How to Check Kanohar Electricals IPO Allotment Status

Kanohar Electricals Limited is a Meerut-based electrical equipment manufacturer primarily engaged in manufacturing power and distribution transformers and executing engineering, procurement and construction (EPC) projects for power transmission and distribution infrastructure. The company was incorporated in 1972 and has more than five decades of operating experience. 

Its transformer portfolio includes power transformers used across electricity transmission and distribution networks. The company also undertakes EPC projects covering substations up to 400 kV and transmission lines across 132 kV, 220 kV and 400 kV voltage classes. 

Kanohar Electricals operates manufacturing facilities at Gangol and Rithani in Meerut, Uttar Pradesh. Its facilities have backward-integrated capabilities for manufacturing components such as transformer tanks and radiators, helping the company manage important stages of the transformer manufacturing process internally. 

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The company serves government utilities, public-sector entities, railways and private-sector customers. As of March 31, 2026, its order book from Power Grid Corporation of India Limited (PGCIL) alone stood at ₹573.26 crore, while central and state utilities and PSUs accounted for 85.37% of FY26 revenue from operations. 

Kanohar Electricals IPO is a ₹1,055.74 crore book-built mainboard issue, comprising a fresh issue of ₹300 crore and an offer for sale of approximately ₹755.74 crore. The total offer comprises approximately 1.67 crore equity shares. 

The IPO opened for subscription on September 8, 2026 and closed on September 10, 2026. The basis of allotment is scheduled for September 11, 2026, followed by initiation of refunds and credit of shares on September 15. The shares are scheduled to list on BSE and NSE on September 16, 2026. 

The price band was fixed at ₹601 to ₹632 per share, with a lot size of 23 shares. At the upper price band, the minimum Retail Investor application for one lot amounts to ₹14,536. 

Nuvama Wealth Management Limited and IIFL Capital Services Limited are the book-running lead managers to the IPO, while MUFG Intime India Private Limited is the registrar. 

Registrar: MUFG Intime India Private Limited

BSE: BSE IPO Allotment Status Page

NSE: NSE IPO Allotment Status Page

Kanohar Electricals IPO Subscription Status 

Kanohar Electricals IPO was subscribed 90.27 times based on the supplied closing-day snapshot for September 10, 2026. Demand accelerated significantly during the final session, particularly from Qualified Institutional Buyers.

The QIB category recorded the highest demand in the supplied final-day snapshot, reaching 215.37 times. Institutional subscription rose sharply from 0.04 times on Day 1 and 6.50 times on Day 2, indicating that a substantial portion of institutional bidding arrived during the closing session. 

The NII category was subscribed 87.60 times in the supplied snapshot. NII demand had already crossed full subscription on the opening day at 4.88 times, before increasing to 19.22 times on Day 2 and rising further on the final day. 

The Retail category was subscribed 19.92 times in the supplied closing snapshot. Retail participation increased from 3.31 times on Day 1 to 8.49 times on Day 2 before reaching nearly 20 times on the final day. 

Overall subscription increased from 2.71 times on Day 1 to 10.22 times on Day 2, before reaching 90.27 times in the supplied closing-day snapshot. 

Later final exchange-linked data recorded the IPO at 90.59 times overall, with QIBs subscribed 215.37 times, NIIs 87.74 times and Retail Investors 20.51 times. The final public offer received bids for approximately 105.93 crore shares against 1.17 crore shares available for subscription, excluding the anchor portion. The table above retains the supplied snapshot for consistency. 

Kanohar Electricals IPO Share Price and Investment Details 

Kanohar Electricals IPO price band was fixed at ₹601 to ₹632 per share, with a lot size of 23 shares. At the upper price of ₹632, the minimum Retail Investor application for one lot requires an investment of ₹14,536. 

Retail Investors can apply for up to 13 lots or 299 shares, corresponding to an investment of ₹1,88,968 at the upper price band. The minimum sNII application starts from 14 lots or 322 shares, requiring an investment of ₹2,03,504. 

The IPO aggregates to approximately ₹1,055.74 crore, comprising a fresh issue of ₹300 crore and an OFS of approximately ₹755.74 crore. The shares are proposed to list on both BSE and NSE. 

The offer includes approximately 83.52 lakh shares reserved for QIBs including anchor investors, 25.06 lakh shares for NIIs and 58.47 lakh shares for Retail Investors. Of the QIB allocation, approximately 50.11 lakh shares were allotted to anchor investors before the public issue. 

Based on the supplied closing snapshot, QIBs led demand at 215.37 times, followed by NIIs at 87.60 times and Retail Investors at 19.92 times. Overall subscription stood at 90.27 times. 

Given the level of oversubscription, competition for allotment is high across investor categories. The basis of allotment is scheduled for September 11, followed by refunds and share credit on September 15 and the proposed BSE and NSE listing on September 16. 

Utilisation of IPO Proceeds 

Kanohar Electricals proposes to utilise approximately ₹64.19 crore from the fresh issue proceeds towards funding capital expenditure requirements at its manufacturing operations. 

The capital expenditure is intended to support the company's manufacturing infrastructure at its Gangol and Rithani facilities, as it expands capacity to address its transformer and power-infrastructure order pipeline. 

The company also proposes to utilise approximately ₹15.50 crore towards incremental working-capital requirements. This is intended to support business expansion and execution of its order book. 

The remaining eligible net proceeds from the fresh issue are proposed to be utilised towards general corporate purposes, subject to applicable regulatory limits. 

The IPO also includes an OFS of approximately ₹755.74 crore, representing around 72% of the overall issue size. Proceeds from the OFS will accrue to the selling shareholder and will not be available to Kanohar Electricals for capital expenditure, working capital or other corporate requirements. 

Business Overview 

Kanohar Electricals operates primarily in India's power transmission and distribution equipment sector, manufacturing transformers and undertaking EPC projects for power infrastructure. Its operations span equipment manufacturing as well as turnkey execution of substations and transmission lines. 

The company's transformer manufacturing facilities have an annual installed capacity of 15,000 MVA. Its backward-integrated operations include in-house manufacturing of transformer tanks and radiators, reducing its dependence on third-party suppliers for certain important components. 

Its EPC capabilities cover substations up to 400 kV and transmission lines at 132 kV, 220 kV and 400 kV. The company has supplied transformers and undertaken projects for central and state government utilities, PSUs, railways and private-sector customers. 

Power transformers were the company's largest product segment and accounted for approximately 57.09% of FY26 revenue from operations. The company also had a sizeable order pipeline, including ₹573.26 crore of orders from PGCIL as of March 31, 2026. 

Revenue from operations increased from ₹276.69 crore in FY24 to ₹450.61 crore in FY25 and ₹653.84 crore in FY26. Total income increased to ₹662.86 crore in FY26 from ₹457.30 crore in FY25 and ₹281.12 crore in FY24. 

Profit after tax increased from ₹17.76 crore in FY24 to ₹65.12 crore in FY25 and ₹129.73 crore in FY26. Operating EBITDA increased from approximately ₹31.07 crore in FY24 to ₹93.39 crore in FY25 and ₹180.42 crore in FY26. 

Key strengths include the company's long operating history, integrated transformer manufacturing capabilities, presence across manufacturing and EPC activities, established relationships with government utilities and growth in revenue and profitability over FY24-FY26. 

Investors should also consider risks associated with customer concentration, dependence on government and PSU orders, raw-material price fluctuations, project execution, working-capital requirements and capacity-expansion execution. Central and state utilities and PSUs accounted for approximately 85.37% of FY26 revenue from operations, making customer concentration an important consideration.