Kanohar Electricals IPO Lists at 8.47% Premium on NSE

Kanohar Electricals shares made a positive stock market debut on September 16, 2026, listing at ₹685.50 per share on the NSE, an 8.47% premium over the IPO issue price of ₹632 per share. On the BSE, the stock debuted at ₹672.05 per share, representing a 6.34% premium over the issue price.

The listing followed the company’s ₹1,055.74 crore IPO, which was open for subscription from September 8 to September 10, 2026. The issue witnessed strong investor interest and was subscribed 90.59 times by the end of the bidding period.

Kanohar Electricals’ IPO comprised a fresh issue of up to ₹300.00 crore and an offer for sale of up to ₹755.74 crore, aggregating to an issue size of up to ₹1,055.74 crore.

Kanohar Electricals Limited is a transformer manufacturer catering to the power transmission, railway, renewable energy and power distribution sectors. The company operates across two business segments: transformer manufacturing and Engineering, Procurement and Construction (EPC).

Kanohar Electricals IPO Listing Details

Kanohar Electricals launched its ₹1,055.74 crore book-built IPO, comprising a fresh issue of up to ₹300.00 crore and an offer for sale of up to ₹755.74 crore. The bidding window opened on September 8 and closed on September 10, 2026.

The IPO price band was fixed at ₹601 to ₹632 per equity share, with a face value of ₹2 per share. The minimum lot size was 23 shares, requiring a minimum investment of ₹14,536 at the upper end of the price band.

The IPO received an overall subscription of 90.59 times by the end of the bidding period. Qualified Institutional Buyers subscribed 215.37 times, Non-Institutional Investors 87.74 times and Retail Individual Investors 20.51 times.

Kanohar Electricals subsequently made its stock market debut at ₹685.50 per share on the NSE against the issue price of ₹632, resulting in a listing premium of 8.47%. On the BSE, shares opened at ₹672.05, representing a premium of 6.34%.

• Issue Price: ₹632 per share
• NSE Listing Price: ₹685.50 per share
• NSE Listing Premium: 8.47%
• BSE Listing Price: ₹672.05 per share
• BSE Listing Premium: 6.34%
• IPO Size: Up to ₹1,055.74 crore
• Fresh Issue: Up to ₹300.00 crore
• Offer for Sale: Up to ₹755.74 crore
• Minimum Lot Size: 23 shares
• Minimum Investment: ₹14,536
• IPO Open Date: September 8, 2026
• IPO Close Date: September 10, 2026
• Listing Date: September 16, 2026
• Exchanges: BSE and NSE

First-Day Trading Performance

Listing Price: Kanohar Electricals share price debuted at ₹685.50 per share on the NSE against the IPO issue price of ₹632, resulting in an 8.47% listing premium.

On the BSE, Kanohar Electricals shares opened at ₹672.05 per share, representing a 6.34% premium over the IPO issue price.

The positive debut followed the company’s ₹1,055.74 crore IPO, which received an overall subscription of 90.59 times.

Investor demand was led by Qualified Institutional Buyers, whose portion was subscribed 215.37 times. The Non-Institutional Investor portion was subscribed 87.74 times, while the Retail Individual Investor category was subscribed 20.51 times.

The listing performance indicated that the stock entered the secondary market above the price at which shares were offered to IPO investors on both the NSE and BSE.

Growth Drivers and Challenges

Growth Drivers

Transformer Manufacturing Capabilities: Kanohar Electricals manufactures transformers catering to power transmission, railway, renewable energy and power distribution applications.

Testing Capabilities: As of March 31, 2026, the company was among five Indian companies certified to conduct short-circuit testing of 500 MVA, 400 kV transformers and had successfully tested over 200 transformer ratings.

Railway Presence: The company is among the manufacturers approved by the Research Designs and Standards Organisation (RDSO) for Scott transformers used in railway electrification.

Integrated Operations: Its backward-integrated manufacturing facilities support in-house transformer production, while its EPC division undertakes turnkey substation and transmission line projects.

Financial Growth: Revenue from operations increased to ₹653.84 crore in FY26 from ₹450.61 crore in FY25, while profit after tax rose to ₹129.73 crore from ₹65.12 crore.

Challenges

Project Execution: The EPC business is exposed to risks associated with timely execution and completion of projects.

Capital Requirements: Transformer manufacturing and expansion activities can require significant capital expenditure and working capital.

Order Dependence: Revenue growth depends on securing and successfully executing orders across the power, railway and renewable energy sectors.

Industry Competition: The company operates in a competitive transformer manufacturing and EPC market.

Sector Exposure: Business performance may be influenced by investment and project activity across the power transmission, distribution, railway and renewable energy sectors.

Utilisation of IPO Proceeds

Kanohar Electricals’ IPO comprised a fresh issue of up to ₹300.00 crore and an offer for sale of up to ₹755.74 crore, aggregating to an issue size of up to ₹1,055.74 crore.

The company intends to utilise the net proceeds from the fresh issue towards funding its capital expenditure requirements.

A portion of the proceeds will also be used to fund the company’s incremental working capital requirements.

The remaining proceeds are intended to be utilised for general corporate purposes.

The public issue comprised:

• Fresh issue of up to ₹300.00 crore
• Offer for sale of up to ₹755.74 crore
• Total IPO size of up to ₹1,055.74 crore

Nuvama Wealth Management Limited and IIFL Capital Services Limited managed the issue, while MUFG Intime India Private Limited acted as the registrar.

Business and IPO Overview

Kanohar Electricals Limited is a transformer manufacturer catering to the power transmission, railway, renewable energy and power distribution sectors.

As of March 31, 2026, the company was among five Indian companies certified to conduct short-circuit testing of 500 MVA, 400 kV transformers and had successfully tested over 200 transformer ratings.

The company is also among the manufacturers approved by the Research Designs and Standards Organisation (RDSO) for Scott transformers used in railway electrification.

Kanohar Electricals operates across two business segments: transformer manufacturing and Engineering, Procurement and Construction (EPC).

Its backward-integrated manufacturing facilities enable in-house transformer production. The company’s EPC division executes turnkey substation and transmission line projects for the power transmission and distribution industry.

Kanohar Electricals recorded revenue from operations of ₹653.84 crore in FY26, compared with ₹450.61 crore in FY25 and ₹276.69 crore in FY24.

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

Kanohar Electricals entered the public markets through a ₹1,055.74 crore IPO comprising a fresh issue of up to ₹300.00 crore and an offer for sale of up to ₹755.74 crore. The issue opened on September 8 and closed on September 10, 2026, with a price band of ₹601 to ₹632 per share.

The IPO received an overall subscription of 90.59 times by the end of the bidding period, with the QIB portion subscribed 215.37 times, the NII portion 87.74 times and the retail portion 20.51 times.

Kanohar Electricals made a positive stock market debut on September 16, 2026. Shares listed at ₹685.50 on the NSE, an 8.47% premium over the ₹632 issue price, while the BSE listing price of ₹672.05 represented a premium of 6.34%.