About Kanohar Electricals
Kanohar Electricals is launching its mainboard initial public offering (IPO) to raise ₹1,055.74 crores, split between a fresh issue and an offer for sale to fund working capital and facility expansions. The company specializes in manufacturing custom high-voltage transformers and executing turnkey engineering, procurement, and construction (EPC) projects for India\\\\\\\’s power transmission and railway sectors.
Business & Financial Highlights
Core Operations: Operating since 1972, Kanohar Electricals builds high-value custom units (including 500 MVA power transformers and specialized railway Scott transformers) and delivers turnkey EPC solutions for substations.
Manufacturing Scale: The company runs two manufacturing facilities in Meerut, Uttar Pradesh, boasting a combined capacity of 19,200 MVA. As of March 2026, its order book stood at ₹1,818.3 crore.
Financial Growth: Revenue jumped 45% to ₹653.84 crore in FY26, while profit after tax (PAT) nearly doubled year-over-year to ₹129.73 crore.
Proceeds Utilization: The ₹300 crore from the fresh issue will primarily fund incremental working capital (₹155 crore), new machinery, solar power plants, and equipment for their Gangol facility (₹64.1 crore).
Key Risk Factors
Customer Concentration: The top 10 clients account for approximately 93% of the company s total revenue.
Revenue Dependency: Operations rely heavily on winning competitive government tenders and securing ongoing orders from state transmission utilities.
Geographic Limits: Both manufacturing facilities are concentrated in Meerut, exposing the supply chain to potential localized disruptions.
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