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Karamtara Engineering Ltd IPO
Karamtara Engineering Ltd
₹14,219 /59 sharesMinimum investment
IPO details
Minimum investment
₹14,219
Price range
₹241 - ₹254
Lot size
59
Issue size
875 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
9 Sep 2026
IPO open date
11 Sep 2026
IPO close date
15 Sep 2026
Allotment date
15 Sep 2026
Funds unblock or debit
17 Sep 2026
Tentative listing date
About
Founded in
1996
MD/CEO
Mr Tanveer Singh
Parent organisation
Karamtara Engineering Ltd
Karamtara Engineering Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
Karamtara Engineering claims to be the largest integrated manufacturer in India, in terms of installed capacity, for solar mounting structures and tracker components in FY26, according to the F&S Report. Its aggregate installed capacity stood at 889,200 MTPA and 480,000 pieces as of March 31, 2026, excluding galvanising capacity.
The company claims to have backward integration capabilities, including in-house rolling mills and galvanising facilities. Its in-house galvanising capacity stood at 276,800 MTPA as of March 31, 2026, reducing its dependence on external suppliers for these processes.
The company manufactures solar mounting structures, tracker components, transmission towers, wind turbine towers, fasteners, and OHTL hardware fittings and accessories. Its product portfolio covers applications across the solar, wind, and power transmission sectors.
The company supplied products to over 50 countries across North America, Europe, Asia, Africa, Australia, and Latin America as of March 31, 2026. Its export revenue increased from Rs 1,395.83 crore in FY24 to Rs 1,620.72 crore in FY25 to Rs 1,747.49 crore in FY26
The company serves original equipment manufacturers (OEMs), engineering, procurement and construction (EPC) companies, and independent power producers (IPPs) across domestic and international markets. In FY26, 45.49% of its revenue from operations was attributable to customers that had been associated with the company for at least two years.
Karamtara Engineering operated 13 manufacturing facilities as of March 31, 2026, including 12 in India and one in Italy. The company claims that its facilities use automated equipment, robotics, and technologies such as IoT sensors, while its design engineering infrastructure includes PLS Tower, BOCAD, SolidWorks and AutoCAD.
The company has seen a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 2,425.15 crore in FY24 to Rs 3,158.44 crore in FY25 to Rs 4,311.98 crore in FY26, while PAT increased from Rs 102.65 crore in FY24 to Rs 139.33 crore in FY25 to Rs 228.75 crore in FY26.
TThe company derives a significant portion of its revenue from manufacturing facilities located in Maharashtra, which contributed Rs 2,405.29 crore (99.18%), Rs 3,114.54 crore (98.61%), and Rs 3,917.10 crore (90.84%) to its revenue from operations in FY24, FY25, and FY26, respectively. Any adverse political, social or economic developments in Maharashtra or disruption at these facilities could negatively impact the company’s operations and financial performance.
The company derives a substantial portion of its revenue from solar energy products, which contributed Rs 1,982.64 crore (81.75%), Rs 2,570.92 crore (81.40%), and Rs 3,406.15 crore (78.99%) to its revenue from operations in FY24, FY25, and FY26, respectively. Any adverse trend or slowdown in the solar energy industry could negatively impact the company’s business and financial performance.
The top 10 customers of the company contributed Rs 1,539.30 crore (63.47%), Rs 1,276.07 crore (40.40%), and Rs 2,096.73 crore (48.63%) to its revenue from operations in FY24, FY25 and FY26, respectively. Failure to retain any of these key customers or a loss of business from them could adversely affect the company’s business and financial standing.
The company generated export revenue of Rs 1,395.83 crore (57.56%), Rs 1,620.72 crore (51.31%), and Rs 1,747.49 crore (40.52%) in FY24, FY25, and FY26, respectively. Any adverse developments in international markets, including foreign exchange fluctuations and regulatory changes, could negatively impact the company’s business and financial performance.
The company is exposed to changes in international trade policies and tariffs. The US increased tariffs on imports of steel and aluminium articles and derivative products from 25% to 50% with effect from June 4, 2025, except for imports from the UK. While the company passed on a majority of the tariff impact to customers in FY25 and FY26, its inability to continue doing so could impact export sales and margins.
The company is undertaking multiple expansion projects, including a structural steel profile facility with an estimated cost of Rs 35.00 crore, a solar stamping parts facility with an estimated cost of Rs 44.18 crore and a manufacturing facility in Saudi Arabia with an estimated cost of approximately Rs 405.00 crore. The Saudi Arabia project has already faced delays due to the conflict in the Middle East. Further delays, cost overruns, or failure to obtain necessary approvals could impact the company’s growth and financial performance.
The company has experienced delays in payment of certain statutory dues, including provident fund, employee state insurance, professional tax and the Maharashtra Labour Welfare Fund during FY24, FY25, and FY26. Any recurrence of such delays could result in penalties and regulatory action.
The top 10 suppliers of the company accounted for purchases of Rs 1,306.40 crore (76.00%), Rs 1,976.18 crore (86.30%), and Rs 2,142.86 crore (89.65%) in FY24, FY25, and FY26, respectively. Further, the company typically does not enter into long-term agreements with its domestic suppliers. Any disruption in supplies or increase in raw material prices could negatively impact production and profitability.
Certain manufacturing facilities of the company have recorded low capacity utilisation. In FY26, capacity utilisation of the Solar MMS facility at Bhachau, Solar TT facility, and Wind Tubular Tower facility stood at 2.70%, 44.51%, and 20.55%, respectively, among others. Continued under-utilisation of manufacturing capacity could impact operating efficiency and returns on capital.
The company’s total borrowings increased from Rs 508.51 crore in FY24 to Rs 556.28 crore in FY25 to Rs 1,030.13 crore in FY26, while its total borrowings-to-equity ratio stood at 0.92 times, 0.57 times, and 0.84 times, respectively. Further, as of July 31, 2026, its total outstanding borrowings stood at Rs 1,354.02 crore, while amounts payable towards acceptances under letter of credit facilities stood at Rs 735.10 crore. Any failure to service its debt obligations could negatively impact the company’s operations and financial position.
The company, its directors, and promoters are involved in certain outstanding legal proceedings, including an ongoing property dispute relating to its Unit OHTL Fittings facility before the Bombay High Court. Any adverse ruling in these proceedings could negatively impact the company’s operations, financial condition, and reputation.
As of March 31, 2026, the company had contingent liabilities, including claims not acknowledged as debt of Rs 14.05 crore, income tax liabilities of Rs 8.55 crore, a standby letter of credit of Rs 78.95 crore issued for Karamtara Renewables Saudi Limited, and a corporate indemnity bond/guarantee issued for Karamtara Green Energy Limited, a wholly owned subsidiar, for Rs 14.7 crore. If a significant portion of these contingent liabilities materialises, it could negatively impact the company’s financial position and cash flows.
Application details
For Karamtara Engineering IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹241 - ₹254 | Upto ₹2 Lakhs | 59 |
| High Networth Individual | ₹241 - ₹254 | ₹2 - ₹5 Lakhs | 59 |
About
Objectives of Karamtara Engineering IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Funding prepayment, repayment and or payment obligations to its lenders towards borrowings and Acceptances, in part or full |
600.00 |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of Karamtara Engineering IPO
|
Book Running Lead Manager |
JM Financial Limited, ICICI Securities Limited, IIFL Capital Services Limited |
|
Registrar to the Issue |
MUFG Intime India Private Limited |
Key Performance Indicators (KPIs) of Karamtara Engineering Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
20.77 |
|
ROCE (%) |
23.27 |
|
EBITDA Margin (%) |
11.55 |
|
Debt to Equity Ratio |
0.72 |
|
Return on Net Worth (RoNW) (%) |
20.78 |
|
Net Asset Value (NAV) per Equity Share (₹) |
41.72 |
|
EPS (Pre-IPO) (₹) |
7.75 |
Karamtara Engineering IPO Contact Details
|
Company Name |
Karamtara Engineering Limited |
|
Registered Office |
705, Morya Landmark II, New Link Road, Andheri (West), Mumbai 400 053, Maharashtra, India |
|
Phone |
+91 22 4071 0000 |
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Website |
Karamtara Engineering IPO Registrar Contact Details
|
Company Name |
MUFG Intime India Private Limited |
|
Phone |
+91 810 811 4949 |
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Website |