Kanohar Electricals IPO: GMP, Price, Strengths, Risks and Future Potential

Kanohar Electricals Limited is set to launch its Initial Public Offering (IPO) on September 8, 2026. The company operates in the transformer manufacturing and power infrastructure segment and serves industries such as power transmission, power distribution, railways and renewable energy. The company plans to raise approximately ₹1,055.74 crore through the IPO.

What Do Kanohar Electricals Do?

Kanohar Electricals Limited manufactures power and distribution transformers, traction transformers, Scott transformers and shunt reactors. The company serves the power transmission, distribution, railway and renewable energy sectors, providing specialised electrical equipment for critical power infrastructure and industrial applications.

Kanohar Electricals IPO Details 

Particular	Details
Company Name	Kanohar Electricals Limited
IPO Open Date	September 8, 2026
IPO Close Date	September 10, 2026
IPO Type	Mainboard, Book Building
Price Band	₹601 – ₹632 per share
Face Value	₹2 per share
Total Issue Size	₹1,055.74 crore
Fresh Issue	₹300 crore
Offer for Sale (OFS)	₹755.74 crore
Lot Size	23 shares
Minimum Investment	₹14,536
Retail Maximum	299 shares / ₹1,88,968
Allotment Date	September 11, 2026
Refund/Share Credit	September 15, 2026
Expected Listing Date	September 16, 2026
Listing Exchange	BSE & NSE
Retail Quota	35%
QIB Quota	20%
NII Quota	15%
Anchor Allocation	30%
Lead Managers	IIFL Capital Services, Nuvama Wealth Management
Registrar	MUFG Intime India

Kanohar Electricals IPO GMP

It IPO shares were commanding a GMP of around ₹200 on September 4, 2026, according to grey-market trackers. At the upper IPO price of ₹632, this indicates an unofficial implied price of around ₹832 and a potential premium of approximately 31.65%.

However, investors should treat GMP only as an informal market indicator. It can change significantly before the actual listing and does not guarantee listing gains.

Kanohar Electricals Past Performance 

Financial Metric	FY2024	FY2025	FY2026
Revenue	₹281.12 Cr	₹457.30 Cr	₹662.86 Cr
EBITDA	₹31.07 Cr	₹93.39 Cr	₹180.42 Cr
Profit After Tax	₹17.76 Cr	₹65.12 Cr	₹129.73 Cr
Total Debt	₹42.08 Cr	₹32.27 Cr	₹39.04 Cr
Net Worth	₹178.12 Cr	₹243.13 Cr	₹372.84 Cr
EBITDA Margin	11.23%	20.73%	27.59%
PAT Margin	6.32%	14.24%	19.57%
ROE	10.49%	30.92%	42.12%
ROCE	16.69%	47.61%	70.13%
Debt/Equity	0.24x	0.13x	0.10x
EPS	₹2.39	₹8.75	₹17.43

Strengths & Risks

Strengths

• Strong Order Book: Order book stood at ₹1,818.32 crore in March 2026.Rising Profit: FY2026 PAT increased to ₹129.73 crore.
• Specialised Products: Manufactures power, traction, Scott and distribution transformers.
• Growth Exposure: Benefits from railway and renewable-energy sectors.
• Low Debt: Debt-to-equity ratio stood at around 0.11 times.

Risks

• Customer Concentration: Top 10 customers contributed 93.16% of FY2026 revenue.
• Raw Material Risk: Copper and electrical steel price fluctuations can affect margins.
• Large OFS: ₹755.74 crore of the IPO comes through an Offer for Sale.
• Future Potential

Conclusion

Kanohar Electricals IPO offers exposure to India’s growing power-infrastructure sector. Strong profit growth, a healthy order book and low debt are key positives. However, customer concentration, raw-material volatility and the large OFS portion remain concerns. Investors should consider valuation and fundamentals, not GMP alone, before investing.

FAQs

1. When will Kanohar Electricals IPO open?

Ans: The IPO will open for subscription on September 8, 2026, and close on September 10, 2026.

2. What is the price band of Kanohar Electricals IPO?

Ans: The company has fixed the IPO price band at ₹601 to ₹632 per share.

3. What is the minimum investment for the IPO?

Ans: The minimum lot contains 23 shares, requiring an investment of ₹14,536 at the upper price band.

4. What is the current GMP of Kanohar Electricals IPO?

Ans: The GMP was reported at approximately ₹200 on September 4, 2026. GMP can change before listing and remains unofficial.

5. When will Kanohar Electricals shares list?

Ans: The shares are scheduled to list on NSE and BSE on September 16, 2026.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research before investing.