Kanohar Electricals IPO - Listing Performance & Details

Kanohar started out in Meerut, Uttar Pradesh back in 1972 — originally as a private limited company before going public and listing on the BSE in 1995. Over five decades, it has stayed focused on one core area: power transformers and the infrastructure that goes around them.

The company makes power transformers up to 500 MVA at 400 kV — which puts it in a fairly small group. Only five manufacturers in India hold the short circuit test certification for transformers at that scale. That's not a marketing claim; it's a technical bar that most manufacturers haven't cleared. They also make Scott-connected traction transformers for Indian Railways, used specifically for electrifying rail networks — another niche where very few manufacturers operate.

Beyond manufacturing, Kanohar has expanded into EPC work — meaning they'll take on full turnkey contracts for substations, switchyards, and transmission lines up to 400 kV. They got into Gas Insulated Switchgear (GIS) through a technical tie-up with Chung-Hsin Electric of Taiwan, which happened in 2011. Transmission line EPC came later, around 2022.

The customer base is fairly focused: power utilities, railways, renewable energy projects, and EPC contractors who need large-scale electrical equipment with proper type testing behind it.

In 2025, they expanded their transformer manufacturing capacity to 19,200 MVA per year. The plant is in Rithani on Delhi Road, Meerut — same location they've operated from for decades. About 422 people work there. Revenue for FY2024 came in at around ₹305 crore.

It's a mid-sized, technically specialized company that's quietly been part of India's power infrastructure for a long time, without much noise about it.