Kanohar Electricals LimitedCapital Goods & EngineeringKANOHAR
Q1 FY27 concall · earnings callKanohar Electricals Limited
Maiden Q1 FY27 call reported 103.5% revenue growth to INR137.1 crore on a 400 kV-led mix, with a INR2,026 crore order book and FY27 revenue targeted at approximately INR950 crores at FY26-like margins.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from operations | ₹137.1 Cr | +103.5% YoY | |
| Gross profit | ₹57.5 Cr | +97.4% YoY | |
| EBITDA | ₹38.8 Cr | +152.2% YoY | |
| EBITDA margin | 28.3% | +550 basis points YoY | |
| Profit after tax | ₹27.3 Cr | +140% YoY | |
| Consolidated order book | INR2,026 odd crores | +11% from ₹1,818.3 Cr as of March 31, 2026 |
TL;DR
- Revenue from operations was INR137.1 crore, up 103.5% year-on-year, with transformer business at 84.9% and EPC at 14.81% of revenue.
- 400 kV transformers contributed 70.16% of revenue and about 70% of order book; combined capacity is approximately 19,200 MVA.
- EBITDA was INR38.8 crores at 28.3% margin and PAT was INR27.3 crores at 19.9% margin.
- Order book stood at INR2,026 odd crores as of June 30, 2026, with INR332.2 crores added in Q1 and INR867.3 crores added in Q2 to September.
- FY27 revenue targeted at approximately INR950 crores with H2 as key execution period; capacity sufficient through FY28.
Said on the call
“Factory capacity in our industry is not the same as being able to bid to be eligible for large utility and railway tenders.”
From the Q&A
| Topic | What management said |
|---|---|
| Margins and raw materials | Most contracts have price variation via industry-standard IEEMA Price Variation Clause covering raw material volatility on upside and downside. |
| 400 kV demand | 400 kV annual India market estimated at INR4,000 - INR6,000 crores; last year demand was about 60,000 to 70,000 MVA with 10%-15% growth expected. |
| Order book margins | Current order book has similar margin profile to FY26 and tendering underway is largely for FY29 and FY30 with stable margin profile seen. |
| Railway Scott transformers | Railways envisaged about 1,000 traction substations for high-speed rail in next 5 to 10 years, roughly 2,000 transformers translating to roughly INR20,000 crores opportunity for traction transformers. |
| Mix and execution | Q1 execution was 1,725 MVA; 400 kV contributed 70.16% of revenue and about 70% of order book is power transformers, mostly 400 kV. |
| Capacity and 765 kV | Brownfield expansion of about 18,000 MVA at Gangol planned for FY29; capacity suitable for 765 kV but regular 765 kV tenders are a three to four-year journey needing past performance; technology developed in-house. |
Guidance
- Targeting revenue of approximately INR950 crores in FY27 with broadly similar EBITDA margin profile as FY26
- H2 is expected to remain the key execution period in FY27
- Existing capacity is sufficient through FY28 with brownfield expansion of about 18,000 MVA at Gangol plant aimed in place for FY29
- Guiding towards similar 110-120 net working capital days
- Similar year-on-year growth as guided for FY27 can be more or less expected in FY28 as well
Source
Summary written from the transcript filed by Kanohar Electricals Limited for the call held on 7 Oct 2026; published 14 Oct 2026, 17:05 IST.
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