Kanohar Electricals Returns to Dalal Street After 16 Years With ₹1,055.7-Crore IPO

Kanohar Electricals is getting ready for a second stint on Dalal Street after 16 years away from the stock market.

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On September 8, the transformer manufacturer based in Uttar Pradesh is scheduled to issue an IPO worth ₹1,055.7 crore. The company's background in the public markets is what makes the problem unique: Prior to voluntarily delisting its shares in 2010, Kanohar Electricals was listed on three stock markets in 1995. 

Now, the company is returning with a price band of ₹601-632 per share. At the upper end of that range, Kanohar Electricals would be valued at around ₹5,004.6 crore. 

Why Did Kanohar Electricals Delist in 2010? 

Kanohar Electricals first entered the public market more than three decades ago. 

Its shares were listed on the Uttar Pradesh Stock Exchange on October 31, 1995, followed by the Delhi Stock Exchange on November 1 and the Bombay Stock Exchange on November 13. 

But trading in the company’s shares failed to generate sufficient activity. 

According to the company’s red herring prospectus, low liquidity and trading volumes were behind its decision to voluntarily delist. 

The shares were removed from the BSE on July 12, 2010, followed by the Delhi Stock Exchange on August 30 and the Uttar Pradesh Stock Exchange on October 20 that year. 

Sixteen years later, Kanohar Electricals is now looking to return to the listed market. 

How the ₹1,055.7-Crore IPO Is Structured 

The public issue combines a fresh issue with an offer for sale (OFS). 

Kanohar Electricals plans to raise up to ₹300 crore through fresh shares. Separately, promoter entity K Sons Family Trust will sell 1.19 crore shares through the OFS. 

At the upper end of the price band, the OFS is worth approximately ₹755.7 crore. 

Investors can bid for a minimum of 23 shares and in multiples of 23 thereafter. At ₹632 per share, the minimum retail investment works out to ₹14,536, while the maximum investment will be ₹1,88,968. 

The IPO will remain open from September 8 to September 10. The company expects the share allotment to be finalised by September 11, with the stock likely to list on September 16. 

Where Will the Fresh Money Go? 

Kanohar Electricals has laid out specific plans for the ₹300 crore it intends to raise through the fresh issue. 

Of this, ₹64.1 crore will be directed towards capital expenditure and other infrastructure requirements. 

The spending includes new machinery and equipment, civil construction and interior development of an office building at the company’s Gangol manufacturing facility, solar power plants at its manufacturing facilities, and the purchase of electric trucks and forklifts. 

Another ₹155 crore has been earmarked for incremental working-capital requirements. 

The remaining proceeds from the fresh issue will be used for general corporate purposes. 

Revenue Jumps 45% as Profit Nearly Doubles 

Kanohar Electricals enters the IPO with a sizeable order book and a sharp increase in its FY26 financial performance. 

As of March 2026, Kanohar Electricals had an order book totaling ₹1,818.3 crore. 

In FY26, revenue climbed 45.1% to ₹653.8 crore from ₹450.6 crore in the preceding fiscal year. 

Profit for the year nearly doubled, rising from ₹65 crore in FY25 to ₹129.7 crore in FY26. 

Transformers remain the company’s main business, contributing 83% of its topline in FY26. The engineering, procurement and construction (EPC) business accounted for another 16%, with the remaining contribution coming from other activities. 

What Does Kanohar Electricals Do? 

Promoted by IIT alumnus Dinesh Singhal, Kanohar Electricals manufactures transformers and undertakes EPC projects in the power transmission and distribution segment. 

Its EPC operations allow it to execute turnkey projects involving substations and transmission lines alongside its transformer manufacturing operations. 

The company currently operates two manufacturing facilities in Uttar Pradesh, located at Rithani and Gangol. Together, the two plants have a transformer manufacturing capacity of 19,200 MVA. 

The segment also includes listed companies such as Hitachi Energy India, Bharat Heavy Electricals, Schneider Electric Infrastructure, CG Power and Industrial Solutions, Transformers & Rectifiers (India), and GE Vernova T&D India. 

A Rare Return to the Public Market 

Kanohar Electricals’ IPO is more than a conventional market debut because the company has already been through the listing-and-delisting cycle once before. 

It first became publicly traded in 1995, left the exchanges in 2010 after citing low liquidity and trading volumes, and is now returning with a ₹1,055.7-crore IPO. 

With bidding beginning on September 8, the upcoming issue will mark the company’s return to the stock market after a 16-year absence.