⚠️ Neutral
Listed
Heavy Electrical Equipment
Kanohar Electricals Limited IPO
₹1056 Cr · Fresh Issue & OFS · Heavy Electrical Equipment
Price Band
₹601 – ₹632
Lot: 600 shares (₹379,200)
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹1056 Cr
Fresh Issue & OFS
Market Cap
₹5004.61 Cr
At upper band
P/E Ratio
38.6x
P/S: 7.7x
Listing Date
16 Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
08 Sep 2026
✓
Closes
10 Sep 2026
✓
Allotment
11 Sep 2026
✓
Refund
14 Sep 2026
✓
Listing
16 Sep 2026
IPO India Hub: Neutral
Conviction
6/10
The company shows exceptional growth (PAT CAGR 170.3%) and strong margins (NPM 19.6%, ROCE 47.61%), but valuation at 1.68× sector midpoint sits in the fair-to-stretched zone. The 71.6% OFS component and 90.59× subscription raise concerns about price discovery and post-listing supply pressure.
Listing Performance
Issue Price
₹632
Allotment price
Listing Price
₹672.05
+6.34% on listing day
Current Price (CMP)
₹927.5
+46.8% vs issue
Listed On
16 Sep 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profitability growth trajectory
Net profit grew from ₹17.8 Cr (FY-2) to ₹129.7 Cr (FY0), a 170.3% CAGR over two years. Revenue also accelerated sharply at 53.6% CAGR, signaling strong operational momentum in heavy electrical equipment demand.
✓ Strength
Strong margins and capital efficiency
Net profit margin of 19.6% and EBITDA margin of 20.73% exceed typical manufacturing norms. ROCE of 47.61% demonstrates efficient capital deployment, and debt/equity of 0.13x provides substantial financial flexibility for growth.
⚠ Risk
Majority OFS reduces fresh capital benefit
71.6% of the ₹1056 Cr issue is OFS (promoter/shareholder secondary sale), meaning only ~₹300 Cr flows to the company for capex and working capital. This limits the IPO's direct benefit to balance sheet strengthening and growth funding.
⚠ Risk
Extreme subscription and post-listing supply risk
90.59× subscription indicates severe demand-supply imbalance at the offer price, but 71.6% OFS means heavy secondary selling pressure post-listing. Promoter holding drops from 95.47% to 74.65%, releasing significant shares into the market.
₹ Valuation
Valuation sits at sector midpoint boundary
P/E of 38.6× is 1.68× the niche/unlisted sector midpoint of 23× (range 18–28×). While NPM of 19.6% supports a modest premium, the P/S of 7.7× and absolute P/E level leave limited margin of safety for a Mainboard listing.
👁 Watch
Monitor post-listing price stability and OFS execution
Track whether the stock stabilizes above the offer band after OFS completion, and watch for any guidance downgrades or order pipeline slowdown that could justify the premium valuation.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Kanohar Electricals Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹653.84 Cr
Net Profit
₹129.73 Cr
Industry
Heavy Electrical Equipment
Issue Type
Fresh Issue & OFS
Promoters
DINESH SINGHAL, ADESH SINGHAL, VIVEK SINGHAL, ABHISHEK SINGHAL, VIRAT SINGHAL, ADITYA SINGHAL AND K SONS FAMILY TRUST
Lead Managers
Nuvama Wealth Management and IIFL Capital
Quick Actions
Frequently Asked Questions
Neutral. The company shows exceptional growth (PAT CAGR 170.3%) and strong margins (NPM 19.6%, ROCE 47.61%), but valuation at 1.68× sector midpoint sits in the fair-to-stretched zone. The 71.6% OFS component and 90.59× subscription raise concerns about price discovery and post-listing supply pressure.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 600 shares. At the upper band price of ₹632, the minimum investment per retail application is ₹379,200. You can apply for up to 13 lots (₹4,929,600) under the retail category (up to ₹2 lakh).
The IPO opens on 08 Sep 2026. It closes on 10 Sep 2026. Allotment is expected on 11 Sep 2026. Refunds initiate on 14 Sep 2026. Listing on BSE and NSE is on 16 Sep 2026.
The lead managers for the IPO are Nuvama Wealth Management and IIFL Capital. Check the SEBI filing for the registrar details.
The IPO listed on 16 Sep 2026 at ₹672.05 against an issue price of ₹632 (+6.34% on listing day). The current market price (CMP) is approximately ₹927.5 (+46.8% vs issue).
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 10 Sep 2026. The minimum investment is ₹379,200 for one lot (600 shares). The company shows exceptional growth (PAT CAGR 170.3%) and strong margins (NPM 19.6%, ROCE 47.61%), but valuation at 1.68× sector midpoint sits in the fair-to-stretched zone. The 71.6% OFS component and 90.59× subscription raise concerns about price discovery and post-listing supply pressure.
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 10 Sep 2026. The IPO is priced at a P/E of 38.6x. Market cap at issue price is ₹5004.61 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 600 shares at ₹632 each, costing ₹379,200 per application. The issue closes on 10 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Kanohar Electricals Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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