Kanohar Electricals IPO
Kanohar Electricals LtdMainboard
This IPO has listed.
- Open date
- 8 Sep 2026
- Close date
- 10 Sep 2026
- Min. Investment
- ₹14,536
- Lot Size
- -
- Fresh Issue
- ₹300.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers215.37x
- Non-Institutional Investors87.74x
- Retail-Individual Investors20.51x
- Total90.59x
Schedule
- Completed: IPO open date8 Sep 2026
- Completed: IPO close date10 Sep 2026
- Completed: Allotment date11 Sep 2026
- Completed: Funds unblock or debit15 Sep 2026
- Completed: Tentative listing date16 Sep 2026
About
Promoter shareholding in Kanohar Electricals Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Dinesh Singhal | 0 | 0.00% | 0 | 0.00% |
| Adesh Singhal | 0 | 0.00% | 0 | 0.00% |
| Vivek Singhal | 0 | 0.00% | 0 | 0.00% |
| Abhishek Singhal | 0 | 0.00% | 0 | 0.00% |
| Virat Singhal | 0 | 0.00% | 0 | 0.00% |
| Aditya Singhal | 0 | 0.00% | 0 | 0.00% |
| K Sons Family Trust | 6,90,39,435 | 92.75% | 5,70,81,520 | 72.08% |
| Kanohar International Private | 20,28,000 | 2.72% | 20,28,000 | 2.56% |
Kanohar Electricals IPO Strengths & Risks
- Established player in the transformer manufacturing sector catering to high growth industries.
- Successful short circuit testing of transformers up to 500 MVA 400 kV which enables us to compete for large, high-value contracts across sectors.
- Comprehensive presence across our Transformer Manufacturing Business and EPC Business enabling us to serve a large total addressable market.
- Integrated manufacturing facilities equipped to deliver high-quality products.
- Track record of executing orders for large and marquee clients.
- Experienced Promoters and management team with significant industry experience.
- Track record of profitability.
- Risks Relating to the Business: The company derives a significant portion of its revenue from the Transformer Manufacturing Business. A reduction in demand for purchase of transformers could adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: A significant portion of the company's revenue from operations is from its Transformer Manufacturing Business which is attributable to high growth sectors including the power transmission, railways and renewable energy sectors. Any economic cyclicality coupled with reduced demand or negative trend in these or other sectors that the company operates in, could have material adverse effect on its business, financial condition and results of operations.
- Risks Relating to the Business: Under-utilization of the company's manufacturing capacities and an inability to effectively utilize its manufacturing capacities could have an adverse effect on the company's business, future prospects and future financial performance.
- Risks Relating to the Business: The company depends on certain customers for a significant portion of its revenue from operations. In the Fiscals 2026, 2025 and 2024, the company's top 10 customers contribution towards its revenue from operations was 93.16%, 93.88%, and 95.43%, respectively. Any decrease in demand from such customers, the loss of such customers or the company's inability to diversify its customer base could have an adverse effect on the company's business, financial condition and results of operations.
- Risks Relating to the Business: If the company is unable to raise additional working capital or are unable to obtain financing on favourable terms or at all, its business and growth could be adversely affected.
- Risks Relating to the Business: In the company's Transformer Manufacturing Business, its derives a significant portion of the company's revenue from the supply of power transformers to transmission utilities including state transmission companies in the power transmission sector. Additionally, its Transformer Manufacturing Business is largely dependent upon the demand for power generation, transmission and distribution which is closely linked to Government policies. Any economic downturn or change in government policy may have an adverse impact on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: A significant portion of the company's revenue is dependent on tenders being awarded by the government-controlled entities, which follow tendering process for determination of their suppliers. Government bids are procured through competitive bidding process. Its bids may not always be accepted. The company may not be able to qualify for, compete and win projects, which could adversely affect its business and results of operations. Further, the company may not always be able to possess and maintain its pre-qualification capability for the company's Transformer Manufacturing Business and EPC Business. Its may be adversely affected if the company does not succeed in all or a majority of the contracts that its tender for.
- Risks Relating to the Business: The company is exposed to the risk of disqualification, suspension, or blacklisting by government authorities, which could prevent it from bidding for or executing government projects. Any such action could restrict the company access to a substantial part of its revenue base and have a disproportionate adverse impact on the company's business, results of operations, cash flows, and reputation.
- Risks Relating to the Business: A significant portion of the company's revenue is generated from its Manufacturing Facilities, notably the company's Gangol Manufacturing Facility, situated in Meerut, Uttar Pradesh. Any disruptions in the region could have a material adverse effect on its business, financial condition and results of operations.
- Risks Relating to the Business: As on date of this Red Herring Prospectus, 34 public Shareholders of the Company who collectively hold 208,000 Equity Shares are currently untraceable. Further, 156,000 Equity Shares issued to such Shareholders pursuant to a bonus issue on September 19, 2025, along with the Equity Shares previously held by them in the Company, have not been credited to their demat accounts as the company has been unable to establish contact with them, and have been credited to a demat suspense account.
- Risks Relating to the Business: The company's business is largely concentrated in India and focused in the states of Rajasthan, Punjab, Gujarat, Bihar, Madhya Pradesh, Uttar Pradesh, Karnataka, Maharashtra, Jharkhand and Assam. Any disruptions in the region could have a material adverse effect on its business, financial condition and results of operations.
- Risks Relating to the Business: The company's business is dependent on suppliers to procure its raw materials. Further, the company has not entered into long-term agreements with these suppliers, variations in supply and any loss of suppliers or interruptions in the timely delivery of raw materials or volatility in their prices could have an adverse impact on its business, financial condition and results of operations.
- Risks Relating to the Business: The company is subject to time and cost overruns and is exposed to claims, penalties and damages resulting from delays in execution of EPC projects for transmission lines and substations. These contracts have long execution periods as a result of which, project related estimated costs and revenue estimates may vary from the actual costs incurred and actual revenues generated which could have material adverse effect on the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company Order Book may not be representative of its future results and the company's actual income may be significantly less than the estimates reflected in its Order Book, which could adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The auditor's report on the company's financial statements for the Fiscals 2026, 2025 and 2024, contains certain observations issued under Companies (Auditor's Report) Order, 2020.
- Risks Relating to the Business: The company's historical performance may not be indicative of its future growth or financial results and if the company fails to manage its growth, the company may not be successful in implementing its strategies, which could materially and adversely affect the company's business, financial condition, results of operations and prospects.
- Risks Relating to the Business: The company's Transformer Manufacturing Business operations are significantly dependent on its Manufacturing Facilities. Any unscheduled, unplanned or prolonged disruption, slowdown or shutdown of the company's Manufacturing Facilities could have a material adverse effect on its business, financial condition and results of operations.
- Risks Relating to the Business: The company has entered into, and will continue to enters into, related party transactions that may involve conflicts of interest.
- Risks Relating to the Business: The company is unable to trace some of its historical corporate records. Further, certain corporate records have errors, and certain corporate filings have been made with delays, and the company has remained non-compliant with the applicable laws for a certain period in the past. Its cannot assure you that no legal proceedings or regulatory actions will be initiated against the Company in the future in relation to these matters, which may impact its financial condition and reputation.
- Risks Relating to the Business: The requirements of being a listed company may strain its resources which may have a material adverse impact on the company operations.
- Risks Relating to the Business: The company intends to utilize a portion of the Net Proceeds to fund its capital expenditure requirements. The company's inability to successfully implement such capacity expansion or any future capacity expansion plans could have a material adverse effect on its business, prospects, operations or financial results.
- Risks Relating to the Business: The objects of the Offer for which funds are being raised have not been appraised by any bank or financial institution. Any variations in the company funding requirements and the proposed deployment of Net Proceeds may affect its business and results of operations. Further, any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- Risks Relating to the Business: The company's inability to make timely payment of its statutory dues may result in imposition of penalties, payment of additional interest which in turn may have an adverse affect on the company's business, its results of operations, cash flows and financial condition. The company has paid an aggregate amount of Rs. 1,293.76 million, Rs. 978.01 million, and Rs. 670.42 million towards statutory due payments for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively.
- Risks Relating to the Business: Fluctuation in cost of raw materials or any shortages, delay or disruption in the supply of the raw materials the company use in its manufacturing process due to factors beyond the company control may have a material adverse effect on its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company has certain contingent liabilities that have not been provided for in its financial statements, which if they materialise, may adversely affect the company's financial condition.
- Risks Relating to the Business: The company relies on CHEM for the technical collaboration to manufacture gas insulated switchgear ("GIS"). Should its agreement with CHEM be terminated or not be renewed at favourable terms or at all, it will impact the company's ability to manufacture GIS.
- Risks Relating to the Business: Its business may be adversely affected if the company is unable to keep pace with technological developments and evolving industry trends in the power transmission and transformer sector.
- Risks Relating to the Business: The company is subject to strict quality requirements, inspections and audits and any product defect issues or failures by the company and its ability to maintain quality of products or the company's raw material and component suppliers to comply with quality standards may lead to the cancellation of existing and future orders, recalls or exposure to potential product liability claims by the company's customers which could have a material adverse effect on its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company's business is subject to strikes, work stoppages and/or increased wage demands, as well as other disputes with its employees. Such instances may cause disruptions in the company's operations, which could materially adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The company has requirements for power and fuel for its Manufacturing Facilities and any disruption in the supply or increase in tariff may adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company relies on third party logistics providers for transportation of its products to the project site or distribution to the company's clients. Any delay or disruption or refusal by its third-party logistics providers in timely delivery of the company's products may affect its business, results of operations and cash flow adversely.
- Risks Relating to the Business: The company has incurred indebtedness and is subject to certain restrictive covenants under the terms of its financing agreements, which may limit the company's ability to seek additional financing or undertake certain business actions. Any inability to comply with repayment obligations and/or other covenants in its financing agreements could adversely affect the company's business and financial condition.
- Risks Relating to the Business: The company's ability to access capital at attractive costs depends on its credit ratings. Non-availability of credit ratings or a poor rating may restrict the company's access to capital and thereby adversely affect its business, financial conditions, cash flows and results of operations.
- Risks Relating to the Business: The Company is involved in certain outstanding legal and tax proceedings. Any adverse decision in such proceedings may have an adverse effect on its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: If the company fails to comply with the applicable laws, regulations and rules prescribed by the Government of India and the relevant statutory or regulatory bodies or fails to obtain, maintain or renew its statutory and regulatory licenses, permits and approvals required for the company's business, its results of operations and cash flows may be adversely affected.
- Risks Relating to the Business: The company operations involve activities and could result in a suspension of operations, injury to its personnel, emission of pollutants and/or the imposition of civil or criminal liabilities which could adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
- Risks Relating to the Business: Any fraud, theft, or embezzlement by the company's employees, vendors or contractors could adversely affect its reputation, results of operations and financial condition. The company operations and contracts are subject to anti-corruption laws and regulations, and any failures to comply with such laws and regulations could have an adverse impact on the company's business and reputation.
- Risks Relating to the Business: The company's insurance coverage may not be sufficient or adequate to protect it against all material hazards or the company's insurance claims under the insurance policies maintained by it will be honoured fully, which may adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company failures to keep its technical knowledge confidential could erode the company's competitive advantage.
- Risks Relating to the Business: The company operates in a competitive environment and its faces competition from both domestic as well as multinational corporations and the company's inability to compete effectively could result in the loss of customers, hence, its market share, which could have an adverse effect on the company's business, results of operations, financial condition and future prospects.
- Risks Relating to the Business: The company expects to spend a significant amount of resources on product development and short circuit testing. Such efforts may not result in marketable products. Failures to successfully introduce products into the market could have a material adverse effect on the company's business, financial condition, and results of operations.
- Risks Relating to the Business: Its may be unable to adequately protect intellectual property that the company uses and may be subject to risks of infringement claims.
- Risks Relating to the Business: The company has experienced negative cash flows from operating, investing and financing activities in the past. Any negative cash flows in the future would adversely affect its cash flow requirements, which may adversely affect the company's ability to operates its business and implement the company's growth plans, thereby affecting its financial condition.
- Risks Relating to the Business: The company's ability to pay dividends in the future will depends on its future cash flows, working capital requirements, capital expenditures and financial condition.
- Risks Relating to the Business: Certain non-GAAP financial measures and other statistical information relating to the company operations and financial performance have been included in this Red Herring Prospectus. These Non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable with those presented by other companies.
- Risks Relating to the Business: The Company will not receive any proceeds from the Offer for Sale. The Promoter Selling Shareholder will receive the proceeds from the Offer for Sale.
- Risks Relating to the Business: The company depends on its individual Promoters, Senior Management Personnel, Key Management Personnel and qualified and skilled personnel with technical expertise, and if the company is unable to recruit and retain senior management, qualified and skilled personnel, its business and the company's ability to operates or grow its business maybe adversely affected.
- Risks Relating to the Business: Its Promoters, the company's Executive Directors who are also its Key Managerial Personnel are interested in the Company in addition to their remuneration and reimbursement of expenses.
- Risks Relating to the Business: Certain of the company's Directors does not have prior experience of holding a directorship in a company listed on any stock exchange which may subject it to adverse regulatory actions if the company is not able to comply with applicable laws, resulting in an impact on the price of its Equity Shares.
- Risks Relating to the Business: One of the company's Promoters and a member of its Promoter Group will continue to hold a significant equity stake in the Company after the Offer and their interests may differ from those of the other shareholders.
- Risks Relating to the Business: Certain sections of this Red Herring Prospectus contain information from the CARE Report which has been commissioned by it and any reliance on such information for making an investment decision in this Offer is subject to inherent risks.
