Kanohar Electricals Limited IPO

What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.

1. 01Funding 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.
   ₹64.18 Cr
2. 02Funding the incremental working capital requirements of our Company
   ₹155 Cr
3. 03General corporate purposes
   ₹55.5 Cr

Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.

Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.

Kanohar Electricals Limited is a company engaged in transformer manufacturing and engineering, procurement and construction (EPC) activities in the power transmission and distribution sector. Its transformer manufacturing business covers transformers used in power transmission, railways, renewable energy, and power distribution. As of March 31, 2026, the company had short circuit test certification for 500 MVA 400 kV transformers and had conducted short circuit testing for more than 200 ratings. It is also certified by the Research Designs and Standards Organisation (RDSO) to manufacture 100 MVA 132 kV Scott transformers and is certified to manufacture 100 MVA 220 kV Scott transformers for railway electrification. Through its EPC business, the company undertakes turnkey installation of air and gas-insulated substations, bay augmentation of existing substations up to 400 kV, and transmission lines across 132 kV, 220 kV, and 400 kV. Its EPC activities include design, engineering, procurement, supply, erection, testing, and commissioning of electrical infrastructure.