Event Type: Q1 FY27 Earnings Conference Call hosted by Nuvama Institutional Equities, which included a presentation followed by a Q&A session. This was the company's maiden earnings call following its recent IPO.
Event Date and Time: The call was held on October 7, 2026. The specific time was not mentioned in the transcript.
Purpose of Event: To discuss the financial results for Q1 FY27, provide a business overview, discuss industry updates, and outline future strategies. The call also served to introduce the company to investors post-IPO.
Timing Relative to Earnings: The call was held after the earnings announcement for Q1 FY27.
Management Participants: Mr. Abhishek Singhal – Whole-time Director; Mr. Vivek Singhal – Whole-time Director; Mr. Shiv Kumar Kamboj – Chief Financial Officer; and SGA, Investor Relations Advisors. The call was moderated by Ms. Bhakti Shewale from Nuvama Institutional Equities.
Availability of Materials: The investor presentation was uploaded on the stock exchanges and the company website. The transcript itself is available on the company website at https://www.kanohar.com/earning-call-transcripts/.
UPSI Statement: The transcript includes a standard forward-looking statement disclaimer noting that the call may contain forward-looking statements based on beliefs and opinions as of the call date, which are not guarantees of future performance.
Financial Highlights and Guidance
Financial Period: Q1 FY27 (quarter ended June 30, 2026)
Revenue: INR 137.1 crore, up 103.5% YoY
Business Segment Revenue Contribution: Transformer business 84.9%, EPC business 14.81%
End-User Segment Revenue Breakdown: Power Transmission 85.18%, Railways 11.53%, Renewable Energy 2.84%, Power Distribution 0.23%
Order Book (as of June 30, 2026): INR 2,026 crore, up 11% from INR 1,818.3 crore as of March 31, 2026
Order Inflows: Q1 (Apr-Jun): INR 332.2 crore; Q2 (Jul-Sep): INR 867.3 crore (including large orders ≥INR 250 crore from a Central PSU)
Order Book Execution Timeline: 18-24 months
Capacity: Two facilities in Meerut with combined capacity of ~19,200 MVA
Capacity Utilization: ~46% in FY26
Working Capital Cycle: ~120 days net (120 days receivables, 80 days inventory, 70-80 days payables)
FY27 Guidance: Revenue target of approximately INR 950 crore with EBITDA margin profile similar to FY26
Growth Drivers: Healthy increase in manufacturing volumes, improvement in product mix, higher contribution from 400 kV segment
Capacity Expansion: Planning brownfield expansion of ~18,000 MVA at Gangol plant using IPO proceeds, targeted for FY29
Strategic and Operational Highlights
Business Overview: 54-year-old company specializing in high-value electrical equipment for transmission, railways, and renewable energy infrastructure.
Flagship Products: Power Transformers up to 500 MVA and 400 kV; Scott-connected Transformers for railways up to 100 MVA and 220/132 kV; Shunt Reactors up to 125 MVAR and 400 kV.
Qualifications: Completed over 200 successful short-circuit tests; one of few manufacturers certified for 500 MVA 400 kV transformers; first Indian company with RDSO approval for 100 MVA 220 kV Scott-connected transformer.
Backward Integration: Components include transformer tanks, control panels, radiators, and insulation components for quality control.
Market Opportunities: Green Energy Corridor III (₹1.85 lakh crore intra-state transmission outlay); Railway sector investment (~INR 20,000 crore market for traction transformers over 5-10 years).
Future Focus: Expansion into premium, qualification-driven products; 765 kV capability development (3-4 year journey); maintaining financial discipline.
Additional Notes Section
The document is a regulatory filing submitted to NSE and BSE pursuant to Regulation 30 of SEBI LODR Regulations, 2015.
The transcript includes the full Q&A session with analysts from various institutions.
The transcript was edited for factual errors, with audio recordings on the stock exchange prevailing in case of discrepancy.
