Karamtara Engineering IPO
Karamtara Engineering Limitedkaramtara.com
- Price band
- ₹241 – ₹254
- Issue size
- ₹875 Cr
- Lot size
- 59 sh
- Bidding
- 9 – 11 Sep
- Grey market
- —
Face value ₹10.00
77% fresh capital
Lists 17 Sep 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Karamtara Engineering fabricates steel mounting structures, towers, fasteners and transmission-line fittings for solar, wind and power-transmission projects; the company describes solar energy products as 78.99% of revenue from operations in Fiscal 2026 and exports as 40.52%, made at 13 plants with 889,200 MTPA of installed capacity as of 31 March 2026. Revenue from operations was Rs 2,425.15 Cr in FY24, Rs 3,158.45 Cr in FY25 and Rs 4,311.98 Cr in FY26, with profit after tax of Rs 102.65 Cr, Rs 139.33 Cr and Rs 228.75 Cr — margins of 4.23%, 4.41% and 5.30% respectively. Total borrowings across the same three years were Rs 508.51 Cr, Rs 556.28 Cr and Rs 1,030.13 Cr. The Rs 875 Cr issue — Rs 675 Cr fresh and Rs 200 Cr offer for sale, at a band of Rs 241-254 — was subscribed 66.01 times; it listed at Rs 320 and last traded at Rs 350.20 on 23 October 2026.
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.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Karamtara Engineering, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
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
Founded 1996 · Mumbai, Maharashtra, India · 1,575 employees
Karamtara Engineering makes the steel structures and fittings that hold up solar panels, wind turbines and power lines. Its products include solar module mounting structures, solar tracker piles, piers and torque tubes; lattice towers for transmission lines; angular and tubular towers for wind turbines; fasteners such as bolts, nuts, studs and washers; structural steel profiles; and overhead transmission line hardware fittings. Solar energy products were 78.99% of revenue from operations in Fiscal 2026. Buyers are EPC contractors, original equipment manufacturers and independent power producers, in India and abroad; exports reached over 50 countries cumulatively as of 31 March 2026 and were 40.52% of Fiscal 2026 revenue from operations. The company ran 13 manufacturing plants as of 31 March 2026 — eight in Maharashtra, four in Gujarat and one in Italy — with 889,200 MTPA of installed capacity.
Revenue comes from fabricating and selling steel products by the tonne, so steel is both the product and the dominant cost. Cost of materials consumed was Rs 2,573.64 crore in Fiscal 2026 against Rs 4,311.98 crore of revenue from operations — roughly 60% — and 31.46% of that material cost was imported. Conversion margins are thin: EBITDA margin 11.55% and profit-after-tax margin 5.30% in Fiscal 2026. The company galvanises and rolls its own profiles to hold margin. Capacity utilisation fell to 59.05% in Fiscal 2026 from 70.36%, as capacity went from 579,500 to 889,200 MTPA. Borrowings nearly doubled to Rs 1,030.13 crore, and Rs 600 crore of fresh proceeds was earmarked to repay lenders.
The company on paper
- Legal name
- Karamtara Engineering Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 8 May 1996
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U45207MH1996PLC099333
- Sector
- Industrials · Steel mounting structures and hardware for solar, wind and power-transmission projects
- Employees
- 1,575
- Registered office
- Mumbai, Maharashtra, India
- Promoters
- Tanveer Singh, Rajiv Singh, Inderjeet Singh, Inderjeet Tanveer Singh Trust, Inderjeet Rajiv Singh Trust
- Promoter holding, pre-issue
- 92.1%
- Promoter holding, post-issue
- 82.0%
- Website
- karamtara.com
The numbers
Financial performance
Revenue has compounded at 33.3% 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
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
77% 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
- ₹675 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹200 Cr
- Total issue size
- ₹875 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 10.0% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
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.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹254.00
- Listed at
- ₹320.00
- Listing gain
- up 26.0%
- Since listing
- up 17.2%
- Against the issue price
- up 47.6%
Trading at ₹374.90 on 30 Oct 2026
What an allotment is worth now, before costs
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.
- Shares applied for
- 59
- At cut-off price
- ₹254.00
- Amount blocked
- ₹14,986
One lot is 59 shares at ₹14,986. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
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.
~8%
chance of one lot, per application
- Retail subscription
- 13.26×
- Applicants per share available
- 13.3× 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 it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹320.00
listed at, 26.0% against the issue price
- Issue price
- ₹254.00
- Premium said
- —
- If allotted 59 shares
- ₹3,894
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue from operations grew 30.24% in FY25, from Rs 2,425.15 Cr to Rs 3,158.45 Cr, and 36.52% in FY26, from Rs 3,158.45 Cr to Rs 4,311.98 Cr.
- Profit after tax rose 64.18% in FY26, from Rs 139.33 Cr to Rs 228.75 Cr, against revenue growth of 36.52% over the same year. EBITDA margin was higher in each of the three years on record — 10.84% (Rs 262.93 Cr on Rs 2,425.15 Cr), 10.98% (Rs 346.83 Cr on Rs 3,158.45 Cr) and 11.55% (Rs 498.11 Cr on Rs 4,311.98 Cr) — as was the profit-after-tax margin, at 4.23%, 4.41% and 5.30%.
- Net worth was Rs 552.92 Cr in FY24, Rs 982.67 Cr in FY25 and Rs 1,219.40 Cr in FY26, growth of 77.72% and then 24.09%.
- On the final day of bidding the issue was subscribed 66.01 times overall, with the qualified institutional portion at 159.59 times, the non-institutional portion at 48.55 times and retail at 13.26 times.
What to weigh against it
- Total borrowings rose in each of the three years on record, from Rs 508.51 Cr in FY24 to Rs 556.28 Cr in FY25 (up 9.39%) and Rs 1,030.13 Cr in FY26 (up 85.18%). Measured against net worth, that is 0.92x in FY24 (Rs 508.51 Cr on Rs 552.92 Cr), 0.57x in FY25 (Rs 556.28 Cr on Rs 982.67 Cr) and 0.84x in FY26 (Rs 1,030.13 Cr on Rs 1,219.40 Cr), so the ratio was lower in FY26 than in FY24 even after the FY26 increase in borrowings.
- The business description puts cost of materials consumed at Rs 2,573.64 Cr in Fiscal 2026 against Rs 4,311.98 Cr of revenue from operations, or 59.69%, and states that 31.46% of that material cost was imported.
- The business description states that capacity utilisation fell to 59.05% in Fiscal 2026 from 70.36%, with installed capacity at 889,200 MTPA against 579,500 MTPA, an increase of 53.44%.
- The company reports solar energy products at 78.99% of Fiscal 2026 revenue from operations and exports at 40.52%, cumulatively to over 50 countries as of 31 March 2026. The record carries no segment, key-customer or country-level breakdown behind those two shares — those fields are empty.
Easy to miss in the prospectus
- The record carries no operating cash flow figure for FY24, FY25 or FY26, so the Rs 228.75 Cr of FY26 profit after tax cannot be reconciled to cash from the record. Total assets and total expenses are likewise absent for all three years.
- The business description states that Rs 600 Cr of the Rs 675 Cr fresh issue was earmarked to repay lenders, which is 58.25% of the Rs 1,030.13 Cr of borrowings at 31 March 2026. The record's offer-objects list is empty, so the remaining uses of proceeds are not itemised here.
- The record carries no valuation figures and no peer set, so the Rs 350.20 price as of 23 October 2026 — against a Rs 320 listing price and a Rs 352 first-day close — cannot be set against earnings or comparables from the record.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
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
- JM Financial Limited, ICICI Securities Limited, IIFL Capital Services Limited
- RegistrarAllotment status is checked on the registrar's own site
- MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
How these figures were checked
Reconciled to Karamtara Engineering's own prospectus and to exchange disclosures, then cross-checked against 5 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Karamtara Engineering Limited — Red Herring Prospectus dated September 3, 2026 (529pp, company website) · read 15 Oct 2026
- NSE — Karamtara Engineering issue information and consolidated (NSE+BSE) final bid details, timestamped 11-Sep-2026 19:00 IST · read 15 Oct 2026
- NSE — KARAMTARA security-wise price history, 10-Sep-2026 to 25-Sep-2026 (listing-day open/high/low/close) · read 15 Oct 2026
- NSE — KARAMTARA shareholding pattern master, quarter ended 30-Sep-2026 (filed 15-Oct-2026) · read 15 Oct 2026
- BSE — Equity Bhavcopy for 17-Sep-2026 (scrip 544917, KARAMTARA listing-day prices) · read 15 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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