructure(p.254)
- • National Electricity Plan approves ₹9.15 lakh crore for transmission system expansion from FY22 to FY32, requiring significant increase in transformer capacity from 1,290 GVA to 2,342 GVA(p.230)
- • Metro rail expansion across India with projects sanctioned covering approximately 1,051 km, creating demand for traction transformers and related equipment(p.228)
- • High-speed and semi-high-speed railway projects with projected investments of Rs 1,812 billion and Rs 2,516 billion respectively from CY26-CY30, requiring specialized transformers(p.227)
- • Government 'Make in India' and 'Atmanirbhar Bharat' initiatives promoting local manufacturing and supporting development of domestic transformer supply chains(p.206)
- • Opportunity to expand product portfolio to 765 kV ultra-high voltage transformers with market expected to grow at 9.0% CAGR from CY24 to CY30(p.259)
- • Rapid expansion of T&D sector capacity creating demand for transformers(p.260)
- • Government target of 500 GW non-fossil capacity by 2029-2030 driving grid expansion(p.280)
- • Strategic focus on bundled EPC projects providing higher value opportunities(p.273)
- • Growing renewable energy sector requiring reactive power compensation equipment(p.263)
- • Expansion into traction transformers with RDSO approval(p.289)
- • Advantage of stronger working capital enabling better supplier terms in competitive environment(p.260)
- • Revenue expansion with strong growth momentum(p.351)
- • Domestic market dominance with export potential(p.354)
- • Operating leverage from improved manufacturing efficiency(p.329)
- • Service revenue segment growth(p.351)
- • Positive working capital management trajectory(p.346)
- • Growing demand from power transmission and distribution sectors(p.384)
- • Expansion in railway electrification projects(p.384)
- • Large addressable market in renewable energy sector(p.389)
- • Opportunity to increase product mix and specialized transformer types(p.387)
- • Geographic expansion through regional offices(p.388)
- • Reliance on High Growth Sectors vulnerable to cyclicality and demand reduction(p.23)
- • Exposure to government debarment and disqualification from participating in tenders(p.30)
- • Geographic concentration risk with operations concentrated in Meerut and specific Indian states(p.31)
- • Dependence on Gangol Manufacturing Facility in Meerut, creating single-location concentration risk(p.30)
- • Exposure to time and cost overruns in EPC projects with long execution periods(p.33)
- • Limited availability of raw material suppliers creating pricing power risk(p.33)
- • Raw material supply concentration and price volatility(p.45)
- • Intense competition from multinational and domestic manufacturers(p.55)
- • Product quality compliance and liability risks(p.47)
- • Power and fuel cost volatility and supply disruptions(p.48)
- • Regulatory and compliance burden from evolving labour laws(p.61)
- • Potential for labour disputes and work stoppages(p.49)
- • Macroeconomic and geopolitical uncertainties(p.60)
- • Natural disasters and pandemic risks(p.62)
- • Risk of legal proceedings from inability to trace historical corporate records and compliance issues(p.35)
- • Inability to successfully implement capacity expansion could adversely affect business(p.38)
- • Dependence on external procurement of machinery with long lead times(p.139)
- • Quotations may be subject to price revisions due to market conditions and raw material costs(p.144)
- • Reliance on undertakings from promoters for historic share transaction documentation(p.120)
- • Grid integration delays and transmission readiness bottlenecks(p.202)
- • Raw material supply constraints and rising input costs(p.149)
- • DISCOM financial weakness affecting payment reliability(p.193)
- • Below-normal monsoon and El Niño impacting economic outlook(p.172)
- • International trade policy uncertainty affecting supply chains(p.177)
- • Geopolitical tensions impacting energy prices and supply chains(p.177)
- • Land acquisition and regulatory delays for transmission projects(p.202)
- • Heavy dependence on imported CRGO steel (largely from Japan, South Korea, USA, Germany) and other critical raw materials exposing company to supply disruptions and currency volatility(p.204)
- • Price pressure from intense competition in transformer sector combined with rising raw material costs and input price volatility affecting profit margins(p.240)
- • Payment delays from DISCOMs and government entities straining working capital despite structured payment mechanisms(p.232)
- • Import competition from China dominating 70%+ of transformer imports into India, with imports from China projected to increase from USD 1,832.9 million in CY25 to USD 2,779.4 million in CY30(p.216)
- • Regulatory compliance and certification requirements creating barriers including mandatory short-circuit testing, BIS standards, and vendor registration limiting competitive field but also requiring sustained R&D investment(p.218)
- • Overcapacity issues in transformer manufacturing industry leading to underutilization during low order periods and margin compression(p.232)
- • Cyclicality in transformer demand tied to infrastructure and power generation cycles, with potential for order delays and project cancellations during economic slowdowns(p.205)
- • Risk of policy changes or reduced government spending on power transmission and railway electrification affecting order pipeline and revenue predictability(p.230)
- • Intense competition from large established manufacturers and new entrants(p.273)
- • Long project execution cycles creating timing and completion risks(p.260)
- • Regulatory approval delays impacting project timelines(p.260)
- • Supply chain disruptions for critical raw materials impacting delivery(p.260)
- • Rising commodity and input costs affecting margins(p.260)
- • Industry cyclicality and dependence on government investment in power sector(p.260)
- • Liquidity constraints from working capital demand(p.348)
- • Interest rate and financing cost volatility(p.352)
- • Regulatory and tax compliance risks(p.325)
- • Foreign exchange exposure from limited export operations(p.364)
- • Contingent guarantee commitments and credit exposure(p.355)
- • Volatility in raw material prices, particularly copper and CRGO steel(p.391)
- • Dependence on government budgetary allocations and policy changes(p.389)
- • Risk of delays in project execution and government approvals(p.390)
- • Intense competition from organized and unorganized players(p.391)
- • Regulatory compliance and environmental requirement changes(p.391)
- • Exposure to project delays and cost overruns in EPC business(p.390)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dinesh Singhal | Individual Promoter | — | — |
| Adesh Singhal | Individual Promoter | — | — |
| Vivek Singhal | Individual Promoter | — | — |
| Abhishek Singhal | Individual Promoter | — | — |
| Virat Singhal | Individual Promoter | — | — |
| Aditya Singhal | Individual Promoter | — | — |
| K Sons Family Trust | Promoter Selling Shareholder | — | — |
| K Sons Family Trust | Promoter Selling Shareholder | Up to 11,957,915 Equity Shares being offered for sale | — |
| Kanohar International Private Limited | Promoter Group | Collectively with K Sons Family Trust holds 99.72% of pre-Offer shareholding | — |
| Dinesh Singhal | Promoter | — | — |
| Adesh Singhal | Promoter | — | — |
| Vivek Singhal | Promoter | — | — |
| Abhishek Singhal | Promoter | — | — |
| Virat Singhal | Promoter | — | — |
| Aditya Singhal | Promoter | — | — |
| K Sons Family Trust | Promoter and Promoter Selling Shareholder | 97.00% | — |
| Kanohar International Private Limited | Promoter Group | 2.72% | — |
| Brijesh Singhal, Vivek Singhal, Abhishek Singhal, Dinesh Singhal, Virat Singhal, Aditya Singhal, Adesh Singhal | Promoter Group (gifts to family members and K Sons Family Trust in December 2025) | — | — |
| Dinesh Singhal | Individual Promoter | — | — |
| Adesh Singhal | Individual Promoter | — | — |
| Vivek Singhal | Individual Promoter | — | — |
| Abhishek Singhal | Individual Promoter | — | — |
| K Sons Family Trust | Promoter/Promoter Selling Shareholder | 97.00% | — |
| Dinesh Singhal | Promoter | Nil | — |
| Adesh Singhal | Promoter | Nil | — |
| Vivek Singhal | Promoter | Nil | — |
| Abhishek Singhal | Promoter | Nil | — |
| Virat Singhal | Promoter | Nil | — |
| Aditya Singhal | Promoter | Nil | — |
| Dinesh Singhal | Individual Promoter | — | — |
| Adesh Singhal | Individual Promoter | — | — |
| Vivek Singhal | Individual Promoter | — | — |
| Abhishek Singhal | Individual Promoter | — | — |
| Virat Singhal | Individual Promoter | — | — |
| Aditya Singhal | Individual Promoter | — | — |
| K Sons Family Trust | Promoter Trust | — | — |
| Dinesh Singhal | Individual Promoter/Chairman & Managing Director | — | — |
| Adesh Singhal | Individual Promoter/Whole-time Director | — | — |
| Vivek Singhal | Individual Promoter/Whole-time Director | — | — |
| K Sons Family Trust | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Kanohar Electricals THIS ISSUE | 17.43 | 50.09 | 38.58, computed at the offer price | 19.35, computed at the offer price | 34.80% |
| 221.63 | 1,161.56 | 159.55 | 30.44 | 19.08% | |
| 4.60 | 74.99 | 91.30 | 5.60 | 6.13% | |
| 8.89 | 30.67 | 155.12 | 44.96 | 28.98% | |
| 7.72 | 48.11 | 114.77 | 18.42 | 15.82% | |
| 9.07 | 51.39 | 32.19 | 5.68 | 17.64% | |
| 48.16 | 42.87 | 89.37 | 100.40 | 45.85% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.