Kanohar Electricals Limited
PROSPECTUS · filed 15 Sept 2026
Kanohar Electricals Limited manufactures transformers and is raising Rs 300 crore through a fresh issue with no offer for sale. The company has a low debt-to-equity ratio of 0.1 and generated Rs 0 crore in revenue from Shunt reactors and Renewable energy in Fiscal 2026 and 2025. The IPO is subject to high-severity risks regarding revenue and customer concentration in the power transmission, railways, and renewable energy sectors, as well as the under-utilization of manufacturing capacities.
What stands out
Risk factor. A significant portion of our revenue (83.43% in Fiscal 2026) is derived from our Transformer Manufacturing Business, which is dependent on the power transmission, railways, and renewable energy sectors.
Risk factor. A significant portion of our revenue (96.83% in Fiscal 2026) is generated from customers operating in the power transmission, railways, and renewable energy sectors.
Risk factor. Under-utilization of manufacturing capacities could adversely affect our business, future prospects and future financial performance. Capacity utilization was 45.99% in Fiscal 2026, 29.70% in Fiscal 2025, and 16.46% in Fiscal 2024.
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
Low leverage. Debt-to-equity of 0.10x.
How the offer is structured
Fresh issue
₹300 Cr
New capital into the company
OFS share
0%
- Funding the capital expenditure requirements of our Company towards: (i) purchase of new machinery and equipment for our Gangol Manufacturing Facility for increasing our transformer manufacturing capacity, expanding and automating our backward integration facilities and enhancing operational efficiency; (ii) civil construction and interior development of an office building at our Gangol Manufacturing Facility; and (iii) enhancing our sustainability initiatives by (a) setting up of solar power plants at our Manufacturing Facilities, and (b) purchasing Electric Vehicles for handling and movement at our Gangol Manufacturing Facility.₹64.2 Cr
- Funding the incremental working capital requirements of our Company₹155 Cr
- General corporate purposes₹55.5 Cr
Promoters, litigation & related parties
Promoter (pre)
92.8%
Related-party
9.5%
Share of revenue
Risks the company discloses
A significant portion of our revenue (83.43% in Fiscal 2026) is derived from our Transformer Manufacturing Business, which is dependent on the power transmission, railways, and renewable energy sectors.(Revenue Concentration)
A significant portion of our revenue (96.83% in Fiscal 2026) is generated from customers operating in the power transmission, railways, and renewable energy sectors.(Customer Concentration)
Under-utilization of manufacturing capacities could adversely affect our business, future prospects and future financial performance. Capacity utilization was 45.99% in Fiscal 2026, 29.70% in Fiscal 2025, and 16.46% in Fiscal 2024.(Operational)
We manufacture five different types of transformers with customized technical specifications. Any failure to successfully manufacture and market these products, whether on account of regulatory changes or changes in technologies, could adversely affect our business.(Product Risk)
A downturn or negative trends in the power transmission, railways, or renewable energy sector due to reasons such as consumer demand, changes in governmental policies, environmental regulations, or commodity prices could result in loss of business or reduction in volume.(Market Risk)
We have not experienced any material sustained decline in the sale of our Transformer Manufacturing Business in the last three Fiscals, but there is no assurance that we will not face any decline in the future.(Market Risk)
The revenue from operations for Fiscal 2026 and Fiscal 2025 is ‘Nil’ for Shunt reactors due to operational reasons as the Company has focused on prioritising orders from other sectors.(Operational)
The revenue from operations for Fiscal 2026 and Fiscal 2025 is ‘Nil’ for Renewable energy due to operational reasons as the Company has focused on prioritising orders from other sectors.(Operational)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.