Carver Roboweld IPO

Carver Roboweld Limitedcarverroboweld.com

Bidding closedSMEIndustrialsBSE SME

Price band: ₹76 – ₹80
Issue size: ₹28.29 Cr
Lot size: 1600 sh
Bidding: 28 – 30 Oct
Grey market: —

Market data to 31 Oct 2026. Company figures are as filed, sourced 26 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Carver Roboweld more than tripled standalone profit after tax between FY24 and FY26, from ₹1.01 Cr to ₹3.48 Cr, on revenue that grew only from ₹21.67 Cr to ₹27.02 Cr, so the question this SME issue poses is whether adding 27 rental welding robots to a fleet of 12 can carry that margin expansion forward when ten customers already supply over 80% of revenue.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

65Balanced

IPOVista score

A trade-off in both directions

86% of the scoring model was backed by disclosed data for Carver Roboweld, giving high confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Rajkot, Gujarat · 68 employees

Carver Roboweld makes welding consumables - metal cored wires, welding rods and gauging electrodes - and sells them mainly to the forging industry, alongside welding spare parts and accessories. Around the consumables it has built two service lines: regenerating worn forging dies, and renting welding robots that it installs and operates at customers' premises, a fleet of 12 robots at the date of the RHP. Manufacturing is at a single plant at Bamanbore, Taluka Chotila, near Rajkot in Gujarat, with installed capacity of 650 tonnes a year across metal cored wires and welding rods; three service units at Pune, Hosur and Ludhiana sit near forging customers. Metal cored wires are the business, at 68.04% of FY26 standalone revenue from operations. On 26 September 2025 the company acquired Carver Engineering Private Limited, which reconditions and refurbishes plant and machinery for forging and casting units, cement and steel plants, sugar mills and power plants, from its promoters and related sellers in exchange for 40,245 newly issued shares; it is now a wholly owned subsidiary. The company was incorporated as Carver Welding Private Limited on 4 August 2009, renamed Carver Roboweld in May 2025 and converted to a public company in June 2025. It is ISO 9001:2015 certified and a Sustaining Corporate Member of the American Welding Society, and had 68 employees at 30 June 2026.

A consumables maker that is turning part of its revenue into rent. Standalone revenue from operations grew slowly, from ₹21.67 Cr in FY24 to ₹24.86 Cr in FY25 and ₹27.02 Cr in FY26, but profit grew much faster: profit after tax went from ₹1.01 Cr to ₹1.45 Cr to ₹3.48 Cr, and the disclosed adjusted EBITDA margin from 19.02% to 19.78% to 30.94%. Products - mainly metal cored wire - supplied 77.42% of FY26 standalone revenue and services 22.58%; within services, welding robot rental grew from ₹0.77 Cr in FY24 to ₹2.47 Cr in FY26 while forging die regeneration fell from ₹4.39 Cr in FY25 to ₹3.63 Cr. The plan in the RHP is to lean further into rental, spending ₹11.99 Cr of the proceeds on 27 more welding robots to be deployed at customer sites over FY27 and FY28. Sales are concentrated - the top ten customers supplied 80.78% of FY26 revenue - and so is buying, with the top ten suppliers at 92.43% of FY26 purchases. Consolidated with the new subsidiary, FY26 revenue from operations was ₹32.70 Cr and profit after tax ₹5.34 Cr.

What makes it hard to copy

Embedding at the customer: the company frames its robot rental model as a source of long-term engagement and recurring revenue under service agreements, alongside service units placed near forging clusters and consumables made to customer specification.

Where the revenue comes from

Share of revenue by business line, latest full year

Metal Cored Wires68.0%
Forging Dies and Regeneration13.4%
Welding Robot Rental Service9.2%
Welding Rods7.5%
Other (2)1.9%

Hover or focus a segment for its share and what it covers.

Where it operates

Manufacturing facility1
Bamanbore, Taluka Chotila, Rajkot, Gujarat
Service units3
Pune, Maharashtra · Hosur, Tamil Nadu · Ludhiana, Punjab
Registered office1
Mota Mava, Rajkot, Gujarat

Markets served

India

Who runs it

Ranjit Chandrabhai BoseChairman and Managing Director · since 2025Promoter and director since incorporation in 2009; designated managing director with effect from 11 October 2025. Holds 57,00,078 shares, 59.58% of pre-issue capital. Over 16 years in the forging and automobile industry.
Rajit Chandra BoseWhole-time Director · since 2025Promoter and director since 4 August 2009; re-designated whole-time director with effect from 11 October 2025. Runs the Pune and Ludhiana branches and technical operations. Holds 12.95% of pre-issue capital.
Deval Ranjitbhai BoseExecutive Director · since 2016Promoter, associated with the company since 4 March 2016; responsible for financial strategy, budgeting and compliance. Holds 12.65% of pre-issue capital.
Parag N VyasChief Financial Officer · since 2025Designated with effect from 6 October 2025.
Karishma Damodarbhai DhanakCompany Secretary and Compliance Officer
Solanki Dharmesh RNon-Executive Independent Director · since 2025
Usha M ChandrapalNon-Executive Independent Director · since 2025
Swati Dhaval MiraniNon-Executive Independent Director · since 2025Appointed with effect from 2 December 2025. The RHP notes that, except for her, most of the directors have no prior experience of serving as directors of listed companies.

The company on paper

Legal name: Carver Roboweld Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 4 Aug 2009
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U28939GJ2009PLC057707
Sector: Industrials · Welding consumables, forging die regeneration and welding robot rental
Employees: 68
Registered office: Office No. 1403, Space Odyssey, Near KKV Hall, 150 Feet Ring Road, Mota Mava, Rajkot 360005, Gujarat
Statutory auditorWho signed the restated financial information: SN Thanvi & Associates, Chartered Accountants (peer-review auditor who prepared the restated financial information; the statutory auditor is M N C A and Associates)
Promoters: Ranjit Chandrabhai Bose, Rajit Chandra Bose, Deval Ranjitbhai Bose
Promoter holding, pre-issue: 85.2%
Website: carverroboweld.com

The numbers

Financial performance

Revenue has compounded at 11.7% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

Profit against cash generated

Profit after tax and net cash from operating activities, in ₹ crore. The figure under each period is cash generated per ₹100 of profit.

Profit after tax
Operating cash flow

Above 100% the business collects more cash than it books as profit. Persistently below it, growth is being funded out of working capital.

The price

Valuation

At the upper band this issue asks a 21.0% premium to the median P/E of the listed peers its own prospectus names.

P/E at the band, post-issue

20.9× – 22.0×

Always post-issue, so issues stay comparable with each other

Median P/E of its named peers

18.2×

3 listed companies the prospectus names itself

What you pay

Earnings and sales behind one share, and the multiple the band asks for them.

EPS, pre-issue (FY26 (standalone)): ₹3.78
EPS, post-issueNot disclosed, so computed from FY26 profit after tax and the disclosed share count — this is the figure the multiple above is built on: ₹3.64
Price / sales: —
Net asset value per shareBook value behind one share — a floor, not a target: ₹16.86

What it earns on what it has

Returns and margins on FY26. These are the figures that say whether the multiple above is deserved.

Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.: 21.6%
Return on capital employed: 21.6%
EBITDA margin: 30.9%
Net margin: 12.9%

What it owes

Gearing at the latest balance-sheet date.

Debt to equityAs disclosed in the prospectus. Issuers divide by total equity, which includes non-controlling interests — a wider base than the net worth used for RoNW.: 0.97×

Valuation against listed peers

P/E against operating margin

The peer table does not carry both a P/E and an operating margin for enough companies to plot.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹28.29 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: —
Total issue size: ₹28.29 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: 95,66,805
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 1,77,600

Who the shares are reserved for

Share of the net offer set aside for each investor category

Select a category to see who bids in it and how allotment works there.

Percentages are of the net offer, which excludes any employee or shareholder reservation, and the 1,77,600 shares reserved for the market maker.

Use of proceeds

Stated objects of the fresh issue, largest first

Invested in growth
Repairs the balance sheet

General corporate purposes, capped at the lower of 15% of gross proceeds or ₹10 Cr — amount not quantified in the prospectus

Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.

58% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription25.80×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis. This issue’s book is not read from an exchange. It lists only on BSE, whose demand schedule refuses automated requests, so these multiples come from a third-party tracker. Every figure is re-derived from this issue’s own category split before it is published and refused if it does not reconcile — which makes it safe to publish, not official. Treat it as one step less firm than the rest of this page.

What issues at this level of demand have done

This issue’s book stands at 25.80×, which puts it in the 10–50× band of 2026's 40 settled issues.

Median listing day: +6.5%
Opened below issue: 13%
Median today: +5.7%

That is what those 40 issues did, not a forecast of what this one will do — and the book is not final until bidding closes. How every band finished →

Anchor book

Anchor investors commit one working day before the issue opens and are locked in for 30 and 90 days. Who turns up here is the first real signal of institutional appetite.

Raised from anchors: ₹7.97 Cr
Anchor investors: 4
50% lock-in ends: 2 Dec 2026
Remaining lock-in ends: 31 Jan 2027

Lock-in dates are counted from the allotment date under SEBI’s 30- and 90-day anchor rule, not quoted from a filing.

Notable participants

31 degrees North India Opportunities FundSmart Horizon Opportunity FundVbcube Ventures Trust – Vbcube Ventures Fund IIBrescon Opportunities Fund

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 3,200
At cut-off price: ₹80.00
Amount blocked: ₹2,56,000

One lot is 1600 shares at ₹1,28,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,56,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~5%

chance of one lot, per application

Retail subscription: 19.17×
Applicants per share available: 19.2× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What the grey market implies

Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.

No grey-market quote has been recorded for this issue.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Profitability has stepped up: the disclosed standalone adjusted EBITDA margin was 19.02% in FY24, 19.78% in FY25, 30.94% in FY26 and 36.90% in the June 2026 quarter, and profit after tax rose from ₹1.01 Cr to ₹1.45 Cr to ₹3.48 Cr across the three years.
The rental line is growing: welding robot rental revenue went from ₹0.77 Cr in FY24 to ₹1.61 Cr in FY25 and ₹2.47 Cr in FY26, from 3.56% to 9.16% of standalone revenue, and was 10.10% in the June 2026 quarter.
The use of proceeds is specific: ₹11.99 Cr buys 27 welding robots for the rental fleet, half deployed in FY27 and half in FY28, and ₹8.60 Cr repays bank and institutional debt.
Standalone gearing has come down sharply: the disclosed debt to equity ratio was 4.30 at FY24 and 4.89 at FY25, then 0.97 at FY26 and 0.70 at 30 June 2026.
The whole issue is fresh capital; there is no offer for sale by the promoters.
The RHP's peer table prices three listed electrode makers between 7.03 and 34.52 times FY26 earnings, an arithmetic average of 19.91 times, against the company's standalone FY26 EPS of ₹3.78 and consolidated FY26 EPS of ₹5.80.

What to weigh against it

Customer concentration is high and has risen: the top ten customers supplied 73.34% of standalone revenue in FY24, 84.77% in FY25, 80.78% in FY26 and 86.73% in the June 2026 quarter. The RHP does not name them.
Supplier concentration is higher still: the top ten suppliers accounted for 87.15% of purchases in FY24, 94.26% in FY25, 92.43% in FY26 and 90.82% in the June 2026 quarter, with raw materials and robot accessories partly imported from China, the United States and the Netherlands.
Standalone operating cash flow turned negative in FY26, at minus ₹2.65 Cr against profit after tax of ₹3.48 Cr, as inventories rose from ₹7.26 Cr at March 2025 to ₹13.51 Cr at March 2026; consolidated FY26 operating cash flow was minus ₹3.18 Cr.
Reported profit has been helped by stock-building: increases in finished goods and work-in-progress reduced standalone expenses by ₹1.93 Cr in FY26 and by ₹3.36 Cr in the June 2026 quarter alone, a quarter in which revenue was ₹7.71 Cr and materials consumed ₹7.05 Cr.
Debt service coverage on the issuer's own measure is thin: 0.95 in FY24, 0.71 in FY25, 1.08 in FY26 and 0.43 in the June 2026 quarter on a standalone basis, and 1.09 and 0.27 consolidated for FY26 and the June 2026 quarter.
The subsidiary was bought from the promoters and related sellers for shares in September 2025. In the June 2026 quarter, consolidated profit after tax of ₹1.21 Cr was below the standalone ₹1.49 Cr, and consolidated debt to equity was a disclosed 1.13 against 0.70 standalone.
The restated financial statements were prepared by a peer-review firm, SN Thanvi & Associates, that is not the company's statutory auditor; the RHP itself flags this as a risk to the reliability of the financial information.
Manufacturing is concentrated at one plant near Rajkot, which the RHP flags as a regional-concentration risk.
Headcount fell during FY26, from 91 employees at the start of the year to 68 at its end.

Easy to miss in the prospectus

The financials table is the STANDALONE series, the only one the RHP gives for all four periods. Consolidated figures exist only for FY26 and the June 2026 quarter, after the subsidiary was acquired on 26 September 2025: FY26 consolidated revenue from operations of ₹32.70 Cr, profit after tax of ₹5.34 Cr, EPS of ₹5.80 and RoNW of 29.67%.
The consolidated FY26 return on equity of 47.32% in the KPI table is averaged over consolidated FY26 net worth and STANDALONE FY25 net worth, because no consolidated FY25 balance sheet exists; it is not comparable with the standalone 33.63%.
The RoNW of 21.57% carried here is the basis-for-issue-price figure, which divides FY26 profit by closing net worth. The KPI table's 33.63% return on equity uses average net worth.
FY26 standalone net worth includes a ₹4.43 Cr non-current investment - the subsidiary, acquired for 40,245 preferential shares - and the share capital also rose through an 8:1 bonus issue of 79,61,960 shares in October 2025. EPS and NAV are adjusted for the bonus.
Consolidated finance costs for FY26 are ₹2.62 Cr in the restated profit and loss statement but ₹2.50 Cr in the restated cash flow statement.
The issue is 35,36,000 fresh shares, of which 1,77,600 are reserved for the market maker, leaving a net issue of 33,58,400; the RHP states the issue and net issue as 26.99% and 25.63% of post-issue capital. The rupee size depends on the price and is not derived here.
Promoters hold 85.18% of pre-issue capital; with the promoter group the RHP gives 90.08%.
Total borrowings in the financials table are long-term plus short-term borrowings on the restated standalone balance sheet, the definition behind the disclosed debt to equity ratios.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Carver Roboweld — Red Herring Prospectus dated 2026-10-2121 Oct 2026The document the issue was bid on. Carries the price band and the dates.Opens on carverroboweld.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Smart Horizon Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Reconciled to Carver Roboweld's own prospectus and to exchange disclosures. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 28 Oct 2026
Closes: 30 Oct 2026
Allotment: 2 Nov 2026
Lists: 4 Nov 2026
Revenue (FY26): ₹27.02 Cr
Profit (FY26): ₹3.48 Cr

Timeline

Allotment · today

2 Nov 2026

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.