News ArticleKanohar Electricals Reports Over 100% Revenue Growth in Q2 and H1 FY27 with Robust Order Book and Expansion Plans
Order book of Rs. 2,711.2 crore provides revenue visibility for next 24-30 months, with Gangol unit expansion on track for FY29 commissioning
Kanohar Electricals Limited announced a 112% revenue increase to Rs. 208.6 crore in Q2 FY27 and 109% growth to Rs. 345.7 crore for H1 FY27. EBITDA margins reached 35.0% in Q2 and 32.3% in H1. The company's order book stands at Rs. 2,711.2 crore as of September 30, 2026, supporting revenue visibility over 24-30 months. Expansion at Gangol unit and sustainability initiatives aim to drive future growth.
Kanohar Electricals Limited
Investor Presentation
Kanohar Electricals Limited posted a remarkable 112% revenue increase to Rs. 208.6 crore in Q2 FY27 and 109% growth to Rs. 345.7 crore for H1 FY27, driven by volume growth and product mix expansion. EBITDA margins were strong at 35.0% in Q2 and 32.3% in H1, while the PAT margin reached 25.8% and 23.5% respectively. The company’s order book rose to Rs. 2,711.2 crore, supporting revenue execution over the next 24–30 months.
Revenues growth was mainly fueled by an 88% rise in power transformers and a significant increase in shunt reactors, which now represent about 22% of revenue compared to negligible share last year.
By voltage category, products of 220 kV and 400 kV accounted for approximately 78% of revenues in H1 FY27, up from 53% in the prior year period, improving margins.
During Q2 FY27, Kanohar secured fresh orders worth approximately Rs. 867.3 crore, bolstering the total outstanding order book to Rs. 2,711.2 crore as of September 30, 2026.
The order book is expected to be executed over 24 to 30 months, with 89.1% coming from government clients and 10.9% from the private sector.
Kanohar is advancing its brownfield expansion at the Gangol unit, with commissioning targeted by FY29. These investments along with sustainability initiatives aim to support the company’s future growth trajectory.
Highlights
- Q2 FY27 revenue of Rs. 208.6 crore grew 112% year-on-year.
- H1 FY27 revenue of Rs. 345.7 crore increased 109% year-on-year.
- EBITDA margin reached 35.0% in Q2 and 32.3% in H1 FY27.
- PAT margin stood at 25.8% in Q2 and 23.5% in H1 FY27.
- Fresh orders of ~Rs. 867.3 crore secured in Q2 FY27.
- Outstanding order book of Rs. 2,711.2 crore as of 30th September 2026, executable over 24-30 months.
Key Data Snapshot
What happened
- Kanohar Electricals delivered 112% YoY revenue growth in Q2 FY27 to Rs. 208.6 crore and 109% growth in H1 FY27 to Rs. 345.7 crore.
- EBITDA margins improved to 35.0% in Q2 and 32.3% in H1 FY27, while PAT margins reached 25.8% in Q2 and 23.5% in H1.
- The company secured fresh orders worth approximately Rs. 867.3 crore in Q2 FY27.
- Outstanding order book increased to Rs. 2,711.2 crore as of 30th September 2026, expected to be executed over 24 to 30 months.
- Brownfield expansion project at the Gangol unit is progressing on schedule for commissioning by FY29.
Key details
- Power transformers segment grew 88% in H1 FY27, contributing a major part of revenue growth.
- Shunt reactors, relevant for renewable grid integration, now constitute about 22% of revenue, up from negligible last year.
- By voltage, 220 kV and 400 kV products comprised nearly 78% of revenues in H1 FY27, up from 53% in H1 FY26, boosting margins.
- Order book split: 78.5% power transformers, 2.6% Scott transformers, 10% shunt reactors, remaining from traction and distribution transformers and EPC.
- Client composition of order book: 89.1% government and 10.9% private sector.
Financial performance
- Gross profit margin increased from 43.1% in Q2 FY26 to 45.8% in Q2 FY27.
- EBITDA surged by 167.2% year-on-year in Q2 FY27, reaching Rs. 73.1 crore.
- Profit after tax rose 179.7% year-on-year in Q2 FY27 to Rs. 53.9 crore.
- Earnings per share increased to Rs. 7.14 in Q2 FY27 from Rs. 2.59 in Q2 FY26.
- Balance sheet showed total assets of Rs. 1,024.7 crore as of September 2026, up from Rs. 613.9 crore in March 2026.
Order and execution details
- Total order book stands at Rs. 2,711.2 crore as of 30th September 2026, a 34% increase from Rs. 2,026 crore at end of June 2026.
- Order book is expected to be executed over the next 24–30 months providing strong revenue visibility.
- Fresh orders during Q2 FY27 contributed Rs. 867.3 crore to the order book, demonstrating strong demand.
- Majority of orders (89.1%) come from government clients, providing stability.
Funding and capital details
- Kanohar’s net cash from operating activities was Rs. 23.4 crore as of September 2026, up from Rs. 3.1 crore a year earlier.
- Significant cash generation from financing activities at Rs. 268.7 crore supports capital expenditure and expansion plans.
- Capital work in progress increased to Rs. 16.2 crore as of September 2026, supporting brownfield expansion.
- The company’s equity base strengthened to Rs. 738.8 crore in September 2026 from Rs. 372.8 crore in March 2026.
Highlights
- Q2 FY27 revenue of Rs. 208.6 crore grew 112% year-on-year.
- H1 FY27 revenue of Rs. 345.7 crore increased 109% year-on-year.
- EBITDA margin reached 35.0% in Q2 and 32.3% in H1 FY27.
- PAT margin stood at 25.8% in Q2 and 23.5% in H1 FY27.
- Fresh orders of ~Rs. 867.3 crore secured in Q2 FY27.
- Outstanding order book of Rs. 2,711.2 crore as of 30th September 2026, executable over 24-30 months.
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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