Shares of Kanohar Electricals surged as much as 15% to an intraday high of Rs 863 on the BSE on Thursday, extending their gains for a second straight session. The stock has now rallied 36% from its issue price of Rs 632 after making its market debut on Wednesday.
Kanohar Electricals listed at an 8% premium to its issue price on Wednesday, before strong buying interest drove the stock as much as 19% higher during the session. The Rs 1,055.74 crore IPO was subscribed 90.59 times overall, with the retail portion receiving bids for 20.51 times the shares on offer. The NII category was subscribed 87.74 times, while the QIB portion saw a staggering 215.37 times subscription.
What should Kanohar Electricals shareholders do?
Ravi Singh of Master Capital Services said that in the short term, investors may focus on the company’s order-book execution, revenue growth and ability to maintain profitability amid expansion, while long-term investors may track its capacity expansion, order-book growth and presence in the transformer and power equipment market. Upcoming results could provide further visibility on order inflows, capacity utilisation, margin stability and cash-flow generation.
Power transformers, the largest segment, are expected to grow from Rs 21,612 crore in CY25 to Rs 32,329 crore by CY30, registering an 8.4% CAGR. The traction transformer market grew from Rs 1,340 crore in CY19 to Rs 1,992 crore in CY25, at a 6.8% CAGR, and is projected to reach Rs 2,936 crore by CY30, growing at an 8.1% CAGR, driven by railway electrification, locomotive modernisation and the rollout of Vande Bharat and Namo Bharat trains, Singh added.
Kanohar Electricals reported a 45% year-on-year increase in total income, rising from Rs 457.30 crore in FY25 to Rs 662.86 crore in FY26. The company also recorded strong growth in profitability during the period. Profit after tax (PAT) nearly doubled, climbing 99% from Rs 65.12 crore in FY25 to Rs 129.73 crore in FY26, highlighting a significant improvement in its bottom line.
Kanohar Electricals Limited is an Indian transformer manufacturer serving the power transmission, railways, renewable energy and power distribution sectors. The Company operates across two segments: transformer manufacturing and EPC services.
It is one of only four Indian manufacturers certified by RDSO to manufacture 100 MVA, 132 kV Scott transformers. Kanohar operates two manufacturing facilities in Meerut, Uttar Pradesh, with a combined transformer manufacturing capacity of 19,200 MVA as of March 31, 2026. The Company also has five regional offices across India and a workforce of 526+ employees.
Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.
