Kanohar Electricals
Transformer manufacturer for power transmission and distribution, with a backward-integrated plant at Gangol.
Last updated 24 Sept 2026, 1:18 pm IST
- Price band
- ₹601 – ₹632
- Lot size
- 23
- Issue size
- ₹1,055.74 Cr (₹300 Cr fresh + ₹755.74 Cr OFS)
- Opens
- 8 Sept 2026
- Closes
- 10 Sept 2026
- Exchange
- Both
The numbers
- GMP
- ₹241 (~38.1%) (14 Sep, 8:30 AM; was ₹236 on 11 Sep)
- Subscription
- 90.59× (final)
- Listing gain
- NSE +8.5% / BSE +6.3% (16 Sep)
- Listing date
- 16 Sept 2026
- Model prediction
- ~+40% expected → Strong Subscribe. Listed +8.5% NSE / +6.3% BSE (16 Sep), rallied to close day 1 at +18.9%; call overshot.
The Ticker Tales take
Kanohar Electricals makes transformers for power transmission and distribution, with its own backward-integrated plant at Gangol so it controls more of what goes into each unit. The ₹1,055.74 crore issue was mostly an offer for sale (₹755.74 crore), meaning existing owners cashed out and only ₹300 crore was fresh money for the company. Demand finished exceptionally strong at 90.59 times covered, with institutions at 215.37 times. We expected a strong listing — a pop of around 40%. It listed on 16 September at ₹685.50 on NSE, up only 8.5%, and ₹672 on BSE, up 6.3% — well short of our estimate. Buyers then came in through the day and it closed at ₹751.50, up 18.9%. We were right on direction and wrong on size: the grey market premium of about 38% simply did not turn up at the open.
More details
- Sector
- Transformers / power equipment
- FY26 PAT
- ₹129.7 Cr
- Registrar
- MUFG Intime India
- Issue type
- Book-built (₹300 Cr fresh + ₹755.74 Cr OFS)
- FY26 revenue
- ₹653.83 Cr
- Lead managers
- Nuvama Wealth Management, IIFL Capital Services
- Anil Singhvi - Long-term call
- Not clearly stated
- Anil Singhvi - Listing-gain call
- Not clearly stated
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Calls here follow a set formula (GMP, subscription trends) plus Anil Singhvi's publicly shared view — not investment advice. Please do your own research before investing.