Financial Performance Summary Q1 FY27

| Metric | Q1 FY27 (₹ Cr) | Q1 FY26 (₹ Cr) | YoY Growth | FY26 (₹ Cr) |

| Revenue from Operations | 137 | 67 | 103.5% | 654 |

| Gross Profit | 58 | 29 | 97.4% | 254 |

| EBITDA | 39 | 15 | 152.2% | 180 |

| EBITDA Margin | 28.3% | 22.8% | - | 27.6% |

| Profit Before Tax | 37 | 16 | 134.7% | 174 |

| Profit After Tax | 27 | 11 | 140.0% | 130 |

| PAT Margin | 19.9% | 16.9% | - | 19.8% |

Revenue Mix Analysis

Overall Revenue Mix:

  • Transformers: 85.2% (vs 83.5% in FY26)
  • EPC: 14.8% (vs 16.5% in FY26)

Transformers Business Mix:

  • Power Transformers: 70.4% (vs 57.1% in FY26)
  • Distribution Transformers: 0.2% (vs 0.1% in FY26)
  • Scott Transformers: 11.5% (vs 25.3% in FY26)
  • Traction Transformers: 0.0% (vs 0.9% in FY26)
  • Shunt Reactors: 2.8% (vs 0.0% in FY26)

Transformers Voltage Mix:

  • 400 kV: 70.2% (vs 52.2% in FY26)
  • <400 kV: 3.2% (vs 11.0% in FY26)
  • <220 kV: 11.4% (vs 17.8% in FY26)
  • <132 kV: 0.2% (vs 2.5% in FY26)

Operational and Strategic Highlights

Order Book Position:

  • Added incremental orders worth ₹332.3 Cr during Q1 FY27
  • Outstanding order book of ₹2,026 Cr as of quarter-end
  • Order book executable over next 18-24 months

Capacity Expansion:

  • Brownfield expansion planned at Gangol unit
  • Sustainability efforts underway
  • Capex spends planned over next 18 months

Technical Capabilities:

  • Built capabilities to manufacture 765kV Transformers
  • Among five manufacturers in India with short-circuit test certification for 500 MVA, 400 kV transformers
  • Certification for 100 MVA, 220 kV Scott-connected transformers for Indian Railways

Management Commentary

Abhishek Singhal, Whole Time Director, stated:

  • Profitability improvement driven by healthy increase in manufacturing and improved product mix
  • Higher contribution from 400kV segment led to higher operating leverage
  • Focusing on execution of won orders in 400kV Transformers segment
  • Working towards adding suitable orders for 765kV Transformers
  • Certifications and Pre-qualification represent large entry barriers in the industry
  • Consistent order pipeline from Power Transmission, Power distribution, Railways and Renewables segments

Financial Guidance

For FY27, management is targeting:

  • Revenue of ₹950 Cr
  • Similar EBITDA margin profile as FY26 (27.6%)

Company Background

Kanohar Electricals Limited, incorporated in 1972, is a transformer manufacturer and EPC service provider for substations and transmission lines in India. The company caters to power transmission, railways, renewable energy and power distribution sectors. It has backward-integrated manufacturing facilities and in-house technology enabling a broad portfolio of products.