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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Capital Expenditure for Meerut Gangol Facility Expansion and Sustainability
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Funding Incremental Working Capital Requirements
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General Corporate Purposes
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(₹ in Crore)
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Incorporated in 1972, Kanohar Electricals Limited is a leading Indian manufacturer specializing in heavy power electrical transformers and grid infrastructure. The company operates through two major business segments: transformer manufacturing and Engineering, Procurement, and Construction (EPC) services. Its products serve critical power infrastructure networks across electricity transmission utilities, Indian Railways, power generation plants, and renewable energy projects. Kanohar Electricals operates two manufacturing plants located at Rithani and Gangol in Meerut, Uttar Pradesh, with an aggregate installed manufacturing capacity of 19,200 MVA of transformers as of September 30, 2025. The company is one of only four manufacturers in India accredited by the Research Designs and Standards Organisation (RDSO) of Indian Railways for manufacturing 100 MVA 132 kV Scott transformers. Additionally, it possesses short-circuit test certifications for transformers up to 500 MVA 400 kV from renowned laboratories such as CPRI and NHPTL. In its EPC segment, the firm delivers turnkey solutions for electrical substations and transmission lines up to 400 kV voltage levels across India. The company supports its nation-wide client operations through five regional offices located in New Delhi, Mumbai, Kolkata, Bengaluru, and Chennai, backed by a workforce of over 497 employees. Driven by increasing national electricity demand, grid modernization initiatives, and expanding renewable energy integration, Kanohar Electricals maintains a strong executable order pipeline providing robust multi-year revenue visibility across public utilities and private industrial clients.
Kanohar Electricals Limited raised INR 316.72 crore from 42 anchor investors by allocating 50,11,424 equity shares at INR 632 per share on September 7, 2026, with major participation from ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, and Ashoka Whiteoak.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 September 2026, 12:50 AM
Five-Decade Track Record
Over fifty years of specialized manufacturing experience in heavy power electrical transformers and grid infrastructure.
Short-Circuit Test Certification
Proven technical qualification with short-circuit test certification for 500 MVA 400 kV transformers enabling participation in high-voltage utility bids.
Robust Order Book
Substantial executable order pipeline exceeding INR 1,818 crore providing multi-year revenue visibility.
Integrated In-House Capabilities
Comprehensive operations encompassing customized design, dual-plant manufacturing in Meerut, and end-to-end turnkey EPC execution.
High Customer Concentration
Significant revenue concentration with top ten client entities contributing over ninety percent of overall revenue.
Dependence on Public Tenders
Primary reliance on state electricity utilities and government tender awards, exposing business to procurement timelines.
Geographic Operational Concentration
Manufacturing infrastructure is centralized at two facilities situated within Meerut, Uttar Pradesh.
Kanohar Electricals Limited
MUFG Intime India Private Limited
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Working Capital Intensity
Capital-intensive operational model subject to commodity price fluctuations for copper, electrical steel, and transformer oil.