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Kanohar Electricals shares surged over 17% on Tuesday, 3 November, after the company reported a strong set of Q2 FY27 results, with revenue and profitability registering robust year-on-year growth.
The company’s revenue from operations more than doubled, rising 112.4% year-on-year to ₹208.6 crore in Q2 FY27, compared with ₹98.2 crore in the corresponding quarter last year.
EBITDA jumped 167.2% to ₹73.1 crore from ₹27.4 crore, while the EBITDA margin expanded to 35% from 27.8% a year ago. Profit before tax (PBT) increased 178.7% to ₹72.3 crore, compared with ₹25.9 crore in Q2 FY26. Profit after tax (PAT) surged 179.7% to ₹53.9 crore from ₹19.3 crore, with the PAT margin improving to 25.8% from 19.6%.
For the first half of FY27, revenue from operations grew 108.8% year-on-year to ₹345.7 crore, compared with ₹165.6 crore in H1 FY26.
EBITDA increased 161.7% to ₹111.8 crore from ₹42.7 crore, while the EBITDA margin improved to 32.3% from 25.8%. PBT rose 162% to ₹109.1 crore, against ₹41.6 crore in the year-ago period. PAT more than doubled, increasing 164.8% to ₹81.2 crore from ₹30.7 crore.
Commenting on the performance, Abhishek Singhal, Whole-time Director of Kanohar Electricals, said the company maintained the growth momentum seen in FY26 and Q1 FY27, supported by higher volumes and a broader product mix.
Power transformer business grew 88% in H1 FY27, while shunt reactors, which are used for renewable energy grid integration, accounted for around 22% of revenue, compared with a negligible contribution in the corresponding period last year.
The company also recorded a higher contribution from high-voltage products. Equipment in the 220 kV and 400 kV categories accounted for nearly 78% of revenue in H1 FY27, compared with approximately 53% in H1 FY26. According to Singhal, this shift helped improve the company's margin profile.
During Q2 FY27, Kanohar Electricals secured fresh orders worth approximately ₹867.3 crore, taking its outstanding order book to ₹2,711.2 crore as of 30 September 2026. The order book is expected to be executed over the next 24-30 months, providing revenue visibility.
The company's brownfield expansion at its Gangol facility is progressing as planned, with commissioning expected by FY29. Singhal said the capital expenditure, along with sustainability initiatives, would support the next phase of profitable growth.
The management remains confident of achieving its FY27 guidance of approximately ₹950 crore in revenue, with an EBITDA margin profile similar to FY26.
Singhal said the company's established track record, industry entry barriers and steady order pipeline position it well for sustained growth. He added that the strong first-half performance reinforces the company's confidence in meeting its annual targets.
Kanohar Electricals share price today opened at ₹1,124.95 apiece on the BSE, the stock touched an intraday high of ₹1,165.90 per share, and an intraday low of ₹1,087.30 per share.
Gaurav Arora, Head of Research at SAHI, said Kanohar Electricals made its stock market debut on 16 September at ₹685.50 on the NSE, against its issue price of ₹632, before rallying to an all-time high of around ₹1,208.
He noted that the stock witnessed a healthy correction from its peak, following which buying interest returned, leading to a sharp gap-up opening in Tuesday's session.
Arora identified ₹1,208, the previous all-time high, as the immediate resistance, while ₹1,100 is the key support level. A decisive breakout above ₹1,208 could open up further upside. However, he cautioned that the stock has already delivered a substantial rally since listing, making it important for investors to monitor downside risks and wait for the price action to develop before taking aggressive positions.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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