Mumbai: The Initial Public Offering of Kanohar Electricals Limited was subscribed 10.22 times on the second day of bidding, demonstrating strong demand from retail and non-institutional investors for this IPO.

The issue received bids of 11,95,22,513 equity shares against the offered 1,16,93,326 equity shares, according to data available on the stock exchanges.

Retail Portion and Non-institutional portion were subscribed 8.49 times and 19.22 times, respectively. Qualified Institutional Buyers (QIB) was subscribed 6.50 times.

The issue will close for subscription on Thursday, September 10, 2026.

Brokerage Houses Recommend Company

Leading brokerage firms like Adroit Financial, Anand Rathi, GEPL Capital, SBI Securities, and Ventura Securities have given their “Subscribe” recommendation to Kanohar Electricals Limited, which is one of the leading domestic players in transformer manufacturing in terms of revenue in Fiscal 2026

GEPL Capital highlights the company is a domestic transformer manufacturer and is among a select group of Indian players qualified to manufacture high-value 500 MVA, 400 kV transformers.

On the valuation front, based on the FY26 earnings, relative to the company’s paid-up capital, the issue is priced at a P/E ratio of 38.6 times. The company has reported healthy financial performance, fairly valued, expanding its capacity, and focusing on new products. Recommend “Subscribe”.

SBI Securities highlights the company benefits from a backward-integrated manufacturing set-up enabling in-house production of transformer tanks and radiators enhancing quality control, operational efficiency, and cost competitiveness.

On the valuation front, at the upper price band of Rs 632, the issue is valued at 38.6 times FY26 post- issue P/E, which appears reasonable given its strong growth trajectory, niche certifications, robust order pipeline, and favorable industry tailwinds. Recommend “Subscribe”.