Kanohar Electricals Ltd (KANOHAR) Q1FY27 Concall Transcript - Jun-2026 Qtr
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Moderator: Yes, Sharon. Go ahead.
Sharon: Yeah. So, I just wanted to ask regarding the transformer margins. If you look at the industry wide in the Q1 because of the transformer oil, most of the players have reported a decline in margins. So, just wanted to understand whether we had a old stock inventory, how did we manage the margins, and going forward what gives us the confidence? Because if you see all major input costs like copper, everything has gone up, and I understand that mostly the orders are price at fixed-price contracts. So, just wanted to check how are we maintaining the margins?
Abhishek (Kanohar Electricals Ltd): Thank you. So, you know, in our case, most of our contracts are actually with price variations. And there is a industry-standard IEEMA price variation clause that takes care of the volatility of the raw material, both on the upside as well as downside.
Sharon: Okay, okay, understood. And second thing, I just wanted to understand the 400 kV market. So, according to me, I think the market should be around 4,000 to 6,000 crores annually, right? At TAM in India's TAM, if I can ask about.
Abhishek (Kanohar Electricals Ltd): You mean 4,000-6,000 crores you are saying?
Sharon: Yeah, yeah, 4,000 to 6,000 crores. Just the 400 kV part, not the entire, just 400 kV.
Abhishek (Kanohar Electricals Ltd): Yes, that's correct, it'll be in that range.
Sharon: Okay. And just last bit if I can squeeze in, do we have any plans of exports? Like as we have the capability and there is a global spurt in demand because of AI data centers, are we looking at exports or we are satisfied with domestic demand?
Abhishek (Kanohar Electricals Ltd): Yeah, so, you know, the thing is that we have had experience with exports in the past, to even to geographies like United States and West Africa, South-East Asia, etc. But right now, you know, India is presenting enough and more opportunities. And so, we believe that any kind of export operation requires focus. And so, our focus is right now only Indian market. But having said that, in future, 3, 4 years down the line, if it requires we can have a relook at exports as well.
Moderator: Thank you. Sharan, kindly come back for a follow-up. Participants, please limit yourself to two questions and rejoin for a follow-up question. Next question is from line of Luvish from Burman Capital, please go ahead.
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