Karamtara Engineering
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 159.59×
- Big non-institutionalbNII · above ₹10 lakh
- 51.08×
- Small non-institutionalsNII · ₹2–10 lakh
- 43.21×
- Retail individualRII · up to ₹2 lakh
- 12.56×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 10 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Sept 2026 | ₹71 | +27.95% | ₹3,200 | ₹325 | ₹4,189 |
| 12 Sept 2026 | ₹69 | +27.17% | ₹3,100 | ₹323 | ₹4,071 |
| 11 Sept 2026 | ₹67 | +26.38% | ₹3,000 | ₹321 | ₹3,953 |
| 10 Sept 2026 | ₹69 | +27.17% | ₹3,100 | ₹323 | ₹4,071 |
| 09 Sept 2026 | ₹75 | +29.53% | ₹3,400 | ₹329 | ₹4,425 |
| 08 Sept 2026 | ₹68 | +26.77% | ₹3,000 | ₹322 | ₹4,012 |
| 07 Sept 2026 | ₹58 | +22.83% | ₹2,600 | ₹312 | ₹3,422 |
| 06 Sept 2026 | ₹55 | +21.65% | ₹2,500 | ₹309 | ₹3,245 |
| 05 Sept 2026 | ₹55 | +21.65% | ₹2,500 | ₹309 | ₹3,245 |
| 04 Sept 2026 | ₹40 | +15.75% | ₹1,800 | ₹294 | ₹2,360 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 09 Sept 2026 – 11 Sept 2026
- Listing date
- 17 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹241 – ₹254
- Lot size
- 59 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹875 Cr
- Fresh issue
- ₹675 Cr 2,65,74,803 shares
- Offer for sale
- ₹200 Cr 78,74,014 shares
- Market cap at offer price
- ₹8,174 Cr
- Promoter holding
- 94.79% → 83.64% pre-issue → post-issue
- ISIN
- INE590T01012
- CIN
- U45207MH1996PLC099333
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- 705, Morya Landmark II, New Link Road, Andheri (West), Mumbai 400 053, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 72,61,410 | 28.57% | 28.57% |
| Anchor investor · within QIB | 1,03,34,644 | — | 40.66% |
| NII (HNI) | 54,46,058 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 36,30,706 | — | 14.29% |
| sNII < ₹10L · within NII | 18,15,352 | — | 7.14% |
| Retail (RII) | 1,27,07,469 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 2,54,14,937 | — | 100.00% |
Net offer to the public of 2,54,14,937 shares, out of a total issue of 2,54,14,937. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 59 shares per lot, in multiples, at ₹254
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 59 | ₹14,986 |
| Retail (max) | 13 | 767 | ₹1,94,818 |
| S-HNI (min) | 14 | 826 | ₹2,09,804 |
| S-HNI (max) | 66 | 3,894 | ₹9,89,076 |
| B-HNI (min) | 67 | 3,953 | ₹10,04,062 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹254 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.75 | 7.11 |
| P/E (×) | 32.77 | 35.72 |
| Price to book (×) | 7.56 | — |
| Market cap | — | ₹8,174 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 18.15%
- ROCE
- 23.30%
- Debt / equity
- 0.57
- EBITDA margin
- 10.98%
- NAV per share
- ₹33.62
- Price to book
- 7.56
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 4,316.36 | 3,165.36 | 2,427.12 |
| Revenue from operations | 4,311.98 | 3,158.45 | 2,425.15 |
| Other income | 4.38 | 6.91 | 1.97 |
| Total expenses | 4,005.14 | 2,977.08 | 2,289.68 |
| Operating profit | 311.22 | 188.28 | 137.44 |
| Operating margin | 7.21% | 5.95% | 5.66% |
| Profit before tax | 311.21 | 188.27 | 137.44 |
| Profit after tax | 228.75 | 139.33 | 102.65 |
| PAT margin | 5.30% | 4.40% | 4.23% |
| Balance sheet | |||
| Total assets | 4,142.24 | 2,762.59 | 1,844.56 |
| Current assets | 2,249.97 | 1,827.44 | 1,175.66 |
| Current liabilities | 2,067.16 | 1,521.29 | 1,051.72 |
| Total liabilities | 2,922.32 | 1,779.4 | 1,291.12 |
| Net worth | 1,219.92 | 983.19 | 553.44 |
| Current ratio | 1.09× | 1.20× | 1.12× |
| Return on equity | 18.75% | 14.17% | 18.55% |
| Cash flow | |||
| Operating cash flow | 675.15 | 102.52 | 40.02 |
| Investing cash flow | -959.46 | -276.42 | -123.79 |
| Financing cash flow | 328.34 | 194.86 | 88.05 |
| Net cash flow | 44.02 | 20.95 | 4.28 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding prepayment, repayment and/or payment obligations to lenders towards borrowings and Acceptances ₹600 Cr
The company proposes to utilize the Net Proceeds towards funding prepayment, repayment and/or payment obligations to lenders towards borrowings and Acceptances, in part or full. This will help reduce outstanding indebtedness and liabilities, debt servicing costs, and assist in maintaining a favourable debt-equity ratio.
2 General corporate purposes —
The company proposes to deploy the balance Net Proceeds towards general corporate purposes including acquisition of fixed assets, funding of growth opportunities, strategic initiatives, insurance, repair & maintenance, payment of taxes, duties and meeting expenses incurred in the ordinary course of business.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Karamtara Engineering
Karamtara Engineering Ltd is a backward integrated manufacturer of products for renewable energy and transmission lines sectors. The company is the largest integrated manufacturer in terms of installed capacity in India for solar mounting structures and tracker components in Fiscal 2026. The company offers a diverse product portfolio including structures and fasteners in the solar energy and transmission sectors, and OHTL hardware fittings and accessories, serving as a one-stop shop for solar structures.
Management
Tanveer Singh
MD
Rajiv Singh
CEO
Sunil Kumar Rustagi
CFO
Shreyans Jitendra Shah
COO
Avnish Bajaj
Director
Tilokchand Punamchand Ostwal
Director
Irina Garg
Director
Shailesh Kumar Mishra
Director
Strengths
As stated in the offer document
Largest integrated manufacturer in India for solar mounting structures and tracker components
The company is the largest integrated manufacturer in terms of installed capacity in India for solar mounting structures and tracker components in Fiscal 2026, with aggregate installed capacity of 889,200 MTPA (including 492,000 MTPA for solar products equivalent to approximately 16.81 GW).
Diverse product offerings acting as a one-stop shop for solar structures
The company offers a comprehensive range of products including Solar MMS, solar tracker piles and piers, solar torque tubes, lattice towers for transmission lines, angular towers, tubular towers for wind turbines and fasteners, enabling cross-selling advantages and enhanced customer experience.
Extensive global footprint with exports to over 50 countries
The company supplied products to over 50 countries as of March 31, 2026 across North America, Europe, Asia, Africa, Australia and Latin America, with revenue from exports growing at CAGR of 11.89% between Fiscals 2024 and 2026 from ₹13,958.32 million to ₹17,474.92 million.
Established relationships with global customers and high customer retention
The company has established strong relationships with global customers, with 45.49% of revenue from operations in Fiscal 2026 attributable to customers associated for at least two years, and average revenue per customer from solar energy products increased from ₹413.05 million in Fiscal 2024 to ₹524.02 million in Fiscal 2026.
Strategic network of manufacturing facilities with advanced capabilities
The company operates 13 manufacturing facilities with aggregate installed capacity of 889,200 MTPA and 480,000 pieces as of March 31, 2026, equipped with automated equipment, robotics and advanced technologies including IoT sensors, with various quality certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018.
Experienced Promoter Directors supported by skilled management team
The company is led by Promoter Directors Tanveer Singh and Rajiv Singh with extensive experience of about 30 years each in manufacturing sector, supported by CEO Sunil Kumar Rustagi with 34 years of industry experience and management team with average of about 24 years of experience.
Consistent track record of financial performance and strong financial position
The company has demonstrated sustained growth with revenues from operations and EBITDA increasing at CAGR of 33.34% and 37.64% respectively between Fiscals 2024 and 2026, with India Ratings assigning long-term credit rating of IND A+/Stable in July 2025.
Risk factors
As stated in the offer document
Significant Dependence on Manufacturing Facilities and Geographic Concentration
The company is significantly dependent on its manufacturing facilities, with the majority located in Maharashtra, India, which accounted for 90.84%, 98.61% and 99.18% of total revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any unscheduled disruption or shutdown of these facilities could have a material adverse effect on the company's business operations and financial performance.
Heavy Dependence on Solar Industry Revenue
The company derives a substantial portion of revenue from solar industry products (78.99%, 81.40% and 81.75% of total revenue from operations in Fiscals 2026, 2025 and 2024, respectively). Any adverse trend in the solar energy industry could materially impact the company's business and financial condition.
Customer Concentration Risk
The company depends on key customers for significant revenue, with top 10 customers contributing 48.63%, 40.40% and 63.47% of total revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Loss of these customers or decrease in revenues from them may adversely affect the company's business and financial performance.
Regulatory Compliance and Investigation Risks
The company's Directors and Key Managerial Personnel may be subject to warnings, penalties, or other regulatory actions following inspection by The Office of the Regional Director, Western Region, Ministry of Corporate Affairs. The company has also received directions from CBI and SFIO seeking information regarding investigations into certain erstwhile customers.
High Indebtedness and Financial Covenant Risk
The company has incurred significant indebtedness with total outstanding borrowings of ₹13,540.23 million as of July 31, 2026, and letter of credit facilities totaling ₹7,351.04 million. The company's inability to meet financial obligations or restrictive covenants could adversely affect operations and access to capital.
Raw Material Supply Chain and Pricing Volatility
The company is dependent on suppliers for raw materials, with top 10 suppliers contributing 89.65%, 86.30% and 76.00% of total purchases in Fiscals 2026, 2025 and 2024, respectively. The company is exposed to volatility in supply and pricing of raw materials, particularly steel-related products, which could impact manufacturing operations and profitability.
Expansion and Capital Expenditure Execution Risk
The company is undertaking significant expansion activities including new manufacturing facilities in Saudi Arabia (SAR176 million investment) and other locations. These expansion plans may not materialize as expected, face delays, or cost overruns, which could adversely impact the company's financial condition and growth prospects.
Outstanding Litigation and Legal Proceedings
The company faces various civil, tax, regulatory and criminal proceedings with aggregate amounts involved of ₹275.99 million against the company. An adverse outcome in these proceedings may affect the company's reputation and could have a material adverse effect on business operations and financial condition.
Working Capital and Cash Flow Management
The company's operations require significant working capital, with net working capital requirements of ₹5,030.59 million in Fiscal 2026. The company's inability to effectively collect receivables or manage working capital could result in reduced profits and adversely affect business operations.
Foreign Exchange and International Operations Risk
The company has significant export operations (40.52% of revenue in Fiscal 2026) and international expansion plans, exposing it to foreign exchange fluctuations, regulatory changes in export markets, and geopolitical risks including recent Middle East conflicts that have impacted operations and logistics costs.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Karamtara Engineering THIS ISSUE | 7.83 | 41.72 | 35.72, computed at the offer price | 7.56, computed at the offer price | 20.78% |
| 2.65 | 36.93 | 27.08 | 1.97 | 8.32% | |
| 129.10 | 501.90 | 20.48 | 5.27 | 32.48% | |
| 27.15 | 91.52 | 9.65 | 2.88 | 32.32% | |
| 2.31 | 6.90 | 20.25 | 7.67 | 40.64% | |
| 33.63 | 95.09 | 30.15 | 10.67 | 42.35% | |
| 13.68 | 87.43 | 12.70 | 1.98 | 21.34% | |
| 29.83 | 107.08 | 14.23 | 3.95 | 41.97% | |
| 17.17 | 53.37 | 18.87 | 6.09 | 51.12% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.