Kanohar Electricals IPO
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Kanohar Electricals IPO details
Schedule of Kanohar Electricals
| Issue open date | 08 Sep 2026 |
| Issue close date | 10 Sep 2026 |
| UPI mandate deadline | 10 Sep 2026 (5 PM) |
| Allotment finalization | 11 Sep 2026 |
| Refund initiation | 15 Sep 2026 |
| Share credit | 15 Sep 2026 |
| Listing date | 16 Sep 2026 |
| Mandate end date | 25 Sep 2026 |
| Lock-in end date for anchor investors (50%) | 10 Oct 2026 |
| Lock-in end date for anchor investors (remaining) | 09 Dec 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Kanohar Electricals
Kanohar Electricals operates in the power transmission sector, generating its primary revenue through its transformer manufacturing and engineering, procurement, and construction business segments. The company manufactures five customized types of transformers, including power transformers, traction transformers, Scott transformers, shunt reactors, and distribution transformers, serving the energy needs of high-growth sectors such as power transmission, railways, and renewable energy. Kanohar Electricals operates two manufacturing facilities located in Meerut, Uttar Pradesh, equipped for custom work order-based production and rigorous short-circuit testing. In its engineering, procurement, and construction division, the company delivers turnkey solutions for substations and transmission lines, managing the complete project lifecycle from initial design and construction to the final commissioning of fully operational facilities. A significant portion of its overall revenue is secured through tenders awarded by state transmission utilities and various government-controlled entities.
Financials of Kanohar Electricals
Issue size
| Funds Raised in the IPO | Amount (₹ crores) |
| Total issue size | 1055.74 |
| Fresh Issue – Proceeds go to the company | 300 |
| Offer for sale – Proceeds go to the existing investors | 755.74 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Funding the capital expenditure requirements | 64.18 (21.39%) |
| Funding the incremental working capital requirements | 155 (51.67%) |
| General Corporate Purposes | 80.82 (26.94%) |
Strengths
- Strong order book standing at ₹1818.32 crores as of March 31, 2026.
- Proven track record of executing large-scale turnkey EPC projects for government entities.
- Comprehensive in-house manufacturing capabilities at the Rithani and Gangol facilities.
- Specialized product portfolio catering to high-growth sectors like railways and renewable energy.
- Successful development and short-circuit testing of advanced 500 MVA and Scott transformers
Risks
- High customer concentration with the top 10 clients contributing 93.16% of total revenue.
- Heavy reliance on government tenders exposes the business to disqualification and blacklisting risks.
- Business operations are geographically concentrated around the Meerut manufacturing facilities.
- The absence of long-term contracts with raw material suppliers exposes the company to pricing volatility.
- History of negative cash flows from operating, investing, and financing activities.