Concall transcriptOct 2026
Oct 2026 · Transcript
Source: Bse
Kanohar Electricals Limited (KANOHAR)
Micro CapIndustrials stocks · Micro cap · NSE
Kanohar Electricals Limited manufactures power and distribution transformers ranging from 132kV to 400kV, shunt reactors, traction transformers, and provides turnkey EPC solutions for substations and transmission lines, catering to power transmission, distribution, railways, and renewables sectors.
₹1,070.6
+45.00 · +4.39%
Market cap ₹7,523 Cr
Data qualityVerify one data layerQuote updated 04 Nov, 03:31 pm ISTPost-result recalculation pendingDetails
Quote04 Nov, 03:31 pm IST
Base fundamentals02 Nov 2026 · screener
Latest result02 Nov, 07:11 pm IST
Score05 Nov, 04:30 am IST · v4.3-runtime-valuation
Tags20 Sept 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 23.2 (n=542)
Technical timing lens
Trend score and candlestick chart
48NeutralMACD −
Stock trend: 53
Sector RS: 42
Sector 3M: -6.0% vs Nifty 500 -4.1%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
KANOHARD candles · FIT view+42.5%Latest close ₹1070.60 on 2026-11-04
Daily history is available from 2026-09-16; the requested 1Y window is partially covered.
Bar
+4.5%
RSI
61
MACD hist
-0.57
52W pos
74%
2026-11-04O ₹1024.05H ₹1082.30L ₹995.00C ₹1070.60Vol 28.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
KANOHARNifty India ManufacturingNifty 500
- KANOHAR
- +42.5%
- Nifty 500
- +1.1%
- Nifty India Manufacturing
- -0.1%
- Vs Nifty 500
- +41.4 pp
Chart stats
4 Nov 2026- From 52W high
- -11.4%
- 52W range position
- 74%
- ATR (14)
- 8.0%
- Volume vs 20D
- 0.47x
- Avg traded value
- ₹605 Cr
- 20D price channel
- ₹866.3 - ₹1,207.7
₹1,207.7
₹685.1 - ₹1,207.7
₹85.6
Latest completed session
20-session average
89.1% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management trust is not scored yet, price trend is neutral, and result consistency is still building.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED64
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +25.7% · PAT +73.8% YoY
Technical
Neutral48
Price trend and sector-relative-strength timing.
Valuation
Legacy model-76.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
pending—
Management reliability not computed yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 90/100Rev +26% YoY · PAT +74% YoY · margin expansion · operating leverage
Filed 02 Nov 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹208.6 Cr | +25.7% | NDF |
| EBITDA | ₹73.1 Cr | +69.9% | +69.9% |
| Operating margin | 35.0% | +903 bps | +903 bps |
| PAT | ₹53.9 Cr | +73.8% | NDF |
| PAT margin | 25.8% | +716 bps | +716 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 51.60
- P/B
- —
- EV/EBITDA
- 41.10
- Market Cap
- 7523.00Cr
Profitability
- ROE
- 42.20%
- ROCE
- 54.30%
- ROA
- 21.17%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 31.00%
- EPS 5Y
- 76.00%
- Revenue 3Y
- 28.00%
- EPS 3Y
- 80.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 13.92×
- Altman Z
- 9.07
- Book Value
- —
Cash Flow
- FCF Yield
- 0.05%
- FCF Positive Y
- 7/5
- OCF
- 26.00 Cr
- EPS TTM
- 17.43
Shareholding
- Promoter Hold
- 74.65%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 52%
Financial History
Updated 4/11/2026
Revenue
₹ CrLatest: 209+25.7% vs prev
Net Profit
₹ CrLatest: 53.9+73.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 61.
- RSI(14) at 61 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 11% off 52W high · 56% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
-
RS percentile
Insufficient history
1M return
+13.6%
3M return
-
6M return
-
1Y return
-
RS 1D
-
RS 20D
-
Sector rank
#6
Industry rank
#14
Stage evidence
- At least 170 daily sessions are required for the trend-stage read.
50-DMA
unavailable
200-DMA
unavailable
Sector
weakening
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
34 observations
04 Nov 2026Value 140.98+3.25%
RS vs Nifty 500141
Valuation & peers
U-Score 64 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 64 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation0/30
Growth24/25
Quality20/20
Balance Sheet11/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
64
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
64/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Growth contributes 24/25 to the score.
Main drags
- Fair-value margin of safety is negative at -76.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
51.6
PB
—
EV/EBITDA
41.1
ROE
42.2%
ROCE
54.3%
FCF Yield
0.1%
Debt/Equity
0.1
MoS
-76.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 05 Nov 2026
v4.3-runtime-valuation
Final score
64
Previous: 64
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
-76.5%
Previous: -76.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
05 Nov 2026
v4.3-runtime-valuation
64
64
64
64
64
64
64
64
64
64
64
64
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
34.8
Growth-justified Value
₹606.39
-76.5% MoS
PEG
0.66
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KARAMTARA
Micro
Karamtara Engineering Limited
Electrical Equipment
match 103
49
47.0
20.8%
-41%
FAIR VALUE
VOLTAMP
Micro
Voltamp Transformers Limited
Electrical Equipment
match 57
51
32.4
17.4%
+10%
FAIR VALUE
QPOWER
Micro
Quality Power Electrical Equipments Limited
Electrical Equipment
match 57
53
71.4
25.3%
-114%
FAIR VALUE
ATLANTAELE
Micro
Atlanta Electricals Limited
Electrical Equipment
match 55
58
54.2
31.7%
-49%
FAIR VALUE
SPECTRUM
Small
Spectrum Electrical Industries Limited
Electrical Equipment
match 53
45
131.0
20.4%
-272%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-28T18:12:38.947Z
Management commentary snapshot
Q1FY27 revenue doubled YoY to Rs. 137.1 Crs with PAT surging 140% YoY to Rs. 27.3 Crs, driven by improved product mix and operating leverage.
The investment thesis is intact as revenue doubling, robust EBITDA margins of 28.3%, and a strong order book of Rs. 2,026 Crs validate high demand for high-voltage transformers, supported by brownfield capacity expansions and disciplined execution.
Current business mix
Revenue by Vertical
Latest issuer-disclosed distribution across 2 reported categories.
Transformers85.2%
EPC14.8%
Growth engines
High-Voltage Transformer Segment
ActiveFocus on 400kV segment growth and building capabilities for 765kV transformers as a long-term growth lever.
Integrated EPC and Transformer Model
ActiveCombination of transformer manufacturing and EPC allows participation in larger hybrid tenders and offers single-window solutions.
Specialized Railway Traction and Renewable Products
ActiveExpanding portfolio with Scott-connected traction transformers and shunt reactors for solar and wind networks.
Capacity and execution
Gangol Facility Brownfield Expansion
On TrackInvesting in brownfield expansion at the Gangol unit via IPO proceeds (estimated deployment Rs. 64.2 Crs across FY27 and FY28) to increase transformer manufacturing capacity and backward integration.
Tailwinds
Power Demand and Grid Upgrades
Rising power demand, transmission system upgrades (HVDC & ISTS), and renewable energy growth are driving high-voltage transformer demand.
Rail Electrification Mandates
100% rail electrification target drives demand for Scott-connected traction transformers.
Risk radar
High Working Capital Intensity
MonitoredNet working capital days stood at 107 in FY26, requiring substantial working capital funding.
Execution and Timing Risks
MonitoredTimely execution of large orders, including 400kV transformers and large CPSU orders, is critical to meet guidance.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Management commentary and presentation highlight year-on-year growth comparisons for revenue, profitability, and margins to assess business momentum.
Sector KPIs management disclosed
Order Inflow
PositiveAdded incremental orders worth ~Rs. 332.3 Crs in Q1FY27 and Rs. 867.3 Crs as of September 30, 2026.
Order Book and Revenue Cover
PositiveOutstanding order book closed at Rs. 2,026 Crs as of June 30, 2026, executable over 18-24 months against FY27 revenue target of ~Rs. 950 Crs.
Execution and Margin
PositiveQ1FY27 Gross Margin stood at 41.9% and EBITDA margin expanded to 28.3% due to higher manufacturing and improved 400kV product mix.
Capacity Additions and Utilization
NeutralAggregate transformer manufacturing capacity stood at 19,200 MVA p.a. as of June 30, 2026, with FY26 utilization at 46.0%.
Management forward view
FY27 Revenue Guidance
GuidanceTargeting revenues of ~Rs. 950 Crs for FY27 with an EBITDA margin profile similar to FY26.
Long-Term Entry Barriers
Certifications and pre-qualifications (such as short-circuit testing) serve as high capital and technical entry barriers protecting the market position.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Revenue Target | ~Rs. 950 Crs target | Execution pace and delivery of the Rs. 2,026 Crs order book. |
| EBITDA Margin | 28.3% in Q1FY27 | Sustainability of margins against raw material cost fluctuations. |
| Capex Deployment | Rs. 64.2 Crs allocated from IPO proceeds | Progress on Gangol facility capacity additions during FY27 and FY28. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
Trust profile pending
Trust asks a simple question: can investors rely on management behaviour and financial delivery? Trust Lite uses promoter alignment, cash conversion, leverage, and result consistency. Full transcript-based claim matching appears after enough documents are ingested.
Continue researching Kanohar Electricals Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationOct 2026
Oct 2026 · PPT
Source: Bse
AnnouncementOct 2026
Oct 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 30 Sep - Kanohar Electricals will hold Q1FY27 earnings call on October 7, 2026 at 10:00 a.m. IST.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Oct - Intimation of Schedule of Analyst / Institutional Investor meetings under the SEBI (LODR), Regulations 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 30 Sep - Received large CPSU order for 400kV power transformers and services, to be executed over 24 months.
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Company Ir
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.