Kanohar Electricals’ fresh issue of ₹1,055.7 crore opened on September 8 and closed on September 10, with the grey‑market trading at ₹777.90, a 30% premium to the ₹601‑632 price band that values the firm at ₹5,004.6 crore. The final‑day subscription stood at 90.59×, with QIBs buying 215.37×, non‑QIBs 87.74×, and retail investors 20.51×; anchors such as Ashoka Whiteoak, Allianz, and HSBC early‑bought a total of ₹316.72 crore.
Financials from FY26 paint a bullish picture: revenue jumped 45.1% to ₹653.8 crore from ₹450.6 crore in FY25, while net profit nearly doubled to ₹129.7 crore from ₹65 crore. The transformer segment contributed 83% of the topline, with EPC adding 16%, and an order book of ₹1,818.3 crore underpins the surge.
Industry analysts note that Kanohar’s integrated manufacturing—spanning two Uttar Pradesh plants with 19,200 MVA capacity—positions it well against rivals like Hitachi Energy India and GE Vernova T&D. The company’s focus on power‑transmission, renewable integration, and railway electrification aligns with the national push for grid modernization, potentially sustaining demand for its transformers.
The IPO will list on the BSE and NSE on September 19, with the OFS accounting for ₹755.7 crore. Management expects a 25‑27% first‑day gain if the grey‑market trend holds. Proceeds will be split: ₹64.1 crore earmarked for capex, ₹155 crore for working capital, and the balance for general corporate purposes, setting a clear path for post‑listing growth.