Kanohar Electricals Ltd
We are one of the leading domestic players in transformer manufacturing in terms of revenue in Fiscal 2026. We cater to high growth industries such as power transmission, railways, renewable energy, and power distribution. As on March 31, 2026, we are one of five companies in India to have the short circuit test certification for 500 MVA 400 kV transformers that are used in the power transmission industry. We conduct short circuit testing of our transformers at a scale and as on March 31, 2026, have tested over 200 ratings. We are one of four manufacturers in India who are certified by Research Designs and Standards Organisation (RDSO), the research and development wing of Indian Railways, to manufacturing 100 MVA 132 kV Scott transformers. We are also one of two Indian manufacturers certified to manufacture 100 MVA 220 kV Scott transformers, both of which cater to the demand for rail network electrification from the Indian Railways. Through our backward integrated facilities, we offer a wide range of products and solutions for India's energy infrastructure, particularly in the manufacture of transformers with our in-house technology. We are led by our Promoter, Chairman and Managing Director, Dinesh Singhal, who is graduate of Indian Institute of Technology Roorkee (formerly known as University of Roorkee), with over 40 years of experience in the transformer manufacturing industry.
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Managers & Registrar
Ownership & Proceeds
Offer for Sale
Shareholding
Objects of the Issue
- Funding the capital expenditure requirements of the Company
- Funding the incremental working capital requirements of its Company
- General corporate purposes
Anchor Book
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 236 | 311 | 277 | 451 | 654 |
| Operating ProfitCr | 29 | 35 | 31 | 93 | 180 |
| OPM% | 12.4 | 11.3 | 11.2 | 20.7 | 27.6 |
| PBTCr | 25 | 30 | 26 | 88 | 174 |
| PATCr | 18 | 22 | 18 | 65 | 130 |
| EPS | 50 | 60 | 2 | 9 | - |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 4 | 4 | 4 | 4 | - |
| ReservesCr | 145 | 168 | 174 | 239 | - |
| BorrowingsCr | 12 | 21 | 43 | 33 | - |
| Total AssetsCr | 237 | 293 | 323 | 432 | - |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 24 | -23 | -16 | 79 | 26 |
| Investing Cash FlowCr | -1 | -3 | -13 | -62 | -22 |
| Financing Cash FlowCr | -16 | 7 | 12 | -18 | -4 |
| Net Cash FlowCr | 8 | -18 | -17 | 0 | 0 |
Strengths & Risks
- Established player in the transformer manufacturing sector catering to high growth industries.
- Successful short circuit testing of transformers up to 500 MVA 400 kV which enables us to compete for large, high-value contracts across sectors.
- Comprehensive presence across our Transformer Manufacturing Business and EPC Business enabling us to serve a large total addressable market.
- Integrated manufacturing facilities equipped to deliver high-quality products.
- Track record of executing orders for large and marquee clients.
- Experienced Promoters and management team with significant industry experience.
- Capitalize on industry tailwinds by strengthening our manufacturing capabilities and enhancing operational efficiencies at our Manufacturing Facilities.
- Strengthening our backward integration capabilities.
- Strategic focus on new product development and technology advancements.
- Commitment to robust execution standards for operational excellence.
- Ensure supply chain security through adequate working capital liquidity.
- The company derives a significant portion of its revenue from the Transformer Manufacturing Business. A reduction in demand for purchase of transformers could adversely affect the company's business, results of operations and financial condition.
- A significant portion of the company's revenue from operations is from its Transformer Manufacturing Business which is attributable to high growth sectors including the power transmission, railways and renewable energy sectors. Any economic cyclicality coupled with reduced demand or negative trend in these or other sectors that the company operates in, could have material adverse effect on its business, financial condition and results of operations.
- Under-utilization of the company's manufacturing capacities and an inability to effectively utilize its manufacturing capacities could have an adverse effect on the company's business, future prospects and future financial performance.
- The company depends on certain customers for a significant portion of its revenue from operations. In the Fiscals 2026, 2025 and 2024, the company's top 10 customers' contribution towards its revenue from operations was 93.16%, 93.88%, and 95.43%, respectively. Any decrease in demand from such customers, the loss of such customers or the company's inability to diversify its customer base could have an adverse effect on the company's business, financial condition and results of operations.
- If the company is unable to raise additional working capital or are unable to obtain financing on favourable terms or at all, its business and growth could be adversely affected.
- In the company's Transformer Manufacturing Business, its derives a significant portion of the company's revenue from the supply of power transformers to transmission utilities including state transmission companies in the power transmission sector. Additionally, its Transformer Manufacturing Business is largely dependent upon the demand for power generation, transmission and distribution which is closely linked to Government policies. Any economic downturn or change in government policy may have an adverse impact on the company's business, financial condition, cash flows and results of operations.