Kanohar Electricals IPO GMP Today – Price Band & Key Details
The Kanohar Electricals IPO has finally kicked off, as eager investors rush to the bidding process. Bidding opened on September 8, 2026, and the issue was completely booked within just two hours.
If you have been following up on Kanohar Electricals IPO news, you must have heard of the jargon “Kanohar Electricals IPO GMP.” The grey market premium has been hotly debated, and rightly so, as it gives a healthy outlook of the expected issue.
What is the latest Kanohar Electricals IPO GMP, what does it imply for the investors, and whether one should subscribe? Let us discuss that, along with all the key details of the IPO.
Table of Contents
Current Kanohar Electricals IPO GMP – What Does It Mean?
As of today, September 8, 2026, the Kanohar Electricals IPO is trading at a grey market premium of nearly Rs 196 per share. With the highest price in the band being at Rs 632, the shares might list at Rs 828 each.
This can imply a listing gain of nearly 31% over the issue price.
However, it is important to reiterate that the Grey Market Premium (GMP) is an unofficial indicator used to signify the expected listing price of an issue based on grey market trades.
Since GMP is unregulated, the Securities and Exchange Board of India (SEBI) deems it unofficial and non-recognised. Moreover, as the grey market operates outside the purview of the regulators, the figures can fluctuate rapidly over a short time duration.
So, while a 31% GMP is an attractive figure, you should treat it with caution.
Overview Of The Kanohar Electricals IPO
| Particulars | Details |
|---|---|
| IPO Size | Rs 1,055.74 crore |
| Fresh Issue | Rs 300 crore (47.47 lakh shares) |
| Offer for Sale (OFS) | Rs 755.74 crore (1.20 crore shares) |
| Price Band | Rs 601 – Rs 632 per share |
| Lot Size | 23 shares |
| Minimum Investment | Rs 14,536 (at upper price band) |
| Subscription Dates | September 8 – September 10, 2026 |
| Allotment Finalisation | September 11, 2026 (tentative) |
| Listing Date | September 16, 2026 (tentative) |
| Listing On | BSE and NSE |
The Kanohar Electricals IPO is a book-built offer, implying that the allotment price will be decided based on the demand. Nuvama Wealth Management and IIFL Capital Services are the book-running lead managers for the IPO, while MUFG Intime India is the registrar.
About The Company
Founded in 1972 in Meerut, Uttar Pradesh, Kanohar Electricals has been a well-known company in the Indian manufacturing space. Back in 1995, Kanohar Electricals was listed on Indian stock exchanges. However, the company delisted itself in 2010 due to a lack of liquidity and trading. With this IPO, the company will be making its return to the stock markets, after 16 years.
Kanohar Electricals is a transformer manufacturer with two verticals — transformer manufacturing and EPC (engineering, procurement and construction).
Transformer Manufacturing: 83.4% of revenue comes from this segment, which specialises in manufacturing power, traction, Scott, distribution and shunt reactors. It has clients from the power transmission and distribution, railways (Indian Railways), renewable energy and power sectors.
EPC: This segment involves executing turnkey projects of constructing substations and transmission lines.
Kanohar Electricals is among the four manufacturers certified by the Research Designs and Standards Organisation (RDSO) — research wing of Indian Railways — to manufacture 100 MVA 132 kV Scott transformers.
The company has two manufacturing units in Meerut — Rithani and Gangol — which together have a 19,200 MVA transformer manufacturing capacity as of March 2026. Kanohar Electricals has five regional offices in Delhi, Mumbai, Kolkata, Bangalore and Chennai, and has established its sales office in Singapore.
Financials Of Kanohar Electricals
Kanohar Electricals has had a stellar financial performance in recent years, part of which has contributed to the Kanohar Electricals IPO GMP.
| Financial Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | Rs 276.6 crore | Rs 457.3 crore | Rs 653.8 crore |
| Profit After Tax (PAT) | Rs 17.7 crore | Rs 65.12 crore | Rs 129.73 crore |
| EBITDA | Rs 31.1 crore | Rs 93.39 crore | Rs 180.42 crore |
| Order Book | Rs 596 crore | – | Rs 1,818 crore |
Revenue from operations grew at a 53.7% yearly growth rate (CAGR) between FY24 and FY26, while EBITDA grew even faster, at 141%. Profit after tax nearly doubled in FY26, rising 99% compared to the previous year.
Meanwhile, Kanohar Electricals has seen a sharp jump in its order book — from Rs 596 crore in FY24 to Rs 1,818 crore by March 2026.
At the top price of Rs 632, the company would be valued at around Rs 5,004.6 crore, which works out to a price-to-earnings (P/E) ratio of 38.6 times of its FY26 earnings.
Subscription Status Of IPO
The IPO witnessed an overwhelming response on Day 1, as it was fully subscribed within two hours of opening for subscriptions.
As of 12:07 PM on September 8:
- The non-institutional investor (NII) portion was subscribed 1.47 times.
- The retail portion was subscribed 1.38 times.
- The qualified institutional buyer (QIB) portion has seen only limited demand so far.
This implies that the retail and HNI investors were eager to subscribe to the IPO while the institutional investors were waiting to make their moves.
Anchor investors had already demonstrated faith in the IPO as Kanohar Electricals raised Rs 316.72 crore from the anchor investors. The company secured the participation of 42 financial institutions, including Ashoka Whiteoak ICAV, Allianz Global Investors, HSBC Global Investment Funds and HDFC Life Insurance.
What Do Broking Houses Say About Kanohar Electricals IPO?
Anand Rathi has recommended a “Subscribe – Long Term” rating for the IPO, as it is a high-growth story and has a healthy order book. The brokerage firm has stated that Kanohar Electricals has a good exposure to India’s growing power transmission and distribution sector. However, it has mentioned that the company has a high risk of customer concentration and dependence on transformer manufacturing and government orders.
Similarly, Kantilal Chhaganlal recommends subscribing for the long term to Kanohar Electricals IPO. The firm appreciates the company’s financial performance and the order book.
What Investors Should Beware Of Before Applying For IPO?
Despite the 31% GMP for Kanohar Electricals IPO, here are a few reasons why you should not get carried away.
GMP Is Officially Unofficial
Grey Market Premium (GMP) is considered an unofficial indicator as the figures are based on trades in the grey market. Since it is not regulated by any official body, it can fluctuate rapidly within a day or two. So, while a 31% GMP is an attractive figure, you should treat it with caution.
Capacity Utilisation Seems On The Lower Side
The company has a capacity of 19,200 MVA, but it is only utilising 46% of it in FY26. Back in FY24, that number was even lower — at 16.5%. This means that there is a risk the company may not be able to utilise its full capacity, which could affect its future performance.
Customer Concentration Risk
Government entities contribute to 85% of the company’s revenue, which is fairly high risk. Kanohar Electricals is dependent on the government spending and policy decisions. So, a change in the political landscape could adversely affect the company’s performance.
Similarly, supplier concentration is a risk — the top three suppliers account for 57% of the company’s raw material needs.
Valuation Seems To Be A Bit Premium
At 38.6x FY26 earnings, the valuation of Kanohar Electricals seems to be a bit premium compared to Transformers & Rectifiers (India). The latter trades at around 32.2x P/E.
However, Kanohar Electricals has performed better than the sector, as its revenue and EBITDA grew at a higher CAGR in the past two fiscal years.
Final Thoughts
The Kanohar Electricals IPO has seen a phenomenal response, and the IPO’s Day 1 subscription numbers, along with the Kanohar Electricals IPO GMP, are a testament to that. Kanohar Electricals has been a successful company with a good financial track record in the past two years. However, as always, it is important to do your own research and not get carried away by the hype around IPOs.
The Kanohar Electricals IPO GMP has been fairly attractive at 31%, but it is an unofficial figure, implying it can fluctuate rapidly. The company also faces risks like supplier and customer concentration while its valuation seems to be on the higher side.
As always, the cautionary advice from BuiltBusiness would be to conduct your own research and analyse the risks before investing in the Kanohar Electricals IPO.
FAQs
Q1. What is the current Kanohar Electricals IPO GMP?
Ans. As of September 8, 2026, grey market premium for the Kanohar Electricals IPO is about Rs 196 per share. This points to a possible listing gain of nearly 31% over the issue price of Rs 632.
Q2. What is the price band for the Kanohar Electricals IPO?
Ans. The price band is set between Rs 601 and Rs 632.
Q3. What is the lot size and minimum investment?
Ans. The lot size is 23 shares and the minimum investment at the upper price is Rs 14,536.
Q3. When does the IPO open and close?
Ans. Bidding for the IPO opens on September 8, 2026 and ends on September 10, 2026.
Q4. When will the shares be listed?
Ans. The tentative date for the shares to hit BSE and NSE is September 16, 2026.
Q5. Is grey market premium a reliable indicator?
Ans. The grey market premium is an unofficial indicator, so you should not rely on it blindly.
