Kanohar Electricals IPO Financials, Risk Factors, Peers & Objects of Issue

An investor-focused breakdown of the Kanohar Electricals IPO offer document: restated financial performance, key ratios, valuation across the price band, competitive strengths, risk factors, listed peers, objects of the issue and the business model, all drawn from the company's RHP disclosures.

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Kanohar Electricals IPO Financial Performance (Restated)

Here is how the books have moved over the last three financial years:

All figures in ₹ Crore unless stated otherwise. Source: restated financials disclosed in the offer documents.

Profits have scaled from ₹17.76 Cr to ₹30.67 Cr over two years; the borrowings-to-net-worth ratio has eased to about 0.15. For investors, the trend matters more than any single year, steady compounding with contained leverage is what institutional bidders typically reward, while a late spike in borrowings deserves scrutiny against the stated objects of the issue.

Kanohar Electricals IPO Key Performance Indicators (KPI)

Reading these numbers. RoE and RoCE measure how efficiently the business turns shareholder capital into profit; anything in double digits is respectable, mid-twenties plus is strong. A debt-to-equity ratio well below 1 signals a balance sheet that does not depend on lenders. NAV per share anchors the book value of your bid, while price-to-book tells you how many rupees the issue is charging for each rupee of that book, compare it with listed peers in the same sector before deciding whether the premium is justified.

Kanohar Electricals IPO Risk Factors (per RHP)

It is essential to read the complete risk factors in the offer document before investing; this list summarises the key disclosures only.

Kanohar Electricals IPO Business Model

• The company is engaged in the business of engineering, procurement and construction (EPC) for power transmission lines, as evidenced by the appointment of Mohd Azad Khan as president - transmission line who leads the transmission line EPC function.

Kanohar Electricals IPO Industry Snapshot

• India's total installed power capacity reached 475 GW in March 2025, with renewables at 220.1 GW (46% share), targeting 500 GW non-fossil capacity by 2030 and 596 GW renewable by FY32 per NEP 2023.
• Renewable capacity grew from 132 GW (FY20) to 219 GW (FY25) at 10.6% CAGR; solar surged at ~25% CAGR to 105.6 GW (Mar'25), wind at 50 GW, hydro 47 GW, small hydro 5.1 GW, bioenergy 10.7 GW.
• Renewable generation rose from 191 BU (FY15) to 404 BU (FY25) at 7.8% CAGR; solar's share jumped from 3% to 48%, wind 15% to 23%, hydro (excl. small) fell from 68% to 22%.
• Key demand drivers: GDP growth & low per-capita consumption, urbanization, Power for All (PFA) rural electrification, Make in India (mfg share 17%→25% by 2047), railway electrification (98.8% in FY25), EV penetration 7.8% (FY25) targeting 30% by 2030, C&I decarbonization via open access.
• Major government schemes: Green Energy Corridor Phase-II (ISTS for 13 GW Ladakh RE, Rs 20,774 Cr, 40% CFA), Solar Park Scheme (Mode 8: Rs 0.05/unit facilitation), National Green Hydrogen Mission, RTC bundling policy, TBCB for transmission, ISTS cost socialization, RDSS for DISCOM reform, PLI for power equipment, NERPSIP for Northeast grid.
• Investment pipeline: Generation FY23-27 Rs 14.54 lakh Cr (Renewables Rs 11.15 lakh Cr: Solar Rs 6.81 lakh Cr, Wind Rs 2.31 lakh Cr, BESS Rs 0.57 lakh Cr); FY27-32 Rs 19.06 lakh Cr (Renewables Rs 16.78 lakh Cr: Solar Rs 7.97 lakh Cr, Wind Rs 3.31 lakh Cr, BESS Rs 2.93 lakh Cr, Offshore Wind Rs 0.27 lakh Cr). Transmission 2022-27 Rs 4.25 lakh Cr, 2027-32 Rs 4.91 lakh Cr.

Kanohar Electricals IPO Listed Peers (per RHP)

Kanohar Electricals valuation versus listed peers in the same industry, from the RHP peer set. The highlighted This IPO column shows how the issue compares on P/E and return on net worth; green marks a cheaper multiple or a stronger ROE relative to the peer median.

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Last updated: 02 Sep 2026, 22:24 IST