Kanohar Electricals Limited IPO

Key Performance Indicator (KPI)KPIMar 31, 2026Mar 31, 2025ROE42.12%30.92%ROCE70.13%47.61%Debt/Equity0.100.13RoNW34.80%26.78%PAT Margin19.57%14.24%EBITDA Margin27.59%20.73%NAV50.0932.66Price to Book Value12.6219.35Check IPO Peer Comparison here.

IPO RegistrarMUFG Intime India Pvt.Ltd.022-49186000kanoharelectricals.ipo@in.mpmsVisit Website

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Contact DetailsKanohar Electricals Ltd. AddressRithani,Delhi RoadMeerut, Uttar Pradesh, 250103121-3500801-05compliance@kanohar.comVisit Website

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IPO NewsKanohar Electricals Ltd. IPO Set to Open Soon - Here's What to KnowGet Ready for Kanohar Electricals IPO opening on Sep 8, 2026 with the anchor book opening on Sep 7, 2026. Check out the crucial highlights of Kanohar Electricals Ltd.'s IPO.Key Details of Kanohar Electricals IPOAccording to the Red Herring Prospectus (RHP), it is a book-building issue comprising a fresh issue of 47.47 lakh shares worth ₹300.00 crore and offer-for-sale (OFS) of 1.20 crore shares worth ₹755.74 crore. And its price band declared at ₹601.00 to ₹632.00 per share. Bids can be made for a minimum of 23 shares and in multiples of 23 shares.NuvamaSun, Sep 6, 2026Read More

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Kanohar Electricals IPO Basis of AllotmentBookbuilding IPO | ₹1,056 Cr | Listing at BSE, NSE | Tue, Sep 8, 2026 - Thu, Sep 10, 2026

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Read more about Kanohar Electricals IPO IPO Details IPO Recommendations IPO Live Subscription IPO Live News IPO Allotment StatusIPO Basis of Allotment IPO FAQsUseful ArticlesIPO Funding in India (IPO Loan Process) ExplainedUPI for IPO Application (Unified Payments Interface for IPO)IPO Bidding Time Limit on Last day (IPO Closing Day)IPO and Grey Market Premium in IndiaHNI IPO Application Guide (NII Allotment Rules, Benefits & Funding)IPO Application Cancellation Process, Charges, Rules - Explained

Raw Material Supply and Security Implications of Increased T&D Capital Expenditure The rising demand from the T&D sector is increasing pressure on the supply chain for certain critical raw materials. In some cases, delays in raw material availability can lead to slippages in equipment delivery timelines, which may impact the timely strengthening of the transmission grid and, in turn, have broader economic implications. Additionally, increased competition for key inputs is gradually influencing payment terms offered by raw material suppliers to equipment manufacturers. As a result, manufacturers with relatively stronger liquidity positions, who are able to accommodate advance payments or shorter credit cycles, may be better positioned compared to those seeking extended payment terms. This dynamic is expected to persist over the medium term, until the raw material supply chain expands sufficiently to support the higher T&D capacity addition targets. A shunt reactor is an essential component in modern electrical power systems, primarily used to absorb reactive power and regulate voltage on high-voltage transmission networks. Transformers transfer energy between circuits, while shunt reactors are designed to absorb excess reactive power generated by the capacitance of long transmission lines or underground cables, especially under light-load or no-load conditions. Without these devices, excess reactive power could lead to overvoltage conditions, stressing insulation and damaging equipment. There are two main types of shunt reactors: fixed and variable. Fixed shunt reactors operate with a constant inductive load, while controlled or variable shunt reactors (CSRs) can adjust their inductance in real time based on system requirements. This dynamic control helps utilities maintain tighter voltage regulation and system flexibility, particularly as the grid becomes more complex with renewable energy sources and fluctuating demand patterns. Key players in the shunt reactor manufacturing space include BHEL, Hitachi Energy India Ltd, CG Power & Industrial Solutions Ltd, Transformers & Rectifiers (India) Ltd, Kanohar Electricals, etc. In a power grid, shunt reactors are connected in parallel with the system, meaning they are installed across the lines rather than in series. Their main function is to counterbalance the capacitive effect of long transmission lines by providing inductive reactance. This becomes especially important at high transmission voltages (220 kV, 400 kV, and above), where even a small imbalance in reactive power can lead to significant voltage instability. Shunt reactors are commonly placed at the ends of transmission lines, in substations, and in cable systems such as those used in offshore wind farms or metro rail networks. In more advanced applications, variable or controlled shunt reactors are used. These can adjust their inductive output using on- load tap changers or power electronics, allowing dynamic voltage control based on real-time system demands. This feature is particularly useful in grids with high renewable energy penetration or fluctuating load profiles.

The Indian Standard IS:3072-1975 adds further guidance by addressing both indoor and outdoor switchgear systems, covering AC and DC applications. It specifies best practices for equipment selection, installation, and maintenance, making it essential for engineers and installers aiming for reliability and longevity in power systems. Despite its age, this standard remainsfoundational to India’s switchgear deployment strategy. Electricity Act, 2003, together with the associated Tariff Policy, encourages upgrades in grid technology and distribution efficiency. While not switchgear-specific, these regulations indirectly boost demand for smart and automated switchgear solutions. As utilities and DISCOMs invest in modernization, there is greater scope for deploying IoT-enabled switchgear with enhanced diagnostic and fault isolation capabilities. India’s power sector is undergoing notable technological advancements, particularly in switchgear systems. Thesedevelopments focus on improving operational efficiency, strengthening safety standards, and supporting the integration of digital and sustainable solutions. Highlighted below are some of the advanced technologies in switchgear. ![SF₆ Gas-Insulated Switchgear \(GIS\) SF₆-based switchgear is widely used in India for high-voltage applications due to its superior insulation and arc-quenching properties. It allows for compact and space-saving installations, making it ideal for urban substations, underground setups, and critical facilities like airports or industrial plants. However, SF₆ is a potent greenhouse gas, and concerns about its environmental impact have led to the exploration of alternatives. Indian manufacturers are now gradually transitioning toward eco-friendly gases like g³ or AirPlus and vacuum technologies. Digital and Smart Switchgear Digital switchgear uses embedded sensors, communication systems, and intelligent protection relays to enable real-time monitoring, diagnostics, and control. This facilitates predictive maintenance, energy management, and fault detection. In India, smart switchgear is being adopted in commercial buildings, renewable energy projects, and industrial plants. Vacuum Interruption Technology Vacuum circuit breakers \(VCBs\) are increasingly replacing traditional SF₆ or oil-based systems in medium-voltage applications due to their safety, reliability, and zero environmental impact. VCBs use a vacuum as the arc-extinguishing medium, offering long operational life and minimal maintenance. In Utilities and industries are actively deploying VCBs as part of their grid modernization and equipment replacement programs. Solid Insulated Switchgear \(SIS\) Solid Insulated Switchgear is a gas-free alternative that uses solid dielectric material for insulation. It is safe, environmentally friendly, and compact, making it suitable for space-constrained areas such as metro stations and residential complexes. With growing awareness about sustainability, SIS is seeing rising adoption in India's infrastructure projects and renewable power applications. IoT and Cloud-Enabled Systems Switchgear systems are now being equipped with IoT devices that allow real-time data collection, remote access, and cloud-based analysis. These technologies enhance asset management by enabling predictive maintenance, optimizing load distribution, and reducing energy waste. Power distribution companies and industrial consumers are increasingly adopting IoT enabled switchgear for digital grid operations. \(Tab List\)]() Collectively, these innovations reflect a decisive move towards intelligent, environmentally responsible, and future-ready power infrastructure in India

While we have not exported any of our products in Fiscals 2023, 2024 and 2025, and the six-month period ended September 30, 2025, we have a track record of servicing customers in various countries located across the United States, South Asia, South-East Asia, the Middle East, and West Africa, demonstrating our capabilities to cater to foreign markets. Our leadership, strategy and execution efforts are currently overseen by the third generation of Promoters. Our Individual Promoter, Chairman and Managing Director, Dinesh Singhal, is a graduate of Indian Institute of Technology Roorkee (formerly known as University of Roorkee), with over 40 years of experience in the transformer manufacturing industry. Our Individual Promoter and Whole-time Director, Adesh Singhal, a graduate of Indian Institute of Technology Roorkee (formerly known as University of Roorkee), has been associated with our Company since 1981. Our Individual Promoter and Whole-time Director, Vivek Singhal, a graduate of Indian Institute of Technology Bombay, has been associated with our Company since 2000. Our Individual Promoter and Whole-time Director, Abhishek Singhal, a graduate of Indian Institute of Technology Delhi, has been associated with our Company since 2002 and currently leads our design and development activities. The following table sets forth certain key performance indicators for the periods indicated: (₹ in million, unless otherwise indicated) * Figures are not annualised. Notes: - (1) Annual Installed Capacity is based on two 8-hour shifts per day and 300 working days per year and the capacity for the six-month period ended September 30, 2025 has been annualized. - (2) Order Book is calculated as opening order book during the year/period + orders received during the year/period − revenue recognised during theyear/period. - (3) Revenue from Operations is calculated as revenue from sale of goods + revenue from sale of services + other operating revenue. - (4) Y-o-Y Revenue Growth is calculated as (Revenue from operations of the current year / revenue from operations of the previous year) – 1. - (5) Total Income is calculated as revenue from operations + other income - (6) Gross margin is calculated as Gross profit / revenue from operations, where Gross profit = revenue from operations – cost of goods sold (“COGS”);and COGS = cost of material consumed + purchase of stock in trade + changes in inventories of finished goods, stock-in-trade and work-in-progress. - (7) EBITDA is calculated as profit before tax + finance cost + depreciation and amortization expense - other income - (8) EBITDA Margin is calculated as EBITDA/ revenue from operations - (9) PAT for the year is calculated as profit before tax – total tax expense (“PAT”) - (10) PAT Margin is calculated as PAT/ Total income - (11) ROE is calculated as Restated profit/(loss) after tax for the relevant fiscal or period / average of opening and closing equity for such fiscal or period - (12) ROCE is calculated as EBIT/ average capital employed; where: EBIT = EBITDA – depreciation and amortization, and capital employed = total equity + non-current borrowings + current borrowings – cash and cash equivalents and bank balances other than cash and cash equivalents - (13) Gross Debt/ Equity is calculated as Gross Debt = total non-current borrowings + current borrowings, and Equity = equity share capital + other equity - (14) Gross Debt/ EBITDA is calculated as gross debt/ EBITDA - (15) Net Fixed Asset Turnover Ratio is calculated as revenue from operations / average net fixed assets; where: average net fixed assets = net fixed assets (current year) + net fixed assets (previous year) / 2, and net fixed assets = property, plant and equipment - (16) Net Working Capital Days is calculated as net working capital days = trade receivables days + inventory days – trade payable days; where Trade Receivable Days = average of opening and closing trade receivables for the year/period / revenue from operations * 365 days (182 days for the period ending September 30, 2025, and 366 days for Fiscal 24), inventory days = average of opening and closing inventories for the year/period / cost of goods sold * 365 days (182 days for the period ending September 30, 2025, and 366 days for Fiscal 24), and trade payable days = average of opening and of -

- - - - - - - - - - - - - - - - - opening and closing trade payables for the year/period / cost of goods sold * 365 (182 days for the period ending September 30, 2025, and 366 days for Fiscal 2024). STRENGTHS Established player in the transformer manufacturing sector catering to high growth industries. We have over 40 years of experience in the Transformer Manufacturing Business. We are one of the leading domestic players in transformer manufacturing in terms of revenue in Fiscal 2025. We cater to high growth industries such as power transmission, railways, renewable energy, and power distribution (Source: CARE Report). We manufacture transformers across various capacities ranging from < 132 kV to > 400 kV. In particular, As on September 30, 2025, we are one of five companies in India to have the short circuit test certification for 500 MVA 400 kV transformers that are used in the power transmission industry (Source: CARE Report), which enables us to compete for large and high-value contracts. We are one of four manufacturers in India who are certified by Research Designs and Standards Organisation (RDSO), the research and development wing of Indian Railways, to manufacturing 100 MVA 132 kV Scott transformers. We are also one of two Indian manufacturers certified to manufacture 100 MVA 220 kV Scott transformers, both of which cater to the demand for rail network electrification from the Indian Railways (Source: CARE Report). Set out below is our revenue from operations derived from sale of transformers of different capacities during the six-month period ended September 30, 2025 and preceding three fiscals, along with the percentage of revenue from operations for the respective Fiscals/ period: (in ₹ million, except percentages) From CY24 onward, growth across all voltage categories is expected to accelerate By CY 30, high voltage transformers are projected to reach USD 1,598.4 million, while medium voltage transformers are expected to grow to USD 1,026.5 million. Further, the extra high voltage segment (which includes 400 kV transformers) and ultra-high voltage segment (which includes 765 kV and above transformers) are expected to expand significantly. Between CY 24 and CY 30, the market for ultra-high voltage, extra high voltage, high voltage, and medium voltage transformers is expected to grow at a CAGR of 9.0%, 9.3%, 9.2%, and 6.6%, respectively (Source: CARE Report). Further, from CY24 onward, the market enters a phase of growth, reaching a projected USD 105.6 million by CY30 with a higher CAGR of 1.9%. This uptick can be attributed to modernization of metro traction systems and expanding usage of dual- phase equipment in rail and metro applications (Source: CARE Report). India’s power transmission system has expanded at a significant pace driven by growing demand, the government’s focus onproviding electricity in rural areas, and the need for connecting the generation stations including integration of RE sources from the RE-rich states (Source: CARE Report). In FY25, India saw a line addition of ~8,800 Ckm of lines where ~2,900 Ckm of lines was added in 400kV segment followed by ~3,700 Ckm of lines was added in 220 kV. By FY27 ~19,000 Ckm of lines are expected to be added in 220 kV from FY24 where overall line additions will be ~86,000 Ckm lines. It is expected to reach a total addition of 163,000 Ckm lines till FY32 where 400kV will have a maximum share of line additions (Source: CARE Report). Indian Railways is undergoing a significant transformation, driven by modernisation and infrastructure investments. The expansion of railway networks, coupled with the accelerated pace of electrification, is driving significant demand for specialized transformer solutions. This development is creating new opportunities for transformer manufacturers, as the sector requires efficient and reliable transformers to support traction systems, power supply, and overall grid stability in railway operations(Source: CARE Report). India has reached a significant milestone in its renewable energy journey, with the country's total renewable energy capacity crossing the 200 GW. This remarkable growth aligns with the country's ambitious renewable energy target of achieving 500

sources from the RE-rich states. In addition, with the implementation of two Central Sector Schemes namely, the North-Eastern Regional Power System Improvement Project (NERPSIP) and Comprehensive Scheme of Transmission & Distribution System in Arunachal Pradesh & Sikkim, the transmission and distribution infrastructure of Northeastern states are being strengthened. The transmission line network grew at a CAGR of approximately 3% to 4,94,374 Ckm as of March 2025 from 4,13,407 Ckm as of March 2019. During FY25, 8,830 Ckm of transmission lines were added to the total network as compared to 14,203 Ckm of transmission lines added to the total network in FY24. Chart 27: Transmission Line Network (220 kV & above) Source: Central Electricity Authority, NEP, CareEdge Research Overall Intra and Inter transmission lines In FY25, India saw a line addition of ~8800 Ckm of lines where~2900 Ckm of lines was added in 400kV segment followed by ~3700 Ckm of lines was added in 220 kV. By FY27 ~19,000 Ckm of lines are expected to be added in 220 kV from FY24 where overall line additions will be ~86,000 Ckm lines. It is expected to reach a total addition of 1,63,000 Ckm lines till FY32 where 400kV will have a maximum share of line additions. Table 19: Inter State Transmission Lines Source: NEP, CareEdge Research The transformation (Substation) capacity (in GVA) for various voltage levels in India’s electricity transmission network fromFY19 to FY32E, including 220 kV, 400 kV, 765 kV, and HVDC systems (500 kV and 800 kV). The 220 kV, 400 kV, and 765 kV capacities show steady growth to meet rising electricity demand and support renewable energy integration, with projections reaching 611 MW, 814 MW, and 920 MW, respectively, by FY32E. HVDC systems, critical for long-distance transmission, maintain stable or slow growth, with 500 kV HVDC at 14 MW and 800 kV HVDC gradually increasing to 18 MW. Overall,the transformation capacity is expected to grow significantly, especially in higher voltage categories, to support India’s energy goals. Transformation capacity includes Overall Intra and Inter transmission capacity. Chart 31: Transformation (Substation) Capacity (220 kV & Above) Source: Central Electricity Authority, NEP, CareEdge Research

Raw Material Supply and Security Implications of Increased T&D Capital Expenditure The rising demand from the T&D sector is increasing pressure on the supply chain for certain critical raw materials. In some cases, delays in raw material availability can lead to slippages in equipment delivery timelines, which may impact the timely strengthening of the transmission grid and, in turn, have broader economic implications. Additionally, increased competition for key inputs is gradually influencing payment terms offered by raw material suppliers to equipment manufacturers. As a result, manufacturers with relatively stronger liquidity positions, who are able to accommodate advance payments or shorter credit cycles, may be better positioned compared to those seeking extended payment terms. This dynamic is expected to persist over the medium term, until the raw material supply chain expands sufficiently to support the higher T&D capacity addition targets. A shunt reactor is an essential component in modern electrical power systems, primarily used to absorb reactive power and regulate voltage on high-voltage transmission networks. Transformers transfer energy between circuits, while shunt reactors are designed to absorb excess reactive power generated by the capacitance of long transmission lines or underground cables, especially under light-load or no-load conditions. Without these devices, excess reactive power could lead to overvoltage conditions, stressing insulation and damaging equipment. There are two main types of shunt reactors: fixed and variable. Fixed shunt reactors operate with a constant inductive load, while controlled or variable shunt reactors (CSRs) can adjust their inductance in real time based on system requirements. This dynamic control helps utilities maintain tighter voltage regulation and system flexibility, particularly as the grid becomes more complex with renewable energy sources and fluctuating demand patterns. Key players in the shunt reactor manufacturing space include BHEL, Hitachi Energy India Ltd, CG Power & Industrial Solutions Ltd, Transformers & Rectifiers (India) Ltd, Kanohar Electricals, etc. In a power grid, shunt reactors are connected in parallel with the system, meaning they are installed across the lines rather than in series. Their main function is to counterbalance the capacitive effect of long transmission lines by providing inductive reactance. This becomes especially important at high transmission voltages (220 kV, 400 kV, and above), where even a small imbalance in reactive power can lead to significant voltage instability. Shunt reactors are commonly placed at the ends of transmission lines, in substations, and in cable systems such as those used in offshore wind farms or metro rail networks. In more advanced applications, variable or controlled shunt reactors are used. These can adjust their inductive output using on- load tap changers or power electronics, allowing dynamic voltage control based on real-time system demands. This feature is particularly useful in grids with high renewable energy penetration or fluctuating load profiles.

The Indian Standard IS:3072-1975 adds further guidance by addressing both indoor and outdoor switchgear systems, covering AC and DC applications. It specifies best practices for equipment selection, installation, and maintenance, making it essential for engineers and installers aiming for reliability and longevity in power systems. Despite its age, this standard remainsfoundational to India’s switchgear deployment strategy. Electricity Act, 2003, together with the associated Tariff Policy, encourages upgrades in grid technology and distribution efficiency. While not switchgear-specific, these regulations indirectly boost demand for smart and automated switchgear solutions. As utilities and DISCOMs invest in modernization, there is greater scope for deploying IoT-enabled switchgear with enhanced diagnostic and fault isolation capabilities. India’s power sector is undergoing notable technological advancements, particularly in switchgear systems. Thesedevelopments focus on improving operational efficiency, strengthening safety standards, and supporting the integration of digital and sustainable solutions. Highlighted below are some of the advanced technologies in switchgear. ![SF₆ Gas-Insulated Switchgear \(GIS\) SF₆-based switchgear is widely used in India for high-voltage applications due to its superior insulation and arc-quenching properties. It allows for compact and space-saving installations, making it ideal for urban substations, underground setups, and critical facilities like airports or industrial plants. However, SF₆ is a potent greenhouse gas, and concerns about its environmental impact have led to the exploration of alternatives. Indian manufacturers are now gradually transitioning toward eco-friendly gases like g³ or AirPlus and vacuum technologies. Digital and Smart Switchgear Digital switchgear uses embedded sensors, communication systems, and intelligent protection relays to enable real-time monitoring, diagnostics, and control. This facilitates predictive maintenance, energy management, and fault detection. In India, smart switchgear is being adopted in commercial buildings, renewable energy projects, and industrial plants. Vacuum Interruption Technology Vacuum circuit breakers \(VCBs\) are increasingly replacing traditional SF₆ or oil-based systems in medium-voltage applications due to their safety, reliability, and zero environmental impact. VCBs use a vacuum as the arc-extinguishing medium, offering long operational life and minimal maintenance. In Utilities and industries are actively deploying VCBs as part of their grid modernization and equipment replacement programs. Solid Insulated Switchgear \(SIS\) Solid Insulated Switchgear is a gas-free alternative that uses solid dielectric material for insulation. It is safe, environmentally friendly, and compact, making it suitable for space-constrained areas such as metro stations and residential complexes. With growing awareness about sustainability, SIS is seeing rising adoption in India's infrastructure projects and renewable power applications. IoT and Cloud-Enabled Systems Switchgear systems are now being equipped with IoT devices that allow real-time data collection, remote access, and cloud-based analysis. These technologies enhance asset management by enabling predictive maintenance, optimizing load distribution, and reducing energy waste. Power distribution companies and industrial consumers are increasingly adopting IoT enabled switchgear for digital grid operations. \(Tab List\)]() Collectively, these innovations reflect a decisive move towards intelligent, environmentally responsible, and future-ready power infrastructure in India

While we have not exported any of our products in Fiscals 2023, 2024 and 2025, and the six-month period ended September 30, 2025, we have a track record of servicing customers in various countries located across the United States, South Asia, South-East Asia, the Middle East, and West Africa, demonstrating our capabilities to cater to foreign markets. Our leadership, strategy and execution efforts are currently overseen by the third generation of Promoters. Our Individual Promoter, Chairman and Managing Director, Dinesh Singhal, is a graduate of Indian Institute of Technology Roorkee (formerly known as University of Roorkee), with over 40 years of experience in the transformer manufacturing industry. Our Individual Promoter and Whole-time Director, Adesh Singhal, a graduate of Indian Institute of Technology Roorkee (formerly known as University of Roorkee), has been associated with our Company since 1981. Our Individual Promoter and Whole-time Director, Vivek Singhal, a graduate of Indian Institute of Technology Bombay, has been associated with our Company since 2000. Our Individual Promoter and Whole-time Director, Abhishek Singhal, a graduate of Indian Institute of Technology Delhi, has been associated with our Company since 2002 and currently leads our design and development activities. The following table sets forth certain key performance indicators for the periods indicated: (₹ in million, unless otherwise indicated) * Figures are not annualised. Notes: - (1) Annual Installed Capacity is based on two 8-hour shifts per day and 300 working days per year and the capacity for the six-month period ended September 30, 2025 has been annualized. - (2) Order Book is calculated as opening order book during the year/period + orders received during the year/period − revenue recognised during theyear/period. - (3) Revenue from Operations is calculated as revenue from sale of goods + revenue from sale of services + other operating revenue. - (4) Y-o-Y Revenue Growth is calculated as (Revenue from operations of the current year / revenue from operations of the previous year) – 1. - (5) Total Income is calculated as revenue from operations + other income - (6) Gross margin is calculated as Gross profit / revenue from operations, where Gross profit = revenue from operations – cost of goods sold (“COGS”);and COGS = cost of material consumed + purchase of stock in trade + changes in inventories of finished goods, stock-in-trade and work-in-progress. - (7) EBITDA is calculated as profit before tax + finance cost + depreciation and amortization expense - other income - (8) EBITDA Margin is calculated as EBITDA/ revenue from operations - (9) PAT for the year is calculated as profit before tax – total tax expense (“PAT”) - (10) PAT Margin is calculated as PAT/ Total income - (11) ROE is calculated as Restated profit/(loss) after tax for the relevant fiscal or period / average of opening and closing equity for such fiscal or period - (12) ROCE is calculated as EBIT/ average capital employed; where: EBIT = EBITDA – depreciation and amortization, and capital employed = total equity + non-current borrowings + current borrowings – cash and cash equivalents and bank balances other than cash and cash equivalents - (13) Gross Debt/ Equity is calculated as Gross Debt = total non-current borrowings + current borrowings, and Equity = equity share capital + other equity - (14) Gross Debt/ EBITDA is calculated as gross debt/ EBITDA - (15) Net Fixed Asset Turnover Ratio is calculated as revenue from operations / average net fixed assets; where: average net fixed assets = net fixed assets (current year) + net fixed assets (previous year) / 2, and net fixed assets = property, plant and equipment - (16) Net Working Capital Days is calculated as net working capital days = trade receivables days + inventory days – trade payable days; where Trade Receivable Days = average of opening and closing trade receivables for the year/period / revenue from operations * 365 days (182 days for the period ending September 30, 2025, and 366 days for Fiscal 24), inventory days = average of opening and closing inventories for the year/period / cost of goods sold * 365 days (182 days for the period ending September 30, 2025, and 366 days for Fiscal 24), and trade payable days = average of opening and of -

- - - - - - - - - - - - - - - - - opening and closing trade payables for the year/period / cost of goods sold * 365 (182 days for the period ending September 30, 2025, and 366 days for Fiscal 2024). STRENGTHS Established player in the transformer manufacturing sector catering to high growth industries. We have over 40 years of experience in the Transformer Manufacturing Business. We are one of the leading domestic players in transformer manufacturing in terms of revenue in Fiscal 2025. We cater to high growth industries such as power transmission, railways, renewable energy, and power distribution (Source: CARE Report). We manufacture transformers across various capacities ranging from < 132 kV to > 400 kV. In particular, As on September 30, 2025, we are one of five companies in India to have the short circuit test certification for 500 MVA 400 kV transformers that are used in the power transmission industry (Source: CARE Report), which enables us to compete for large and high-value contracts. We are one of four manufacturers in India who are certified by Research Designs and Standards Organisation (RDSO), the research and development wing of Indian Railways, to manufacturing 100 MVA 132 kV Scott transformers. We are also one of two Indian manufacturers certified to manufacture 100 MVA 220 kV Scott transformers, both of which cater to the demand for rail network electrification from the Indian Railways (Source: CARE Report). Set out below is our revenue from operations derived from sale of transformers of different capacities during the six-month period ended September 30, 2025 and preceding three fiscals, along with the percentage of revenue from operations for the respective Fiscals/ period: (in ₹ million, except percentages) From CY24 onward, growth across all voltage categories is expected to accelerate By CY 30, high voltage transformers are projected to reach USD 1,598.4 million, while medium voltage transformers are expected to grow to USD 1,026.5 million. Further, the extra high voltage segment (which includes 400 kV transformers) and ultra-high voltage segment (which includes 765 kV and above transformers) are expected to expand significantly. Between CY 24 and CY 30, the market for ultra-high voltage, extra high voltage, high voltage, and medium voltage transformers is expected to grow at a CAGR of 9.0%, 9.3%, 9.2%, and 6.6%, respectively (Source: CARE Report). Further, from CY24 onward, the market enters a phase of growth, reaching a projected USD 105.6 million by CY30 with a higher CAGR of 1.9%. This uptick can be attributed to modernization of metro traction systems and expanding usage of dual- phase equipment in rail and metro applications (Source: CARE Report). India’s power transmission system has expanded at a significant pace driven by growing demand, the government’s focus onproviding electricity in rural areas, and the need for connecting the generation stations including integration of RE sources from the RE-rich states (Source: CARE Report). In FY25, India saw a line addition of ~8,800 Ckm of lines where ~2,900 Ckm of lines was added in 400kV segment followed by ~3,700 Ckm of lines was added in 220 kV. By FY27 ~19,000 Ckm of lines are expected to be added in 220 kV from FY24 where overall line additions will be ~86,000 Ckm lines. It is expected to reach a total addition of 163,000 Ckm lines till FY32 where 400kV will have a maximum share of line additions (Source: CARE Report). Indian Railways is undergoing a significant transformation, driven by modernisation and infrastructure investments. The expansion of railway networks, coupled with the accelerated pace of electrification, is driving significant demand for specialized transformer solutions. This development is creating new opportunities for transformer manufacturers, as the sector requires efficient and reliable transformers to support traction systems, power supply, and overall grid stability in railway operations(Source: CARE Report). India has reached a significant milestone in its renewable energy journey, with the country's total renewable energy capacity crossing the 200 GW. This remarkable growth aligns with the country's ambitious renewable energy target of achieving 500

As on the date of this Draft Red Herring Prospectus, there is no outstanding litigation involving our Group Companies which may have a material impact on our Company. For further information, see “Outstanding Litigation and Material Developments” beginning on page 412. Risk Factors Specific attention of Bidders is invited to the section “Risk Factors” beginning on page 30. Bidders are advised to read the risk factors carefully before taking an investment decision in the Offer. Set forth below are the top 10 risk factors applicable to our Company: For further information, see “Risk Factors” beginning on page 30.

An investment in equity shares involves a high degree of risk. Prospective investors should carefully consider all the information in this Draft Red Herring Prospectus, including the risks and uncertainties described below, before making an investment in our Equity Shares. The risks described in this section are those that we consider to be the most significant to our business, results of operations and financial condition as of the date of this Draft Red Herring Prospectus. The risks described below may not be exhaustive or the only ones relevant to us, the Equity Shares or the industry segments in which we currently operate. Additional risks and uncertainties, not presently known to us or that we currently do not deem material may arise or may become material in the future. If any or a combination of the following risks, or other risks that are not currently known or are not currently deemed material, actually occur, our business, results of operations, cash flows and financial condition could be adversely affected, the trading price of our Equity Shares could decline, and investors may lose all or part of their investment. The risk factors have been presented below on the basis of their materiality. Furthermore, some events may be material collectively rather than individually. Some events may not be material at present but may have a material impact in the future. In making an investment decision, prospective investors must rely on their own examination of us and our business and the terms of the Offer, including the merits and risks involved. Potential investors should consult their tax, financial and legal advisors about the particular consequences of purchasing our Equity Shares. In order to obtain a complete understanding of our Company and our business, prospective investors should read this sectionin conjunction with “Industry Overview”, “Our Business”, “Key Regulations and Policies”, “Restated Financial Information”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Outstanding Litigation and Material Developments” on pages 168, 239, 268, 308, 373 and 412, respectively, as well as the other financial and statistical information contained in this Draft Red Herring Prospectus. This Draft Red Herring Prospectus also contains forward-looking statements that involve risks, assumptions, estimates, uncertainties and other factors, many of which are beyond our control. Our actual results could differ from those anticipated in these forward-looking statements as a result of certain factors, including the considerations described below and elsewherein this Draft Red Herring Prospectus. For more details, see “Forward-Looking Statements” on page 17. Unless otherwise stated, or unless the context otherwise requires, the financial information of our Company used in this section has been derived from our Restated Financial Information included in this Draft Red Herring Prospectus on page 308. Ourfinancial year ends on March 31 of each year. Accordingly, references to “Fiscal 2025”, “Fiscal 2024” and “Fiscal 2023”, “Fiscals 2025, 2024, and 2023”, “financial years ended March 31, 2025, March 31, 2024 and March 31, 2023” or “last three fiscals” are to the 12-month period ended March 31 of the relevant year. We have also included various financial and operational performance indicators in this Draft Red Herring Prospectus, some of which have not been derived from the Restated Financial Information. The manner of calculation and presentation of some of these financial and operational performance indicators, and the assumptions and estimates used in such calculations, may vary from those used by other companies in India and other jurisdictions. Unless stated otherwise, industry and market data used in this section has been obtained or derived from the report titled“Industry Research Report on Power Transmission Sector” dated January 23, 2026 (“CARE Report”), prepared and issuedby CARE Analytics and Advisory Private Limited (formerly known as CARE Risk Solutions Private Limited) (“CARE”)pursuant to an engagement letter dated June 26, 2025, and exclusively commissioned and paid for by us in connection with the Offer. The industry-related information included herein includes excerpts from the CARE Report and may have been re-ordered by us for the purposes of presentation. Unless otherwise indicated, all financial, operational, industry and other related information derived from the CARE Report and included herein with respect to any particular year refers to such information for the relevant calendar year. The CARE Report will be available on the website of our Company at https://www.kanohar.com/IPO from the date of the Red Herring Prospectus until the Bid/Offer Closing Date. For moreinformation, see “Certain Conventions, Use of Financial Information and Market Data and Currency of Presentation” onpage 14. INTERNAL RISKS - 1. We derive a significant portion of our revenue from the Transformer Manufacturing Business. A reduction in demand for purchase of transformers could adversely affect our business, results of operations and financial condition. Amongst our business segments comprising Transformer Manufacturing Business and EPC Business, we derive a significant portion of our revenue from the Transformer Manufacturing Business. We manufacture five different types of transformers with customized technical specifications to address the energy needs of industries as a part of our Transformer Manufacturing Business. Set out below is our revenue from operations during the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, from our various business segments:

Manufacturing Facilities may result in delays or shutdowns of our production activities. While we perform regular scheduled and unscheduled maintenance services at each of our Manufacturing Facilities, these facilities are subject to various operating risks, such as the breakdown or failure of equipment, power supply or processes, productivity of our workforce, performance below expected levels of efficiency, obsolescence of equipment or machinery, timely availability of raw materials, natural disasters, industrial accidents, fire, severe weather conditions, any significant social, political or economic disturbances and infectious disease outbreaks resulting in unplanned slowdowns and/or shutdowns and the need to comply with the directives of relevant government and regulatory authorities. Our inability to effectively respond to any breakdown, shutdown or to rectify any disruption, in a timely manner and at an acceptable cost, could lead to an adverse effect on our business, financial condition, cash flows and results of operations. While there has not been any breakdown of our Manufacturing Facilities during the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, we cannot assure that there will not be any breakdowns in future. Further, we run the risk of an industrial action by non-managerial employees. As on the date of this Draft Red Herring Prospectus, while there is no labour union existing at our Company, we cannot guarantee that our employees will not join labour unions in the future and as a result we may experience disruptions in our operations due to disputes or other problems with our workforce. In addition, we may be subject to manufacturing disruptions due to contraventions by us of any of the conditions of our regulatory approvals, which may require our Manufacturing Facilities to cease, or limit, production until the disputes concerning such approvals are resolved. While we may be able to transfer manufacturing activities to another facility, servicing our customers from distant manufacturing locations may lead to delays and increased costs which could impact our reputation and profitability. A shutdown of any such facility, including due to delays or non-renewal of specific approvals, will result in an inability to manufacture the relevant products for the duration of such shutdown. Further, any significant malfunction or breakdown of our machinery may entail significant repair and maintenance costs and cause delays in our operations. Interruptions in production or operational activities beyond our control such as transportation of finished products, may also increase our costs and reduce our sales and may require us to make substantial capital expenditures to remedy the situation or to defend litigation that we may become involved in as a result, which may negatively affect our reputation, profitability, business, financial condition, cash flows and results of operations. There is also no assurance that we will be able to recover all, or part of the losses incurred, under our insurance policies. For details in relation to our insurance coverage,please see “— Our insurance coverage may not be sufficient or adequate to protect us against all material hazards, which may adversely affect our business, financial condition and results of operations.” on page 60. While there have not been any such disruptions in the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, there can be no assurance that such instances will not occur in the future, and any such disruption may result in delays or shutdown of our manufacturing activities which may adversely affect our business, financial condition, cash flows and results of operations. - 15. We are unable to trace some of our historical corporate records. Further, certain corporate records have errors, and certain corporate filings have been made with delays, and we have remained non-compliant with the applicable laws for a certain period in the past. We cannot assure you that no legal proceedings or regulatory actions will be initiated against our Company in the future in relation to these matters, which may impact our financial condition and reputation. Certain of our Company’s corporate records are not traceable as the relevant information was not available in therecords maintained by our Company or on the online portal of the Ministry of Corporate Affairs (“MCA Portal”) orin the physical records available at the Registrar of Companies. For instance, we are unable to trace the following: - i. Form 2 in relation to the equity shares allotted on the following dates: - a. December 27, 1972; - b. October 6, 1980; - c. August 21, 1984; - d. December 29, 1986; - e. July 12, 1987; - f. September 30, 1988; and - g. June 5, 1989. - ii. Form 23 and challan in relation to the equity shares allotted on the following dates: - a. August 25, 1989; - b. November 29, 1990*; - c. July 1, 1992; - d. November 10, 1994*; - e. November 11, 1994*; - f. October 1, 1995; and

Although no regulatory action/ litigation is pending against us in relation to (i) untraceable secretarial and other corporate records and documents, (ii) errors in our corporate filings, and (iii) delays in our corporate filings, we cannot assure you that we will not be subject to penalties imposed by regulatory authorities in this respect. - 16. As on date of this Draft Red Herring Prospectus, 34 public Shareholders of our Company who collectively hold 208,000 Equity Shares are currently untraceable. Further, 156,000 Equity Shares issued to such Shareholders pursuant to a bonus issue on September 19, 2025, along with the Equity Shares previously held by them in our Company, have not been credited to their demat accounts as we have been unable to establish contact with them, and have been credited to a demat suspense account. As on the date of this Draft Red Herring Prospectus, our Company has 34 public Shareholders who hold collectively 208,000 Equity Shares and are currently not traceable and/or unresponsive. While our Company has made multiple attempts, we have been unable to establish contact with these Shareholders as on date of this Draft Red Herring Prospectus, as they are either untraceable or non-responsive. In respect of such Shareholders, we have credited 208,000 Equity Shares, which includes 156,000 Equity Shares allotted pursuant to a bonus issued undertaken on September19, 2025, to a demat suspense account “Kanohar Electricals Limited – Unclaimed Security Suspense Escrow Account”.The Equity Shares credited to the demat suspense account shall be subject to lock-in for a period of six months from the date of Allotment, as required under the SEBI ICDR Regulations. As on date of this Draft Red Herring Prospectus, we have not received any response from these Shareholders. If any of these Shareholders become responsive and establish communication with our Company, we will take necessary corporate actions in accordance with applicable laws. We are unable to ascertain if we will be subject to any adverse response from any such Shareholder, in case we are able to establish contact with them. However, once we are able to establish contact with the untraceable Shareholders, we shall initiate the process of transferring their respective Equity Shares to their designated demat accounts accordingly. - 17. The requirements of being a listed company may strain our resources which may have a material adverse impact on our operations. The equity shares of our Company were, in the past, listed on Bombay Stock Exchange (now known as BSE Limited), The Delhi Stock Exchange Association Limited (now known as DSE Estates Limited) and The Uttar Pradesh Stock Exchange Association Limited (now known as U.P. Stock and Capital Limited) on November 13, 1995, November 1, 1995 and October 31, 1995, respectively. However, thereafter, due to low liquidity and trading volumes, and with a view to optimizing compliance requirements, the equity shares of our Company were voluntarily delisted from Bombay Stock Exchange (now known as BSE Limited), The Delhi Stock Exchange Association Limited (now known as DSE Estates Limited) and The Uttar Pradesh Stock Exchange Association Limited (now known as U.P. Stock and Capital Limited) with effect from July 12, 2010, August 30, 2010, and October 20, 2010, respectively. The requirements of being a listed company again may strain our resources. As a listed company, we will incur significant legal, accounting, corporate governance, and other expenses that we did not incur as an unlisted company. We will be subject to the extant laws applicable to a listed company, inter alia, SEBI Listing Regulations which will require us to file audited annual and unaudited quarterly reports with respect to our business and financial condition. If we experience any delays, we may fail to satisfy our reporting obligations and/or we may not be able to readily determine and accordingly report any changes in our results of operations as promptly as other listed companies. Furthermore, as a listed company, we will need to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, including keeping adequate records of daily transactions. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal control overfinancial reporting, significant resources and management attention will be required. As a result, our management’sattention may be diverted from our business concerns, which may adversely affect our business, prospects, results of operations and financial condition. If we fail to effectively implement sufficient disclosure controls and procedures and internal control procedures over financial reporting, we may be unable to successfully manage or accurately detect and report our future financial risks. In addition, we may need to hire additional legal and accounting staff with appropriate experience and technical accounting knowledge, but we cannot assure you that we will be able to do so in a timely. - 18. We intend to utilize a portion of the Net Proceeds to fund our capital expenditure requirements. Our inability to successfully implement such capacity expansion or any future capacity expansion plans could have a material adverse effect on our business, prospects, operations or financial results. We intend to use a portion of the Net Proceeds for funding our capital expenditure requirements which includes, inter alia, (i) purchase of new machinery and equipment for our Gangol Manufacturing Facility for increasing our transformer manufacturing capacity, expanding and automating our backward integration facilities and enhancing operational efficiency; (ii) civil construction and interior development of an office building at our Gangol Manufacturing Facility; and (iii) enhancing our sustainability initiatives by (a) setting up of solar power plants at our

Further, as on the date of this Draft Red Herring Prospectus, there are no pending litigation proceedings involving any of our Group Companies which will have a material impact on our Company. Such proceedings could divert management’s time, attention, and consume financial resources in their defence orprosecution. We cannot assure you that any of these matters will be settled in favour of our Company or that no additional liability will arise out of these proceedings. Further, we cannot assure you that there will be no new legal and regulatory proceedings involving our Company, Promoters, Key Managerial Personnel, Senior Management Personnel or Directors in the future. An adverse outcome in any of these proceedings may have an adverse effect on our business, financial position, prospects, cash flows, results of operations and our reputation. For further information,see “Outstanding Litigation and Material Developments” on page 412. - 30. If we fail to comply with the applicable laws, regulations and rules prescribed by the Government of India and the relevant statutory or regulatory bodies or fail to obtain, maintain or renew our statutory and regulatory licenses, permits and approvals required for our business, our results of operations and cash flows may be adversely affected. We are required to obtain and maintain a number of statutory and regulatory licenses, registrations, permits and approvals under central, state and local government rules in India, for carrying out our business and for our manufacturing facility, among other things, relating to safety, health and environmental laws and regulations in our operations (including laws regulating the generation, storage, handling, use and transportation of waste materials, noise emissions, air and water discharges on the storage, handling, discharge and disposal of certain materials, and other aspects of our operations, and the health and safety of employees) and mandatory certification requirements for our facilities and products. For example, our operations are subject to environmental laws and regulations in India, including the Environment (Protection) Act, 1986 and the Environment Protection Rules, 1986, the Air (Prevention and Control of Pollution) Act, 1981, the Water (Prevention and Control of Pollution) Act, 1974, the Solid Waste Management Rules, 2016, and other regulations promulgated by the Ministry of Environment, Forest and Climate Change, Government of India and various statutory and regulatory authorities and agencies in India. For details of the key regulations applicable to our business, see “Key Regulations and Policies” on page 268. While we proactively engage with governmental and statutory authorities, and there have not been any instances of delays in grant of regulatory approvals, such potential delays in obtaining regulatory approvals and permits necessary for our business operation can have an adverse effect on our business, financial position, prospects, cash flows and results of operations. For further information on the nature of the material approvals and licenses required for our business and for information on the material approvals applied for, see “Government and Other Approvals” on page417. In addition, we will need to apply for renewal of certain approvals, licenses registrations and permits, which expire or seek new approvals, licenses, registrations and permits from time to time, as and when required in the ordinary course of our business. While there has not been any non-compliance during the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, there can be no assurance that we will be in compliance at all times with such laws, regulations and the terms and conditions of any such consents or permits. If we violate or fail to comply adequately with these requirements, we could be fined or otherwise sanctioned by the relevant regulators. Our business and operations are subject to a number of approvals, licenses, registrations and permissions for construction and operation of our Manufacturing Facilities, marketing offices and regional offices, in addition to extensive government regulations for the protection of the environment and occupational health and safety. While we have obtained all necessary approvals in relation to our operations and such approvals are valid as on date of this Draft Red Herring Prospectus, we may need to apply for additional approvals including the renewal of approvals which mayexpire from time to time, in the ordinary course of business. For details, see “Government and Other Approvals –Material approvals in relation to our business and operations” on page 417. We cannot assure you that these approvals will be granted by the relevant authorities. In the event these approvals are not granted, we will have to make alternate manufacturing arrangements including increasing production in our other existing Manufacturing Facilities, which may adversely impact our business, financial condition, results of operations, cash flows and prospects. Further, we may be required to obtain a no objection certificate under the relevant state tenancy laws, when applying for a

efficiency. The development and commercialization process for new products is both time-consuming and costly, andinvolves a high degree of business risk. The following table sets forth details of our product development and shortcircuit testing expenses for the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023: (in ₹ million, except percentages) As we seek to develop new products, or re-commercialize products that were previously approved, our research and development expenses will increase, potentially significantly, and we cannot be certain that we will recover our investment in a product, even if that product is commercialized. If we spend significant resources on research and development efforts and are not able to introduce new products, our business, financial condition, and results of operations may be materially adversely affected. We also face several challenges when developing and commercializing new products to introduce into the market, including: - • designing products that have not been manufactured previously; - • securing customer approvals and meeting inspection requirements at multiple manufacturing stages; - • managing logistics for sending products to test laboratories and receiving them after physical testing; and - • addressing increased working capital requirements due to the extended timelines involved in the above processes. As a result of these and other difficulties, our ongoing investments in short circuit testing, new product launches and R&D for future products could result in higher costs without a proportionate increase in revenues. Accordingly, we cannot assure you that the investments we have made in short circuit testing and research and development will yield satisfactory results in terms of improved products, or will yield any results at all, or that our products currently in development will receive necessary regulatory approvals on a timely basis or at all, which may result in unsuccessful development or commercialization of new products. Our short circuit testing and research and development efforts may not result in the discovery or successful development of new products. In addition, if any of our products, when developed and approved or acquired, cannot be successfully or timely commercialized, our results of operations could be adversely affected. We cannot guarantee that any investment we make in developing or marketing products will be recouped, even if we are successful in commercializing those products. Due to the significant amount of capital required and the long lead time between planning and commercialization of products, our failure to successfully introduce new products could have a material adverse effect on our business, financial condition, cash flows and results of operations. - 38. We may be unable to adequately protect intellectual property that we use and may be subject to risks of infringement claims. We rely on our trademark to protect our intellectual property, which is critical to our business. The protection of our intellectual property rights may require the expenditure of financial, managerial and operational resources. We rely on a combination of laws and regulations, confidentiality of information to protect our intellectual property. Despite our efforts to protect and enforce our proprietary rights, unauthorized parties have used, and may in the future use, our trademark or similar trademark, copy aspects of our website images, features, compilation and functionality or obtain and use information that we consider as proprietary, such as trade secrets. Further, we do not hold any patents over our product formulae and have not made any applications in this respect. We may therefore not be able to prevent our competitors from developing, using or commercializing products that are functionally equivalent or similar to our products. This may lead to reduction in sales of some of our products. Additionally, the process of obtaining intellectual property protection is expensive and time-consuming, and the amount of compensation for damages can be limited. Even if issued, trademarks may not adequately protect our intellectual property, as the legal standards relating to the validity, enforceability and scope of protection of trademark and other intellectual property rights are applied on a case-by-case basis and it is generally difficult to predict the

results of any litigation relating to such matters. Any litigation, whether or not it is resolved in our favour, could result in significant expense to us and divert the efforts of our technical and management personnel, which may adversely affect our business, financial condition, cash flows and results of operations. While there have not been any instances of infringement of our intellectual property rights which have come to our knowledge in the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, we cannot assure you that such instances shall not occur in the future. - 39. We have experienced negative cash flows from operating, investing and financing activities in the past. Any negative cash flows in the future would adversely affect our cash flow requirements, which may adversely affect our ability to operate our business and implement our growth plans, thereby affecting our financial condition. The table below sets forth certain information relating to our cash flows from operating activities, investing activities and financing activities for the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023: (in ₹ million) We experienced negative cash flows in Fiscals 2025, 2024 and 2023, due to higher inventory and higher trade receivable levels. Negative cash flows over extended periods, or significant negative cash flows in the short term, could materially impact our ability to operate our business and implement our growth plans. We may face a shortfall of capital in future as a result of negative cash flows and there can be no assurance that we will be able to raise adequate capital in future. As a result, our cash flows, business, future financial performance and results of operations could bematerially and adversely affected. For further information, see “Management’s Discussion and Analysis of FinancialCondition and Results of Operations – Cash Flows” on page 401. - 40. We have certain contingent liabilities that have not been provided for in our financial statements, which if they materialise, may adversely affect our financial condition. As at September 30, 2025, our contingent liabilities as per Ind AS 37 – provisions, contingent liabilities and contingent assets, that have not been provided for are as set out in the table below: (in ₹ million, except percentages) ^ The amount mentioned excludes the amount paid under protest. * Includes earnest money deposits (EMDs) and performance bank guarantees (PBG) provided by our Company while bidding for orders through tenders, warranties extended to the customers for performance of the products supplied by us, and security against the mobilisation advance given by our customer for products supplied. Our contingent liabilities may materialise and become actual liabilities. In such case, our business, financial condition, cash flows and results of operations may be adversely affected. For further information, please refer chapter titled“Restated Financial Information – Note 34: Commitments and contingencies” on page 346. - 41. Our ability to pay dividends in the future will depend on our future cash flows, working capital requirements, capital expenditures and financial condition. We have not declared and paid dividend in the six-month period ended September 30, 2025 and the last three Fiscals.For details, see section titled “Dividend Policy” on page 307. However, the amount of our future dividend payments, if any, will depend on our future earnings, cash flows, financial condition, working capital requirements, capital

- (b) Preference share capital Our Company does not have any preference shares as on the date of this Draft Red Herring Prospectus. All the issuances of the specified securities since the date of inception by our Company, have been in compliance with the relevant provisions of the Companies Act, 1956 and Companies Act, 2013, as applicable. For details in relation to the forms filed by us with the RoC in relation to the issuances made by us and the corporate recordsfiled, see “Risk Factors – We are unable to trace some of our historical corporate records. Further, certain corporate records have errors, and certain corporate filings have been made with delays, and we have remained non-compliant with the applicable laws for a certain period in the past. We cannot assure you that no legal proceedings or regulatory actions will be initiated against our Company in the future in relation to these matters, which may impact our financial condition and reputation.” beginning on page 45. - 2. Secondary transactions involving our Promoters (including the Promoter Selling Shareholder) and the members of our Promoter Group Except as disclosed below and in “– Details of Equity shareholding of our Promoters and the members of our Promoter Group in our Company – Build-up of our Promoters’ shareholding in our Company” beginning on page 127, there has been no transfer of equity shares involving our Promoters (including the Promoter Selling Shareholder) and the members of our Promoter Group, as on the date of this Draft Red Herring Prospectus:

- 7. Shareholding pattern of our Company The table below presents the shareholding pattern of our Company as on the date of this Draft Red Herring Prospectus: * 208,000 Equity Shares held by 34 public shareholders have been credited to demat suspense account “Kanohar Electricals Limited – Unclaimed Security Suspense Escrow Account”, instead of their respective demat accounts, owing to ourinability to establish contact with such shareholders. For more details, see “Risk Factors – As on date of this Draft Red Herring Prospectus, 34 public Shareholders of our Company who collectively hold 208,000 Equity Shares are currently untraceable. Further, 156,000 Equity Shares issued to such Shareholders pursuant to a bonus issue on September 19, 2025, along with the Equity Shares previously held by them in our Company, have not been credited to their demat accounts as we have been unable to establish contact with them, and have been credited to a demat suspense account.”

Note: As certified by Pawan Shubham & Co., Chartered Accountants, with firm registration number 011573C, pursuant to their certificate dated January 23, 2026. For risks in relation to the use of the Net Proceeds for funding incremental working capital gap of our Company, see “Risk Factors – If we are unable to raise additional working capital or are unable to obtain financing on favourable terms or at all, our business and growth could be adversely affected.” on page 43. - 3. General corporate purposes Our Company intends to deploy any balance left out of the Gross Proceeds towards general corporate purposes, as approved by our management from time to time, subject to such utilisation for general corporate purposes not exceeding 25% of the Gross Proceeds, in compliance with the SEBI ICDR Regulations. The allocation or quantum of utilisation of funds towards the specific purposes described above will be determined by our Board, based on our business requirements and other relevant considerations, from time to time. Our management, in accordance with the policies of the Board, shall have the flexibility in utilising surplus amounts, if any. Such general corporate purposes may include, but are not restricted to strategic initiatives, funding growth opportunities, including acquisitions and meeting exigencies, brand building, payment of lease expense, payment of commission and/or fees to consultants, and any other purpose in the ordinary course of business as may be approved by the Board or a duly appointed committee from time to time, subject to compliance with applicable laws. Means of finance Our Company proposes to fund the requirements of the entire Objects of the Offer from the Net Proceeds. Accordingly, there is no requirement to make firm arrangements of finance through verifiable means towards atleast 75% of the stated means of finance, excluding the amount to be raised from the Fresh Issue and existing identifiable internal accruals, as required under Regulation 7(1)(e) of the SEBI ICDR Regulations. In case of a shortfall in the Net Proceeds or any increase in the actual utilization of funds earmarked for the Objects, our Company may explore a range of options including utilizing our internal accruals and/ or seeking additional debt from existing and/ or other lenders. Offer-related expenses The total expenses of the Offer are estimated to be approximately ₹ [●] million. The expenses of this Offer include, amongothers, listing fees, underwriting fees, selling commission, fees payable to the BRLMs, fees payable to legal counsels, Registrar to the Offer, Bankers to the Offer, processing fee to the SCSBs for processing Bid cum Application Forms, brokerage and selling commission payable to members of the Syndicate, Registered Brokers, RTAs and CDPs, printing and stationery expenses, advertising and marketing expenses and all other incidental and miscellaneous expenses for listing the Equity Shares on the Stock Exchanges. Except for (i) listing fees, audit fees of the Statutory Auditors (to the extent not attributable to the Offer), and expenses in relation to product or corporate advertisements, i.e. any corporate advertisements consistent with past practice of our Company (other than expenses relating to marketing and advertisements undertaken in connection with the Offer), which shall be solely borne solely by our Company; and (ii) fees for counsel to the Promoter Selling Shareholder, if any, which shall be solely borne by the Promoter Selling Shareholder in relation to itself and the Offered Shares, the Promoter Selling Shareholder agrees to share the costs and expenses (including all applicable taxes except the securities transaction tax which shall be solely borne by the Promoter Selling Shareholder) directly attributable to the Offer, in proportion to the Offered Shares, upon listing of the

The Price Band and the Offer Price will be determined by our Company, in consultation with the Book Running Lead Managers,on the basis of assessment of market demand for the Equity Shares bearing face value ₹ 2 each offered through the BookBuilding Process and on the basis of quantitative and qualitative factors as described below. The face value of the Equity Sharesis ₹ 2 each and the Offer Price is [●] times the Floor Price and [●] times the Cap Price. Bidders should also see “Risk Factors”, “Our Business”, “Restated Financial Information”, and “Management’s Discussion and Analysis of Financial Conditionand Results of Operations” beginning on pages 30, 239, 308 and 373, respectively, to have an informed view before making an investment decision. Qualitative Factors Some of the qualitative factors which form the basis for computing the Offer Price are: - ● established player in the transformer manufacturing sector catering to high growth industries; - ● successful short circuit testing of transformers up to 500 MVA 400 kV which enables us to compete for large, high-valuecontracts across sectors; - ● comprehensive presence across our Transformer Manufacturing Business and EPC Business enabling us to serve a largetotal addressable market; - ● integrated manufacturing facilities equipped to deliver high-quality products; - ● track record of executing orders for large and marquee clients; - ● experienced Promoters and management team with significant industry experience; and - ● track record of profitability. For details, see “Our Business — Strengths” beginning on page 245. Quantitative Factors Some of the information presented below, relating to our Company, is derived from the Restated Financial Information. Fordetails, see “Restated Financial Information” beginning on page 308. Some of the quantitative factors which may form the basis for computing the Offer Price are as follows: - 1. Basic and diluted earnings per share (“EPS”) (face value of each Equity Shares is ₹2): * As certified by Pawan Shubham & Co., Chartered Accountants, with firm registration number 011573C, pursuant to their certificate dated January 23, 2026. ^ Not annualised. Notes: - 1. Above figures are based on the Restated Financial Information for the six months period ended on September 30, 2025 and for the years endedMarch 31, 2025, March 31,2024, and March 31,2023. EPS for previous years has been recalculated taking effect of bonus and split issuetransactions undertaken by our Company. - 2. Basic and diluted EPS: Basic EPS is computed as Restated profit/(loss) for the year attributable to equity shareholders of our Company divided bytotal weighted average number of equity shares outstanding at the end of the year. Diluted EPS is computed as Restated profit/(loss) for the yearattributable to equity shareholders of our Company divided by total weighted average number of equity shares outstanding at the end of the yearafter adjusting for the effects of all dilutive potential equity shares. Basic and diluted EPS are computed in accordance with Ind AS 33 - Earningsper share. - 3. Weights have been allocated by giving the latest year maximum weight and reducing the weights for each of the earlier years. - 4. Weighted average = Aggregate of year-wise weighted EPS divided by the aggregate of weights i.e. (EPS x Weight) for each year/Total of weights.

The information contained in this section is derived from a report titled “Industry Research Report on Power Transmission Sector” dated January 23, 2026, which is exclusively prepared for the purposes of the Offer and issued by CARE Analytics and Advisory Private Limited (formerly known as CARE Risk Solutions Private Limited) (“CARE”) and commissioned and paid for by our Company (the “CARE Report”). CARE was appointed by our Company pursuant to an engagement letter datedJune 26, 2025. We commissioned and paid for the CARE Report for the purposes of confirming our understanding of the industry specifically for the Offer, as no report is publicly available which provides a comprehensive industry analysis,particularly for our Company’s business, that may be similar to the CARE Report. The CARE Report is available on the website of our Company at https://www.kanohar.com/IPO from the date of this Draft Red Herring Prospectus until the Bid/OfferClosing Date and has also been included as a document for inspection in “Material Contracts and Documents for Inspection– Material Documents” on page 485. The data included herein includes excerpts from the CARE Report and may have been re-ordered by us for the purposes of presentation. For further details and risks in relation to the CARE Report, see “Risk Factors – Certain sections of this Draft Red Herring Prospectus contain information from the CARE Report which has been commissioned by us and any reliance on such information for making an investment decision in this Offer is subject to inherent risks.” on page 68. Industry publications are also prepared based on information as at specific dates and may no longer be current or reflect current trends. Accordingly, investment decisions should not be based on such information. Forecasts, estimates, predictions, and other forward-looking statements contained in the CARE Report are inherently uncertain because of changes in factors underlying their assumptions, or events or combinations of events that cannot be reasonably foreseen. Actual results and future events could differ materially from such forecasts, estimates, predictions, or such statements. In making any decision regarding the transaction, the recipient should conduct its own investigation and analysis of all facts and information contained in this Draft Red Herring Prospectus and the recipient must rely on its own examination and the terms of the transaction, as and when discussed. Neither we, nor the BRLMs, nor any other person connected with the Offer has independently verified any third-party statistical and other industry information contained in the CARE Report. Unless otherwise indicated, financial, operational, industry and other related information derived from the CARE Report and included herein with respect to any particular year refers to such information for the relevant calendar year. - 1. Economic Outlook - - 1.1 Global Economy Global economic growth expected to sustain at ~3% in near term Global growth, which reached 3.5% in CY23, stabilized at 3.3% for CY24 and projected to decrease at 3.2% for CY25. Global trade is expected to be disrupted by new US tariffs and countermeasures from trading partners, leading to historically high tariff rates and negatively impacting economic growth projections. The global landscape is expected to change as countries rethink their priorities and policies in response to these new developments. Central banks priority will be to adjust policies, while smart fiscal planning and reforms are key to handling debt and reducing global inequalities. Chart 1: Global Growth Outlook Projections (Real GDP, Y-o-Y change in %) Source: IMF – World Economic Outlook, October 2025; Note: P-Projection Table 1: GDP growth trend comparison - India v/s Other Economies (Real GDP, Y-o-Y change in %)

- ![Grid Connectivity Coal dominates India’s power generation, but renewable capacity is rising rapidly. This growth demands major transmission expansion, as large solar and wind projects are often in remote areas. Despite government efforts like GEC, TBCB, and One Nation, One Grid, delays in transmission build-out remain a key risk. Poor Health of DISCOMS DISCOMs have long struggled with rising debt, weak collections, high AT&C losses, and a large ACS-ARR gap. While reforms like UDAY, LPS, DDUGJY, IPDS, and smart metering aim to improve performance, delays in payments to power producers still pose a major financial risk. Regulatory uncertainties Regulatory uncertainties from shifting policies, tariff and subsidy changes, and inconsistent state-level rules on land and permits disrupt planning and delay projects. Fuel Availability \(Coal\) Thermal power depends on limited, depleting fuels, while renewables are abundant. Despite efforts to boost domestic coal output, the power sector still relies on imports to meet rising demand. \(Vertical Arrow List\)]() - - 2.10 Investments in the Conventional and Renewable sector Constraints: Generation As per the NEP, total power capacity is expected to increase to 900 GW by FY32 from 416 GW in FY23. The expected investments in the generation section between FY23-FY27 and FY27-FY32 are given in the following table. Table 14: Expected investments in generation (Rs Crore) Source: National Electricity Plan (NEP) March 2023, CareEdge Research - 3. Renewable Energy Sector in India - - 3.1 Overview There has been a significant shift globally in the generation capacity mix due to the growing concerns towards the environment and climate change. India is an active participant and has taken initiatives towards sustainable development and cleaner environment including significant additions of renewable energy generation capacity. As per the International Renewable Energy Agency (IRENA) renewable capacity statistics 2025, India ranks 4th in the world, leading the global renewable energy growth below is the ranking based on technology-specific installed capacity, India ranks 3rd in Solar and Bioenergy, 4th in onshore wind and 6th in Hydro.

Drivers ![Government Policies and Incentives Government policies strongly support renewable energy through initiatives like the National Solar Mission and Wind Energy Policy. Incentives such as subsidies, tax benefits, and favourable regulations reduce project risks and encourage investment, driving rapid growth in the sector. Rising Energy Demand India’s rising energy demand from rapid urbanization and industrial growth is straining existing power infrastructure, making it essential to expand capacity and shift toward cleaner, reliable renewable sources. Climate Change Awareness Growing awareness about climate change is increasing demand for renewable energy. People and businesses want to reduce their carbon footprints, support cleaner practices, and invest in green energy to help protect the environment. Technological Advancements Technological advancements are making renewable energy more efficient, reliable, and affordable. Improved solar panels, better wind turbines, and advanced battery storage are reducing costs and increasing performance, making renewables more competitive with traditional energy sources. Investment in Infrastructure Investment in energy infrastructure is essential to support renewable growth. Stronger grids, smart systems, and better storage solutions help integrate solar and wind power more efficiently, improve reliability, and build a resilient energy system for the future. Energy Security Energy security concerns are pushing India to invest more in domestic renewable sources. Increasing the share of renewables reduces dependence on imported fossil fuels, lowers vulnerability to global price swings, and strengthens long-term energy stability and self-reliance. \(Vertical Block List\)]() Constraints ![Counterparty Risk DISCOMs’ weak finances, high losses, and delayed payments continue to affect timely PPA signing and cash flows despite government reforms. High Import Dependence Solar cells, modules, and inverters are still largely imported \(mainly from China\), despite PLI schemes and higher import duties to boost domestic manufacturing. Grid Integration Delays Transmission readiness often lags renewable capacity addition due to land and execution delays, affecting project offtake. Intermittency Issue Solar and wind power are not available round the clock due to seasonal and hourly variations. Regional Imbalance Renewable projects are concentrated in western and southern states, while eastern states lag, creating uneven development. Land & Wind Site Constraints Good wind sites are exhausted; new projects face land scarcity, higher costs, regulatory delays, and transmission bottlenecks. \(Vertical Block List\)]() As part of its Nationally Determined Contribution (NDC) for the Paris Agreement obligations, the government stated that by 2030, reduction of the emissions intensity of GDP by 45% below 2005 levels and raise the percentage of non-fossil fuels in total capacity to 50% and increase share of non-fossil power capacity to 50%. Hence the government has pushed towards renewable capacity additions through policies initiatives like JNNSM, obligations of RPO, setting up of SECI, etc.

Challenges ![Congestion and curtailment risks and Phased reduction of waivers and policy uncertainty In several regions, renewable energy projects face curtailment due to delays in transmission readiness. A mismatch between project commissioning timelines and availability of evacuation infrastructure is a recurring challenge. The gradual withdrawal of ISTS waivers after 2025 increases the cost of power delivery. Uncertainty around the future of such incentives affects project economics and investor confidence. Implementation issues with GNA While GNA is a progressive step, its transition phase has created procedural challenges, including connectivity queue management and coordination between central and state transmission utilities. This leads to temporary uncertainties for developers and financiers Land acquisition and right-of-way \(RoW\) issues and financial health of utilities Acquiring land and obtaining environmental and forest clearances for transmission lines remain significant bottlenecks. Delays in RoW approvals often lead to project overruns. The weak financial position of distribution companies \(DISCOMs\) indirectly impacts the transmission sector, as tariff pass-throughs and payment security mechanisms influence the risk perception of investors. \(Vertical Block List\)]() - 8. Transformer Market in India - - 8.1 Overview A transformer is an electrical device used in power systems to transfer electrical energy from one circuit to another through the principle of electromagnetic induction. It operates without any direct electrical connection between the two circuits. The primary function of a transformer is to either step up (increase) or step down (decrease) voltage levels based on the requirement of the system. This voltage transformation makes it possible to transmit electricity efficiently over long distances and safely distribute it for residential, commercial, and industrial use. A transformer consists of several key components. The magnetic core, typically constructed from laminated steel, provides a path for magnetic flux. Conductive windings, usually made of copper or aluminium, are wound around the core and facilitate the flow of electric current. Insulating materials prevent electrical faults by maintaining separation between the windings. Transformer oil serves dual purposes—as an insulator and as a coolant. A dedicated cooling system, often incorporating radiators or fans, prevents overheating during operation. Additionally, many transformers feature a tap changer, which adjusts the output voltage to ensure a consistent and stable power supply. Chart 39: Role of Transformer in Electricity transmission Power plant generates electricity. Transformer steps-up voltage for transmission Transmission lines carry electricity long distance. Neighbourhood transformer steps down voltage Distribution lines carry electricity to houses. Transformer on poles step down electricity before it enters houses

Some of the information in this section, including information with respect to our business plans and strategies, contain forward-looking statements that involve risks and uncertainties. You should read “Forward-Looking Statements” on page 17for a discussion of the risks and uncertainties related to those statements and also the sections “Risk Factors”, “Industry Overview”, “Financial Statements” and “Management’s Discussion and Analysis of Financial Condition and Results ofOperations” on pages 30, 168, 308 and 373, respectively, as well as financial and other information contained in this Draft Red Herring Prospectus as a whole, for a discussion of certain factors that may affect our business, financial condition or results of operations. Our actual results may differ materially from those expressed in or implied by these forward-looking statements. Unless otherwise indicated or unless the context requires otherwise, the financial information included herein is based on ourRestated Financial Information included in this Draft Red Herring Prospectus. For further information, see “Restated Financial Information” on page 308. Unless the context otherwise requires, in this section, references to “we”, “us”, “our”, “the Company” or “our Company” are to Kanohar Electricals Limited. Unless otherwise indicated, industry and market data used in this section has been derived from industry publications, inparticular, the report titled “Industry Research Report on Power Transmission Sector” dated January 23, 2026 (the “CARE Report”) prepared and issued by CARE Analytics and Advisory Private Limited (formerly known as CARE Risk Solutions Private Limited), pursuant to an engagement letter dated June 26, 2025. The CARE Report has been exclusively commissioned and paid for by us in connection with the Offer. The data included herein includes excerpts from the CARE Report and may have been re-ordered by us for the purposes of presentation. A copy of the CARE Report is available on the website of our Company at https://www.kanohar.com/IPO. Unless otherwise indicated, financial, operational, industry and other related information derived from the CARE Report and included herein with respect to any particular year refers to such information for the relevant calendar year. For further information, see “Industry Overview” on page 168. Also see, “Certain Conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation – Industry and Market Data” on page15. Our Company’s financial year commences on April 1 and ends on March 31 of the immediately subsequent year, and referencesto a particular Fiscal are to the 12 months ended March 31 of that year. Overview We are one of the leading domestic players in transformer manufacturing in terms of revenue in Fiscal 2025. We cater to high growth industries such as power transmission, railways, renewable energy, and power distribution (Source: CARE Report). As on September 30, 2025, we are one of five companies in India to have the short circuit test certification for 500 MVA 400 kV transformers that are used in the power transmission industry (Source: CARE Report). We conduct short circuit testing of our transformers at a scale and as on September 30, 2025, have tested over 200 ratings. We are one of four manufacturers in India who are certified by Research Designs and Standards Organisation (RDSO), the research and development wing of Indian Railways, to manufacturing 100 MVA 132 kV Scott transformers. We are also one of two Indian manufacturers certified to manufacture 100 MVA 220 kV Scott transformers, both of which cater to the demand for rail network electrification from the Indian Railways (Source: CARE Report). Through our backward integrated facilities, we offer a wide range of products andsolutions for India’s energy infrastructure, particularly in the manufacture of transformers with our in-house technology. We are led by our Promoter, Chairman and Managing Director, Dinesh Singhal, who is graduate of Indian Institute of Technology Roorkee (formerly known as University of Roorkee), with over 40 years of experience in the transformer manufacturing industry. We operate our business in two segments, i.e., (i) Transformer Manufacturing Business; and (ii) EPC Business. Our revenue from operations for the six-month period ended September 30, 2025, and Fiscal 2025, Fiscal 2024, and Fiscal 2023 from our Transformer Manufacturing Business and our EPC Business is set out below: (in ₹ million, except percentages)

*For details in relation to certain missing corporate records for appointment/re-appointment of Directors please see “Risk Factors - We are unable to trace some of our historical corporate records. Further, certain corporate records have errors, and certain corporate filings have been made with delays, and we have remained non-compliant with the applicable laws for a certain period in the past. We cannot assure you that no legal proceedings or regulatory actions will be initiated against our Company in the future in relation to these matters, which may impact our financial condition and reputation.” beginningon page 45. Brief biographies of our Directors Dinesh Singhal is the Chairman and Managing Director of our Company. He is one of our Promoters and has been associatedwith our Company since 1976. He holds a bachelor’s degree in industrial engineering from the Indian Institute of TechnologyRoorkee (formerly known as University of Roorkee). He has over 40 years of experience in the transformer manufacturing industry. He was previously associated with the Federation of Indian Micro and Small & Medium Enterprises as president and the Indian Industries Association as president. He is currently associated with Kanohar Lal Trust Society, a non-profit organisation supporting education for girls, as president, is an independent director on the board of Shivalik Small Finance Bank Limited and a director on the board of Forum of Aided Colleges for Higher Education. Adesh Singhal is the Whole-time Director of our Company. He is one of our Promoters and has been associated with ourCompany since 1981. He holds a bachelor’s degree in electrical engineering from the Indian Institute of Technology Roorkee(formerly known as University of Roorkee). He has over 40 years of experience in the transformer manufacturing industry. Heleads our Company’s engineering and quality assurance functions. He is currently associated with non-profit organisations such as Kanohar Lal Trust Society as a member of the trust and Meerut Children Welfare Trust as a board member of the trust. Vivek Singhal is the Whole-time Director of our Company. He is one of our Promoters and has been associated with ourCompany since 2000. He holds a bachelor’s degree of technology in electrical engineering from the Indian Institute ofTechnology, Bombay. He has over 25 years of experience in marketing, business development, and strategy, driving ourCompany’s pan-India expansion and diversification into EPC substations and transmission lines. Abhishek Singhal is the Whole-time Director of our Company. He is one of our Promoters and has been associated with ourCompany since 2002. He holds a bachelor’s degree of technology in electrical engineering from the Indian Institute ofTechnology Delhi. He has over 23 years of experience in design, technology development, and systems integration. He leadsour Company’s design and development activities, along with overseeing our Company’s enterprise resource planning,computer aided engineering deployment, and IT infrastructure. Sangeeta Khorana is an Independent Director of our Company. She holds a provisional bachelor’s degree in economics from Ranchi University and a master’s degree of arts in economics from University of Allahabad, a master’s degree in internationallaw and economics from the World Trade Institute and a doctorate in economics from University of St. Gallen. She has over 10 years of professional experience. She is currently associated with Satin Creditcare Network Limited and World Commerce and Contracting (WorldCC) Foundation as a director and Aston University as a professor of international trade policy, and was previously associated with Chartered Institute of Export & International Trade as a trustee director. Anil Bhardwaj is an Independent Director of our Company. He holds a bachelor’s degree in science from Kurukshetra University, Haryana and a master’s degree in business administration (international business) from Sam HigginbottomUniversity of Agriculture, Technology & Sciences. He has over 29 years of experience in MSME policy and industrial and trade promotion. He is currently associated with Federation of Indian Micro and Small & Medium Enterprises as secretary general. Ashok Kumar Goel is an Independent Director of our Company. He holds a bachelor’s degree in engineering from the IndianInstitute of Technology Roorkee (formerly known as University of Roorkee). He has over 27 years of experience in the business

- f. reviewing, with the management, the quarterly financial statements before submission to the Board for approval; - g. scrutinizing inter-corporate loans and investments; - h. undertaking or supervising valuation of undertakings or assets of the Company, wherever it is necessary; - i. evaluation of internal financial controls and risk management systems; - j. formulating a policy on related party transactions, which shall include materiality of related party transactions; - k. approving transactions of the Company with related parties, or any subsequent modification thereof and omnibus approval for related party transactions proposed to be entered into by the Company subject to such conditions as may be prescribed; - l. Laying down the criteria for granting omnibus approval in line with the Company’s policy on related party transactions. - m. Approve the disclosure of the key performance indicators to be disclosed in the documents in relation to the initial public offering of the equity shares of the Company; - n. Review and approve the key performance indicators which are made public post listing of the Equity Shares; - o. reviewing, at least on a quarterly basis, the details of related party transactions entered into by the Company pursuant to each of the omnibus approvals given; - p. reviewing, along with the management, the statement of uses/application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offer document/prospectus/notice and the report submitted by the monitoring agency monitoring the utilization of proceeds of a public or rights issue, preferential issue or qualified institutions placement and making appropriate recommendations to the Board to take up steps in this matter; - q. establishing a vigil mechanism for Directors and employees to report their genuine concerns or grievances; - r. reviewing, with the management, the performance of statutory and internal auditors and adequacy of the internal control systems; - s. reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit; - t. discussing with internal auditors any significant findings and follow up thereon; - u. reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board; - v. discussing with the statutory auditors before the audit commences, about the nature and scope of audit as well as post- audit discussion to ascertain any area of concern; - w. looking into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors; - x. approving the appointment of the chief financial officer, or any other person heading the finance function or discharging that function, after assessing the qualifications, experience and background, etc. of the candidate; - y. reviewing the functioning of the whistle blower mechanism; - z. ensuring that an information system audit of the internal systems and process is conducted at least once in two years to assess operational risks faced by the Company; - aa. formulating, reviewing and making recommendations to the Board to amend the Audit Committee charter from time to time; - bb. reviewing the utilization of loan and/or advances from investment by the holding company in the subsidiaries exceeding Rs. 1000.00 million or 10% of the asset size of the subsidiary, whichever is lower including existing loans / advances / investments; - - - - - - - -

- c. To monitor and oversee implementation of the risk management policy of the Company, including evaluating the adequacy of risk management systems; - d. To periodically review the risk management policy of the Company, at least once in two years, including by considering the changing industry dynamics and evolving complexity; - e. To keep the Board informed about the nature and content of its discussions, recommendations and actions to be taken; - f. To set out risk assessment and minimization procedures and the procedures to inform the Board of the same; - g. To frame, implement, review and monitor the risk management policy for the Company and such other functions, including cyber security; - h. To review the status of the compliance, regulatory reviews and business practice reviews; - i. To review and recommend the Company’s potential risk involved in any new business plans and processes; - j. To review the appointment, removal and terms of remuneration of the chief risk officer, if any; and - k. To perform such other activities as may be delegated by the Board and/or prescribed under any law to be attended to by the Risk Management Committee. Corporate Social Responsibility Committee The Corporate Social Responsibility was constituted and reconstituted by our Board pursuant to its resolutions dated June 15, 2016 and June 3, 2025, respectively. The members of the Corporate Social Responsibility Committee are: The scope and functions of the Corporate Social Responsibility Committee are in accordance with Section 135 of the Companies Act, and its terms of reference, which were approved by our Board pursuant to its resolution dated September 3, 2025, are as disclosed below: - a. formulating and recommending to the Board, the policy on corporate social responsibility (“CSR”, and such policy, the “CSR Policy”), indicating the CSR activities to be undertaken as specified in Schedule VII of the Companies Act; - b. identifying corporate social responsibility policy partners and corporate social responsibility policy programmes; - c. recommending the amount of expenditure to be incurred on the CSR activities and the distribution of the same to various corporate social responsibility programmes undertaken by the Company; - d. formulating the annual action plan of the Company; - e. delegating responsibilities to the CSR team and supervising proper execution of all delegated responsibilities; - f. monitoring the CSR Policy and CSR programmes and their implementation by the Company from time to time and issuing necessary directions as required for proper implementation and timely completion of CSR programmes; and - g. performing such other activities as may be delegated by the Board and/or prescribed under any law to be attended to by the Corporate Social Responsibility Committee. IPO Committee The members of the IPO Committee are:

This section is a general summary of certain disclosures included in this Draft Red Herring Prospectus and is neither exhaustive, nor does it purport to contain a summary of all the disclosures in this Draft Red Herring Prospectus or all details relevant to prospective investors. This summary should be read in conjunction with, and is qualified in its entirety by, the moredetailed information appearing elsewhere in this Draft Red Herring Prospectus, including the sections “Risk Factors”, “Our Business”, “Industry Overview”, “Capital Structure”, “The Offer”, “Restated Financial Information”, “Objects of the Offer”, “Our Promoters and Promoter Group”, “Management’s Discussion and Analysis of Financial Condition andResults of Operations” and “Outstanding Litigation and Material Developments” beginning on pages 30, 239, 168, 91, 77,308, 132, 301, 373 and 412, respectively, of this Draft Red Herring Prospectus. Summary of primary business of our Company We are one of the leading domestic players in transformer manufacturing in terms of revenue in Fiscal 2025. We cater to high growth industries such as power transmission, railways, renewable energy, and power distribution (Source: CARE Report). As on September 30, 2025, we are one of five companies in India to have the short circuit test certification for 500 MVA 400 kV transformers that are used in the power transmission industry (Source: CARE Report). We are one of four manufacturers in India who are certified by Research Designs and Standards Organisation (RDSO), the research and development wing of Indian Railways, to manufacturing 100 MVA 132 kV Scott transformers. We are also one of two Indian manufacturers certified to manufacture 100 MVA 220 kV Scott transformers, both of which cater to the demand for rail network electrification from the Indian Railways (Source: CARE Report). As of September 30, 2025, and Fiscal 2025, Fiscal 2024 and Fiscal 2023, we had an Order Book of ₹ 16,355.60 million, ₹ 8,614.72 million, ₹ 5,958.48 million, and ₹ 5,223.75 million, respectively. For further information, see “Our Business” beginning on page 239. Summary of industry in which our Company operates India’s power transmission system has expanded at a significant pace driven by growing demand, the government’s focus onproviding electricity in rural areas, and the need for connecting the generation stations including integration of RE sources from the RE-rich states (Source: CARE Report). From CY24 onward, growth across all voltage categories is expected to accelerate. By CY 30, high voltage transformers are projected to reach USD 1,598.4 million, while medium voltage transformers are expected to grow to USD 1,026.5 million. Further, the extra high voltage segment (which includes 400 kV transformers) and ultra-high voltage segment (which includes 765 kV and above transformers) are expected to expand significantly. Between CY 24 and CY 30, the market for ultra-high voltage, extra high voltage, high voltage, and medium voltage transformers is expected to grow at a CAGR of 9.0%, 9.3%, 9.2%, and 6.6%, respectively (Source: CARE Report). For further information, see “Industry Overview” beginning on page 168. Our Promoters Our Promoters are Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal, Aditya Singhal and K Sons Family Trust. For further information, see “Our Promoters and Promoter Group” beginning on page 301. The Offer The following table summarizes the details of the Offer. For further information, please see “The Offer” and “Offer Structure”beginning on pages 77 and 440, respectively: - (1) The Offer has been authorized pursuant to the resolution passed by our Board dated January 16, 2026, and the Fresh Issue has been authorized by ourShareholders pursuant to a special resolution passed at their extraordinary general meeting dated January 19, 2026. - (2) Our Board has taken on record the consent letter by the Promoter Selling Shareholder to participate in the Offer for Sale pursuant to its resolution datedJanuary 16, 2026. For further information, see “The Offer” and “Other Regulatory and Statutory Disclosures – Authority for the Offer” beginningon page 77 and 421, respectively. Further, the Promoter Selling Shareholder has confirmed that the Offered Shares will be offered for sale in the Offerin accordance with Regulation 8 of the SEBI ICDR Regulations, to the extent applicable. - (3) Our Company in consultation with the Book Running Lead Managers, may consider a Pre-IPO Placement for an amount aggregating up to ₹ 600 million,as may be permitted under applicable law, at its discretion, prior to the filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, ifundertaken, will be at a price to be decided by our Company in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raisedpursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with rule 19(2)(b) of the SCRR. The Pre-IPO Placement, - - - - - - -

As on the date of this Draft Red Herring Prospectus, there is no outstanding litigation involving our Group Companies which may have a material impact on our Company. For further information, see “Outstanding Litigation and Material Developments” beginning on page 412. Risk Factors Specific attention of Bidders is invited to the section “Risk Factors” beginning on page 30. Bidders are advised to read the risk factors carefully before taking an investment decision in the Offer. Set forth below are the top 10 risk factors applicable to our Company: For further information, see “Risk Factors” beginning on page 30.

An investment in equity shares involves a high degree of risk. Prospective investors should carefully consider all the information in this Draft Red Herring Prospectus, including the risks and uncertainties described below, before making an investment in our Equity Shares. The risks described in this section are those that we consider to be the most significant to our business, results of operations and financial condition as of the date of this Draft Red Herring Prospectus. The risks described below may not be exhaustive or the only ones relevant to us, the Equity Shares or the industry segments in which we currently operate. Additional risks and uncertainties, not presently known to us or that we currently do not deem material may arise or may become material in the future. If any or a combination of the following risks, or other risks that are not currently known or are not currently deemed material, actually occur, our business, results of operations, cash flows and financial condition could be adversely affected, the trading price of our Equity Shares could decline, and investors may lose all or part of their investment. The risk factors have been presented below on the basis of their materiality. Furthermore, some events may be material collectively rather than individually. Some events may not be material at present but may have a material impact in the future. In making an investment decision, prospective investors must rely on their own examination of us and our business and the terms of the Offer, including the merits and risks involved. Potential investors should consult their tax, financial and legal advisors about the particular consequences of purchasing our Equity Shares. In order to obtain a complete understanding of our Company and our business, prospective investors should read this sectionin conjunction with “Industry Overview”, “Our Business”, “Key Regulations and Policies”, “Restated Financial Information”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Outstanding Litigation and Material Developments” on pages 168, 239, 268, 308, 373 and 412, respectively, as well as the other financial and statistical information contained in this Draft Red Herring Prospectus. This Draft Red Herring Prospectus also contains forward-looking statements that involve risks, assumptions, estimates, uncertainties and other factors, many of which are beyond our control. Our actual results could differ from those anticipated in these forward-looking statements as a result of certain factors, including the considerations described below and elsewherein this Draft Red Herring Prospectus. For more details, see “Forward-Looking Statements” on page 17. Unless otherwise stated, or unless the context otherwise requires, the financial information of our Company used in this section has been derived from our Restated Financial Information included in this Draft Red Herring Prospectus on page 308. Ourfinancial year ends on March 31 of each year. Accordingly, references to “Fiscal 2025”, “Fiscal 2024” and “Fiscal 2023”, “Fiscals 2025, 2024, and 2023”, “financial years ended March 31, 2025, March 31, 2024 and March 31, 2023” or “last three fiscals” are to the 12-month period ended March 31 of the relevant year. We have also included various financial and operational performance indicators in this Draft Red Herring Prospectus, some of which have not been derived from the Restated Financial Information. The manner of calculation and presentation of some of these financial and operational performance indicators, and the assumptions and estimates used in such calculations, may vary from those used by other companies in India and other jurisdictions. Unless stated otherwise, industry and market data used in this section has been obtained or derived from the report titled“Industry Research Report on Power Transmission Sector” dated January 23, 2026 (“CARE Report”), prepared and issuedby CARE Analytics and Advisory Private Limited (formerly known as CARE Risk Solutions Private Limited) (“CARE”)pursuant to an engagement letter dated June 26, 2025, and exclusively commissioned and paid for by us in connection with the Offer. The industry-related information included herein includes excerpts from the CARE Report and may have been re-ordered by us for the purposes of presentation. Unless otherwise indicated, all financial, operational, industry and other related information derived from the CARE Report and included herein with respect to any particular year refers to such information for the relevant calendar year. The CARE Report will be available on the website of our Company at https://www.kanohar.com/IPO from the date of the Red Herring Prospectus until the Bid/Offer Closing Date. For moreinformation, see “Certain Conventions, Use of Financial Information and Market Data and Currency of Presentation” onpage 14. INTERNAL RISKS - 1. We derive a significant portion of our revenue from the Transformer Manufacturing Business. A reduction in demand for purchase of transformers could adversely affect our business, results of operations and financial condition. Amongst our business segments comprising Transformer Manufacturing Business and EPC Business, we derive a significant portion of our revenue from the Transformer Manufacturing Business. We manufacture five different types of transformers with customized technical specifications to address the energy needs of industries as a part of our Transformer Manufacturing Business. Set out below is our revenue from operations during the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, from our various business segments:

Manufacturing Facilities may result in delays or shutdowns of our production activities. While we perform regular scheduled and unscheduled maintenance services at each of our Manufacturing Facilities, these facilities are subject to various operating risks, such as the breakdown or failure of equipment, power supply or processes, productivity of our workforce, performance below expected levels of efficiency, obsolescence of equipment or machinery, timely availability of raw materials, natural disasters, industrial accidents, fire, severe weather conditions, any significant social, political or economic disturbances and infectious disease outbreaks resulting in unplanned slowdowns and/or shutdowns and the need to comply with the directives of relevant government and regulatory authorities. Our inability to effectively respond to any breakdown, shutdown or to rectify any disruption, in a timely manner and at an acceptable cost, could lead to an adverse effect on our business, financial condition, cash flows and results of operations. While there has not been any breakdown of our Manufacturing Facilities during the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, we cannot assure that there will not be any breakdowns in future. Further, we run the risk of an industrial action by non-managerial employees. As on the date of this Draft Red Herring Prospectus, while there is no labour union existing at our Company, we cannot guarantee that our employees will not join labour unions in the future and as a result we may experience disruptions in our operations due to disputes or other problems with our workforce. In addition, we may be subject to manufacturing disruptions due to contraventions by us of any of the conditions of our regulatory approvals, which may require our Manufacturing Facilities to cease, or limit, production until the disputes concerning such approvals are resolved. While we may be able to transfer manufacturing activities to another facility, servicing our customers from distant manufacturing locations may lead to delays and increased costs which could impact our reputation and profitability. A shutdown of any such facility, including due to delays or non-renewal of specific approvals, will result in an inability to manufacture the relevant products for the duration of such shutdown. Further, any significant malfunction or breakdown of our machinery may entail significant repair and maintenance costs and cause delays in our operations. Interruptions in production or operational activities beyond our control such as transportation of finished products, may also increase our costs and reduce our sales and may require us to make substantial capital expenditures to remedy the situation or to defend litigation that we may become involved in as a result, which may negatively affect our reputation, profitability, business, financial condition, cash flows and results of operations. There is also no assurance that we will be able to recover all, or part of the losses incurred, under our insurance policies. For details in relation to our insurance coverage,please see “— Our insurance coverage may not be sufficient or adequate to protect us against all material hazards, which may adversely affect our business, financial condition and results of operations.” on page 60. While there have not been any such disruptions in the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, there can be no assurance that such instances will not occur in the future, and any such disruption may result in delays or shutdown of our manufacturing activities which may adversely affect our business, financial condition, cash flows and results of operations. - 15. We are unable to trace some of our historical corporate records. Further, certain corporate records have errors, and certain corporate filings have been made with delays, and we have remained non-compliant with the applicable laws for a certain period in the past. We cannot assure you that no legal proceedings or regulatory actions will be initiated against our Company in the future in relation to these matters, which may impact our financial condition and reputation. Certain of our Company’s corporate records are not traceable as the relevant information was not available in therecords maintained by our Company or on the online portal of the Ministry of Corporate Affairs (“MCA Portal”) orin the physical records available at the Registrar of Companies. For instance, we are unable to trace the following: - i. Form 2 in relation to the equity shares allotted on the following dates: - a. December 27, 1972; - b. October 6, 1980; - c. August 21, 1984; - d. December 29, 1986; - e. July 12, 1987; - f. September 30, 1988; and - g. June 5, 1989. - ii. Form 23 and challan in relation to the equity shares allotted on the following dates: - a. August 25, 1989; - b. November 29, 1990*; - c. July 1, 1992; - d. November 10, 1994*; - e. November 11, 1994*; - f. October 1, 1995; and

Although no regulatory action/ litigation is pending against us in relation to (i) untraceable secretarial and other corporate records and documents, (ii) errors in our corporate filings, and (iii) delays in our corporate filings, we cannot assure you that we will not be subject to penalties imposed by regulatory authorities in this respect. - 16. As on date of this Draft Red Herring Prospectus, 34 public Shareholders of our Company who collectively hold 208,000 Equity Shares are currently untraceable. Further, 156,000 Equity Shares issued to such Shareholders pursuant to a bonus issue on September 19, 2025, along with the Equity Shares previously held by them in our Company, have not been credited to their demat accounts as we have been unable to establish contact with them, and have been credited to a demat suspense account. As on the date of this Draft Red Herring Prospectus, our Company has 34 public Shareholders who hold collectively 208,000 Equity Shares and are currently not traceable and/or unresponsive. While our Company has made multiple attempts, we have been unable to establish contact with these Shareholders as on date of this Draft Red Herring Prospectus, as they are either untraceable or non-responsive. In respect of such Shareholders, we have credited 208,000 Equity Shares, which includes 156,000 Equity Shares allotted pursuant to a bonus issued undertaken on September19, 2025, to a demat suspense account “Kanohar Electricals Limited – Unclaimed Security Suspense Escrow Account”.The Equity Shares credited to the demat suspense account shall be subject to lock-in for a period of six months from the date of Allotment, as required under the SEBI ICDR Regulations. As on date of this Draft Red Herring Prospectus, we have not received any response from these Shareholders. If any of these Shareholders become responsive and establish communication with our Company, we will take necessary corporate actions in accordance with applicable laws. We are unable to ascertain if we will be subject to any adverse response from any such Shareholder, in case we are able to establish contact with them. However, once we are able to establish contact with the untraceable Shareholders, we shall initiate the process of transferring their respective Equity Shares to their designated demat accounts accordingly. - 17. The requirements of being a listed company may strain our resources which may have a material adverse impact on our operations. The equity shares of our Company were, in the past, listed on Bombay Stock Exchange (now known as BSE Limited), The Delhi Stock Exchange Association Limited (now known as DSE Estates Limited) and The Uttar Pradesh Stock Exchange Association Limited (now known as U.P. Stock and Capital Limited) on November 13, 1995, November 1, 1995 and October 31, 1995, respectively. However, thereafter, due to low liquidity and trading volumes, and with a view to optimizing compliance requirements, the equity shares of our Company were voluntarily delisted from Bombay Stock Exchange (now known as BSE Limited), The Delhi Stock Exchange Association Limited (now known as DSE Estates Limited) and The Uttar Pradesh Stock Exchange Association Limited (now known as U.P. Stock and Capital Limited) with effect from July 12, 2010, August 30, 2010, and October 20, 2010, respectively. The requirements of being a listed company again may strain our resources. As a listed company, we will incur significant legal, accounting, corporate governance, and other expenses that we did not incur as an unlisted company. We will be subject to the extant laws applicable to a listed company, inter alia, SEBI Listing Regulations which will require us to file audited annual and unaudited quarterly reports with respect to our business and financial condition. If we experience any delays, we may fail to satisfy our reporting obligations and/or we may not be able to readily determine and accordingly report any changes in our results of operations as promptly as other listed companies. Furthermore, as a listed company, we will need to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, including keeping adequate records of daily transactions. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal control overfinancial reporting, significant resources and management attention will be required. As a result, our management’sattention may be diverted from our business concerns, which may adversely affect our business, prospects, results of operations and financial condition. If we fail to effectively implement sufficient disclosure controls and procedures and internal control procedures over financial reporting, we may be unable to successfully manage or accurately detect and report our future financial risks. In addition, we may need to hire additional legal and accounting staff with appropriate experience and technical accounting knowledge, but we cannot assure you that we will be able to do so in a timely. - 18. We intend to utilize a portion of the Net Proceeds to fund our capital expenditure requirements. Our inability to successfully implement such capacity expansion or any future capacity expansion plans could have a material adverse effect on our business, prospects, operations or financial results. We intend to use a portion of the Net Proceeds for funding our capital expenditure requirements which includes, inter alia, (i) purchase of new machinery and equipment for our Gangol Manufacturing Facility for increasing our transformer manufacturing capacity, expanding and automating our backward integration facilities and enhancing operational efficiency; (ii) civil construction and interior development of an office building at our Gangol Manufacturing Facility; and (iii) enhancing our sustainability initiatives by (a) setting up of solar power plants at our

Further, as on the date of this Draft Red Herring Prospectus, there are no pending litigation proceedings involving any of our Group Companies which will have a material impact on our Company. Such proceedings could divert management’s time, attention, and consume financial resources in their defence orprosecution. We cannot assure you that any of these matters will be settled in favour of our Company or that no additional liability will arise out of these proceedings. Further, we cannot assure you that there will be no new legal and regulatory proceedings involving our Company, Promoters, Key Managerial Personnel, Senior Management Personnel or Directors in the future. An adverse outcome in any of these proceedings may have an adverse effect on our business, financial position, prospects, cash flows, results of operations and our reputation. For further information,see “Outstanding Litigation and Material Developments” on page 412. - 30. If we fail to comply with the applicable laws, regulations and rules prescribed by the Government of India and the relevant statutory or regulatory bodies or fail to obtain, maintain or renew our statutory and regulatory licenses, permits and approvals required for our business, our results of operations and cash flows may be adversely affected. We are required to obtain and maintain a number of statutory and regulatory licenses, registrations, permits and approvals under central, state and local government rules in India, for carrying out our business and for our manufacturing facility, among other things, relating to safety, health and environmental laws and regulations in our operations (including laws regulating the generation, storage, handling, use and transportation of waste materials, noise emissions, air and water discharges on the storage, handling, discharge and disposal of certain materials, and other aspects of our operations, and the health and safety of employees) and mandatory certification requirements for our facilities and products. For example, our operations are subject to environmental laws and regulations in India, including the Environment (Protection) Act, 1986 and the Environment Protection Rules, 1986, the Air (Prevention and Control of Pollution) Act, 1981, the Water (Prevention and Control of Pollution) Act, 1974, the Solid Waste Management Rules, 2016, and other regulations promulgated by the Ministry of Environment, Forest and Climate Change, Government of India and various statutory and regulatory authorities and agencies in India. For details of the key regulations applicable to our business, see “Key Regulations and Policies” on page 268. While we proactively engage with governmental and statutory authorities, and there have not been any instances of delays in grant of regulatory approvals, such potential delays in obtaining regulatory approvals and permits necessary for our business operation can have an adverse effect on our business, financial position, prospects, cash flows and results of operations. For further information on the nature of the material approvals and licenses required for our business and for information on the material approvals applied for, see “Government and Other Approvals” on page417. In addition, we will need to apply for renewal of certain approvals, licenses registrations and permits, which expire or seek new approvals, licenses, registrations and permits from time to time, as and when required in the ordinary course of our business. While there has not been any non-compliance during the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, there can be no assurance that we will be in compliance at all times with such laws, regulations and the terms and conditions of any such consents or permits. If we violate or fail to comply adequately with these requirements, we could be fined or otherwise sanctioned by the relevant regulators. Our business and operations are subject to a number of approvals, licenses, registrations and permissions for construction and operation of our Manufacturing Facilities, marketing offices and regional offices, in addition to extensive government regulations for the protection of the environment and occupational health and safety. While we have obtained all necessary approvals in relation to our operations and such approvals are valid as on date of this Draft Red Herring Prospectus, we may need to apply for additional approvals including the renewal of approvals which mayexpire from time to time, in the ordinary course of business. For details, see “Government and Other Approvals –Material approvals in relation to our business and operations” on page 417. We cannot assure you that these approvals will be granted by the relevant authorities. In the event these approvals are not granted, we will have to make alternate manufacturing arrangements including increasing production in our other existing Manufacturing Facilities, which may adversely impact our business, financial condition, results of operations, cash flows and prospects. Further, we may be required to obtain a no objection certificate under the relevant state tenancy laws, when applying for a

efficiency. The development and commercialization process for new products is both time-consuming and costly, andinvolves a high degree of business risk. The following table sets forth details of our product development and shortcircuit testing expenses for the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023: (in ₹ million, except percentages) As we seek to develop new products, or re-commercialize products that were previously approved, our research and development expenses will increase, potentially significantly, and we cannot be certain that we will recover our investment in a product, even if that product is commercialized. If we spend significant resources on research and development efforts and are not able to introduce new products, our business, financial condition, and results of operations may be materially adversely affected. We also face several challenges when developing and commercializing new products to introduce into the market, including: - • designing products that have not been manufactured previously; - • securing customer approvals and meeting inspection requirements at multiple manufacturing stages; - • managing logistics for sending products to test laboratories and receiving them after physical testing; and - • addressing increased working capital requirements due to the extended timelines involved in the above processes. As a result of these and other difficulties, our ongoing investments in short circuit testing, new product launches and R&D for future products could result in higher costs without a proportionate increase in revenues. Accordingly, we cannot assure you that the investments we have made in short circuit testing and research and development will yield satisfactory results in terms of improved products, or will yield any results at all, or that our products currently in development will receive necessary regulatory approvals on a timely basis or at all, which may result in unsuccessful development or commercialization of new products. Our short circuit testing and research and development efforts may not result in the discovery or successful development of new products. In addition, if any of our products, when developed and approved or acquired, cannot be successfully or timely commercialized, our results of operations could be adversely affected. We cannot guarantee that any investment we make in developing or marketing products will be recouped, even if we are successful in commercializing those products. Due to the significant amount of capital required and the long lead time between planning and commercialization of products, our failure to successfully introduce new products could have a material adverse effect on our business, financial condition, cash flows and results of operations. - 38. We may be unable to adequately protect intellectual property that we use and may be subject to risks of infringement claims. We rely on our trademark to protect our intellectual property, which is critical to our business. The protection of our intellectual property rights may require the expenditure of financial, managerial and operational resources. We rely on a combination of laws and regulations, confidentiality of information to protect our intellectual property. Despite our efforts to protect and enforce our proprietary rights, unauthorized parties have used, and may in the future use, our trademark or similar trademark, copy aspects of our website images, features, compilation and functionality or obtain and use information that we consider as proprietary, such as trade secrets. Further, we do not hold any patents over our product formulae and have not made any applications in this respect. We may therefore not be able to prevent our competitors from developing, using or commercializing products that are functionally equivalent or similar to our products. This may lead to reduction in sales of some of our products. Additionally, the process of obtaining intellectual property protection is expensive and time-consuming, and the amount of compensation for damages can be limited. Even if issued, trademarks may not adequately protect our intellectual property, as the legal standards relating to the validity, enforceability and scope of protection of trademark and other intellectual property rights are applied on a case-by-case basis and it is generally difficult to predict the

results of any litigation relating to such matters. Any litigation, whether or not it is resolved in our favour, could result in significant expense to us and divert the efforts of our technical and management personnel, which may adversely affect our business, financial condition, cash flows and results of operations. While there have not been any instances of infringement of our intellectual property rights which have come to our knowledge in the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, we cannot assure you that such instances shall not occur in the future. - 39. We have experienced negative cash flows from operating, investing and financing activities in the past. Any negative cash flows in the future would adversely affect our cash flow requirements, which may adversely affect our ability to operate our business and implement our growth plans, thereby affecting our financial condition. The table below sets forth certain information relating to our cash flows from operating activities, investing activities and financing activities for the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023: (in ₹ million) We experienced negative cash flows in Fiscals 2025, 2024 and 2023, due to higher inventory and higher trade receivable levels. Negative cash flows over extended periods, or significant negative cash flows in the short term, could materially impact our ability to operate our business and implement our growth plans. We may face a shortfall of capital in future as a result of negative cash flows and there can be no assurance that we will be able to raise adequate capital in future. As a result, our cash flows, business, future financial performance and results of operations could bematerially and adversely affected. For further information, see “Management’s Discussion and Analysis of FinancialCondition and Results of Operations – Cash Flows” on page 401. - 40. We have certain contingent liabilities that have not been provided for in our financial statements, which if they materialise, may adversely affect our financial condition. As at September 30, 2025, our contingent liabilities as per Ind AS 37 – provisions, contingent liabilities and contingent assets, that have not been provided for are as set out in the table below: (in ₹ million, except percentages) ^ The amount mentioned excludes the amount paid under protest. * Includes earnest money deposits (EMDs) and performance bank guarantees (PBG) provided by our Company while bidding for orders through tenders, warranties extended to the customers for performance of the products supplied by us, and security against the mobilisation advance given by our customer for products supplied. Our contingent liabilities may materialise and become actual liabilities. In such case, our business, financial condition, cash flows and results of operations may be adversely affected. For further information, please refer chapter titled“Restated Financial Information – Note 34: Commitments and contingencies” on page 346. - 41. Our ability to pay dividends in the future will depend on our future cash flows, working capital requirements, capital expenditures and financial condition. We have not declared and paid dividend in the six-month period ended September 30, 2025 and the last three Fiscals.For details, see section titled “Dividend Policy” on page 307. However, the amount of our future dividend payments, if any, will depend on our future earnings, cash flows, financial condition, working capital requirements, capital

- (b) Preference share capital Our Company does not have any preference shares as on the date of this Draft Red Herring Prospectus. All the issuances of the specified securities since the date of inception by our Company, have been in compliance with the relevant provisions of the Companies Act, 1956 and Companies Act, 2013, as applicable. For details in relation to the forms filed by us with the RoC in relation to the issuances made by us and the corporate recordsfiled, see “Risk Factors – We are unable to trace some of our historical corporate records. Further, certain corporate records have errors, and certain corporate filings have been made with delays, and we have remained non-compliant with the applicable laws for a certain period in the past. We cannot assure you that no legal proceedings or regulatory actions will be initiated against our Company in the future in relation to these matters, which may impact our financial condition and reputation.” beginning on page 45. - 2. Secondary transactions involving our Promoters (including the Promoter Selling Shareholder) and the members of our Promoter Group Except as disclosed below and in “– Details of Equity shareholding of our Promoters and the members of our Promoter Group in our Company – Build-up of our Promoters’ shareholding in our Company” beginning on page 127, there has been no transfer of equity shares involving our Promoters (including the Promoter Selling Shareholder) and the members of our Promoter Group, as on the date of this Draft Red Herring Prospectus:

- 7. Shareholding pattern of our Company The table below presents the shareholding pattern of our Company as on the date of this Draft Red Herring Prospectus: * 208,000 Equity Shares held by 34 public shareholders have been credited to demat suspense account “Kanohar Electricals Limited – Unclaimed Security Suspense Escrow Account”, instead of their respective demat accounts, owing to ourinability to establish contact with such shareholders. For more details, see “Risk Factors – As on date of this Draft Red Herring Prospectus, 34 public Shareholders of our Company who collectively hold 208,000 Equity Shares are currently untraceable. Further, 156,000 Equity Shares issued to such Shareholders pursuant to a bonus issue on September 19, 2025, along with the Equity Shares previously held by them in our Company, have not been credited to their demat accounts as we have been unable to establish contact with them, and have been credited to a demat suspense account.”

Note: As certified by Pawan Shubham & Co., Chartered Accountants, with firm registration number 011573C, pursuant to their certificate dated January 23, 2026. For risks in relation to the use of the Net Proceeds for funding incremental working capital gap of our Company, see “Risk Factors – If we are unable to raise additional working capital or are unable to obtain financing on favourable terms or at all, our business and growth could be adversely affected.” on page 43. - 3. General corporate purposes Our Company intends to deploy any balance left out of the Gross Proceeds towards general corporate purposes, as approved by our management from time to time, subject to such utilisation for general corporate purposes not exceeding 25% of the Gross Proceeds, in compliance with the SEBI ICDR Regulations. The allocation or quantum of utilisation of funds towards the specific purposes described above will be determined by our Board, based on our business requirements and other relevant considerations, from time to time. Our management, in accordance with the policies of the Board, shall have the flexibility in utilising surplus amounts, if any. Such general corporate purposes may include, but are not restricted to strategic initiatives, funding growth opportunities, including acquisitions and meeting exigencies, brand building, payment of lease expense, payment of commission and/or fees to consultants, and any other purpose in the ordinary course of business as may be approved by the Board or a duly appointed committee from time to time, subject to compliance with applicable laws. Means of finance Our Company proposes to fund the requirements of the entire Objects of the Offer from the Net Proceeds. Accordingly, there is no requirement to make firm arrangements of finance through verifiable means towards atleast 75% of the stated means of finance, excluding the amount to be raised from the Fresh Issue and existing identifiable internal accruals, as required under Regulation 7(1)(e) of the SEBI ICDR Regulations. In case of a shortfall in the Net Proceeds or any increase in the actual utilization of funds earmarked for the Objects, our Company may explore a range of options including utilizing our internal accruals and/ or seeking additional debt from existing and/ or other lenders. Offer-related expenses The total expenses of the Offer are estimated to be approximately ₹ [●] million. The expenses of this Offer include, amongothers, listing fees, underwriting fees, selling commission, fees payable to the BRLMs, fees payable to legal counsels, Registrar to the Offer, Bankers to the Offer, processing fee to the SCSBs for processing Bid cum Application Forms, brokerage and selling commission payable to members of the Syndicate, Registered Brokers, RTAs and CDPs, printing and stationery expenses, advertising and marketing expenses and all other incidental and miscellaneous expenses for listing the Equity Shares on the Stock Exchanges. Except for (i) listing fees, audit fees of the Statutory Auditors (to the extent not attributable to the Offer), and expenses in relation to product or corporate advertisements, i.e. any corporate advertisements consistent with past practice of our Company (other than expenses relating to marketing and advertisements undertaken in connection with the Offer), which shall be solely borne solely by our Company; and (ii) fees for counsel to the Promoter Selling Shareholder, if any, which shall be solely borne by the Promoter Selling Shareholder in relation to itself and the Offered Shares, the Promoter Selling Shareholder agrees to share the costs and expenses (including all applicable taxes except the securities transaction tax which shall be solely borne by the Promoter Selling Shareholder) directly attributable to the Offer, in proportion to the Offered Shares, upon listing of the

The Price Band and the Offer Price will be determined by our Company, in consultation with the Book Running Lead Managers,on the basis of assessment of market demand for the Equity Shares bearing face value ₹ 2 each offered through the BookBuilding Process and on the basis of quantitative and qualitative factors as described below. The face value of the Equity Sharesis ₹ 2 each and the Offer Price is [●] times the Floor Price and [●] times the Cap Price. Bidders should also see “Risk Factors”, “Our Business”, “Restated Financial Information”, and “Management’s Discussion and Analysis of Financial Conditionand Results of Operations” beginning on pages 30, 239, 308 and 373, respectively, to have an informed view before making an investment decision. Qualitative Factors Some of the qualitative factors which form the basis for computing the Offer Price are: - ● established player in the transformer manufacturing sector catering to high growth industries; - ● successful short circuit testing of transformers up to 500 MVA 400 kV which enables us to compete for large, high-valuecontracts across sectors; - ● comprehensive presence across our Transformer Manufacturing Business and EPC Business enabling us to serve a largetotal addressable market; - ● integrated manufacturing facilities equipped to deliver high-quality products; - ● track record of executing orders for large and marquee clients; - ● experienced Promoters and management team with significant industry experience; and - ● track record of profitability. For details, see “Our Business — Strengths” beginning on page 245. Quantitative Factors Some of the information presented below, relating to our Company, is derived from the Restated Financial Information. Fordetails, see “Restated Financial Information” beginning on page 308. Some of the quantitative factors which may form the basis for computing the Offer Price are as follows: - 1. Basic and diluted earnings per share (“EPS”) (face value of each Equity Shares is ₹2): * As certified by Pawan Shubham & Co., Chartered Accountants, with firm registration number 011573C, pursuant to their certificate dated January 23, 2026. ^ Not annualised. Notes: - 1. Above figures are based on the Restated Financial Information for the six months period ended on September 30, 2025 and for the years endedMarch 31, 2025, March 31,2024, and March 31,2023. EPS for previous years has been recalculated taking effect of bonus and split issuetransactions undertaken by our Company. - 2. Basic and diluted EPS: Basic EPS is computed as Restated profit/(loss) for the year attributable to equity shareholders of our Company divided bytotal weighted average number of equity shares outstanding at the end of the year. Diluted EPS is computed as Restated profit/(loss) for the yearattributable to equity shareholders of our Company divided by total weighted average number of equity shares outstanding at the end of the yearafter adjusting for the effects of all dilutive potential equity shares. Basic and diluted EPS are computed in accordance with Ind AS 33 - Earningsper share. - 3. Weights have been allocated by giving the latest year maximum weight and reducing the weights for each of the earlier years. - 4. Weighted average = Aggregate of year-wise weighted EPS divided by the aggregate of weights i.e. (EPS x Weight) for each year/Total of weights.

The information contained in this section is derived from a report titled “Industry Research Report on Power Transmission Sector” dated January 23, 2026, which is exclusively prepared for the purposes of the Offer and issued by CARE Analytics and Advisory Private Limited (formerly known as CARE Risk Solutions Private Limited) (“CARE”) and commissioned and paid for by our Company (the “CARE Report”). CARE was appointed by our Company pursuant to an engagement letter datedJune 26, 2025. We commissioned and paid for the CARE Report for the purposes of confirming our understanding of the industry specifically for the Offer, as no report is publicly available which provides a comprehensive industry analysis,particularly for our Company’s business, that may be similar to the CARE Report. The CARE Report is available on the website of our Company at https://www.kanohar.com/IPO from the date of this Draft Red Herring Prospectus until the Bid/OfferClosing Date and has also been included as a document for inspection in “Material Contracts and Documents for Inspection– Material Documents” on page 485. The data included herein includes excerpts from the CARE Report and may have been re-ordered by us for the purposes of presentation. For further details and risks in relation to the CARE Report, see “Risk Factors – Certain sections of this Draft Red Herring Prospectus contain information from the CARE Report which has been commissioned by us and any reliance on such information for making an investment decision in this Offer is subject to inherent risks.” on page 68. Industry publications are also prepared based on information as at specific dates and may no longer be current or reflect current trends. Accordingly, investment decisions should not be based on such information. Forecasts, estimates, predictions, and other forward-looking statements contained in the CARE Report are inherently uncertain because of changes in factors underlying their assumptions, or events or combinations of events that cannot be reasonably foreseen. Actual results and future events could differ materially from such forecasts, estimates, predictions, or such statements. In making any decision regarding the transaction, the recipient should conduct its own investigation and analysis of all facts and information contained in this Draft Red Herring Prospectus and the recipient must rely on its own examination and the terms of the transaction, as and when discussed. Neither we, nor the BRLMs, nor any other person connected with the Offer has independently verified any third-party statistical and other industry information contained in the CARE Report. Unless otherwise indicated, financial, operational, industry and other related information derived from the CARE Report and included herein with respect to any particular year refers to such information for the relevant calendar year. - 1. Economic Outlook - - 1.1 Global Economy Global economic growth expected to sustain at ~3% in near term Global growth, which reached 3.5% in CY23, stabilized at 3.3% for CY24 and projected to decrease at 3.2% for CY25. Global trade is expected to be disrupted by new US tariffs and countermeasures from trading partners, leading to historically high tariff rates and negatively impacting economic growth projections. The global landscape is expected to change as countries rethink their priorities and policies in response to these new developments. Central banks priority will be to adjust policies, while smart fiscal planning and reforms are key to handling debt and reducing global inequalities. Chart 1: Global Growth Outlook Projections (Real GDP, Y-o-Y change in %) Source: IMF – World Economic Outlook, October 2025; Note: P-Projection Table 1: GDP growth trend comparison - India v/s Other Economies (Real GDP, Y-o-Y change in %)

- ![Grid Connectivity Coal dominates India’s power generation, but renewable capacity is rising rapidly. This growth demands major transmission expansion, as large solar and wind projects are often in remote areas. Despite government efforts like GEC, TBCB, and One Nation, One Grid, delays in transmission build-out remain a key risk. Poor Health of DISCOMS DISCOMs have long struggled with rising debt, weak collections, high AT&C losses, and a large ACS-ARR gap. While reforms like UDAY, LPS, DDUGJY, IPDS, and smart metering aim to improve performance, delays in payments to power producers still pose a major financial risk. Regulatory uncertainties Regulatory uncertainties from shifting policies, tariff and subsidy changes, and inconsistent state-level rules on land and permits disrupt planning and delay projects. Fuel Availability \(Coal\) Thermal power depends on limited, depleting fuels, while renewables are abundant. Despite efforts to boost domestic coal output, the power sector still relies on imports to meet rising demand. \(Vertical Arrow List\)]() - - 2.10 Investments in the Conventional and Renewable sector Constraints: Generation As per the NEP, total power capacity is expected to increase to 900 GW by FY32 from 416 GW in FY23. The expected investments in the generation section between FY23-FY27 and FY27-FY32 are given in the following table. Table 14: Expected investments in generation (Rs Crore) Source: National Electricity Plan (NEP) March 2023, CareEdge Research - 3. Renewable Energy Sector in India - - 3.1 Overview There has been a significant shift globally in the generation capacity mix due to the growing concerns towards the environment and climate change. India is an active participant and has taken initiatives towards sustainable development and cleaner environment including significant additions of renewable energy generation capacity. As per the International Renewable Energy Agency (IRENA) renewable capacity statistics 2025, India ranks 4th in the world, leading the global renewable energy growth below is the ranking based on technology-specific installed capacity, India ranks 3rd in Solar and Bioenergy, 4th in onshore wind and 6th in Hydro.

Drivers ![Government Policies and Incentives Government policies strongly support renewable energy through initiatives like the National Solar Mission and Wind Energy Policy. Incentives such as subsidies, tax benefits, and favourable regulations reduce project risks and encourage investment, driving rapid growth in the sector. Rising Energy Demand India’s rising energy demand from rapid urbanization and industrial growth is straining existing power infrastructure, making it essential to expand capacity and shift toward cleaner, reliable renewable sources. Climate Change Awareness Growing awareness about climate change is increasing demand for renewable energy. People and businesses want to reduce their carbon footprints, support cleaner practices, and invest in green energy to help protect the environment. Technological Advancements Technological advancements are making renewable energy more efficient, reliable, and affordable. Improved solar panels, better wind turbines, and advanced battery storage are reducing costs and increasing performance, making renewables more competitive with traditional energy sources. Investment in Infrastructure Investment in energy infrastructure is essential to support renewable growth. Stronger grids, smart systems, and better storage solutions help integrate solar and wind power more efficiently, improve reliability, and build a resilient energy system for the future. Energy Security Energy security concerns are pushing India to invest more in domestic renewable sources. Increasing the share of renewables reduces dependence on imported fossil fuels, lowers vulnerability to global price swings, and strengthens long-term energy stability and self-reliance. \(Vertical Block List\)]() Constraints ![Counterparty Risk DISCOMs’ weak finances, high losses, and delayed payments continue to affect timely PPA signing and cash flows despite government reforms. High Import Dependence Solar cells, modules, and inverters are still largely imported \(mainly from China\), despite PLI schemes and higher import duties to boost domestic manufacturing. Grid Integration Delays Transmission readiness often lags renewable capacity addition due to land and execution delays, affecting project offtake. Intermittency Issue Solar and wind power are not available round the clock due to seasonal and hourly variations. Regional Imbalance Renewable projects are concentrated in western and southern states, while eastern states lag, creating uneven development. Land & Wind Site Constraints Good wind sites are exhausted; new projects face land scarcity, higher costs, regulatory delays, and transmission bottlenecks. \(Vertical Block List\)]() As part of its Nationally Determined Contribution (NDC) for the Paris Agreement obligations, the government stated that by 2030, reduction of the emissions intensity of GDP by 45% below 2005 levels and raise the percentage of non-fossil fuels in total capacity to 50% and increase share of non-fossil power capacity to 50%. Hence the government has pushed towards renewable capacity additions through policies initiatives like JNNSM, obligations of RPO, setting up of SECI, etc.

Challenges ![Congestion and curtailment risks and Phased reduction of waivers and policy uncertainty In several regions, renewable energy projects face curtailment due to delays in transmission readiness. A mismatch between project commissioning timelines and availability of evacuation infrastructure is a recurring challenge. The gradual withdrawal of ISTS waivers after 2025 increases the cost of power delivery. Uncertainty around the future of such incentives affects project economics and investor confidence. Implementation issues with GNA While GNA is a progressive step, its transition phase has created procedural challenges, including connectivity queue management and coordination between central and state transmission utilities. This leads to temporary uncertainties for developers and financiers Land acquisition and right-of-way \(RoW\) issues and financial health of utilities Acquiring land and obtaining environmental and forest clearances for transmission lines remain significant bottlenecks. Delays in RoW approvals often lead to project overruns. The weak financial position of distribution companies \(DISCOMs\) indirectly impacts the transmission sector, as tariff pass-throughs and payment security mechanisms influence the risk perception of investors. \(Vertical Block List\)]() - 8. Transformer Market in India - - 8.1 Overview A transformer is an electrical device used in power systems to transfer electrical energy from one circuit to another through the principle of electromagnetic induction. It operates without any direct electrical connection between the two circuits. The primary function of a transformer is to either step up (increase) or step down (decrease) voltage levels based on the requirement of the system. This voltage transformation makes it possible to transmit electricity efficiently over long distances and safely distribute it for residential, commercial, and industrial use. A transformer consists of several key components. The magnetic core, typically constructed from laminated steel, provides a path for magnetic flux. Conductive windings, usually made of copper or aluminium, are wound around the core and facilitate the flow of electric current. Insulating materials prevent electrical faults by maintaining separation between the windings. Transformer oil serves dual purposes—as an insulator and as a coolant. A dedicated cooling system, often incorporating radiators or fans, prevents overheating during operation. Additionally, many transformers feature a tap changer, which adjusts the output voltage to ensure a consistent and stable power supply. Chart 39: Role of Transformer in Electricity transmission Power plant generates electricity. Transformer steps-up voltage for transmission Transmission lines carry electricity long distance. Neighbourhood transformer steps down voltage Distribution lines carry electricity to houses. Transformer on poles step down electricity before it enters houses

Some of the information in this section, including information with respect to our business plans and strategies, contain forward-looking statements that involve risks and uncertainties. You should read “Forward-Looking Statements” on page 17for a discussion of the risks and uncertainties related to those statements and also the sections “Risk Factors”, “Industry Overview”, “Financial Statements” and “Management’s Discussion and Analysis of Financial Condition and Results ofOperations” on pages 30, 168, 308 and 373, respectively, as well as financial and other information contained in this Draft Red Herring Prospectus as a whole, for a discussion of certain factors that may affect our business, financial condition or results of operations. Our actual results may differ materially from those expressed in or implied by these forward-looking statements. Unless otherwise indicated or unless the context requires otherwise, the financial information included herein is based on ourRestated Financial Information included in this Draft Red Herring Prospectus. For further information, see “Restated Financial Information” on page 308. Unless the context otherwise requires, in this section, references to “we”, “us”, “our”, “the Company” or “our Company” are to Kanohar Electricals Limited. Unless otherwise indicated, industry and market data used in this section has been derived from industry publications, inparticular, the report titled “Industry Research Report on Power Transmission Sector” dated January 23, 2026 (the “CARE Report”) prepared and issued by CARE Analytics and Advisory Private Limited (formerly known as CARE Risk Solutions Private Limited), pursuant to an engagement letter dated June 26, 2025. The CARE Report has been exclusively commissioned and paid for by us in connection with the Offer. The data included herein includes excerpts from the CARE Report and may have been re-ordered by us for the purposes of presentation. A copy of the CARE Report is available on the website of our Company at https://www.kanohar.com/IPO. Unless otherwise indicated, financial, operational, industry and other related information derived from the CARE Report and included herein with respect to any particular year refers to such information for the relevant calendar year. For further information, see “Industry Overview” on page 168. Also see, “Certain Conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation – Industry and Market Data” on page15. Our Company’s financial year commences on April 1 and ends on March 31 of the immediately subsequent year, and referencesto a particular Fiscal are to the 12 months ended March 31 of that year. Overview We are one of the leading domestic players in transformer manufacturing in terms of revenue in Fiscal 2025. We cater to high growth industries such as power transmission, railways, renewable energy, and power distribution (Source: CARE Report). As on September 30, 2025, we are one of five companies in India to have the short circuit test certification for 500 MVA 400 kV transformers that are used in the power transmission industry (Source: CARE Report). We conduct short circuit testing of our transformers at a scale and as on September 30, 2025, have tested over 200 ratings. We are one of four manufacturers in India who are certified by Research Designs and Standards Organisation (RDSO), the research and development wing of Indian Railways, to manufacturing 100 MVA 132 kV Scott transformers. We are also one of two Indian manufacturers certified to manufacture 100 MVA 220 kV Scott transformers, both of which cater to the demand for rail network electrification from the Indian Railways (Source: CARE Report). Through our backward integrated facilities, we offer a wide range of products andsolutions for India’s energy infrastructure, particularly in the manufacture of transformers with our in-house technology. We are led by our Promoter, Chairman and Managing Director, Dinesh Singhal, who is graduate of Indian Institute of Technology Roorkee (formerly known as University of Roorkee), with over 40 years of experience in the transformer manufacturing industry. We operate our business in two segments, i.e., (i) Transformer Manufacturing Business; and (ii) EPC Business. Our revenue from operations for the six-month period ended September 30, 2025, and Fiscal 2025, Fiscal 2024, and Fiscal 2023 from our Transformer Manufacturing Business and our EPC Business is set out below: (in ₹ million, except percentages)

*For details in relation to certain missing corporate records for appointment/re-appointment of Directors please see “Risk Factors - We are unable to trace some of our historical corporate records. Further, certain corporate records have errors, and certain corporate filings have been made with delays, and we have remained non-compliant with the applicable laws for a certain period in the past. We cannot assure you that no legal proceedings or regulatory actions will be initiated against our Company in the future in relation to these matters, which may impact our financial condition and reputation.” beginningon page 45. Brief biographies of our Directors Dinesh Singhal is the Chairman and Managing Director of our Company. He is one of our Promoters and has been associatedwith our Company since 1976. He holds a bachelor’s degree in industrial engineering from the Indian Institute of TechnologyRoorkee (formerly known as University of Roorkee). He has over 40 years of experience in the transformer manufacturing industry. He was previously associated with the Federation of Indian Micro and Small & Medium Enterprises as president and the Indian Industries Association as president. He is currently associated with Kanohar Lal Trust Society, a non-profit organisation supporting education for girls, as president, is an independent director on the board of Shivalik Small Finance Bank Limited and a director on the board of Forum of Aided Colleges for Higher Education. Adesh Singhal is the Whole-time Director of our Company. He is one of our Promoters and has been associated with ourCompany since 1981. He holds a bachelor’s degree in electrical engineering from the Indian Institute of Technology Roorkee(formerly known as University of Roorkee). He has over 40 years of experience in the transformer manufacturing industry. Heleads our Company’s engineering and quality assurance functions. He is currently associated with non-profit organisations such as Kanohar Lal Trust Society as a member of the trust and Meerut Children Welfare Trust as a board member of the trust. Vivek Singhal is the Whole-time Director of our Company. He is one of our Promoters and has been associated with ourCompany since 2000. He holds a bachelor’s degree of technology in electrical engineering from the Indian Institute ofTechnology, Bombay. He has over 25 years of experience in marketing, business development, and strategy, driving ourCompany’s pan-India expansion and diversification into EPC substations and transmission lines. Abhishek Singhal is the Whole-time Director of our Company. He is one of our Promoters and has been associated with ourCompany since 2002. He holds a bachelor’s degree of technology in electrical engineering from the Indian Institute ofTechnology Delhi. He has over 23 years of experience in design, technology development, and systems integration. He leadsour Company’s design and development activities, along with overseeing our Company’s enterprise resource planning,computer aided engineering deployment, and IT infrastructure. Sangeeta Khorana is an Independent Director of our Company. She holds a provisional bachelor’s degree in economics from Ranchi University and a master’s degree of arts in economics from University of Allahabad, a master’s degree in internationallaw and economics from the World Trade Institute and a doctorate in economics from University of St. Gallen. She has over 10 years of professional experience. She is currently associated with Satin Creditcare Network Limited and World Commerce and Contracting (WorldCC) Foundation as a director and Aston University as a professor of international trade policy, and was previously associated with Chartered Institute of Export & International Trade as a trustee director. Anil Bhardwaj is an Independent Director of our Company. He holds a bachelor’s degree in science from Kurukshetra University, Haryana and a master’s degree in business administration (international business) from Sam HigginbottomUniversity of Agriculture, Technology & Sciences. He has over 29 years of experience in MSME policy and industrial and trade promotion. He is currently associated with Federation of Indian Micro and Small & Medium Enterprises as secretary general. Ashok Kumar Goel is an Independent Director of our Company. He holds a bachelor’s degree in engineering from the IndianInstitute of Technology Roorkee (formerly known as University of Roorkee). He has over 27 years of experience in the business

- f. reviewing, with the management, the quarterly financial statements before submission to the Board for approval; - g. scrutinizing inter-corporate loans and investments; - h. undertaking or supervising valuation of undertakings or assets of the Company, wherever it is necessary; - i. evaluation of internal financial controls and risk management systems; - j. formulating a policy on related party transactions, which shall include materiality of related party transactions; - k. approving transactions of the Company with related parties, or any subsequent modification thereof and omnibus approval for related party transactions proposed to be entered into by the Company subject to such conditions as may be prescribed; - l. Laying down the criteria for granting omnibus approval in line with the Company’s policy on related party transactions. - m. Approve the disclosure of the key performance indicators to be disclosed in the documents in relation to the initial public offering of the equity shares of the Company; - n. Review and approve the key performance indicators which are made public post listing of the Equity Shares; - o. reviewing, at least on a quarterly basis, the details of related party transactions entered into by the Company pursuant to each of the omnibus approvals given; - p. reviewing, along with the management, the statement of uses/application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offer document/prospectus/notice and the report submitted by the monitoring agency monitoring the utilization of proceeds of a public or rights issue, preferential issue or qualified institutions placement and making appropriate recommendations to the Board to take up steps in this matter; - q. establishing a vigil mechanism for Directors and employees to report their genuine concerns or grievances; - r. reviewing, with the management, the performance of statutory and internal auditors and adequacy of the internal control systems; - s. reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit; - t. discussing with internal auditors any significant findings and follow up thereon; - u. reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board; - v. discussing with the statutory auditors before the audit commences, about the nature and scope of audit as well as post- audit discussion to ascertain any area of concern; - w. looking into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors; - x. approving the appointment of the chief financial officer, or any other person heading the finance function or discharging that function, after assessing the qualifications, experience and background, etc. of the candidate; - y. reviewing the functioning of the whistle blower mechanism; - z. ensuring that an information system audit of the internal systems and process is conducted at least once in two years to assess operational risks faced by the Company; - aa. formulating, reviewing and making recommendations to the Board to amend the Audit Committee charter from time to time; - bb. reviewing the utilization of loan and/or advances from investment by the holding company in the subsidiaries exceeding Rs. 1000.00 million or 10% of the asset size of the subsidiary, whichever is lower including existing loans / advances / investments; - - - - - - - -

- c. To monitor and oversee implementation of the risk management policy of the Company, including evaluating the adequacy of risk management systems; - d. To periodically review the risk management policy of the Company, at least once in two years, including by considering the changing industry dynamics and evolving complexity; - e. To keep the Board informed about the nature and content of its discussions, recommendations and actions to be taken; - f. To set out risk assessment and minimization procedures and the procedures to inform the Board of the same; - g. To frame, implement, review and monitor the risk management policy for the Company and such other functions, including cyber security; - h. To review the status of the compliance, regulatory reviews and business practice reviews; - i. To review and recommend the Company’s potential risk involved in any new business plans and processes; - j. To review the appointment, removal and terms of remuneration of the chief risk officer, if any; and - k. To perform such other activities as may be delegated by the Board and/or prescribed under any law to be attended to by the Risk Management Committee. Corporate Social Responsibility Committee The Corporate Social Responsibility was constituted and reconstituted by our Board pursuant to its resolutions dated June 15, 2016 and June 3, 2025, respectively. The members of the Corporate Social Responsibility Committee are: The scope and functions of the Corporate Social Responsibility Committee are in accordance with Section 135 of the Companies Act, and its terms of reference, which were approved by our Board pursuant to its resolution dated September 3, 2025, are as disclosed below: - a. formulating and recommending to the Board, the policy on corporate social responsibility (“CSR”, and such policy, the “CSR Policy”), indicating the CSR activities to be undertaken as specified in Schedule VII of the Companies Act; - b. identifying corporate social responsibility policy partners and corporate social responsibility policy programmes; - c. recommending the amount of expenditure to be incurred on the CSR activities and the distribution of the same to various corporate social responsibility programmes undertaken by the Company; - d. formulating the annual action plan of the Company; - e. delegating responsibilities to the CSR team and supervising proper execution of all delegated responsibilities; - f. monitoring the CSR Policy and CSR programmes and their implementation by the Company from time to time and issuing necessary directions as required for proper implementation and timely completion of CSR programmes; and - g. performing such other activities as may be delegated by the Board and/or prescribed under any law to be attended to by the Corporate Social Responsibility Committee. IPO Committee The members of the IPO Committee are:

prescribed under the applicable law, the Promoter Selling Shareholder, in respect of statements made by it in this Draft Red Herring Prospectus, shall ensure (through our Company and the Book Running Lead Managers) that the Bidders are informed of material developments in relation to statements specifically confirmed or undertaken by them in this Draft Red Herring Prospectus, the Red Herring Prospectus and the Prospectus until the time of the grant of listing and trading permission by the Stock Exchanges for the Offer, with respect to the Offered Shares. Only the statements and undertakings which are specifically confirmed or undertaken by the Promoter Selling Shareholder about or in relation to itself as the Promoter Selling Shareholder and the Offered Shares, in this Draft Red Herring Prospectus shall be deemed to be statements and undertakings made by the Promoter Selling Shareholder.

$ The amount utilised for general corporate purposes shall not exceed 25% of the Gross Proceeds. - (1) Our Company in consultation with the Book Running Lead Managers, may consider a Pre-IPO Placement, as may be permitted under applicable law foran amount aggregating up to ₹ 600 million, at its discretion, prior to the filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be decided by our Company in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with rule 19(2)(b) of the SCRR. the Pre-IPO Placement, if undertaken, shall not exceed 20% of the size of the Fresh Issue. Prior to the completion of the Offer, our Company shall appropriately intimate the subscribers to the Pre-IPO Placement, prior to allotment pursuant to the Pre-IPO Placement, that there is no guarantee that our Company may proceed with the Offer, or the Offer may be successful and will result into listing of the Equity Shares on the Stock Exchanges. Our Company shall report any Pre-IPO Placement to the Stock Exchanges, within 24 hours of such Pre-IPO Placement (in part or in entirety) and as may be required under applicable law. Further, relevant disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement (if undertaken) shall be appropriately made in the relevant sections of the Red Herring Prospectus and the Prospectus. For further information, see “Objects of the Offer” beginning on page 132. Aggregate pre-Offer and post-Offer shareholding of our Promoters, the members of our Promoter Group and the Promoter Selling Shareholder as a percentage of our paid-up Equity Share capital as at Allotment The aggregate pre-Offer shareholding of our Promoters, the members of our Promoter Group and the Promoter Selling Shareholder as on the date of this Draft Red Herring Prospectus is set out below:

^ To be updated upon finalisation of Price Band. * Also the Promoter Selling Shareholder. For further information, see “Capital Structure” and “Our Promoters and Promoter Group” beginning on page 91 and 301, respectively.

Aggregate pre-Offer and post-Offer shareholding of our Promoters, the members of our Promoter Group and additional top 10 Shareholders of our Company as at Allotment As on the date of this draft red herring prospectus, our Company has 45 shareholders, including the Promoters and members of the Promoter Group. The aggregate pre-Offer shareholding of our Promoters, our Promoter Group and the additional top 10 Shareholders (apart from Promoters and members of the Promoter Group) as a percentage of the pre-Offer and post-Offer paid-up Equity Share capital of our Company as on the date of the Price Band advertisement and as at the date of Allotment is set out below: * To be filled at the Prospectus stage. @ To be updated at pre-issue and price band advertisement stage and in the Prospectus, assuming full subscription in the Offer. The post-Offer shareholding details as at Allotment will be based on the actual subscription and the Offer Price and updated in the Prospectus, based on the Offer Price of ₹[●] and subjectto finalization of the Basis of Allotment. Further, assuming that there is no transfer of shares by the Shareholders between the date of the Price Band advertisement and Allotment, and if any such transfers occur prior to the date of the Prospectus, it will be updated in the shareholding pattern in the Prospectus. - (1) To be updated upon finalisation of Price Band. $ Also, the Promoter Selling Shareholder. For further information, see “Capital Structure” beginning on page 91. Summary of selected financial information The details of certain financial information of our Company as at and for the six-month period ended September 30, 2025 and the financial years ended March 31, 2025, March 31, 2024, and March 31, 2023, as derived from the Restated Financial Information are set forth below:

For further information see “Restated Financial Information – Note 40: Related party disclosures” beginning on page 356. Financing arrangements There have been no financing arrangements whereby our Promoters, members of our Promoter Group, our Directors and their relatives (as defined under Companies Act, 2013) have financed the purchase by any other person of securities of our Company (other than in the normal course of the business of such financing entity) during a period of six months immediately preceding the date of this Draft Red Herring Prospectus. Weighted average price at which Equity Shares were acquired by our Promoters (including the Promoter Selling Shareholder) in the last one year preceding the date of this Draft Red Herring Prospectus The weighted average price of acquisition of Equity Shares by our Promoters (including the Promoter Selling Shareholder), in the last one year preceding the date of this Draft Red Herring Prospectus, is as set forth below: *As certified by Pawan Shubham & Co., Chartered Accountants, with firm registration number 011573C, pursuant to their certificate dated January 23, 2026. **Since, the Promoters other than K Sons Family Trust, viz. Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal and Aditya Singhal do not hold any shares as on the date of this Draft Red Herring Prospectus, no information is provided. Average cost of acquisition of Equity Shares of our Promoters (including the Promoter Selling Shareholder) The average cost of acquisition of Equity Shares by our Promoters (including the Promoter Selling Shareholder) as on the date of this Draft Red Herring Prospectus, is as set forth below: *As certified by Pawan Shubham & Co., Chartered Accountants, with firm registration number 011573C, pursuant to their certificate dated January 23, 2026. ** Since, the Promoters other than K Sons Family Trust, viz. Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal and Aditya Singhal do not hold any shares as on the date of this Draft Red Herring Prospectus, no cost of acquisition is provided.

Weighted average cost of all Equity Shares transacted by Promoters (including the Promoter Selling Shareholder), and Promoter Group in the three years, 18 months and one year preceding the date of this Draft Red Herring Prospectus *As certified by Pawan Shubham & Co., Chartered Accountants, with firm registration number 011573C, pursuant to their certificate dated January 23, 2026.

Details of the price at which Equity Shares were acquired in the last three years immediately preceding the date of this Draft Red Herring Prospectus by our Promoters (including the Promoter Selling Shareholder), members of our Promoter Group and Shareholders with right to nominate directors or other special rights Except as stated below, none of our Promoters (including our Promoter Selling Shareholder) and members of our Promoter Group and Shareholders with right to nominate directors or other special rights have acquired any Equity Shares in the three years immediately preceding the date of this Draft Red Herring Prospectus:

@ Also, the Promoter Selling Shareholder. Details of pre-IPO placement Our Company in consultation with the Book Running Lead Managers, may consider a Pre-IPO Placement for an amountaggregating up to ₹ 600 million, as may be permitted under applicable law, at its discretion, prior to the filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be decided by our Company in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with rule 19(2)(b) of the SCRR. The Pre-IPO Placement, if undertaken, shall not exceed 20% of the size of the Fresh Issue. Prior to the completion of the Offer, our Company shall appropriately intimate the subscribers to the Pre-IPO Placement, prior to allotment pursuant to the Pre-IPO Placement, that there is no guarantee that our Company may proceed with the Offer, or the Offer may be successful and will result into listing of the Equity Shares on the Stock Exchanges. Our Company shall report any Pre-IPO Placement to the Stock Exchanges, within 24 hours of such Pre-IPO Placement (in part or in entirety) and as may be required under applicable law. Further, relevant disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement (if undertaken) shall be appropriately made in the relevant sections of the Red Herring Prospectus and the Prospectus. Issue of equity shares of our Company for consideration other than cash in the last one year Except as disclosed in “Capital Structure – Equity Shares issued for consideration other than cash or by way of bonus issue or out of revaluation reserves” on page 120, our Company has not issued any Equity Shares for consideration other than cash or pursuant to bonus issue in the one year preceding the date of this Draft Red Herring Prospectus. Split or consolidation of equity shares in the last one year Except as disclosed in “Capital Structure – Notes to the Capital Structure - Share capital history of our Company” on page92, our Company has not undertaken split or consolidation of its equity shares in the one year preceding the date of this Draft Red Herring Prospectus. Exemption from complying with any provisions of securities laws, if any, granted by the SEBI Our Company has not applied for or received any exemption by SEBI from complying with any provisions of securities laws including the SEBI ICDR Regulations, as on the date of this Draft Red Herring Prospectus.

- k. Challan for Form MR-1 for the re-appointment as Whole-time Director in 2017; and - l. Challan for Form MGT-14 for the re-appointment as Whole-time Director in 2017. - xi. In relation to the appointment of Abhishek Singhal as a director in our Company: - a. Challan for Form 32 for the initial appointment as Whole-time Director in 2014; - b. Challan for Form MR 1 for the re-appointment in 2017; and - c. Challan for Form MGT-14 for the re-appointment as Whole-time Director in 2017. - xii. In relation to the appointment of Vivek Singhal as a director in our Company: - a. Challan for Form 32 for the initial appointment as Whole-time Director in 2014; - b. Challan for Form MR-1 for the re-appointment as Whole-time Director in 2017; and - c. Challan for Form MGT-14 for the re-appointment as Whole-time Director in 2017. We have been unable to trace these documents despite commissioning a detailed search at the Registrar of Companies, through an independent firm of practicing company secretaries, M/s. GDR and Partners LLP (“Practicing Company Secretary”), to trace records and filings available with Registrar of Companies and reliance has been placed on thecertificate dated January 23, 2026, issued by the Practicing Company Secretary. We have also intimated the Registrar of Companies by way of our letter dated January 23, 2026, regarding the missing corporate records. Further, in relation to certain secondary transfers involving our Promoters (including the Promoter Selling Shareholder) and members of our Promoter Group, there are few missing records including Form 7B submitted by the transferors to our Company and transfer deeds executed in relation to the transfers. Due to these missing records, we are unable to identify the price and nature of consideration of certain secondary transfers involving our Promoters and members of our Promoter Group. For this purpose, reliance for such transfers has been placed on (i) undertakings dated January 23, 2026 obtained from our Individual Promoters and members of our Promoter Group who has been a party to such transactions (collectively, the “Undertakings”); (ii) a noting from our Board dated January 23, 2026 taking on record the Undertakings; and (iii) the certificate dated January 23, 2026 issued by GDR & Partners LLP, practicing company secretaries. For further details, see “Capital Structure – Equity share capital history of our Company” on page 92. Further, there have been instances of non-compliance of the Companies Act in the past including in relation to (i) erroneous constitution of the corporate social responsibility committee; (ii) non-appointment of a woman director in a timely manner; (iii) erroneous constitution of the audit committee; (iv) erroneous constitution of the nomination and remuneration committee; (v) non-appointment of independent directors in a timely manner; and (vi) lapse in conducting the secretarial audit. All lapses and non-compliances have been subsequently rectified, and our Company is currently in compliance with the applicable laws. Accordingly, our Company has filed six adjudication applications each dated December 6, 2025, under section 454 of the Companies Act 2013 before the RoC. There has been no subsequent update in relation to the adjudication applications. For further details, see “Outstanding Litigation and Material Developments – Adjudication application filed by our Company” on page 414. Further, set out below are some of our form filings made with the RoC have been delayed in Fiscal 2025, Fiscal 2024 and Fiscal 2023: - i. Form DIR-12 in relation to re-appointment of Dinesh Singhal as Managing Director in Fiscal 2023; - ii. Form DIR-12 in relation to re-appointment of Adesh Singhal as Whole-time Director in Fiscal 2023; - iii. Form DIR-12 in relation to re-appointment of Vivek Singhal as Whole-time Director in Fiscal 2023; - iv. Form DIR-12 in relation to re-appointment of Abhishek Singhal as Whole-time Director in Fiscal 2023; - v. Form DIR-12 in relation to re-appointment of Brijesh Singhal as Whole-time Director in Fiscal 2023; - vi. Form MR-1 in relation to re-appointment of Dinesh Singhal as Managing Director in Fiscal 2023; - vii. Form MR-1 in relation to re-appointment of Adesh Singhal as Whole-time Director in Fiscal 2023; - viii. Form MR-1 in relation to re-appointment of Vivek Singhal as Whole-time Director in Fiscal 2023; - ix. Form MR-1 in relation to re-appointment of Abhishek Singhal as Whole-time Director in Fiscal 2023; and - x. Form MR-1 in relation to re-appointment of Brijesh Singhal as Whole-time Director in Fiscal 2023. For further details in relation to our management and corporate governance, see “Our Management” on page 281. We have made such filings subsequent to the statutory period with a late filing fee. We cannot assure you that our future filings shall be made within the time permitted under the applicable laws, and that any legal proceedings or regulatory actions will be initiated against our Company in the future.

Further, as on the date of this Draft Red Herring Prospectus, there are no pending litigation proceedings involving any of our Group Companies which will have a material impact on our Company. Such proceedings could divert management’s time, attention, and consume financial resources in their defence orprosecution. We cannot assure you that any of these matters will be settled in favour of our Company or that no additional liability will arise out of these proceedings. Further, we cannot assure you that there will be no new legal and regulatory proceedings involving our Company, Promoters, Key Managerial Personnel, Senior Management Personnel or Directors in the future. An adverse outcome in any of these proceedings may have an adverse effect on our business, financial position, prospects, cash flows, results of operations and our reputation. For further information,see “Outstanding Litigation and Material Developments” on page 412. - 30. If we fail to comply with the applicable laws, regulations and rules prescribed by the Government of India and the relevant statutory or regulatory bodies or fail to obtain, maintain or renew our statutory and regulatory licenses, permits and approvals required for our business, our results of operations and cash flows may be adversely affected. We are required to obtain and maintain a number of statutory and regulatory licenses, registrations, permits and approvals under central, state and local government rules in India, for carrying out our business and for our manufacturing facility, among other things, relating to safety, health and environmental laws and regulations in our operations (including laws regulating the generation, storage, handling, use and transportation of waste materials, noise emissions, air and water discharges on the storage, handling, discharge and disposal of certain materials, and other aspects of our operations, and the health and safety of employees) and mandatory certification requirements for our facilities and products. For example, our operations are subject to environmental laws and regulations in India, including the Environment (Protection) Act, 1986 and the Environment Protection Rules, 1986, the Air (Prevention and Control of Pollution) Act, 1981, the Water (Prevention and Control of Pollution) Act, 1974, the Solid Waste Management Rules, 2016, and other regulations promulgated by the Ministry of Environment, Forest and Climate Change, Government of India and various statutory and regulatory authorities and agencies in India. For details of the key regulations applicable to our business, see “Key Regulations and Policies” on page 268. While we proactively engage with governmental and statutory authorities, and there have not been any instances of delays in grant of regulatory approvals, such potential delays in obtaining regulatory approvals and permits necessary for our business operation can have an adverse effect on our business, financial position, prospects, cash flows and results of operations. For further information on the nature of the material approvals and licenses required for our business and for information on the material approvals applied for, see “Government and Other Approvals” on page417. In addition, we will need to apply for renewal of certain approvals, licenses registrations and permits, which expire or seek new approvals, licenses, registrations and permits from time to time, as and when required in the ordinary course of our business. While there has not been any non-compliance during the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, there can be no assurance that we will be in compliance at all times with such laws, regulations and the terms and conditions of any such consents or permits. If we violate or fail to comply adequately with these requirements, we could be fined or otherwise sanctioned by the relevant regulators. Our business and operations are subject to a number of approvals, licenses, registrations and permissions for construction and operation of our Manufacturing Facilities, marketing offices and regional offices, in addition to extensive government regulations for the protection of the environment and occupational health and safety. While we have obtained all necessary approvals in relation to our operations and such approvals are valid as on date of this Draft Red Herring Prospectus, we may need to apply for additional approvals including the renewal of approvals which mayexpire from time to time, in the ordinary course of business. For details, see “Government and Other Approvals –Material approvals in relation to our business and operations” on page 417. We cannot assure you that these approvals will be granted by the relevant authorities. In the event these approvals are not granted, we will have to make alternate manufacturing arrangements including increasing production in our other existing Manufacturing Facilities, which may adversely impact our business, financial condition, results of operations, cash flows and prospects. Further, we may be required to obtain a no objection certificate under the relevant state tenancy laws, when applying for a

results of any litigation relating to such matters. Any litigation, whether or not it is resolved in our favour, could result in significant expense to us and divert the efforts of our technical and management personnel, which may adversely affect our business, financial condition, cash flows and results of operations. While there have not been any instances of infringement of our intellectual property rights which have come to our knowledge in the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, we cannot assure you that such instances shall not occur in the future. - 39. We have experienced negative cash flows from operating, investing and financing activities in the past. Any negative cash flows in the future would adversely affect our cash flow requirements, which may adversely affect our ability to operate our business and implement our growth plans, thereby affecting our financial condition. The table below sets forth certain information relating to our cash flows from operating activities, investing activities and financing activities for the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023: (in ₹ million) We experienced negative cash flows in Fiscals 2025, 2024 and 2023, due to higher inventory and higher trade receivable levels. Negative cash flows over extended periods, or significant negative cash flows in the short term, could materially impact our ability to operate our business and implement our growth plans. We may face a shortfall of capital in future as a result of negative cash flows and there can be no assurance that we will be able to raise adequate capital in future. As a result, our cash flows, business, future financial performance and results of operations could bematerially and adversely affected. For further information, see “Management’s Discussion and Analysis of FinancialCondition and Results of Operations – Cash Flows” on page 401. - 40. We have certain contingent liabilities that have not been provided for in our financial statements, which if they materialise, may adversely affect our financial condition. As at September 30, 2025, our contingent liabilities as per Ind AS 37 – provisions, contingent liabilities and contingent assets, that have not been provided for are as set out in the table below: (in ₹ million, except percentages) ^ The amount mentioned excludes the amount paid under protest. * Includes earnest money deposits (EMDs) and performance bank guarantees (PBG) provided by our Company while bidding for orders through tenders, warranties extended to the customers for performance of the products supplied by us, and security against the mobilisation advance given by our customer for products supplied. Our contingent liabilities may materialise and become actual liabilities. In such case, our business, financial condition, cash flows and results of operations may be adversely affected. For further information, please refer chapter titled“Restated Financial Information – Note 34: Commitments and contingencies” on page 346. - 41. Our ability to pay dividends in the future will depend on our future cash flows, working capital requirements, capital expenditures and financial condition. We have not declared and paid dividend in the six-month period ended September 30, 2025 and the last three Fiscals.For details, see section titled “Dividend Policy” on page 307. However, the amount of our future dividend payments, if any, will depend on our future earnings, cash flows, financial condition, working capital requirements, capital

personnel in the future, which may adversely affect our business, financial conditions, cash flows and results of operations. As on the date of this Draft Red Herring Prospectus, our Company does not have a business succession policy in place, and there can be no assurance that we will be able to effectively formulate or implement appropriate succession plans in the future. Any loss of members of our Senior Management Personnel or Key Managerial Personnel could significantly delay or prevent the achievement of our business objectives, affect our succession planning and could harm our business and customer relationships. While there have not been any instances of where we have not been able to effectively replace our members of Senior Management Personnel, or loss of key managerial personnel in the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, we cannot assure you that we would be effectively able to replace any loss of members of our Senior Management Personnel or Key Managerial Personnel in the future. The market for qualified professionals is competitive and we may not continue to be successful in our efforts to attract and retain qualified people. The specialized skills we require in our industry are difficult and time-consuming to acquire and, as a result, are in short supply. Our inability to hire, train and retain a sufficient number of qualified personnel could delay our ability to bring new products to the market and impair the success of our operations. We may also be required to increase our levels of employee compensation and benefits more rapidly than in the past to remain competitive in attracting skilled personnel. This could have an adverse effect on our business, financial conditions, cash flows and results of operations. The following table sets forth the attrition rate for KMPs, SMPs and other employees, respectively, in the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023: * The attrition rate is calculated as number of persons left in the period / (employees as at first day of period + employees as at last day of period) /2 The attrition rate of our Key Managerial Personnel and Senior Management Personnel is not high as compared to ourpeers in the industry in which we operate. For further details regarding the employees, see “Our Business – Human Resources” on page 264. Competition for individuals with specialized knowledge and experience is intense in our industry. Further, as we expect to continue to expand our operations and develop new products, we will need to continue to attract and retain experienced management personnel. If we are unable to retain or attract such members or are unable to locate suitable or qualified replacements, our results of operations may be adversely affected. For details of changes in our keymanagement personnel, please see “Our Management” on page 281. An increase in employee attrition rates may result in an increase in recruitment and training costs for new hires, a decline in productivity and efficiency and loss of knowledge, skill and expertise. We cannot provide assurance that we will be able to grow our workforce in a manner consistent with our growth objectives, which may adversely affect our business, results of operations, cash flows and financial condition. - 45. Our Promoters, our Executive Directors who are also our Key Managerial Personnel are interested in our Company in addition to their remuneration and reimbursement of expenses. Our Promoters, Executive Directors who are also our Key Managerial Personnel have interests in us other than the reimbursement of expenses incurred and normal remuneration and benefits. One of our Promoters, K Sons Family Trust, and one of the members of our Promoter Group, Kanohar International Private Limited, collectively hold 99.72% of the pre-Offer shareholding of our Company, and are interested in us to the extent of Equity Shares held by them in our Company and any dividend and other distributions payable in respect of such Equity Shares. Further, our Executive Directors are also interested in our Company through their shareholding in Kanohar International Private Limited and in their capacity as a trustee of K Sons Family Trust, which hold Equity Shares in our Company, respectively, and any dividends or other distributions payable in respect thereof. We cannot assure you that such Promoters and a member of our Promoter Group will exercise their rights as shareholders to the benefit and best interest of our Company under all circumstances.

Additionally, our Company has availed certain loans from the relatives of some of our Executive Directors and an entity in which they are associated as promoters, directors and/or members. Further, our Executive Directors may be deemed to be interested in the contracts, agreements or arrangements entered into, or to be entered into, by our Company with any entity which is promoted by them or in which they are members or in which they hold directorships or any partnership firm in which they are partners in the ordinary course of business, including for technical, lease of property and purchase/ sale of goods and/or services and other professional services. For further details in relation tothe interest of our Promoters and Directors, see “Summary of the Offer Document – Summary of related party transactions”, “Our Promoters and Promoter Group – Interests of our Promoters”, “Our Management – Interest of our Directors” and “Our Business – Property” on pages 24, 304, 286 and 264, respectively. We cannot assure you that any other Promoters or Directors who may be interested in the future, would always exercise their rights as Shareholders to the benefit and best interest of our Company. As a result, such Promoter or Director in the future will continue to exercise significant control over our Company, including being able to control the composition of our Board of Directors and determine decisions requiring simple or special majority voting, and our other Shareholders may be unable to affect the outcome of such voting. Such interested Promoter or Director in the future may take or block actions with respect to our business, which may conflict with our best interests or the interests of other minority Shareholders, such as actions with respect to future capital raising or acquisitions. We cannot assure you that such interested Promoter or Director in the future will always act to resolve any conflicts of interest in our favour, thereby adversely affecting our business and results of operations and prospects. - 46. Majority of our Directors do not have any prior experience of holding a directorship in a company listed on the Stock Exchanges. Majority of our Directors do not have any prior experience in holding a directorship in a company listed on the Stock Exchanges. Our Board members have relevant experience in their respective fields, which benefits the Company, in strategizing the direction and vision of the Company. For further details, see “Our Management” on page 281. Upon listing of the Equity Shares, our Company will be subject to the applicable regulatory requirements, including the regulations prescribed under SEBI Listing Regulations and the Companies Act. Any non-compliance with such regulatory framework, whether due to lack of such experience or otherwise could subject us to adverse regulatory actions, and have an impact on the price of our Equity Shares. - 47. We have entered into, and will continue to enter into, related party transactions that may involve conflicts of interest. We have in the past entered into transactions with several related parties. Set out below are our aggregate value of related party transactions for the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023: (In ₹ million, except percentages) For details regarding our related party transactions for the six-month period ended September 30, 2025 and Fiscals2025, 2024, 2023, see “Summary of the Offer Document – Summary of related party transactions” and “Restated Financial Information – Note 40: Related Party disclosures” on pages 24 and 356, respectively. While we believe that all such related party transactions that we have entered into have been conducted in accordance with applicable laws, we cannot assure you these arrangements or any future related party transactions that we may enter into, individually or in the aggregate, will not have an adverse effect on our business, financial condition, results of operations, cash flows and prospects. Although all related-party transactions that we may enter into will be at arm’slength basis, and subject to Audit Committee, Board or shareholder approval, as may be required under the Companies Act, 2013 and the SEBI Listing Regulations and the circulars issued by the SEBI in this regard, we cannot assure you that such transactions, individually or in the aggregate, will not have an adverse effect on our financial condition and results of operations or that our Company could not have undertaken such transactions on more favorable terms with any unrelated parties. We cannot assure you that any dispute that may arise between us and related parties will be resolved in our favour.

- 48. One of our Promoters and a member of our Promoter Group will continue to hold a significant equity stake in our Company after the Offer and their interests may differ from those of the other shareholders. As on the date of this Draft Red Herring Prospectus, one of our Promoters, K Sons Family Trust, and one of the members of our Promoter Group, Kanohar International Private Limited, collectively hold 74,231,991 Equity Shares representing 99.72% of the paid-up Equity Share capital of our Company. For further information on their shareholding pre-Offer and post-Offer, see “Capital Structure” on page 91. After the completion of the Offer, K Sons Family Trust and Kanohar International Private Limited will continue to collectively hold majority of the shareholding in our Company and will continue to exercise significant influence over our business policies and affairs and all mattersrequiring Shareholders’ approval, including the composition of our Board, the adoption of amendments to our certificate of incorporation, the approval of mergers, strategic acquisitions or joint ventures or the sales of substantially all of our assets, and the policies for dividends, lending, investments and capital expenditure or any other matter requiring special resolution. This concentration of ownership also may delay, defer or even prevent a change in control of our Company and may make some transactions more difficult or impossible without the support of these stockholders. The interests of K Sons Family Trust, one of our Promoters, and Kanohar International Private Limited, one of the members of our Promoter Group, could conflict with our interests or the interests of our other shareholders. We cannot assure you that such entities will act to resolve any conflict of interest in our favour and any such conflict may adversely affect our ability to execute our business strategy or to operate our business. For further information in relation to the interests of our Promoters and members of our Promoter Group in the Company, see “Our Promoters and Promoter Group” and “Our Management” on pages 301 and 281, respectively. - 49. Certain sections of this Draft Red Herring Prospectus contain information from the CARE Report which has been commissioned by us and any reliance on such information for making an investment decision in this Offer is subject to inherent risks. Certain sections of this Draft Red Herring Prospectus include information based on, or derived from, the CARE Report or extracts of the CARE Report prepared by CARE. All such information in this Draft Red Herring Prospectus indicates the CARE Report as its source. The CARE Report is commissioned and paid for by our Company pursuant to an engagement letter dated June 26, 2025, for the purpose of confirming our understanding of the industry in connection with this Offer. While CARE is not related to our Company, our Promoters or our Directors, our Company has subscribed to and paid for certain research and reports from CARE business process services division. Industry sources and publications are prepared based on information as of specific dates and may no longer be current or reflect current trends. Industry sources and publications may also base their information on estimates, projections, forecasts and assumptions that may prove to be incorrect. Further, the CARE Report is not a recommendation to invest/ disinvest in any company covered in the CARE Report. Accordingly, prospective investors should not place undue reliance on or base their investment decision solely on this information. In view of the foregoing, you may not be able to seek legal recourse for any losses resulting from undertaking any investment in this Offer pursuant to reliance on the information in this Draft Red Herring Prospectus based on, or derived from, the CARE Report. You should consult your own advisors and undertake an independent assessment of information in this Draft Red Herring Prospectus based on, or derived from, the CARE Report before making anyinvestment decision regarding this Offer. See “Industry Overview” on page 168. For the disclaimer associated withthe CARE Report, see “Certain Conventions, Use of Financial Information and Market Data and Currency of Presentation – Industry and Market Data” on page 15. EXTERNAL RISKS - 50. Challenging economic conditions in India and globally could materially and adversely affect our business, financial condition, results of operations, and prospects. Our business results depend on a number of general macroeconomic factors in the markets in which we operate which are beyond our control. In particular, our revenue and profitability are strongly correlated to consumer discretionary spending. Other factors that may adversely affect the Indian and global economy, and hence our results of operations and the market for our Equity Shares, include: - ● any exchange rate fluctuations, the imposition of currency controls and restrictions on the right to convert or repatriate currency or export assets; - ● any scarcity of credit or other financing, resulting in an adverse effect on economic conditions in India and globally and scarcity of financing for our expansions; - - - -

laws and may require us to apply for additional approvals. We may incur increased costs and other burdens relating to compliance with new requirements, which may also require significant management time and other resources, and any failure to comply may adversely affect our business, results of operations, financial condition, cash flows and prospects. Uncertainty in the applicability, interpretation or implementation of any amendment to, or change in, governing law, regulation or policy in the jurisdictions in which we operate, including by reason of an absence, or a limited body of administrative or judicial precedents may be time consuming as well as costly for us to resolve and may impact the viability of our current business or restrict our ability to grow our business in the future. While we have not experienced any material impact due to changing laws or regulations in the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, there is no assurance that such incidents will not occur in the future. - 52. We may be affected by competition law in India and any adverse application or interpretation of the Competition Act could adversely affect our business and activities. The Competition Act, 2002, as amended (the “Competition Act”) prohibits any anti-competitive agreement or arrangement, understanding or action in concert between enterprises, whether formal or informal, which causes or is likely to cause an appreciable adverse effect on competition in India. Any agreement among competitors which directly or indirectly involves the determination of purchase or sale prices, limits or controls production, supply, markets, technical development, investment or provision of services, shares the market or source of production or provision of services in any manner by way of allocation of geographical area, type of goods or services or number of consumers in the relevant market or in any other similar way or directly or indirectly results in bid-rigging or collusive bidding is presumed to have an appreciable adverse effect on competition. The Competition Act also prohibits abuse of a dominant position by any enterprise. The combination regulation (merger control) provisions under the Competition Act require acquisitions of shares, voting rights, assets or control or mergers or amalgamations that cross the prescribed asset and turnover based thresholds to be mandatorily notified to, and pre-approved by, the Competition Commission of India (“CCI”). Any breach of the provisions of Competition Act, may attract substantial monetary penalties. The Competition Act aims to, among other things, prohibit all agreements and transactions, which may have an appreciable adverse effect in India. Consequently, all agreements entered into by us could be within the purview of the Competition Act. Further, the CCI has extra-territorial powers and can investigate any agreements, abusive conduct or combination occurring outside of India if such agreement, conduct or combination has an appreciable adverse effect in India. We are not currently party to any outstanding proceedings, nor have we ever received any notice in relation to non-compliance with the Competition Act. The applicability or interpretation of the Competition Act to any merger, amalgamation or acquisition proposed by us, or any enforcement proceedings initiated by the CCI in future, or any adverse publicity that may be generated due to scrutiny or prosecution by the CCI may affect our business, results of operations and financial condition. - 53. Natural disasters, fires, epidemics, pandemics, acts of war, terrorist attacks, civil unrest and other events could materially and adversely affect our business. Natural disasters, epidemics, pandemics, acts of war, terrorist attacks and other events such as the Russia-Ukraine war or the Israel-Gaza unrest, many of which are beyond our control, may lead to economic instability, including in India or globally, and may adversely affect our business, financial condition, cash flows and results of operations. Fires, natural disasters and/ or severe weather can result in damage to our property, generally reduce our productivity, require us to evacuate personnel and suspend operations, or lead to a sharp decline in passenger volumes and changes in customer preferences (such as driving instead of flying or taking trains). Any terrorist attacks or civil unrest as well as other adverse social, economic and political events in India could also have a negative effect on us. Such incidents could create a greater perception that investment in companies with operations in India involves a higher degree of risk and could have an adverse effect on our business and the price of the Equity Shares. - 54. Significant differences exist between Ind AS and other accounting principles, such as international financialreporting standards (“IFRS”) and United States generally accepted accounting principles (“U.S. GAAP”), which may be material to investors’ assessments of our financial condition. For the purposes of disclosure in this Draft Red Herring Prospectus, the SEBI ICDR Regulations require us to prepare and present our Restated Financial Information which are prepared and presented in conformity with Ind AS. This Restated Financial Information has been derived from our restated audited financial statements for the six-month period ended September 30, 2025 and Fiscal 2025, 2024 and 2023. Ind AS differs from accounting principles with which prospective investors may be familiar, such as Indian GAAP, IFRS and U.S. GAAP. We have not attempted to quantify the impact of U.S. GAAP or IFRS on the financial data included in this Draft Red Herring Prospectus, nor do we provide a reconciliation of our financial statements to those of U.S. GAAP or IFRS. U.S. GAAP and IFRS differ in significant respects from Ind AS and Indian GAAP. Accordingly, the degree to which the Ind AS financial

The following table summarizes details of the Offer: * To be updated upon finalization of the Offer Price. ^ Our Company in consultation with the Book Running Lead Managers, may consider a Pre-IPO Placement for an amount aggregating up to ₹ 600 million, as may be permitted under applicable law, at its discretion, prior to the filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be decided by our Company in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with rule 19(2)(b) of the SCRR. The Pre-IPO Placement, if undertaken, shall not exceed 20% of the size of the Fresh Issue. Prior to the completion of the Offer, our Company shall appropriately intimate the subscribers to the Pre-IPO Placement, prior to allotment pursuant to the Pre-IPO Placement, that there is no guarantee that our Company may proceed with the Offer, or the Offer may be successful and will result into listing of the Equity Shares on the Stock Exchanges. Our Company shall report any Pre- IPO Placement to the Stock Exchanges, within 24 hours of such Pre-IPO Placement (in part or in entirety) and as may be required under applicable law. Further, relevant disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement (if undertaken) shall be appropriately made in the relevant sections of the Red Herring Prospectus and the Prospectus. - (1) The Offer has been authorized pursuant to the resolution passed by our Board dated January 16, 2026, and the Fresh Issue has been authorized by our Shareholders pursuant to a special resolution passed at their extraordinary general meeting dated January 19, 2026. Further, our Board has taken on record the consent letter by the Promoter Selling Shareholder to participate in the Offer for Sale pursuant to its resolution dated January 16, 2026. Forfurther information, “Other Regulatory and Statutory Disclosures – Authority for the Offer” beginning on page 421. - (2) The Promoter Selling Shareholder has confirmed and authorised their participation in the Offer for Sale as set out below: - (3) The Equity Shares held by the Promoter Selling Shareholder and being offered by the Promoter Selling Shareholder are eligible to form a part of the Offer for Sale in terms of the SEBI ICDR Regulations. The Promoter Selling Shareholder confirms that the Equity Shares being offered by it are eligible for being offered for sale pursuant to the Offer in terms of Regulation 8 of the SEBI ICDR Regulations. For further information of authorizations received forthe Offer, see “Other Regulatory and Statutory Disclosures” beginning on page 421. - - -

The following tables set forth the summary financial information derived from the Restated Financial Information. Thesummary financial information presented below should be read in conjunction with “Restated Financial Information” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning on pages 308 and 373, respectively. [The remainder of this page has been intentionally left blank.]

Investor grievances Bidders may contact the Company Secretary and Compliance Officer, BRLMs or the Registrar to the Offer in case of any pre- Offer or post-Offer related queries, grievances and for redressal of complaints including non-receipt of letters of Allotment, non-credit of Allotted Equity Shares in the respective beneficiary account, non-receipt of refund orders or non-receipt of funds by electronic mode, etc. All Offer-related grievances, other than that of Anchor Investors, may be addressed to the Registrar to the Offer with a copy to the relevant Designated Intermediary(ies) with whom the Bid cum Application Form was submitted, giving full details such as name of the sole or First Bidder, Bid cum Application Form number, Bidder’s DP ID, Client ID, UPI ID, PAN, address ofBidder, number of Equity Shares applied for, ASBA Account number in which the amount equivalent to the Bid Amount was blocked or the UPI ID (for UPI Bidders who make the payment of Bid Amount through the UPI Mechanism), date of Bid cum Application Form and the name and address of the relevant Designated Intermediary(ies) where the Bid was submitted. Further, the Bidder shall enclose a copy of the Acknowledgment Slip or provide the application number received from the Designated Intermediary(ies) in addition to the documents or information mentioned hereinabove. All grievances relating to Bids submitted through Registered Brokers may be addressed to the Stock Exchanges with a copy to the Registrar to the Offer. The Registrar to the Offer shall obtain the required information from the SCSBs for addressing any clarifications or grievances of ASBA Bidders. All Offer-related grievances of the Anchor Investors may be addressed to the Registrar to the Offer, giving full details such asthe name of the sole or First Bidder, Anchor Investor Application Form number, Bidders’ DP ID, Client ID, PAN, date of theAnchor Investor Application Form, address of the Bidder, number of the Equity Shares applied for, Bid Amount paid on submission of the Anchor Investor Application Form and the name and address of the BRLMs where the Anchor Investor Application Form was submitted by the Anchor Investor. Book Running Lead Managers Nuvama Wealth Management Limited 801 – 804, Wing A, Building No 3 Inspire BKC, G Block Bandra Kurla Complex, Bandra East Mumbai 400 051, Maharashtra, India Telephone: +91 22 4009 4400 E-mail:[kanohar.ipo@nuvama.com](mailto:kanohar.ipo@nuvama.com) Investor grievance e-mail:customerservice.mb@nuvama.com Website: www.nuvama.com Contact person: Pari Vaya/ Soumavo Sarkar SEBI registration number.: INM000013004 IIFL Capital Services Limited (formerly known as IIFL Securities Limited) 24th Floor, One Lodha Place Senapati Bapat Marg, Lower Parel (West) Mumbai 400 013 Maharashtra, India Telephone: +91 22 4646 4728 Email:[kanoharelectricals.ipo@iiflcap.com](mailto:kanoharelectricals.ipo@iiflcap.com) Investor grievance e-mail: ig.ib@iiflcap.com Website: www.iiflcapital.com Contact person: Gaurav Mittal/ Pawan Kumar Jain SEBI registration number.: INM000010940 Syndicate Members [●] Statement of inter-se allocation of responsibilities among the BRLMs The responsibilities and coordination by the BRLMs for various activities in the Offer are as follows:

^ Our Company in consultation with the Book Running Lead Managers, may consider a Pre-IPO Placement for an amount aggregating up to ₹ 600 million, as may be permitted under Applicable Law, at its discretion, prior to the filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be decided by our Company in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with rule 19(2)(b) of the SCRR. The Pre-IPO Placement, if undertaken, shall not exceed 20% of the size of the Fresh Issue. Prior to the completion of the Offer, our Company shall appropriately intimate the subscribers to the Pre-IPO Placement, prior to allotment pursuant to the Pre-IPO Placement, that there is no guarantee that our Company may proceed with the Offer, or the Offer may be successful and will result into listing of the Equity Shares on the Stock Exchanges. Our Company shall report any Pre-IPO Placement to the Stock Exchanges, within 24 hours of such Pre-IPO Placement (in part or in entirety) and as may be required under applicable law. Further, relevant disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement (if undertaken) shall be appropriately made in the relevant sections of the Red Herring Prospectus and the Prospectus.

This Draft Red Herring Prospectus uses certain definitions and abbreviations which, unless the context otherwise indicates or implies, or unless otherwise specified, shall have the meaning as provided below, and references to any legislation, act, regulation, rules, guidelines or policies shall be to such legislation, act, regulation, rule guidelines or policy as amended from time to time and any reference to a statutory provision shall include any subordinate legislation made from time to time under that provision. Further, the Offer related terms used but not defined in this Draft Red Herring Prospectus shall have the meaning ascribed to such terms under the General Information Document. In case of any inconsistency between the definitions given below and the definitions contained in the General Information Document (as defined below), the definitions given below shall prevail. Furthermore, unless the context otherwise indicates, all references to the terms “we”, “us”, “our”, “the Company”, and “our Company” are to our Company. The words and expressions used in this Draft Red Herring Prospectus but not defined herein, shall have, to the extent applicable, the meanings ascribed to such terms under the Companies Act, the SEBI Act, the SEBI ICDR Regulations, the SCRA, the SCRR, the Depositories Act or the rules and regulations made thereunder. Notwithstanding the foregoing, the terms used in “Objects of the Offer”, “Basis for Offer Price”, “Statement of Special Tax Benefits”, “Industry Overview”, “Key Regulations and Policies”, “History and Certain Corporate Matters”, “Financial Information”, “Financial Indebtedness”, “Outstanding Litigation and Material Developments”, “Other Regulatory and Statutory Disclosures”, “Restriction on Foreign Ownership of Indian Securities”, and “Main Provisions of the Articles of Association” on pages 132, 151, 164, 168, 268, 277, 308, 409, 412, 421, 464 and 465, respectively, shall have the respective meanings ascribed to them in the relevant sections. General Terms Company and Promoter Selling Shareholder Related Terms

PRESENTATION Certain Conventions All references in this Draft Red Herring Prospectus to “India” are to the Republic of India and its territories and possessionsand all references herein to the “Government”, “Indian Government”, “GoI”, “Central Government” or the “State Government”are to the Government of India, central or state, as applicable. All references herein to the “US”, “USA”, the “U.S.” or the “United States” are to the United States of America and its territories and possessions. Unless indicated otherwise, all references to page numbers in this Draft Red Herring Prospectus are to page numbers of this Draft Red Herring Prospectus. Financial Data Our Company’s financial year commences on April 1 of the immediately preceding calendar year and ends on March 31 of thatparticular calendar year and accordingly, all references to a particular financial year or fiscal are to the 12-month period commencing on April 1 of the immediately preceding calendar year and ending on March 31 of that particular calendar year. Unless the context requires otherwise, all references to a year in this Draft Red Herring Prospectus are to a calendar year and references to a Fiscal/ Fiscal Year are to the year ended on March 31, of that calendar year. Unless indicated otherwise or the context requires otherwise, the financial information and financial ratios in this Draft RedHerring Prospectus have been derived from the Restated Financial Information. For further information, see “Restated Financial Information” beginning on page 308. The restated financial information of our Company comprising the restated statements of assets and liabilities as at September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, the restated statements of profit and loss (including other comprehensive income), the restated statement of cash flows, the restated statements of changes in equity, material accounting policies to restated financial information, notes to restated financial information and statement of adjustments to the special purpose financial statements and audited financial statements, for the six-month period ended September 30, 2025, and for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023, prepared in terms of the requirements of Section 26 of Part I of Chapter III of the Companies Act, SEBI ICDR Regulations, the Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by ICAI, as amended from time to time and the Indian Accounting Standards as specified under Section 133 of the Act and other accounting principles generally accepted in India. There are significant differences between Ind AS, US GAAP and IFRS. Our Company does not provide reconciliation of its financial information to IFRS or US GAAP. Our Company has not attempted to explain those differences or quantify their impact on the financial data included in this Draft Red Herring Prospectus and it is urged that you consult your own advisorsregarding such differences and their impact on our Company’s financial data. For details in connection with risks involvingdifferences between Ind AS, U.S. GAAP and IFRS, see “Risk Factors – Significant differences exist between Indianaccounting standard (“Ind AS”) and other accounting principles, such as international financial reporting standards (“IFRS”) and United States generally accepted accounting principles (“U.S. GAAP”), which may be material to investors’assessments of our financial condition.” on page 70. The degree to which the financial information included in this Draft Red Herring Prospectus will provide meaningful information is entirely dependent on the reader’s level of familiarity with Indianaccounting policies and practices, the Companies Act, 2013 and the SEBI ICDR Regulations. Any reliance by persons not familiar with Indian accounting policies and practices on the financial disclosures presented in this Draft Red Herring Prospectus should accordingly be limited. Further, any figures sourced from third-party industry sources may be rounded off to other than two decimal points to conform to their respective sources. In this Draft Red Herring Prospectus, any discrepancies in any table between the total and the sums of the amounts listed are due to rounding off. All figures in decimals have been rounded off to the second decimal and all percentage figures have been rounded off to two decimal places. Further, any figures sourced from third party industry sources may be rounded off to other than to the second decimal to conform to their respective sources. Any percentage amounts, as set forth in “Risk Factors”, “Our Business” and “Management’s Discussion and Analysis ofFinancial Condition and Results of Operations” beginning on pages 30, 239 and 373, respectively, and elsewhere in this Draft Red Herring Prospectus, unless otherwise stated or context requires otherwise, have been derived from Restated Financial Information or non-GAAP financial measures as described below.

Non-GAAP Financial Measures Certain measures included in this Draft Red Herring Prospectus, for instance Y-o-Y Revenue Growth, Total Income, Gross Margin, EBITDA, EBITDA Margin, PAT for the year, Gross Debt/Equity, Gross Debt/EBITDA, PAT Margin, ROE, ROCE, Net Fixed Asset Turnover Ratio and Net Working Capital Days ( together the “Non-GAAP Measures”) presented in this Draft Red Herring Prospectus are supplemental measures of our performance and liquidity that are not required by, or presented in accordance with, Ind AS, IFRS or US GAAP. Furthermore, these Non-GAAP Measures, are not a measurement of our financial performance or liquidity under Indian GAAP, IFRS or US GAAP and should not be considered as an alternative to net profit/loss, revenue from operations or any other performance measures derived in accordance with Ind AS, IFRS or US GAAP or as an alternative to cash flow from operations or as a measure of our liquidity. Further, these Non-GAAP Measures and other statistical and other information relating to operations and financial performance should not be considered in isolation or construed as an alternative to cash flows, profit/ (loss) for the years/ period or any other measure of financial performance or as an indicator of our operating performance, liquidity, profitability or cash flows generated by operating, investing or financing activities derived in accordance with Ind AS, Indian GAAP, IFRS or US GAAP. In addition, these Non-GAAP Measures and other statistical and other information relating to operations and financial performance, are not standardised terms and may not be computed on the basis of any standard methodology that is applicable across the industry and therefore, may not be comparable to financial measures of similar nomenclature that may be computed and presented by other companies and are not measures of operating performance or liquidity defined by Ind AS and may not be comparable to similarly titled measures presented by other companies. Further, they may have limited utility as a comparative measure. Although such Non-GAAP financial measures are not a measure of performance calculated in accordance with applicable accounting standards, ourCompany’s management believes that they are useful to an investor in evaluating us as they are widely used measures to evaluate a company’s operating performance. For further information, see “Management’s Discussion and Analysis ofFinancial Condition and Results of Operations – Non-GAAP Financial Measures” beginning on page 391. Industry and Market Data Unless stated otherwise, industry and market data used in this Draft Red Herring Prospectus has been obtained or derived fromthe report titled “Industry Research Report on Power Transmission Sector” dated January 23, 2026, prepared by CARE, which has been prepared exclusively for the purpose of understanding the industry in connection with the Offer and commissioned and paid for by our Company, pursuant to an engagement letter dated June 26, 2025. The CARE Report is available on the website of our Company at the following web-link: https://www.kanohar.com/IPO. Further, CARE, pursuant to their consent letter dated January 23, 2026 (the “Letter”) has accorded their no objection and consent to use the CARE Report. CARE,pursuant to the Letter, has also confirmed that it is an independent agency and has no conflict of interest issuing the CARE Report, and confirmed that it is not related, either directly or indirectly, to our Company, our Promoters, members of the Promoter Group, our Directors, Key Managerial Personnel, Senior Management or the Book Running Lead Managers. Industry publications generally state that the information contained in such publications has been obtained from publicly available documents from various sources believed to be reliable but accuracy, completeness relevance of such information shall be subject to the disclaimers, context and underlying assumptions of such sources. The data used in these sources may have been reclassified by us for the purposes of presentation and may also not be comparable. The excerpts of the CARE Report are disclosed in this Draft Red Herring Prospectus and there are no parts, information, data (which may be relevant for the proposed Offer), left out or changed in any manner. The extent to which the industry and market data presented in this Draft Red Herring Prospectus is meaningful and depends upon the reader’s familiarity with, and understanding of, the methodologiesused in compiling such information. There are no standard data gathering methodologies in the industry in which our Company conducts business and methodologies, and assumptions may vary widely among different market and industry sources. Such information involves risks, uncertainties and numerous assumptions and is subject to change based on various factors, includingthose discussed in “Risk Factors – Certain sections of this Draft Red Herring Prospectus contain information from the CARE Report which has been commissioned by us and any reliance on such information for making an investment decision in this Offer is subject to inherent risks.” beginning on page 68. Accordingly, no investment decision should be solely made on the basis of such information. In accordance with the disclosure requirements under the SEBI ICDR Regulations, “Basis for the Offer Price” beginning on page 151 includes information relating to our listed peer group companies. Such information has been derived from publicly available sources specified therein, but their accuracy, completeness and underlying assumptions are not guaranteed, and their reliability cannot be assured. Accordingly, no investment decisions should be based solely on such information. Currency and Units of Presentation All references to: - ● “Rupees” or “INR” or “₹” or “Rs.” are to Indian Rupees, the official currency of the Republic of India; and - ● “U.S $”, “U.S. Dollar”, “USD” are to United States Dollars, the official currency of the United States of America. -

- - - ● “EUR” or “€” are to Euro, the official currency of the European Union. All the figures in this Draft Red Herring Prospectus, except for figures derived from the CARE Report (which are in million or billion), have been presented in million or in whole numbers where the numbers have been too small to present in million unless stated otherwise. One million represents 1,000,000 and one billion represents 1,000,000,000. Certain figures contained in this Draft Red Herring Prospectus, including financial information, have been subject to rounding adjustments. Any discrepancies in any table between the totals and the sum of the amounts listed are due to rounding off. All figures in decimals have been rounded off to the second decimal. In certain instances, (i) the sum or percentage change of such numbers may not conform exactly to the total figure given, and (ii) the sum of the figures in a column or row in certain tables may not conform exactly to the total figure given for that column or row. However, figures sourced from third-party industry sources may be expressed in denominations other than million or may be rounded off to other than two decimal points in the respective sources, and such figures have been expressed in this Draft Red Herring Prospectus in such denominations or rounded-off to such number of decimal points as provided in such respective sources. Time All references to time in this Draft Red Herring Prospectus are to Indian Standard Time. Unless indicated otherwise, all references to a year in this Draft Red Herring Prospectus are to a calendar year. Exchange Rates This Draft Red Herring Prospectus may contain conversions of certain other currency amounts into Indian Rupees that have been presented solely to comply with the requirements of the SEBI ICDR Regulations. These conversions should not be construed as a representation that such currency amounts could have been, or can be converted into Indian Rupees, at any particular rate, or at all. The following table sets forth, for the periods indicated, information with respect to the exchange rate between the ₹ and certain currencies: (in ₹) Source: FBIL Reference Rate as available on www.fbil.org.in and www.oanda.com. Note: Exchange rate is rounded off to two decimal points. * The exchange rate has been included as on March 28, 2025, as March 29, 2025, March 30, 2025, and March 31, 2025 were holidays. ** The exchange rate has been included as on March 28, 2024, as March 29, 2024, March 30, 2024 and March 31, 2024 were holidays.

This Draft Red Herring Prospectus contains certain statements which are not statements of historical fact and may be describedas “forward-looking statements”. These forward-looking statements include statements which can generally be identified by words or phrases such as “aim”, “anticipate”, “are likely”, “believe”, “continue”, “can”, “could”, “expect”, “estimate”, “intend”, “may”, “likely”, “objective”, “plan”, “propose”, “will continue”, “seek to”, “shall”, “should”, “will achieve”, “will likely”,“will pursue” or other words or phrases of similar import. Similarly, statements that describe the strategies, objectives, plans or goals of our Company are also forward-looking statements. All statements regarding our expected financial conditions, results of operations, business plans and prospects are forward-looking statements. These forward-looking statements include statements as to our business strategy, plans, revenue, and profitability (including, without limitation, any financial or operating projections or forecasts) and other matters discussed in this Draft Red Herring Prospectus that are not historical facts. However, these are not the exclusive means of identifying forward-looking statements. These forward-looking statements are based on our current plans, estimates and expectations and actual results may differ materially from those suggested by such forward-looking statements. All forward-looking statements are subject to risks, uncertainties, and assumptions about us that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. This may be due to risks or uncertainties associated with our expectations with respect to, but not limited to, regulatory changes pertaining to the industries we cater and our ability to respond to them, our ability to successfully implement our strategies, our growth and expansion, technological changes, our exposure to market risks, general economic and political conditions in India and globally, which have an impact on our business activities or investments, the monetary and fiscal policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in domestic laws, regulations and taxes, changes in competition in our industry and incidence of any natural calamities and/or acts of violence. Certain important factors that could cause actual results to differ materially from our expectations include, but are not limited to, the following: - 1. Reliance on Transformer Manufacturing Business; - 2. Reliance on our customers from High Growth Sectors; - 3. Reliance on transmission utilities, including state transmission companies; - 4. Reliance on government-controlled entities for projects awarded through tenders; - 5. Effective utilization of our manufacturing capacities; - 6. Operational reliance on our Manufacturing Facilities situated in Meerut, Uttar Pradesh; - 7. Revenue concentration in certain states of India, including Punjab, Rajasthan, Gujarat, Assam, Himachal Pradesh,Bihar, Maharashtra, Madhya Pradesh, Jharkhand and Karnataka; - 8. Reliance on our key customers; - 9. Dependency on our key suppliers; and - 10. Susceptibility to any delays or cost overruns in the execution of EPC projects. For a further discussion of factors that could cause our actual results to differ from the expectations, see “Risk Factors”, “Our Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning onpages 30, 239 and 373, respectively. By their nature, certain market risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains or losses could materially be different from those that have been estimated. Forward-looking statements reflect our current views as of the date of this Draft Red HerringProspectus and are not a guarantee of future performance. These statements are based on our management’s belief andassumptions, which in turn are based on currently available information. Although we believe that the assumptions on which such statements are based are reasonable, any such assumptions as well as statements based on them could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Neither our Company, our Directors, the Promoter Selling Shareholder, BRLMs, nor the Syndicate Members or any of their respective affiliates have any obligation to update or otherwise revise any statements reflecting circumstances arising after the date hereof or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition. In accordance with the SEBI ICDR Regulations, our Company will ensure that investors in India are informed of material developments pertaining to our Company from the date of this Draft Red Herring Prospectus until the time of the grant of listing and trading permissions by the Stock Exchanges for the Offer. In accordance with the requirements of the SEBI and as

prescribed under the applicable law, the Promoter Selling Shareholder, in respect of statements made by it in this Draft Red Herring Prospectus, shall ensure (through our Company and the Book Running Lead Managers) that the Bidders are informed of material developments in relation to statements specifically confirmed or undertaken by them in this Draft Red Herring Prospectus, the Red Herring Prospectus and the Prospectus until the time of the grant of listing and trading permission by the Stock Exchanges for the Offer, with respect to the Offered Shares. Only the statements and undertakings which are specifically confirmed or undertaken by the Promoter Selling Shareholder about or in relation to itself as the Promoter Selling Shareholder and the Offered Shares, in this Draft Red Herring Prospectus shall be deemed to be statements and undertakings made by the Promoter Selling Shareholder.

This section is a general summary of certain disclosures included in this Draft Red Herring Prospectus and is neither exhaustive, nor does it purport to contain a summary of all the disclosures in this Draft Red Herring Prospectus or all details relevant to prospective investors. This summary should be read in conjunction with, and is qualified in its entirety by, the moredetailed information appearing elsewhere in this Draft Red Herring Prospectus, including the sections “Risk Factors”, “Our Business”, “Industry Overview”, “Capital Structure”, “The Offer”, “Restated Financial Information”, “Objects of the Offer”, “Our Promoters and Promoter Group”, “Management’s Discussion and Analysis of Financial Condition andResults of Operations” and “Outstanding Litigation and Material Developments” beginning on pages 30, 239, 168, 91, 77,308, 132, 301, 373 and 412, respectively, of this Draft Red Herring Prospectus. Summary of primary business of our Company We are one of the leading domestic players in transformer manufacturing in terms of revenue in Fiscal 2025. We cater to high growth industries such as power transmission, railways, renewable energy, and power distribution (Source: CARE Report). As on September 30, 2025, we are one of five companies in India to have the short circuit test certification for 500 MVA 400 kV transformers that are used in the power transmission industry (Source: CARE Report). We are one of four manufacturers in India who are certified by Research Designs and Standards Organisation (RDSO), the research and development wing of Indian Railways, to manufacturing 100 MVA 132 kV Scott transformers. We are also one of two Indian manufacturers certified to manufacture 100 MVA 220 kV Scott transformers, both of which cater to the demand for rail network electrification from the Indian Railways (Source: CARE Report). As of September 30, 2025, and Fiscal 2025, Fiscal 2024 and Fiscal 2023, we had an Order Book of ₹ 16,355.60 million, ₹ 8,614.72 million, ₹ 5,958.48 million, and ₹ 5,223.75 million, respectively. For further information, see “Our Business” beginning on page 239. Summary of industry in which our Company operates India’s power transmission system has expanded at a significant pace driven by growing demand, the government’s focus onproviding electricity in rural areas, and the need for connecting the generation stations including integration of RE sources from the RE-rich states (Source: CARE Report). From CY24 onward, growth across all voltage categories is expected to accelerate. By CY 30, high voltage transformers are projected to reach USD 1,598.4 million, while medium voltage transformers are expected to grow to USD 1,026.5 million. Further, the extra high voltage segment (which includes 400 kV transformers) and ultra-high voltage segment (which includes 765 kV and above transformers) are expected to expand significantly. Between CY 24 and CY 30, the market for ultra-high voltage, extra high voltage, high voltage, and medium voltage transformers is expected to grow at a CAGR of 9.0%, 9.3%, 9.2%, and 6.6%, respectively (Source: CARE Report). For further information, see “Industry Overview” beginning on page 168. Our Promoters Our Promoters are Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal, Aditya Singhal and K Sons Family Trust. For further information, see “Our Promoters and Promoter Group” beginning on page 301. The Offer The following table summarizes the details of the Offer. For further information, please see “The Offer” and “Offer Structure”beginning on pages 77 and 440, respectively: - (1) The Offer has been authorized pursuant to the resolution passed by our Board dated January 16, 2026, and the Fresh Issue has been authorized by ourShareholders pursuant to a special resolution passed at their extraordinary general meeting dated January 19, 2026. - (2) Our Board has taken on record the consent letter by the Promoter Selling Shareholder to participate in the Offer for Sale pursuant to its resolution datedJanuary 16, 2026. For further information, see “The Offer” and “Other Regulatory and Statutory Disclosures – Authority for the Offer” beginningon page 77 and 421, respectively. Further, the Promoter Selling Shareholder has confirmed that the Offered Shares will be offered for sale in the Offerin accordance with Regulation 8 of the SEBI ICDR Regulations, to the extent applicable. - (3) Our Company in consultation with the Book Running Lead Managers, may consider a Pre-IPO Placement for an amount aggregating up to ₹ 600 million,as may be permitted under applicable law, at its discretion, prior to the filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, ifundertaken, will be at a price to be decided by our Company in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raisedpursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with rule 19(2)(b) of the SCRR. The Pre-IPO Placement, - - - - - - -

$ The amount utilised for general corporate purposes shall not exceed 25% of the Gross Proceeds. - (1) Our Company in consultation with the Book Running Lead Managers, may consider a Pre-IPO Placement, as may be permitted under applicable law foran amount aggregating up to ₹ 600 million, at its discretion, prior to the filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be decided by our Company in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with rule 19(2)(b) of the SCRR. the Pre-IPO Placement, if undertaken, shall not exceed 20% of the size of the Fresh Issue. Prior to the completion of the Offer, our Company shall appropriately intimate the subscribers to the Pre-IPO Placement, prior to allotment pursuant to the Pre-IPO Placement, that there is no guarantee that our Company may proceed with the Offer, or the Offer may be successful and will result into listing of the Equity Shares on the Stock Exchanges. Our Company shall report any Pre-IPO Placement to the Stock Exchanges, within 24 hours of such Pre-IPO Placement (in part or in entirety) and as may be required under applicable law. Further, relevant disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement (if undertaken) shall be appropriately made in the relevant sections of the Red Herring Prospectus and the Prospectus. For further information, see “Objects of the Offer” beginning on page 132. Aggregate pre-Offer and post-Offer shareholding of our Promoters, the members of our Promoter Group and the Promoter Selling Shareholder as a percentage of our paid-up Equity Share capital as at Allotment The aggregate pre-Offer shareholding of our Promoters, the members of our Promoter Group and the Promoter Selling Shareholder as on the date of this Draft Red Herring Prospectus is set out below:

^ To be updated upon finalisation of Price Band. * Also the Promoter Selling Shareholder. For further information, see “Capital Structure” and “Our Promoters and Promoter Group” beginning on page 91 and 301, respectively.

Aggregate pre-Offer and post-Offer shareholding of our Promoters, the members of our Promoter Group and additional top 10 Shareholders of our Company as at Allotment As on the date of this draft red herring prospectus, our Company has 45 shareholders, including the Promoters and members of the Promoter Group. The aggregate pre-Offer shareholding of our Promoters, our Promoter Group and the additional top 10 Shareholders (apart from Promoters and members of the Promoter Group) as a percentage of the pre-Offer and post-Offer paid-up Equity Share capital of our Company as on the date of the Price Band advertisement and as at the date of Allotment is set out below: * To be filled at the Prospectus stage. @ To be updated at pre-issue and price band advertisement stage and in the Prospectus, assuming full subscription in the Offer. The post-Offer shareholding details as at Allotment will be based on the actual subscription and the Offer Price and updated in the Prospectus, based on the Offer Price of ₹[●] and subjectto finalization of the Basis of Allotment. Further, assuming that there is no transfer of shares by the Shareholders between the date of the Price Band advertisement and Allotment, and if any such transfers occur prior to the date of the Prospectus, it will be updated in the shareholding pattern in the Prospectus. - (1) To be updated upon finalisation of Price Band. $ Also, the Promoter Selling Shareholder. For further information, see “Capital Structure” beginning on page 91. Summary of selected financial information The details of certain financial information of our Company as at and for the six-month period ended September 30, 2025 and the financial years ended March 31, 2025, March 31, 2024, and March 31, 2023, as derived from the Restated Financial Information are set forth below:

As on the date of this Draft Red Herring Prospectus, there is no outstanding litigation involving our Group Companies which may have a material impact on our Company. For further information, see “Outstanding Litigation and Material Developments” beginning on page 412. Risk Factors Specific attention of Bidders is invited to the section “Risk Factors” beginning on page 30. Bidders are advised to read the risk factors carefully before taking an investment decision in the Offer. Set forth below are the top 10 risk factors applicable to our Company: For further information, see “Risk Factors” beginning on page 30.

Weighted average cost of all Equity Shares transacted by Promoters (including the Promoter Selling Shareholder), and Promoter Group in the three years, 18 months and one year preceding the date of this Draft Red Herring Prospectus *As certified by Pawan Shubham & Co., Chartered Accountants, with firm registration number 011573C, pursuant to their certificate dated January 23, 2026.

Details of the price at which Equity Shares were acquired in the last three years immediately preceding the date of this Draft Red Herring Prospectus by our Promoters (including the Promoter Selling Shareholder), members of our Promoter Group and Shareholders with right to nominate directors or other special rights Except as stated below, none of our Promoters (including our Promoter Selling Shareholder) and members of our Promoter Group and Shareholders with right to nominate directors or other special rights have acquired any Equity Shares in the three years immediately preceding the date of this Draft Red Herring Prospectus:

@ Also, the Promoter Selling Shareholder. Details of pre-IPO placement Our Company in consultation with the Book Running Lead Managers, may consider a Pre-IPO Placement for an amountaggregating up to ₹ 600 million, as may be permitted under applicable law, at its discretion, prior to the filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be decided by our Company in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with rule 19(2)(b) of the SCRR. The Pre-IPO Placement, if undertaken, shall not exceed 20% of the size of the Fresh Issue. Prior to the completion of the Offer, our Company shall appropriately intimate the subscribers to the Pre-IPO Placement, prior to allotment pursuant to the Pre-IPO Placement, that there is no guarantee that our Company may proceed with the Offer, or the Offer may be successful and will result into listing of the Equity Shares on the Stock Exchanges. Our Company shall report any Pre-IPO Placement to the Stock Exchanges, within 24 hours of such Pre-IPO Placement (in part or in entirety) and as may be required under applicable law. Further, relevant disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement (if undertaken) shall be appropriately made in the relevant sections of the Red Herring Prospectus and the Prospectus. Issue of equity shares of our Company for consideration other than cash in the last one year Except as disclosed in “Capital Structure – Equity Shares issued for consideration other than cash or by way of bonus issue or out of revaluation reserves” on page 120, our Company has not issued any Equity Shares for consideration other than cash or pursuant to bonus issue in the one year preceding the date of this Draft Red Herring Prospectus. Split or consolidation of equity shares in the last one year Except as disclosed in “Capital Structure – Notes to the Capital Structure - Share capital history of our Company” on page92, our Company has not undertaken split or consolidation of its equity shares in the one year preceding the date of this Draft Red Herring Prospectus. Exemption from complying with any provisions of securities laws, if any, granted by the SEBI Our Company has not applied for or received any exemption by SEBI from complying with any provisions of securities laws including the SEBI ICDR Regulations, as on the date of this Draft Red Herring Prospectus.

An investment in equity shares involves a high degree of risk. Prospective investors should carefully consider all the information in this Draft Red Herring Prospectus, including the risks and uncertainties described below, before making an investment in our Equity Shares. The risks described in this section are those that we consider to be the most significant to our business, results of operations and financial condition as of the date of this Draft Red Herring Prospectus. The risks described below may not be exhaustive or the only ones relevant to us, the Equity Shares or the industry segments in which we currently operate. Additional risks and uncertainties, not presently known to us or that we currently do not deem material may arise or may become material in the future. If any or a combination of the following risks, or other risks that are not currently known or are not currently deemed material, actually occur, our business, results of operations, cash flows and financial condition could be adversely affected, the trading price of our Equity Shares could decline, and investors may lose all or part of their investment. The risk factors have been presented below on the basis of their materiality. Furthermore, some events may be material collectively rather than individually. Some events may not be material at present but may have a material impact in the future. In making an investment decision, prospective investors must rely on their own examination of us and our business and the terms of the Offer, including the merits and risks involved. Potential investors should consult their tax, financial and legal advisors about the particular consequences of purchasing our Equity Shares. In order to obtain a complete understanding of our Company and our business, prospective investors should read this sectionin conjunction with “Industry Overview”, “Our Business”, “Key Regulations and Policies”, “Restated Financial Information”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Outstanding Litigation and Material Developments” on pages 168, 239, 268, 308, 373 and 412, respectively, as well as the other financial and statistical information contained in this Draft Red Herring Prospectus. This Draft Red Herring Prospectus also contains forward-looking statements that involve risks, assumptions, estimates, uncertainties and other factors, many of which are beyond our control. Our actual results could differ from those anticipated in these forward-looking statements as a result of certain factors, including the considerations described below and elsewherein this Draft Red Herring Prospectus. For more details, see “Forward-Looking Statements” on page 17. Unless otherwise stated, or unless the context otherwise requires, the financial information of our Company used in this section has been derived from our Restated Financial Information included in this Draft Red Herring Prospectus on page 308. Ourfinancial year ends on March 31 of each year. Accordingly, references to “Fiscal 2025”, “Fiscal 2024” and “Fiscal 2023”, “Fiscals 2025, 2024, and 2023”, “financial years ended March 31, 2025, March 31, 2024 and March 31, 2023” or “last three fiscals” are to the 12-month period ended March 31 of the relevant year. We have also included various financial and operational performance indicators in this Draft Red Herring Prospectus, some of which have not been derived from the Restated Financial Information. The manner of calculation and presentation of some of these financial and operational performance indicators, and the assumptions and estimates used in such calculations, may vary from those used by other companies in India and other jurisdictions. Unless stated otherwise, industry and market data used in this section has been obtained or derived from the report titled“Industry Research Report on Power Transmission Sector” dated January 23, 2026 (“CARE Report”), prepared and issuedby CARE Analytics and Advisory Private Limited (formerly known as CARE Risk Solutions Private Limited) (“CARE”)pursuant to an engagement letter dated June 26, 2025, and exclusively commissioned and paid for by us in connection with the Offer. The industry-related information included herein includes excerpts from the CARE Report and may have been re-ordered by us for the purposes of presentation. Unless otherwise indicated, all financial, operational, industry and other related information derived from the CARE Report and included herein with respect to any particular year refers to such information for the relevant calendar year. The CARE Report will be available on the website of our Company at https://www.kanohar.com/IPO from the date of the Red Herring Prospectus until the Bid/Offer Closing Date. For moreinformation, see “Certain Conventions, Use of Financial Information and Market Data and Currency of Presentation” onpage 14. INTERNAL RISKS - 1. We derive a significant portion of our revenue from the Transformer Manufacturing Business. A reduction in demand for purchase of transformers could adversely affect our business, results of operations and financial condition. Amongst our business segments comprising Transformer Manufacturing Business and EPC Business, we derive a significant portion of our revenue from the Transformer Manufacturing Business. We manufacture five different types of transformers with customized technical specifications to address the energy needs of industries as a part of our Transformer Manufacturing Business. Set out below is our revenue from operations during the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, from our various business segments:

Note: Our top 10 customers include, amongst others Blue Star Limited and BNC Power Projects Limited. Names of other customers who form part of our top 10 customers during the Fiscals included above, have not been included in this Draft Red Herring Prospectus due to non-receipt of consent from such customers to be named in the Offer Documents. All of the orders in our EPC Business are secured through tenders awarded by government entities. Our Transformer Manufacturing Business include customers from the government and private sector, and orders are secured either through purchase orders or a competitive bidding process. While there have not been any loss of one or more of our customers or a reduction in the amount of business we obtain from them in the six-month period ended September 30, 2025 and the last three Fiscals, such losses or reduction in revenue could have an adverse effect on our business and results of operations, financial condition and cash flows. While our customer contracts involve price variation formula, which allow us to pass-on the variations in pricing to the customer, certain of our contracts are based on fixed pricing. As on the date of this Draft Red Herring Prospectus, we have 31 contracts with customers, out of which six are based on the fixed price model, while the other contracts are subject to price variation and/or escalation. There have been instances of disputes with our customers in the past in relation to payment of arrears. For further details, see “Outstanding Litigation and Material Developments – Other material proceedings by our Company” on page 413. We cannot assure you that such instances will not occur in the future and have a material adverse impact on our business, result of operations, cash flows and financial condition. Our reliance on a select group of customers may also constrain our ability to negotiate our arrangements, including pricing, which may have an impact on our profit margins and financial performance. The deterioration of the financial condition or a decline in the budgetary allocations of these customers could reduce their demand for our products and result in a significant decrease in the revenues we derive from them. Furthermore, key customers may become subject to international sanctions, which could further adversely affect our business and revenues. The volume and timing of sales to such customers may also vary due to a change in their requirements, geo-political issues and management of inventory levels. Furthermore, we do not have firm commitments in the form of continuing or long-term supply agreements with some of our customers and instead rely on orders for manufacture of specific products on a purchase order basis, which governs the volume and other terms of the sale of our products. As actual orders by our customers are typically placed by way of ‘make to order’/ specific POs, we are exposed to significant or unexpected changes in product specifications and delivery schedules, which may result in a mismatch between our inventories of raw materials, thereby increasing our costs for maintaining inventory. Our inability to forecast the level of customer demand for our products as well as our inability to accurately schedule our raw material purchases and production and manage our inventory may adversely affect our business and cash flows from operations. We cannot assure you that we will be able to successfully compete for tenders or if our customers will place further orders with us in the future or that we will be able to maintain historic levels of business from them, or that we will be able to significantly reduce customer concentration in the future. The loss of business from any of these customers due to any reason could adversely affect our business, results of operations, financial condition and cash flows. - 9. Our business is dependent on suppliers to procure our raw materials. Further, we have not entered into long-term agreements with these suppliers, variations in supply and any loss of suppliers or interruptions in the timely delivery of raw materials or volatility in their prices could have an adverse impact on our business, financial condition and results of operations. We are dependent on suppliers to procure our raw materials including insulated copper conductor, cold-rolled grain- oriented steel and transformer oil. Set out below are details of our expenses (cost of raw material and components purchased) towards our top 10 suppliers for the period/ financial year indicated: (In ₹ million, except percentages)

* These suppliers represent the top 10 suppliers for each of the respective period/ Fiscals and may not necessarily be the same suppliers across the period/ Fiscals. Note: Our top 10 suppliers include APAR Industries Limited, Amit Steel Corporation, Venkateswara Wires Private Limited, Jay Bee Laminations Limited, Goodluck India Limited, Malya Construction, Precision Wires India Limited, and Titan Steels. Names of other suppliers have not been included in this Draft Red Herring Prospectus due to non-receipt of consent from such suppliers to be named in the Offer Documents. We purchase our raw materials from third-party suppliers on the basis of POs and do not typically enter into any long- term agreements. In the absence of long-term contracts, our suppliers may not be obligated to supply their products to us and/or may choose to sell their products to our competitors. There are limited number of suppliers of insulated copper conductor, cold-rolled grain-oriented steel and transformer oil available from which we procure such raw materials. While there have been no instances of termination of our relationship with our suppliers which had impacted our supply in the six-month period ended September 30, 2025 and last three Fiscals, there can be no assurance that a particular supplier will continue to supply us with raw materials in the future. We cannot assure that we will be able to enter into new or renew our existing arrangements with suppliers on terms acceptable to us, which could have an adverse effect on our ability to source materials in a commercially viable and timely manner, if at all, which may impact our business and profitability. We conduct quality checks before onboarding suppliers for certain of our raw materials including list of past supply orders executed and end-customer approvals. Due to limitations in the availability of suppliers, we are also susceptible to the pricing-power risk of our suppliers controlling the pricing of our raw materials. Further, we face the risk of variation in the prices of the raw material which may indirectly increase our procurement cost. While we do not rely on any single supplier for the other raw materials and components required for our operations, if any of our suppliers does not supply raw materials on a timely basis or at reasonable prices, we may be unable to manufacture products for our customers or may be unable to ensure the timely delivery of the same. Any discontinuation of production by these suppliers, variation in availability of supplies or a failure of these suppliers to adhere to the delivery schedule or the required quality and quantity could hamper our manufacturing schedule and lead to the under-utilization of our Manufacturing Facilities. As on the date of this Draft Red Herring Prospectus, we do not have significant imports of raw materials. Our operations may also be impacted due to instances such as disputes with suppliers, our inability to make timely payments to the suppliers, changes in governmental or regulatory policies, including sanctions/ tariffs that may be imposed on certain suppliers, or any other circumstances specific to our suppliers, such as acquisition or consolidation of such supplier, or any other adverse market conditions affecting the industry in which our supplier operates or the economic environment generally. If we were to experience a significant or prolonged shortage of raw materials from any of our suppliers and cannot procure those raw materials from other sources, we may be unable to meet our production schedules for our products and provide such products to our customers in a timely fashion, which may adversely affect our customer relations and reputation. Further, while there has not been any instance wherein any of our suppliers have disassociated with us in the six-month period ended September 30, 2025 and the last three Fiscals, we cannot assure that our suppliers will continue to be associated with us on reasonable terms, or at all. We may also be required to replace a supplier if its products or services do not meet our safety, quality or performance standards or if a supplier unexpectedly suspends or discontinues operations due to reasons beyond its or our control, including strikes, natural calamities or financing constraints caused by credit market conditions. While we have not faced any instances of disruption in raw materials that led to any material adverse impact on our business and operations in the six-month period ended September 30, 2025 and the last three Fiscals, there can be no assurance that these instances will not occur in the future. - 10. We are subject to time and cost overruns and are exposed to claims, penalties and damages resulting from delays in execution of EPC projects for transmission lines and substations. These contracts have long execution periods as a result of which, project related estimated costs and revenue estimates may vary from the actual costs incurred and actual revenues generated which could have material adverse effect on our business, financial condition and results of operations. Our EPC Business contracts involve long execution periods of 12 months to 24 months to deliver and complete. The time and costs required to complete such projects may increase on account of factors such as, inter alia, price

Although no regulatory action/ litigation is pending against us in relation to (i) untraceable secretarial and other corporate records and documents, (ii) errors in our corporate filings, and (iii) delays in our corporate filings, we cannot assure you that we will not be subject to penalties imposed by regulatory authorities in this respect. - 16. As on date of this Draft Red Herring Prospectus, 34 public Shareholders of our Company who collectively hold 208,000 Equity Shares are currently untraceable. Further, 156,000 Equity Shares issued to such Shareholders pursuant to a bonus issue on September 19, 2025, along with the Equity Shares previously held by them in our Company, have not been credited to their demat accounts as we have been unable to establish contact with them, and have been credited to a demat suspense account. As on the date of this Draft Red Herring Prospectus, our Company has 34 public Shareholders who hold collectively 208,000 Equity Shares and are currently not traceable and/or unresponsive. While our Company has made multiple attempts, we have been unable to establish contact with these Shareholders as on date of this Draft Red Herring Prospectus, as they are either untraceable or non-responsive. In respect of such Shareholders, we have credited 208,000 Equity Shares, which includes 156,000 Equity Shares allotted pursuant to a bonus issued undertaken on September19, 2025, to a demat suspense account “Kanohar Electricals Limited – Unclaimed Security Suspense Escrow Account”.The Equity Shares credited to the demat suspense account shall be subject to lock-in for a period of six months from the date of Allotment, as required under the SEBI ICDR Regulations. As on date of this Draft Red Herring Prospectus, we have not received any response from these Shareholders. If any of these Shareholders become responsive and establish communication with our Company, we will take necessary corporate actions in accordance with applicable laws. We are unable to ascertain if we will be subject to any adverse response from any such Shareholder, in case we are able to establish contact with them. However, once we are able to establish contact with the untraceable Shareholders, we shall initiate the process of transferring their respective Equity Shares to their designated demat accounts accordingly. - 17. The requirements of being a listed company may strain our resources which may have a material adverse impact on our operations. The equity shares of our Company were, in the past, listed on Bombay Stock Exchange (now known as BSE Limited), The Delhi Stock Exchange Association Limited (now known as DSE Estates Limited) and The Uttar Pradesh Stock Exchange Association Limited (now known as U.P. Stock and Capital Limited) on November 13, 1995, November 1, 1995 and October 31, 1995, respectively. However, thereafter, due to low liquidity and trading volumes, and with a view to optimizing compliance requirements, the equity shares of our Company were voluntarily delisted from Bombay Stock Exchange (now known as BSE Limited), The Delhi Stock Exchange Association Limited (now known as DSE Estates Limited) and The Uttar Pradesh Stock Exchange Association Limited (now known as U.P. Stock and Capital Limited) with effect from July 12, 2010, August 30, 2010, and October 20, 2010, respectively. The requirements of being a listed company again may strain our resources. As a listed company, we will incur significant legal, accounting, corporate governance, and other expenses that we did not incur as an unlisted company. We will be subject to the extant laws applicable to a listed company, inter alia, SEBI Listing Regulations which will require us to file audited annual and unaudited quarterly reports with respect to our business and financial condition. If we experience any delays, we may fail to satisfy our reporting obligations and/or we may not be able to readily determine and accordingly report any changes in our results of operations as promptly as other listed companies. Furthermore, as a listed company, we will need to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, including keeping adequate records of daily transactions. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal control overfinancial reporting, significant resources and management attention will be required. As a result, our management’sattention may be diverted from our business concerns, which may adversely affect our business, prospects, results of operations and financial condition. If we fail to effectively implement sufficient disclosure controls and procedures and internal control procedures over financial reporting, we may be unable to successfully manage or accurately detect and report our future financial risks. In addition, we may need to hire additional legal and accounting staff with appropriate experience and technical accounting knowledge, but we cannot assure you that we will be able to do so in a timely. - 18. We intend to utilize a portion of the Net Proceeds to fund our capital expenditure requirements. Our inability to successfully implement such capacity expansion or any future capacity expansion plans could have a material adverse effect on our business, prospects, operations or financial results. We intend to use a portion of the Net Proceeds for funding our capital expenditure requirements which includes, inter alia, (i) purchase of new machinery and equipment for our Gangol Manufacturing Facility for increasing our transformer manufacturing capacity, expanding and automating our backward integration facilities and enhancing operational efficiency; (ii) civil construction and interior development of an office building at our Gangol Manufacturing Facility; and (iii) enhancing our sustainability initiatives by (a) setting up of solar power plants at our

ISSUER’S AND SELLING SHAREHOLDER’S ABSOLUTE RESPONSIBILITY Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Draft Red Herring Prospectus contains all information with regard to our Company and the Offer, which is material in the context of the Offer, that the information contained in this Draft Red Herring Prospectus is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which makes this Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions misleading in any material respect. Further, the Promoter Selling Shareholder, accepts responsibility for and confirms only the statements and undertakings specifically made or confirmed by such Promoter Selling Shareholder in this Draft Red Herring Prospectus to the extent of information specifically pertaining to itself and the Equity Shares offered by it in the Offer for Sale and assumes responsibility that such statements are true and correct in all material respects and are not misleading in any material respect. The Promoter Selling Shareholder assumes no responsibility for any other statements and undertakings included in this Draft Red Herring Prospectus, including, inter alia, any and all of the statements and undertakings made by or relating to our Company or its business or any other person(s). LISTING The Equity Shares, offered through the Red Herring Prospectus, are proposed to be listed on the Stock Exchanges being BSELimited (“BSE”) and National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”). For the purposes of the Offer, the Designated Stock Exchange is [●]. BOOK RUNNING LEAD MANAGERS NAME OF THE BRLM AND LOGO CONTACT PERSON EMAIL AND TELEPHONE Nuvama Wealth Management Limited Pari Vaya/ Soumavo Sarkar E-mail: kanohar.ipo@nuvama.com Telephone: +91 22 4009 4400 IIFL Capital Services Limited (formerly known as IIFL Securities Limited) Gaurav Mittal/ Pawan Kumar Jain E-mail:kanoharelectricals.ipo@iiflcap.com Telephone: +91 22 4646 4728 REGISTRAR TO THE OFFER NAME OF THE REGISTRAR CONTACT PERSON EMAIL AND TELEPHONE MUFG Intime India Private Limited (formerly Link Intime India Private Limited) Shanti Gopalkrishnan E-mail: kanoharelectricals.ipo@in.mpms. mufg.com Telephone: +91 810 811 4949 BID/ OFFER PERIOD ANCHOR INVESTOR BIDDING DATE [●]* BID/ OFFER OPENS ON [●] BID/ OFFER CLOSES ON [●]**# * Our Company, in consultation with the BRLMs, may consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investors shall Bid on the Anchor Investor Bidding Date, i.e., one Working Day prior to the Bid/ Offer Opening Date. ** Our Company, in consultation with the BRLMs, may consider closing the Bid/ Offer Period for QIBs one Working Day prior to the Bid/Offer Closing Date in accordance with the SEBI ICDR Regulations.

^ Our Company in consultation with the Book Running Lead Managers, may consider a Pre-IPO Placement for an amount aggregating up to ₹ 600 million, as may be permitted under Applicable Law, at its discretion, prior to the filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be decided by our Company in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with rule 19(2)(b) of the SCRR. The Pre-IPO Placement, if undertaken, shall not exceed 20% of the size of the Fresh Issue. Prior to the completion of the Offer, our Company shall appropriately intimate the subscribers to the Pre-IPO Placement, prior to allotment pursuant to the Pre-IPO Placement, that there is no guarantee that our Company may proceed with the Offer, or the Offer may be successful and will result into listing of the Equity Shares on the Stock Exchanges. Our Company shall report any Pre-IPO Placement to the Stock Exchanges, within 24 hours of such Pre-IPO Placement (in part or in entirety) and as may be required under applicable law. Further, relevant disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement (if undertaken) shall be appropriately made in the relevant sections of the Red Herring Prospectus and the Prospectus.

This Draft Red Herring Prospectus uses certain definitions and abbreviations which, unless the context otherwise indicates or implies, or unless otherwise specified, shall have the meaning as provided below, and references to any legislation, act, regulation, rules, guidelines or policies shall be to such legislation, act, regulation, rule guidelines or policy as amended from time to time and any reference to a statutory provision shall include any subordinate legislation made from time to time under that provision. Further, the Offer related terms used but not defined in this Draft Red Herring Prospectus shall have the meaning ascribed to such terms under the General Information Document. In case of any inconsistency between the definitions given below and the definitions contained in the General Information Document (as defined below), the definitions given below shall prevail. Furthermore, unless the context otherwise indicates, all references to the terms “we”, “us”, “our”, “the Company”, and “our Company” are to our Company. The words and expressions used in this Draft Red Herring Prospectus but not defined herein, shall have, to the extent applicable, the meanings ascribed to such terms under the Companies Act, the SEBI Act, the SEBI ICDR Regulations, the SCRA, the SCRR, the Depositories Act or the rules and regulations made thereunder. Notwithstanding the foregoing, the terms used in “Objects of the Offer”, “Basis for Offer Price”, “Statement of Special Tax Benefits”, “Industry Overview”, “Key Regulations and Policies”, “History and Certain Corporate Matters”, “Financial Information”, “Financial Indebtedness”, “Outstanding Litigation and Material Developments”, “Other Regulatory and Statutory Disclosures”, “Restriction on Foreign Ownership of Indian Securities”, and “Main Provisions of the Articles of Association” on pages 132, 151, 164, 168, 268, 277, 308, 409, 412, 421, 464 and 465, respectively, shall have the respective meanings ascribed to them in the relevant sections. General Terms Company and Promoter Selling Shareholder Related Terms

PRESENTATION Certain Conventions All references in this Draft Red Herring Prospectus to “India” are to the Republic of India and its territories and possessionsand all references herein to the “Government”, “Indian Government”, “GoI”, “Central Government” or the “State Government”are to the Government of India, central or state, as applicable. All references herein to the “US”, “USA”, the “U.S.” or the “United States” are to the United States of America and its territories and possessions. Unless indicated otherwise, all references to page numbers in this Draft Red Herring Prospectus are to page numbers of this Draft Red Herring Prospectus. Financial Data Our Company’s financial year commences on April 1 of the immediately preceding calendar year and ends on March 31 of thatparticular calendar year and accordingly, all references to a particular financial year or fiscal are to the 12-month period commencing on April 1 of the immediately preceding calendar year and ending on March 31 of that particular calendar year. Unless the context requires otherwise, all references to a year in this Draft Red Herring Prospectus are to a calendar year and references to a Fiscal/ Fiscal Year are to the year ended on March 31, of that calendar year. Unless indicated otherwise or the context requires otherwise, the financial information and financial ratios in this Draft RedHerring Prospectus have been derived from the Restated Financial Information. For further information, see “Restated Financial Information” beginning on page 308. The restated financial information of our Company comprising the restated statements of assets and liabilities as at September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, the restated statements of profit and loss (including other comprehensive income), the restated statement of cash flows, the restated statements of changes in equity, material accounting policies to restated financial information, notes to restated financial information and statement of adjustments to the special purpose financial statements and audited financial statements, for the six-month period ended September 30, 2025, and for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023, prepared in terms of the requirements of Section 26 of Part I of Chapter III of the Companies Act, SEBI ICDR Regulations, the Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by ICAI, as amended from time to time and the Indian Accounting Standards as specified under Section 133 of the Act and other accounting principles generally accepted in India. There are significant differences between Ind AS, US GAAP and IFRS. Our Company does not provide reconciliation of its financial information to IFRS or US GAAP. Our Company has not attempted to explain those differences or quantify their impact on the financial data included in this Draft Red Herring Prospectus and it is urged that you consult your own advisorsregarding such differences and their impact on our Company’s financial data. For details in connection with risks involvingdifferences between Ind AS, U.S. GAAP and IFRS, see “Risk Factors – Significant differences exist between Indianaccounting standard (“Ind AS”) and other accounting principles, such as international financial reporting standards (“IFRS”) and United States generally accepted accounting principles (“U.S. GAAP”), which may be material to investors’assessments of our financial condition.” on page 70. The degree to which the financial information included in this Draft Red Herring Prospectus will provide meaningful information is entirely dependent on the reader’s level of familiarity with Indianaccounting policies and practices, the Companies Act, 2013 and the SEBI ICDR Regulations. Any reliance by persons not familiar with Indian accounting policies and practices on the financial disclosures presented in this Draft Red Herring Prospectus should accordingly be limited. Further, any figures sourced from third-party industry sources may be rounded off to other than two decimal points to conform to their respective sources. In this Draft Red Herring Prospectus, any discrepancies in any table between the total and the sums of the amounts listed are due to rounding off. All figures in decimals have been rounded off to the second decimal and all percentage figures have been rounded off to two decimal places. Further, any figures sourced from third party industry sources may be rounded off to other than to the second decimal to conform to their respective sources. Any percentage amounts, as set forth in “Risk Factors”, “Our Business” and “Management’s Discussion and Analysis ofFinancial Condition and Results of Operations” beginning on pages 30, 239 and 373, respectively, and elsewhere in this Draft Red Herring Prospectus, unless otherwise stated or context requires otherwise, have been derived from Restated Financial Information or non-GAAP financial measures as described below.

Non-GAAP Financial Measures Certain measures included in this Draft Red Herring Prospectus, for instance Y-o-Y Revenue Growth, Total Income, Gross Margin, EBITDA, EBITDA Margin, PAT for the year, Gross Debt/Equity, Gross Debt/EBITDA, PAT Margin, ROE, ROCE, Net Fixed Asset Turnover Ratio and Net Working Capital Days ( together the “Non-GAAP Measures”) presented in this Draft Red Herring Prospectus are supplemental measures of our performance and liquidity that are not required by, or presented in accordance with, Ind AS, IFRS or US GAAP. Furthermore, these Non-GAAP Measures, are not a measurement of our financial performance or liquidity under Indian GAAP, IFRS or US GAAP and should not be considered as an alternative to net profit/loss, revenue from operations or any other performance measures derived in accordance with Ind AS, IFRS or US GAAP or as an alternative to cash flow from operations or as a measure of our liquidity. Further, these Non-GAAP Measures and other statistical and other information relating to operations and financial performance should not be considered in isolation or construed as an alternative to cash flows, profit/ (loss) for the years/ period or any other measure of financial performance or as an indicator of our operating performance, liquidity, profitability or cash flows generated by operating, investing or financing activities derived in accordance with Ind AS, Indian GAAP, IFRS or US GAAP. In addition, these Non-GAAP Measures and other statistical and other information relating to operations and financial performance, are not standardised terms and may not be computed on the basis of any standard methodology that is applicable across the industry and therefore, may not be comparable to financial measures of similar nomenclature that may be computed and presented by other companies and are not measures of operating performance or liquidity defined by Ind AS and may not be comparable to similarly titled measures presented by other companies. Further, they may have limited utility as a comparative measure. Although such Non-GAAP financial measures are not a measure of performance calculated in accordance with applicable accounting standards, ourCompany’s management believes that they are useful to an investor in evaluating us as they are widely used measures to evaluate a company’s operating performance. For further information, see “Management’s Discussion and Analysis ofFinancial Condition and Results of Operations – Non-GAAP Financial Measures” beginning on page 391. Industry and Market Data Unless stated otherwise, industry and market data used in this Draft Red Herring Prospectus has been obtained or derived fromthe report titled “Industry Research Report on Power Transmission Sector” dated January 23, 2026, prepared by CARE, which has been prepared exclusively for the purpose of understanding the industry in connection with the Offer and commissioned and paid for by our Company, pursuant to an engagement letter dated June 26, 2025. The CARE Report is available on the website of our Company at the following web-link: https://www.kanohar.com/IPO. Further, CARE, pursuant to their consent letter dated January 23, 2026 (the “Letter”) has accorded their no objection and consent to use the CARE Report. CARE,pursuant to the Letter, has also confirmed that it is an independent agency and has no conflict of interest issuing the CARE Report, and confirmed that it is not related, either directly or indirectly, to our Company, our Promoters, members of the Promoter Group, our Directors, Key Managerial Personnel, Senior Management or the Book Running Lead Managers. Industry publications generally state that the information contained in such publications has been obtained from publicly available documents from various sources believed to be reliable but accuracy, completeness relevance of such information shall be subject to the disclaimers, context and underlying assumptions of such sources. The data used in these sources may have been reclassified by us for the purposes of presentation and may also not be comparable. The excerpts of the CARE Report are disclosed in this Draft Red Herring Prospectus and there are no parts, information, data (which may be relevant for the proposed Offer), left out or changed in any manner. The extent to which the industry and market data presented in this Draft Red Herring Prospectus is meaningful and depends upon the reader’s familiarity with, and understanding of, the methodologiesused in compiling such information. There are no standard data gathering methodologies in the industry in which our Company conducts business and methodologies, and assumptions may vary widely among different market and industry sources. Such information involves risks, uncertainties and numerous assumptions and is subject to change based on various factors, includingthose discussed in “Risk Factors – Certain sections of this Draft Red Herring Prospectus contain information from the CARE Report which has been commissioned by us and any reliance on such information for making an investment decision in this Offer is subject to inherent risks.” beginning on page 68. Accordingly, no investment decision should be solely made on the basis of such information. In accordance with the disclosure requirements under the SEBI ICDR Regulations, “Basis for the Offer Price” beginning on page 151 includes information relating to our listed peer group companies. Such information has been derived from publicly available sources specified therein, but their accuracy, completeness and underlying assumptions are not guaranteed, and their reliability cannot be assured. Accordingly, no investment decisions should be based solely on such information. Currency and Units of Presentation All references to: - ● “Rupees” or “INR” or “₹” or “Rs.” are to Indian Rupees, the official currency of the Republic of India; and - ● “U.S $”, “U.S. Dollar”, “USD” are to United States Dollars, the official currency of the United States of America. -

- - - ● “EUR” or “€” are to Euro, the official currency of the European Union. All the figures in this Draft Red Herring Prospectus, except for figures derived from the CARE Report (which are in million or billion), have been presented in million or in whole numbers where the numbers have been too small to present in million unless stated otherwise. One million represents 1,000,000 and one billion represents 1,000,000,000. Certain figures contained in this Draft Red Herring Prospectus, including financial information, have been subject to rounding adjustments. Any discrepancies in any table between the totals and the sum of the amounts listed are due to rounding off. All figures in decimals have been rounded off to the second decimal. In certain instances, (i) the sum or percentage change of such numbers may not conform exactly to the total figure given, and (ii) the sum of the figures in a column or row in certain tables may not conform exactly to the total figure given for that column or row. However, figures sourced from third-party industry sources may be expressed in denominations other than million or may be rounded off to other than two decimal points in the respective sources, and such figures have been expressed in this Draft Red Herring Prospectus in such denominations or rounded-off to such number of decimal points as provided in such respective sources. Time All references to time in this Draft Red Herring Prospectus are to Indian Standard Time. Unless indicated otherwise, all references to a year in this Draft Red Herring Prospectus are to a calendar year. Exchange Rates This Draft Red Herring Prospectus may contain conversions of certain other currency amounts into Indian Rupees that have been presented solely to comply with the requirements of the SEBI ICDR Regulations. These conversions should not be construed as a representation that such currency amounts could have been, or can be converted into Indian Rupees, at any particular rate, or at all. The following table sets forth, for the periods indicated, information with respect to the exchange rate between the ₹ and certain currencies: (in ₹) Source: FBIL Reference Rate as available on www.fbil.org.in and www.oanda.com. Note: Exchange rate is rounded off to two decimal points. * The exchange rate has been included as on March 28, 2025, as March 29, 2025, March 30, 2025, and March 31, 2025 were holidays. ** The exchange rate has been included as on March 28, 2024, as March 29, 2024, March 30, 2024 and March 31, 2024 were holidays.

This Draft Red Herring Prospectus contains certain statements which are not statements of historical fact and may be describedas “forward-looking statements”. These forward-looking statements include statements which can generally be identified by words or phrases such as “aim”, “anticipate”, “are likely”, “believe”, “continue”, “can”, “could”, “expect”, “estimate”, “intend”, “may”, “likely”, “objective”, “plan”, “propose”, “will continue”, “seek to”, “shall”, “should”, “will achieve”, “will likely”,“will pursue” or other words or phrases of similar import. Similarly, statements that describe the strategies, objectives, plans or goals of our Company are also forward-looking statements. All statements regarding our expected financial conditions, results of operations, business plans and prospects are forward-looking statements. These forward-looking statements include statements as to our business strategy, plans, revenue, and profitability (including, without limitation, any financial or operating projections or forecasts) and other matters discussed in this Draft Red Herring Prospectus that are not historical facts. However, these are not the exclusive means of identifying forward-looking statements. These forward-looking statements are based on our current plans, estimates and expectations and actual results may differ materially from those suggested by such forward-looking statements. All forward-looking statements are subject to risks, uncertainties, and assumptions about us that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. This may be due to risks or uncertainties associated with our expectations with respect to, but not limited to, regulatory changes pertaining to the industries we cater and our ability to respond to them, our ability to successfully implement our strategies, our growth and expansion, technological changes, our exposure to market risks, general economic and political conditions in India and globally, which have an impact on our business activities or investments, the monetary and fiscal policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in domestic laws, regulations and taxes, changes in competition in our industry and incidence of any natural calamities and/or acts of violence. Certain important factors that could cause actual results to differ materially from our expectations include, but are not limited to, the following: - 1. Reliance on Transformer Manufacturing Business; - 2. Reliance on our customers from High Growth Sectors; - 3. Reliance on transmission utilities, including state transmission companies; - 4. Reliance on government-controlled entities for projects awarded through tenders; - 5. Effective utilization of our manufacturing capacities; - 6. Operational reliance on our Manufacturing Facilities situated in Meerut, Uttar Pradesh; - 7. Revenue concentration in certain states of India, including Punjab, Rajasthan, Gujarat, Assam, Himachal Pradesh,Bihar, Maharashtra, Madhya Pradesh, Jharkhand and Karnataka; - 8. Reliance on our key customers; - 9. Dependency on our key suppliers; and - 10. Susceptibility to any delays or cost overruns in the execution of EPC projects. For a further discussion of factors that could cause our actual results to differ from the expectations, see “Risk Factors”, “Our Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning onpages 30, 239 and 373, respectively. By their nature, certain market risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains or losses could materially be different from those that have been estimated. Forward-looking statements reflect our current views as of the date of this Draft Red HerringProspectus and are not a guarantee of future performance. These statements are based on our management’s belief andassumptions, which in turn are based on currently available information. Although we believe that the assumptions on which such statements are based are reasonable, any such assumptions as well as statements based on them could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Neither our Company, our Directors, the Promoter Selling Shareholder, BRLMs, nor the Syndicate Members or any of their respective affiliates have any obligation to update or otherwise revise any statements reflecting circumstances arising after the date hereof or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition. In accordance with the SEBI ICDR Regulations, our Company will ensure that investors in India are informed of material developments pertaining to our Company from the date of this Draft Red Herring Prospectus until the time of the grant of listing and trading permissions by the Stock Exchanges for the Offer. In accordance with the requirements of the SEBI and as

prescribed under the applicable law, the Promoter Selling Shareholder, in respect of statements made by it in this Draft Red Herring Prospectus, shall ensure (through our Company and the Book Running Lead Managers) that the Bidders are informed of material developments in relation to statements specifically confirmed or undertaken by them in this Draft Red Herring Prospectus, the Red Herring Prospectus and the Prospectus until the time of the grant of listing and trading permission by the Stock Exchanges for the Offer, with respect to the Offered Shares. Only the statements and undertakings which are specifically confirmed or undertaken by the Promoter Selling Shareholder about or in relation to itself as the Promoter Selling Shareholder and the Offered Shares, in this Draft Red Herring Prospectus shall be deemed to be statements and undertakings made by the Promoter Selling Shareholder.

This section is a general summary of certain disclosures included in this Draft Red Herring Prospectus and is neither exhaustive, nor does it purport to contain a summary of all the disclosures in this Draft Red Herring Prospectus or all details relevant to prospective investors. This summary should be read in conjunction with, and is qualified in its entirety by, the moredetailed information appearing elsewhere in this Draft Red Herring Prospectus, including the sections “Risk Factors”, “Our Business”, “Industry Overview”, “Capital Structure”, “The Offer”, “Restated Financial Information”, “Objects of the Offer”, “Our Promoters and Promoter Group”, “Management’s Discussion and Analysis of Financial Condition andResults of Operations” and “Outstanding Litigation and Material Developments” beginning on pages 30, 239, 168, 91, 77,308, 132, 301, 373 and 412, respectively, of this Draft Red Herring Prospectus. Summary of primary business of our Company We are one of the leading domestic players in transformer manufacturing in terms of revenue in Fiscal 2025. We cater to high growth industries such as power transmission, railways, renewable energy, and power distribution (Source: CARE Report). As on September 30, 2025, we are one of five companies in India to have the short circuit test certification for 500 MVA 400 kV transformers that are used in the power transmission industry (Source: CARE Report). We are one of four manufacturers in India who are certified by Research Designs and Standards Organisation (RDSO), the research and development wing of Indian Railways, to manufacturing 100 MVA 132 kV Scott transformers. We are also one of two Indian manufacturers certified to manufacture 100 MVA 220 kV Scott transformers, both of which cater to the demand for rail network electrification from the Indian Railways (Source: CARE Report). As of September 30, 2025, and Fiscal 2025, Fiscal 2024 and Fiscal 2023, we had an Order Book of ₹ 16,355.60 million, ₹ 8,614.72 million, ₹ 5,958.48 million, and ₹ 5,223.75 million, respectively. For further information, see “Our Business” beginning on page 239. Summary of industry in which our Company operates India’s power transmission system has expanded at a significant pace driven by growing demand, the government’s focus onproviding electricity in rural areas, and the need for connecting the generation stations including integration of RE sources from the RE-rich states (Source: CARE Report). From CY24 onward, growth across all voltage categories is expected to accelerate. By CY 30, high voltage transformers are projected to reach USD 1,598.4 million, while medium voltage transformers are expected to grow to USD 1,026.5 million. Further, the extra high voltage segment (which includes 400 kV transformers) and ultra-high voltage segment (which includes 765 kV and above transformers) are expected to expand significantly. Between CY 24 and CY 30, the market for ultra-high voltage, extra high voltage, high voltage, and medium voltage transformers is expected to grow at a CAGR of 9.0%, 9.3%, 9.2%, and 6.6%, respectively (Source: CARE Report). For further information, see “Industry Overview” beginning on page 168. Our Promoters Our Promoters are Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal, Aditya Singhal and K Sons Family Trust. For further information, see “Our Promoters and Promoter Group” beginning on page 301. The Offer The following table summarizes the details of the Offer. For further information, please see “The Offer” and “Offer Structure”beginning on pages 77 and 440, respectively: - (1) The Offer has been authorized pursuant to the resolution passed by our Board dated January 16, 2026, and the Fresh Issue has been authorized by ourShareholders pursuant to a special resolution passed at their extraordinary general meeting dated January 19, 2026. - (2) Our Board has taken on record the consent letter by the Promoter Selling Shareholder to participate in the Offer for Sale pursuant to its resolution datedJanuary 16, 2026. For further information, see “The Offer” and “Other Regulatory and Statutory Disclosures – Authority for the Offer” beginningon page 77 and 421, respectively. Further, the Promoter Selling Shareholder has confirmed that the Offered Shares will be offered for sale in the Offerin accordance with Regulation 8 of the SEBI ICDR Regulations, to the extent applicable. - (3) Our Company in consultation with the Book Running Lead Managers, may consider a Pre-IPO Placement for an amount aggregating up to ₹ 600 million,as may be permitted under applicable law, at its discretion, prior to the filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, ifundertaken, will be at a price to be decided by our Company in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raisedpursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with rule 19(2)(b) of the SCRR. The Pre-IPO Placement, - - - - - - -

$ The amount utilised for general corporate purposes shall not exceed 25% of the Gross Proceeds. - (1) Our Company in consultation with the Book Running Lead Managers, may consider a Pre-IPO Placement, as may be permitted under applicable law foran amount aggregating up to ₹ 600 million, at its discretion, prior to the filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be decided by our Company in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with rule 19(2)(b) of the SCRR. the Pre-IPO Placement, if undertaken, shall not exceed 20% of the size of the Fresh Issue. Prior to the completion of the Offer, our Company shall appropriately intimate the subscribers to the Pre-IPO Placement, prior to allotment pursuant to the Pre-IPO Placement, that there is no guarantee that our Company may proceed with the Offer, or the Offer may be successful and will result into listing of the Equity Shares on the Stock Exchanges. Our Company shall report any Pre-IPO Placement to the Stock Exchanges, within 24 hours of such Pre-IPO Placement (in part or in entirety) and as may be required under applicable law. Further, relevant disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement (if undertaken) shall be appropriately made in the relevant sections of the Red Herring Prospectus and the Prospectus. For further information, see “Objects of the Offer” beginning on page 132. Aggregate pre-Offer and post-Offer shareholding of our Promoters, the members of our Promoter Group and the Promoter Selling Shareholder as a percentage of our paid-up Equity Share capital as at Allotment The aggregate pre-Offer shareholding of our Promoters, the members of our Promoter Group and the Promoter Selling Shareholder as on the date of this Draft Red Herring Prospectus is set out below:

^ To be updated upon finalisation of Price Band. * Also the Promoter Selling Shareholder. For further information, see “Capital Structure” and “Our Promoters and Promoter Group” beginning on page 91 and 301, respectively.

Aggregate pre-Offer and post-Offer shareholding of our Promoters, the members of our Promoter Group and additional top 10 Shareholders of our Company as at Allotment As on the date of this draft red herring prospectus, our Company has 45 shareholders, including the Promoters and members of the Promoter Group. The aggregate pre-Offer shareholding of our Promoters, our Promoter Group and the additional top 10 Shareholders (apart from Promoters and members of the Promoter Group) as a percentage of the pre-Offer and post-Offer paid-up Equity Share capital of our Company as on the date of the Price Band advertisement and as at the date of Allotment is set out below: * To be filled at the Prospectus stage. @ To be updated at pre-issue and price band advertisement stage and in the Prospectus, assuming full subscription in the Offer. The post-Offer shareholding details as at Allotment will be based on the actual subscription and the Offer Price and updated in the Prospectus, based on the Offer Price of ₹[●] and subjectto finalization of the Basis of Allotment. Further, assuming that there is no transfer of shares by the Shareholders between the date of the Price Band advertisement and Allotment, and if any such transfers occur prior to the date of the Prospectus, it will be updated in the shareholding pattern in the Prospectus. - (1) To be updated upon finalisation of Price Band. $ Also, the Promoter Selling Shareholder. For further information, see “Capital Structure” beginning on page 91. Summary of selected financial information The details of certain financial information of our Company as at and for the six-month period ended September 30, 2025 and the financial years ended March 31, 2025, March 31, 2024, and March 31, 2023, as derived from the Restated Financial Information are set forth below:

As on the date of this Draft Red Herring Prospectus, there is no outstanding litigation involving our Group Companies which may have a material impact on our Company. For further information, see “Outstanding Litigation and Material Developments” beginning on page 412. Risk Factors Specific attention of Bidders is invited to the section “Risk Factors” beginning on page 30. Bidders are advised to read the risk factors carefully before taking an investment decision in the Offer. Set forth below are the top 10 risk factors applicable to our Company: For further information, see “Risk Factors” beginning on page 30.

Weighted average cost of all Equity Shares transacted by Promoters (including the Promoter Selling Shareholder), and Promoter Group in the three years, 18 months and one year preceding the date of this Draft Red Herring Prospectus *As certified by Pawan Shubham & Co., Chartered Accountants, with firm registration number 011573C, pursuant to their certificate dated January 23, 2026.

Details of the price at which Equity Shares were acquired in the last three years immediately preceding the date of this Draft Red Herring Prospectus by our Promoters (including the Promoter Selling Shareholder), members of our Promoter Group and Shareholders with right to nominate directors or other special rights Except as stated below, none of our Promoters (including our Promoter Selling Shareholder) and members of our Promoter Group and Shareholders with right to nominate directors or other special rights have acquired any Equity Shares in the three years immediately preceding the date of this Draft Red Herring Prospectus:

@ Also, the Promoter Selling Shareholder. Details of pre-IPO placement Our Company in consultation with the Book Running Lead Managers, may consider a Pre-IPO Placement for an amountaggregating up to ₹ 600 million, as may be permitted under applicable law, at its discretion, prior to the filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be decided by our Company in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with rule 19(2)(b) of the SCRR. The Pre-IPO Placement, if undertaken, shall not exceed 20% of the size of the Fresh Issue. Prior to the completion of the Offer, our Company shall appropriately intimate the subscribers to the Pre-IPO Placement, prior to allotment pursuant to the Pre-IPO Placement, that there is no guarantee that our Company may proceed with the Offer, or the Offer may be successful and will result into listing of the Equity Shares on the Stock Exchanges. Our Company shall report any Pre-IPO Placement to the Stock Exchanges, within 24 hours of such Pre-IPO Placement (in part or in entirety) and as may be required under applicable law. Further, relevant disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement (if undertaken) shall be appropriately made in the relevant sections of the Red Herring Prospectus and the Prospectus. Issue of equity shares of our Company for consideration other than cash in the last one year Except as disclosed in “Capital Structure – Equity Shares issued for consideration other than cash or by way of bonus issue or out of revaluation reserves” on page 120, our Company has not issued any Equity Shares for consideration other than cash or pursuant to bonus issue in the one year preceding the date of this Draft Red Herring Prospectus. Split or consolidation of equity shares in the last one year Except as disclosed in “Capital Structure – Notes to the Capital Structure - Share capital history of our Company” on page92, our Company has not undertaken split or consolidation of its equity shares in the one year preceding the date of this Draft Red Herring Prospectus. Exemption from complying with any provisions of securities laws, if any, granted by the SEBI Our Company has not applied for or received any exemption by SEBI from complying with any provisions of securities laws including the SEBI ICDR Regulations, as on the date of this Draft Red Herring Prospectus.

An investment in equity shares involves a high degree of risk. Prospective investors should carefully consider all the information in this Draft Red Herring Prospectus, including the risks and uncertainties described below, before making an investment in our Equity Shares. The risks described in this section are those that we consider to be the most significant to our business, results of operations and financial condition as of the date of this Draft Red Herring Prospectus. The risks described below may not be exhaustive or the only ones relevant to us, the Equity Shares or the industry segments in which we currently operate. Additional risks and uncertainties, not presently known to us or that we currently do not deem material may arise or may become material in the future. If any or a combination of the following risks, or other risks that are not currently known or are not currently deemed material, actually occur, our business, results of operations, cash flows and financial condition could be adversely affected, the trading price of our Equity Shares could decline, and investors may lose all or part of their investment. The risk factors have been presented below on the basis of their materiality. Furthermore, some events may be material collectively rather than individually. Some events may not be material at present but may have a material impact in the future. In making an investment decision, prospective investors must rely on their own examination of us and our business and the terms of the Offer, including the merits and risks involved. Potential investors should consult their tax, financial and legal advisors about the particular consequences of purchasing our Equity Shares. In order to obtain a complete understanding of our Company and our business, prospective investors should read this sectionin conjunction with “Industry Overview”, “Our Business”, “Key Regulations and Policies”, “Restated Financial Information”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Outstanding Litigation and Material Developments” on pages 168, 239, 268, 308, 373 and 412, respectively, as well as the other financial and statistical information contained in this Draft Red Herring Prospectus. This Draft Red Herring Prospectus also contains forward-looking statements that involve risks, assumptions, estimates, uncertainties and other factors, many of which are beyond our control. Our actual results could differ from those anticipated in these forward-looking statements as a result of certain factors, including the considerations described below and elsewherein this Draft Red Herring Prospectus. For more details, see “Forward-Looking Statements” on page 17. Unless otherwise stated, or unless the context otherwise requires, the financial information of our Company used in this section has been derived from our Restated Financial Information included in this Draft Red Herring Prospectus on page 308. Ourfinancial year ends on March 31 of each year. Accordingly, references to “Fiscal 2025”, “Fiscal 2024” and “Fiscal 2023”, “Fiscals 2025, 2024, and 2023”, “financial years ended March 31, 2025, March 31, 2024 and March 31, 2023” or “last three fiscals” are to the 12-month period ended March 31 of the relevant year. We have also included various financial and operational performance indicators in this Draft Red Herring Prospectus, some of which have not been derived from the Restated Financial Information. The manner of calculation and presentation of some of these financial and operational performance indicators, and the assumptions and estimates used in such calculations, may vary from those used by other companies in India and other jurisdictions. Unless stated otherwise, industry and market data used in this section has been obtained or derived from the report titled“Industry Research Report on Power Transmission Sector” dated January 23, 2026 (“CARE Report”), prepared and issuedby CARE Analytics and Advisory Private Limited (formerly known as CARE Risk Solutions Private Limited) (“CARE”)pursuant to an engagement letter dated June 26, 2025, and exclusively commissioned and paid for by us in connection with the Offer. The industry-related information included herein includes excerpts from the CARE Report and may have been re-ordered by us for the purposes of presentation. Unless otherwise indicated, all financial, operational, industry and other related information derived from the CARE Report and included herein with respect to any particular year refers to such information for the relevant calendar year. The CARE Report will be available on the website of our Company at https://www.kanohar.com/IPO from the date of the Red Herring Prospectus until the Bid/Offer Closing Date. For moreinformation, see “Certain Conventions, Use of Financial Information and Market Data and Currency of Presentation” onpage 14. INTERNAL RISKS - 1. We derive a significant portion of our revenue from the Transformer Manufacturing Business. A reduction in demand for purchase of transformers could adversely affect our business, results of operations and financial condition. Amongst our business segments comprising Transformer Manufacturing Business and EPC Business, we derive a significant portion of our revenue from the Transformer Manufacturing Business. We manufacture five different types of transformers with customized technical specifications to address the energy needs of industries as a part of our Transformer Manufacturing Business. Set out below is our revenue from operations during the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, from our various business segments:

Note: Our top 10 customers include, amongst others Blue Star Limited and BNC Power Projects Limited. Names of other customers who form part of our top 10 customers during the Fiscals included above, have not been included in this Draft Red Herring Prospectus due to non-receipt of consent from such customers to be named in the Offer Documents. All of the orders in our EPC Business are secured through tenders awarded by government entities. Our Transformer Manufacturing Business include customers from the government and private sector, and orders are secured either through purchase orders or a competitive bidding process. While there have not been any loss of one or more of our customers or a reduction in the amount of business we obtain from them in the six-month period ended September 30, 2025 and the last three Fiscals, such losses or reduction in revenue could have an adverse effect on our business and results of operations, financial condition and cash flows. While our customer contracts involve price variation formula, which allow us to pass-on the variations in pricing to the customer, certain of our contracts are based on fixed pricing. As on the date of this Draft Red Herring Prospectus, we have 31 contracts with customers, out of which six are based on the fixed price model, while the other contracts are subject to price variation and/or escalation. There have been instances of disputes with our customers in the past in relation to payment of arrears. For further details, see “Outstanding Litigation and Material Developments – Other material proceedings by our Company” on page 413. We cannot assure you that such instances will not occur in the future and have a material adverse impact on our business, result of operations, cash flows and financial condition. Our reliance on a select group of customers may also constrain our ability to negotiate our arrangements, including pricing, which may have an impact on our profit margins and financial performance. The deterioration of the financial condition or a decline in the budgetary allocations of these customers could reduce their demand for our products and result in a significant decrease in the revenues we derive from them. Furthermore, key customers may become subject to international sanctions, which could further adversely affect our business and revenues. The volume and timing of sales to such customers may also vary due to a change in their requirements, geo-political issues and management of inventory levels. Furthermore, we do not have firm commitments in the form of continuing or long-term supply agreements with some of our customers and instead rely on orders for manufacture of specific products on a purchase order basis, which governs the volume and other terms of the sale of our products. As actual orders by our customers are typically placed by way of ‘make to order’/ specific POs, we are exposed to significant or unexpected changes in product specifications and delivery schedules, which may result in a mismatch between our inventories of raw materials, thereby increasing our costs for maintaining inventory. Our inability to forecast the level of customer demand for our products as well as our inability to accurately schedule our raw material purchases and production and manage our inventory may adversely affect our business and cash flows from operations. We cannot assure you that we will be able to successfully compete for tenders or if our customers will place further orders with us in the future or that we will be able to maintain historic levels of business from them, or that we will be able to significantly reduce customer concentration in the future. The loss of business from any of these customers due to any reason could adversely affect our business, results of operations, financial condition and cash flows. - 9. Our business is dependent on suppliers to procure our raw materials. Further, we have not entered into long-term agreements with these suppliers, variations in supply and any loss of suppliers or interruptions in the timely delivery of raw materials or volatility in their prices could have an adverse impact on our business, financial condition and results of operations. We are dependent on suppliers to procure our raw materials including insulated copper conductor, cold-rolled grain- oriented steel and transformer oil. Set out below are details of our expenses (cost of raw material and components purchased) towards our top 10 suppliers for the period/ financial year indicated: (In ₹ million, except percentages)

* These suppliers represent the top 10 suppliers for each of the respective period/ Fiscals and may not necessarily be the same suppliers across the period/ Fiscals. Note: Our top 10 suppliers include APAR Industries Limited, Amit Steel Corporation, Venkateswara Wires Private Limited, Jay Bee Laminations Limited, Goodluck India Limited, Malya Construction, Precision Wires India Limited, and Titan Steels. Names of other suppliers have not been included in this Draft Red Herring Prospectus due to non-receipt of consent from such suppliers to be named in the Offer Documents. We purchase our raw materials from third-party suppliers on the basis of POs and do not typically enter into any long- term agreements. In the absence of long-term contracts, our suppliers may not be obligated to supply their products to us and/or may choose to sell their products to our competitors. There are limited number of suppliers of insulated copper conductor, cold-rolled grain-oriented steel and transformer oil available from which we procure such raw materials. While there have been no instances of termination of our relationship with our suppliers which had impacted our supply in the six-month period ended September 30, 2025 and last three Fiscals, there can be no assurance that a particular supplier will continue to supply us with raw materials in the future. We cannot assure that we will be able to enter into new or renew our existing arrangements with suppliers on terms acceptable to us, which could have an adverse effect on our ability to source materials in a commercially viable and timely manner, if at all, which may impact our business and profitability. We conduct quality checks before onboarding suppliers for certain of our raw materials including list of past supply orders executed and end-customer approvals. Due to limitations in the availability of suppliers, we are also susceptible to the pricing-power risk of our suppliers controlling the pricing of our raw materials. Further, we face the risk of variation in the prices of the raw material which may indirectly increase our procurement cost. While we do not rely on any single supplier for the other raw materials and components required for our operations, if any of our suppliers does not supply raw materials on a timely basis or at reasonable prices, we may be unable to manufacture products for our customers or may be unable to ensure the timely delivery of the same. Any discontinuation of production by these suppliers, variation in availability of supplies or a failure of these suppliers to adhere to the delivery schedule or the required quality and quantity could hamper our manufacturing schedule and lead to the under-utilization of our Manufacturing Facilities. As on the date of this Draft Red Herring Prospectus, we do not have significant imports of raw materials. Our operations may also be impacted due to instances such as disputes with suppliers, our inability to make timely payments to the suppliers, changes in governmental or regulatory policies, including sanctions/ tariffs that may be imposed on certain suppliers, or any other circumstances specific to our suppliers, such as acquisition or consolidation of such supplier, or any other adverse market conditions affecting the industry in which our supplier operates or the economic environment generally. If we were to experience a significant or prolonged shortage of raw materials from any of our suppliers and cannot procure those raw materials from other sources, we may be unable to meet our production schedules for our products and provide such products to our customers in a timely fashion, which may adversely affect our customer relations and reputation. Further, while there has not been any instance wherein any of our suppliers have disassociated with us in the six-month period ended September 30, 2025 and the last three Fiscals, we cannot assure that our suppliers will continue to be associated with us on reasonable terms, or at all. We may also be required to replace a supplier if its products or services do not meet our safety, quality or performance standards or if a supplier unexpectedly suspends or discontinues operations due to reasons beyond its or our control, including strikes, natural calamities or financing constraints caused by credit market conditions. While we have not faced any instances of disruption in raw materials that led to any material adverse impact on our business and operations in the six-month period ended September 30, 2025 and the last three Fiscals, there can be no assurance that these instances will not occur in the future. - 10. We are subject to time and cost overruns and are exposed to claims, penalties and damages resulting from delays in execution of EPC projects for transmission lines and substations. These contracts have long execution periods as a result of which, project related estimated costs and revenue estimates may vary from the actual costs incurred and actual revenues generated which could have material adverse effect on our business, financial condition and results of operations. Our EPC Business contracts involve long execution periods of 12 months to 24 months to deliver and complete. The time and costs required to complete such projects may increase on account of factors such as, inter alia, price

Although no regulatory action/ litigation is pending against us in relation to (i) untraceable secretarial and other corporate records and documents, (ii) errors in our corporate filings, and (iii) delays in our corporate filings, we cannot assure you that we will not be subject to penalties imposed by regulatory authorities in this respect. - 16. As on date of this Draft Red Herring Prospectus, 34 public Shareholders of our Company who collectively hold 208,000 Equity Shares are currently untraceable. Further, 156,000 Equity Shares issued to such Shareholders pursuant to a bonus issue on September 19, 2025, along with the Equity Shares previously held by them in our Company, have not been credited to their demat accounts as we have been unable to establish contact with them, and have been credited to a demat suspense account. As on the date of this Draft Red Herring Prospectus, our Company has 34 public Shareholders who hold collectively 208,000 Equity Shares and are currently not traceable and/or unresponsive. While our Company has made multiple attempts, we have been unable to establish contact with these Shareholders as on date of this Draft Red Herring Prospectus, as they are either untraceable or non-responsive. In respect of such Shareholders, we have credited 208,000 Equity Shares, which includes 156,000 Equity Shares allotted pursuant to a bonus issued undertaken on September19, 2025, to a demat suspense account “Kanohar Electricals Limited – Unclaimed Security Suspense Escrow Account”.The Equity Shares credited to the demat suspense account shall be subject to lock-in for a period of six months from the date of Allotment, as required under the SEBI ICDR Regulations. As on date of this Draft Red Herring Prospectus, we have not received any response from these Shareholders. If any of these Shareholders become responsive and establish communication with our Company, we will take necessary corporate actions in accordance with applicable laws. We are unable to ascertain if we will be subject to any adverse response from any such Shareholder, in case we are able to establish contact with them. However, once we are able to establish contact with the untraceable Shareholders, we shall initiate the process of transferring their respective Equity Shares to their designated demat accounts accordingly. - 17. The requirements of being a listed company may strain our resources which may have a material adverse impact on our operations. The equity shares of our Company were, in the past, listed on Bombay Stock Exchange (now known as BSE Limited), The Delhi Stock Exchange Association Limited (now known as DSE Estates Limited) and The Uttar Pradesh Stock Exchange Association Limited (now known as U.P. Stock and Capital Limited) on November 13, 1995, November 1, 1995 and October 31, 1995, respectively. However, thereafter, due to low liquidity and trading volumes, and with a view to optimizing compliance requirements, the equity shares of our Company were voluntarily delisted from Bombay Stock Exchange (now known as BSE Limited), The Delhi Stock Exchange Association Limited (now known as DSE Estates Limited) and The Uttar Pradesh Stock Exchange Association Limited (now known as U.P. Stock and Capital Limited) with effect from July 12, 2010, August 30, 2010, and October 20, 2010, respectively. The requirements of being a listed company again may strain our resources. As a listed company, we will incur significant legal, accounting, corporate governance, and other expenses that we did not incur as an unlisted company. We will be subject to the extant laws applicable to a listed company, inter alia, SEBI Listing Regulations which will require us to file audited annual and unaudited quarterly reports with respect to our business and financial condition. If we experience any delays, we may fail to satisfy our reporting obligations and/or we may not be able to readily determine and accordingly report any changes in our results of operations as promptly as other listed companies. Furthermore, as a listed company, we will need to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, including keeping adequate records of daily transactions. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal control overfinancial reporting, significant resources and management attention will be required. As a result, our management’sattention may be diverted from our business concerns, which may adversely affect our business, prospects, results of operations and financial condition. If we fail to effectively implement sufficient disclosure controls and procedures and internal control procedures over financial reporting, we may be unable to successfully manage or accurately detect and report our future financial risks. In addition, we may need to hire additional legal and accounting staff with appropriate experience and technical accounting knowledge, but we cannot assure you that we will be able to do so in a timely. - 18. We intend to utilize a portion of the Net Proceeds to fund our capital expenditure requirements. Our inability to successfully implement such capacity expansion or any future capacity expansion plans could have a material adverse effect on our business, prospects, operations or financial results. We intend to use a portion of the Net Proceeds for funding our capital expenditure requirements which includes, inter alia, (i) purchase of new machinery and equipment for our Gangol Manufacturing Facility for increasing our transformer manufacturing capacity, expanding and automating our backward integration facilities and enhancing operational efficiency; (ii) civil construction and interior development of an office building at our Gangol Manufacturing Facility; and (iii) enhancing our sustainability initiatives by (a) setting up of solar power plants at our

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(MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MAINBOARD Upcoming) Apana Logistics Limited (SME Upcoming) Qualiance International Limited (SME Upcoming) Farm Peace Limited (SME Upcoming) Deepa Jewellers Limited (MAINBOARD Upcoming) Fly-Hi Maritime Travels Limited (SME Upcoming) Rays of Belief Limited (MAINBOARD Upcoming) Purple Style Labs Limited (MAINBOARD Upcoming) Shanti Inorganic Limited (SME Upcoming) Ashutosh Fibre Limited (SME Upcoming) Phychem Technologies Limited (SME Upcoming) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medica Laboratories Limited (SME) Q-Line Biotech Limited (SME) Autofurnish Limited (SME) Vegorama Punjabi Angithi Limited (SME) Harikanta Overseas Limited (SME) Teamtech Formwork Solutions Limited (SME) NFP Sampoorna Foods Limited (SME) Goldline Pharmaceutical Limited (SME) RFBL Flexi Pack Limited (SME) Simca Advertising Limited (SME) Recode Studios Limited (SME) Bagmane Prime Office REIT (MainBoard) Value 360 Communications Limited (SME) Onemi Technology (Kissht) Solutions Limited (MainBoard) Amba Auto Sales and Services Limited (SME) Adisoft Technologies Limited (SME) Mehul Telecom Limited (SME) Citius Transnet Investment Trust (MainBoard) Property Share Investment Trust - PropShare Celestia (MainBoard) Om Power Transmission Limited (MainBoard) Safety Controls & Devices Limited (SME) Emiac Technologies Limited (SME) Vivid

Home List of Mainboard IPOs Kanohar Electricals Limited IPO Financials Reports Opens in 2 Days Kanohar Electricals IPO Financial Report Search IPO Veegaland Developers Limited (MAINBOARD Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MAINBOARD Upcoming) Apana Logistics Limited (SME Upcoming) Qualiance International Limited (SME Upcoming) Farm Peace Limited (SME Upcoming) Deepa Jewellers Limited (MAINBOARD Upcoming) Fly-Hi Maritime Travels Limited (SME Upcoming) Rays of Belief Limited (MAINBOARD Upcoming) Purple Style Labs Limited (MAINBOARD Upcoming) Shanti Inorganic Limited (SME Upcoming) Ashutosh Fibre Limited (SME Upcoming) Phychem Technologies Limited (SME Upcoming) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medica Laboratories Limited (SME) Q-Line Biotech Limited (SME) Autofurnish Limited (SME) Vegorama Punjabi Angithi Limited (SME) Harikanta Overseas Limited (SME) Teamtech Formwork Solutions Limited (SME) NFP Sampoorna Foods Limited (SME) Goldline Pharmaceutical Limited (SME) RFBL Flexi Pack Limited (SME) Simca Advertising Limited (SME) Recode Studios Limited (SME) Bagmane Prime Office REIT (MainBoard) Value 360 Communications Limited (SME) Onemi Technology (Kissht) Solutions Limited (MainBoard) Amba Auto Sales and Services Limited (SME) Adisoft Technologies Limited (SME) Mehul Telecom Limited (SME) Citius Transnet Investment Trust (MainBoard) Property Share Investment Trust - PropShare Celestia (MainBoard) Om Power Transmission Limited (MainBoard) Safety Controls & Devices Limited (SME) Emiac Technologies Limited (SME) Vivid

Home List of Mainboard IPOs Kanohar Electricals Limited IPO Financials Reports Opens in 2 Days Kanohar Electricals IPO Financial Report Search IPO Veegaland Developers Limited (MAINBOARD Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MAINBOARD Upcoming) Apana Logistics Limited (SME Upcoming) Qualiance International Limited (SME Upcoming) Farm Peace Limited (SME Upcoming) Deepa Jewellers Limited (MAINBOARD Upcoming) Fly-Hi Maritime Travels Limited (SME Upcoming) Rays of Belief Limited (MAINBOARD Upcoming) Purple Style Labs Limited (MAINBOARD Upcoming) Shanti Inorganic Limited (SME Upcoming) Ashutosh Fibre Limited (SME Upcoming) Phychem Technologies Limited (SME Upcoming) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medica Laboratories Limited (SME) Q-Line Biotech Limited (SME) Autofurnish Limited (SME) Vegorama Punjabi Angithi Limited (SME) Harikanta Overseas Limited (SME) Teamtech Formwork Solutions Limited (SME) NFP Sampoorna Foods Limited (SME) Goldline Pharmaceutical Limited (SME) RFBL Flexi Pack Limited (SME) Simca Advertising Limited (SME) Recode Studios Limited (SME) Bagmane Prime Office REIT (MainBoard) Value 360 Communications Limited (SME) Onemi Technology (Kissht) Solutions Limited (MainBoard) Amba Auto Sales and Services Limited (SME) Adisoft Technologies Limited (SME) Mehul Telecom Limited (SME) Citius Transnet Investment Trust (MainBoard) Property Share Investment Trust - PropShare Celestia (MainBoard) Om Power Transmission Limited (MainBoard) Safety Controls & Devices Limited (SME) Emiac Technologies Limited (SME) Vivid

Home List of Mainboard IPOs Kanohar Electricals Limited IPO Financials Reports Opens in 2 Days Kanohar Electricals IPO Financial Report Search IPO Veegaland Developers Limited (MAINBOARD Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MAINBOARD Upcoming) Apana Logistics Limited (SME Upcoming) Qualiance International Limited (SME Upcoming) Farm Peace Limited (SME Upcoming) Deepa Jewellers Limited (MAINBOARD Upcoming) Fly-Hi Maritime Travels Limited (SME Upcoming) Rays of Belief Limited (MAINBOARD Upcoming) Purple Style Labs Limited (MAINBOARD Upcoming) Shanti Inorganic Limited (SME Upcoming) Ashutosh Fibre Limited (SME Upcoming) Phychem Technologies Limited (SME Upcoming) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medica Laboratories Limited (SME) Q-Line Biotech Limited (SME) Autofurnish Limited (SME) Vegorama Punjabi Angithi Limited (SME) Harikanta Overseas Limited (SME) Teamtech Formwork Solutions Limited (SME) NFP Sampoorna Foods Limited (SME) Goldline Pharmaceutical Limited (SME) RFBL Flexi Pack Limited (SME) Simca Advertising Limited (SME) Recode Studios Limited (SME) Bagmane Prime Office REIT (MainBoard) Value 360 Communications Limited (SME) Onemi Technology (Kissht) Solutions Limited (MainBoard) Amba Auto Sales and Services Limited (SME) Adisoft Technologies Limited (SME) Mehul Telecom Limited (SME) Citius Transnet Investment Trust (MainBoard) Property Share Investment Trust - PropShare Celestia (MainBoard) Om Power Transmission Limited (MainBoard) Safety Controls & Devices Limited (SME) Emiac Technologies Limited (SME) Vivid

Home List of Mainboard IPOs Kanohar Electricals Limited IPO Financials Reports Opens in 2 Days Kanohar Electricals IPO Financial Report Search IPO Veegaland Developers Limited (MAINBOARD Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MAINBOARD Upcoming) Apana Logistics Limited (SME Upcoming) Qualiance International Limited (SME Upcoming) Farm Peace Limited (SME Upcoming) Deepa Jewellers Limited (MAINBOARD Upcoming) Fly-Hi Maritime Travels Limited (SME Upcoming) Rays of Belief Limited (MAINBOARD Upcoming) Purple Style Labs Limited (MAINBOARD Upcoming) Shanti Inorganic Limited (SME Upcoming) Ashutosh Fibre Limited (SME Upcoming) Phychem Technologies Limited (SME Upcoming) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medica Laboratories Limited (SME) Q-Line Biotech Limited (SME) Autofurnish Limited (SME) Vegorama Punjabi Angithi Limited (SME) Harikanta Overseas Limited (SME) Teamtech Formwork Solutions Limited (SME) NFP Sampoorna Foods Limited (SME) Goldline Pharmaceutical Limited (SME) RFBL Flexi Pack Limited (SME) Simca Advertising Limited (SME) Recode Studios Limited (SME) Bagmane Prime Office REIT (MainBoard) Value 360 Communications Limited (SME) Onemi Technology (Kissht) Solutions Limited (MainBoard) Amba Auto Sales and Services Limited (SME) Adisoft Technologies Limited (SME) Mehul Telecom Limited (SME) Citius Transnet Investment Trust (MainBoard) Property Share Investment Trust - PropShare Celestia (MainBoard) Om Power Transmission Limited (MainBoard) Safety Controls & Devices Limited (SME) Emiac Technologies Limited (SME) Vivid

Home List of Mainboard IPOs Kanohar Electricals Limited IPO Peer Comparison Opens in 2 Days Kanohar Electricals IPO Peer Comparison Search IPO Veegaland Developers Limited (MAINBOARD Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MAINBOARD Upcoming) Apana Logistics Limited (SME Upcoming) Qualiance International Limited (SME Upcoming) Farm Peace Limited (SME Upcoming) Deepa Jewellers Limited (MAINBOARD Upcoming) Fly-Hi Maritime Travels Limited (SME Upcoming) Rays of Belief Limited (MAINBOARD Upcoming) Purple Style Labs Limited (MAINBOARD Upcoming) Shanti Inorganic Limited (SME Upcoming) Ashutosh Fibre Limited (SME Upcoming) Phychem Technologies Limited (SME Upcoming) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medica Laboratories Limited (SME) Q-Line Biotech Limited (SME) Autofurnish Limited (SME) Vegorama Punjabi Angithi Limited (SME) Harikanta Overseas Limited (SME) Teamtech Formwork Solutions Limited (SME) NFP Sampoorna Foods Limited (SME) Goldline Pharmaceutical Limited (SME) RFBL Flexi Pack Limited (SME) Simca Advertising Limited (SME) Recode Studios Limited (SME) Bagmane Prime Office REIT (MainBoard) Value 360 Communications Limited (SME) Onemi Technology (Kissht) Solutions Limited (MainBoard) Amba Auto Sales and Services Limited (SME) Adisoft Technologies Limited (SME) Mehul Telecom Limited (SME) Citius Transnet Investment Trust (MainBoard) Property Share Investment Trust - PropShare Celestia (MainBoard) Om Power Transmission Limited (MainBoard) Safety Controls & Devices Limited (SME) Emiac Technologies Limited (SME) Vivid Elec

Home List of Mainboard IPOs Kanohar Electricals Limited IPO Peer Comparison Opens in 2 Days Kanohar Electricals IPO Peer Comparison Search IPO Veegaland Developers Limited (MAINBOARD Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MAINBOARD Upcoming) Apana Logistics Limited (SME Upcoming) Qualiance International Limited (SME Upcoming) Farm Peace Limited (SME Upcoming) Deepa Jewellers Limited (MAINBOARD Upcoming) Fly-Hi Maritime Travels Limited (SME Upcoming) Rays of Belief Limited (MAINBOARD Upcoming) Purple Style Labs Limited (MAINBOARD Upcoming) Shanti Inorganic Limited (SME Upcoming) Ashutosh Fibre Limited (SME Upcoming) Phychem Technologies Limited (SME Upcoming) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medica Laboratories Limited (SME) Q-Line Biotech Limited (SME) Autofurnish Limited (SME) Vegorama Punjabi Angithi Limited (SME) Harikanta Overseas Limited (SME) Teamtech Formwork Solutions Limited (SME) NFP Sampoorna Foods Limited (SME) Goldline Pharmaceutical Limited (SME) RFBL Flexi Pack Limited (SME) Simca Advertising Limited (SME) Recode Studios Limited (SME) Bagmane Prime Office REIT (MainBoard) Value 360 Communications Limited (SME) Onemi Technology (Kissht) Solutions Limited (MainBoard) Amba Auto Sales and Services Limited (SME) Adisoft Technologies Limited (SME) Mehul Telecom Limited (SME) Citius Transnet Investment Trust (MainBoard) Property Share Investment Trust - PropShare Celestia (MainBoard) Om Power Transmission Limited (MainBoard) Safety Controls & Devices Limited (SME) Emiac Technologies Limited (SME) Vivid Elec

Home List of Mainboard IPOs Kanohar Electricals Limited IPO Peer Comparison Opens in 2 Days Kanohar Electricals IPO Peer Comparison Search IPO Veegaland Developers Limited (MAINBOARD Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MAINBOARD Upcoming) Apana Logistics Limited (SME Upcoming) Qualiance International Limited (SME Upcoming) Farm Peace Limited (SME Upcoming) Deepa Jewellers Limited (MAINBOARD Upcoming) Fly-Hi Maritime Travels Limited (SME Upcoming) Rays of Belief Limited (MAINBOARD Upcoming) Purple Style Labs Limited (MAINBOARD Upcoming) Shanti Inorganic Limited (SME Upcoming) Ashutosh Fibre Limited (SME Upcoming) Phychem Technologies Limited (SME Upcoming) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medica Laboratories Limited (SME) Q-Line Biotech Limited (SME) Autofurnish Limited (SME) Vegorama Punjabi Angithi Limited (SME) Harikanta Overseas Limited (SME) Teamtech Formwork Solutions Limited (SME) NFP Sampoorna Foods Limited (SME) Goldline Pharmaceutical Limited (SME) RFBL Flexi Pack Limited (SME) Simca Advertising Limited (SME) Recode Studios Limited (SME) Bagmane Prime Office REIT (MainBoard) Value 360 Communications Limited (SME) Onemi Technology (Kissht) Solutions Limited (MainBoard) Amba Auto Sales and Services Limited (SME) Adisoft Technologies Limited (SME) Mehul Telecom Limited (SME) Citius Transnet Investment Trust (MainBoard) Property Share Investment Trust - PropShare Celestia (MainBoard) Om Power Transmission Limited (MainBoard) Safety Controls & Devices Limited (SME) Emiac Technologies Limited (SME) Vivid Elec

Home List of Mainboard IPOs Kanohar Electricals Limited IPO Peer Comparison Opens in 2 Days Kanohar Electricals IPO Peer Comparison Search IPO Veegaland Developers Limited (MAINBOARD Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MAINBOARD Upcoming) Apana Logistics Limited (SME Upcoming) Qualiance International Limited (SME Upcoming) Farm Peace Limited (SME Upcoming) Deepa Jewellers Limited (MAINBOARD Upcoming) Fly-Hi Maritime Travels Limited (SME Upcoming) Rays of Belief Limited (MAINBOARD Upcoming) Purple Style Labs Limited (MAINBOARD Upcoming) Shanti Inorganic Limited (SME Upcoming) Ashutosh Fibre Limited (SME Upcoming) Phychem Technologies Limited (SME Upcoming) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medica Laboratories Limited (SME) Q-Line Biotech Limited (SME) Autofurnish Limited (SME) Vegorama Punjabi Angithi Limited (SME) Harikanta Overseas Limited (SME) Teamtech Formwork Solutions Limited (SME) NFP Sampoorna Foods Limited (SME) Goldline Pharmaceutical Limited (SME) RFBL Flexi Pack Limited (SME) Simca Advertising Limited (SME) Recode Studios Limited (SME) Bagmane Prime Office REIT (MainBoard) Value 360 Communications Limited (SME) Onemi Technology (Kissht) Solutions Limited (MainBoard) Amba Auto Sales and Services Limited (SME) Adisoft Technologies Limited (SME) Mehul Telecom Limited (SME) Citius Transnet Investment Trust (MainBoard) Property Share Investment Trust - PropShare Celestia (MainBoard) Om Power Transmission Limited (MainBoard) Safety Controls & Devices Limited (SME) Emiac Technologies Limited (SME) Vivid Elec

Home List of Mainboard IPOs Kanohar Electricals Limited IPO Peer Comparison Opens in 2 Days Kanohar Electricals IPO Peer Comparison Search IPO Veegaland Developers Limited (MAINBOARD Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MAINBOARD Upcoming) Apana Logistics Limited (SME Upcoming) Qualiance International Limited (SME Upcoming) Farm Peace Limited (SME Upcoming) Deepa Jewellers Limited (MAINBOARD Upcoming) Fly-Hi Maritime Travels Limited (SME Upcoming) Rays of Belief Limited (MAINBOARD Upcoming) Purple Style Labs Limited (MAINBOARD Upcoming) Shanti Inorganic Limited (SME Upcoming) Ashutosh Fibre Limited (SME Upcoming) Phychem Technologies Limited (SME Upcoming) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medica Laboratories Limited (SME) Q-Line Biotech Limited (SME) Autofurnish Limited (SME) Vegorama Punjabi Angithi Limited (SME) Harikanta Overseas Limited (SME) Teamtech Formwork Solutions Limited (SME) NFP Sampoorna Foods Limited (SME) Goldline Pharmaceutical Limited (SME) RFBL Flexi Pack Limited (SME) Simca Advertising Limited (SME) Recode Studios Limited (SME) Bagmane Prime Office REIT (MainBoard) Value 360 Communications Limited (SME) Onemi Technology (Kissht) Solutions Limited (MainBoard) Amba Auto Sales and Services Limited (SME) Adisoft Technologies Limited (SME) Mehul Telecom Limited (SME) Citius Transnet Investment Trust (MainBoard) Property Share Investment Trust - PropShare Celestia (MainBoard) Om Power Transmission Limited (MainBoard) Safety Controls & Devices Limited (SME) Emiac Technologies Limited (SME) Vivid Elec

Home List of Mainboard IPOs Kanohar Electricals Limited IPO Peer Comparison Opens in 2 Days Kanohar Electricals IPO Peer Comparison Search IPO Veegaland Developers Limited (MAINBOARD Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MAINBOARD Upcoming) Apana Logistics Limited (SME Upcoming) Qualiance International Limited (SME Upcoming) Farm Peace Limited (SME Upcoming) Deepa Jewellers Limited (MAINBOARD Upcoming) Fly-Hi Maritime Travels Limited (SME Upcoming) Rays of Belief Limited (MAINBOARD Upcoming) Purple Style Labs Limited (MAINBOARD Upcoming) Shanti Inorganic Limited (SME Upcoming) Ashutosh Fibre Limited (SME Upcoming) Phychem Technologies Limited (SME Upcoming) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medica Laboratories Limited (SME) Q-Line Biotech Limited (SME) Autofurnish Limited (SME) Vegorama Punjabi Angithi Limited (SME) Harikanta Overseas Limited (SME) Teamtech Formwork Solutions Limited (SME) NFP Sampoorna Foods Limited (SME) Goldline Pharmaceutical Limited (SME) RFBL Flexi Pack Limited (SME) Simca Advertising Limited (SME) Recode Studios Limited (SME) Bagmane Prime Office REIT (MainBoard) Value 360 Communications Limited (SME) Onemi Technology (Kissht) Solutions Limited (MainBoard) Amba Auto Sales and Services Limited (SME) Adisoft Technologies Limited (SME) Mehul Telecom Limited (SME) Citius Transnet Investment Trust (MainBoard) Property Share Investment Trust - PropShare Celestia (MainBoard) Om Power Transmission Limited (MainBoard) Safety Controls & Devices Limited (SME) Emiac Technologies Limited (SME) Vivid Elec

Home List of Mainboard IPOs Kanohar Electricals Limited IPO Peer Comparison Opens in 2 Days Kanohar Electricals IPO Peer Comparison Search IPO Veegaland Developers Limited (MAINBOARD Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MAINBOARD Upcoming) Apana Logistics Limited (SME Upcoming) Qualiance International Limited (SME Upcoming) Farm Peace Limited (SME Upcoming) Deepa Jewellers Limited (MAINBOARD Upcoming) Fly-Hi Maritime Travels Limited (SME Upcoming) Rays of Belief Limited (MAINBOARD Upcoming) Purple Style Labs Limited (MAINBOARD Upcoming) Shanti Inorganic Limited (SME Upcoming) Ashutosh Fibre Limited (SME Upcoming) Phychem Technologies Limited (SME Upcoming) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medica Laboratories Limited (SME) Q-Line Biotech Limited (SME) Autofurnish Limited (SME) Vegorama Punjabi Angithi Limited (SME) Harikanta Overseas Limited (SME) Teamtech Formwork Solutions Limited (SME) NFP Sampoorna Foods Limited (SME) Goldline Pharmaceutical Limited (SME) RFBL Flexi Pack Limited (SME) Simca Advertising Limited (SME) Recode Studios Limited (SME) Bagmane Prime Office REIT (MainBoard) Value 360 Communications Limited (SME) Onemi Technology (Kissht) Solutions Limited (MainBoard) Amba Auto Sales and Services Limited (SME) Adisoft Technologies Limited (SME) Mehul Telecom Limited (SME) Citius Transnet Investment Trust (MainBoard) Property Share Investment Trust - PropShare Celestia (MainBoard) Om Power Transmission Limited (MainBoard) Safety Controls & Devices Limited (SME) Emiac Technologies Limited (SME) Vivid Elec

Home List of Mainboard IPOs Kanohar Electricals Limited IPO Peer Comparison Opens in 2 Days Kanohar Electricals IPO Peer Comparison Search IPO Veegaland Developers Limited (MAINBOARD Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MAINBOARD Upcoming) Apana Logistics Limited (SME Upcoming) Qualiance International Limited (SME Upcoming) Farm Peace Limited (SME Upcoming) Deepa Jewellers Limited (MAINBOARD Upcoming) Fly-Hi Maritime Travels Limited (SME Upcoming) Rays of Belief Limited (MAINBOARD Upcoming) Purple Style Labs Limited (MAINBOARD Upcoming) Shanti Inorganic Limited (SME Upcoming) Ashutosh Fibre Limited (SME Upcoming) Phychem Technologies Limited (SME Upcoming) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medica Laboratories Limited (SME) Q-Line Biotech Limited (SME) Autofurnish Limited (SME) Vegorama Punjabi Angithi Limited (SME) Harikanta Overseas Limited (SME) Teamtech Formwork Solutions Limited (SME) NFP Sampoorna Foods Limited (SME) Goldline Pharmaceutical Limited (SME) RFBL Flexi Pack Limited (SME) Simca Advertising Limited (SME) Recode Studios Limited (SME) Bagmane Prime Office REIT (MainBoard) Value 360 Communications Limited (SME) Onemi Technology (Kissht) Solutions Limited (MainBoard) Amba Auto Sales and Services Limited (SME) Adisoft Technologies Limited (SME) Mehul Telecom Limited (SME) Citius Transnet Investment Trust (MainBoard) Property Share Investment Trust - PropShare Celestia (MainBoard) Om Power Transmission Limited (MainBoard) Safety Controls & Devices Limited (SME) Emiac Technologies Limited (SME) Vivid Elec

Home List of Mainboard IPOs Kanohar Electricals Limited IPO Peer Comparison Opens in 2 Days Kanohar Electricals IPO Peer Comparison Search IPO Veegaland Developers Limited (MAINBOARD Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MAINBOARD Upcoming) Apana Logistics Limited (SME Upcoming) Qualiance International Limited (SME Upcoming) Farm Peace Limited (SME Upcoming) Deepa Jewellers Limited (MAINBOARD Upcoming) Fly-Hi Maritime Travels Limited (SME Upcoming) Rays of Belief Limited (MAINBOARD Upcoming) Purple Style Labs Limited (MAINBOARD Upcoming) Shanti Inorganic Limited (SME Upcoming) Ashutosh Fibre Limited (SME Upcoming) Phychem Technologies Limited (SME Upcoming) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medica Laboratories Limited (SME) Q-Line Biotech Limited (SME) Autofurnish Limited (SME) Vegorama Punjabi Angithi Limited (SME) Harikanta Overseas Limited (SME) Teamtech Formwork Solutions Limited (SME) NFP Sampoorna Foods Limited (SME) Goldline Pharmaceutical Limited (SME) RFBL Flexi Pack Limited (SME) Simca Advertising Limited (SME) Recode Studios Limited (SME) Bagmane Prime Office REIT (MainBoard) Value 360 Communications Limited (SME) Onemi Technology (Kissht) Solutions Limited (MainBoard) Amba Auto Sales and Services Limited (SME) Adisoft Technologies Limited (SME) Mehul Telecom Limited (SME) Citius Transnet Investment Trust (MainBoard) Property Share Investment Trust - PropShare Celestia (MainBoard) Om Power Transmission Limited (MainBoard) Safety Controls & Devices Limited (SME) Emiac Technologies Limited (SME) Vivid Elec

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