Karamtara Engineering IPO - Complete Overview
Karamtara Engineering IPO is a Mainboard IPO with an issue size of Rs. 875 Cr by Karamtara Engineering Limited, which is in the production of transmission line and renewable energy products.
The company concentrates on backward integration with rolling mill furnaces and in-house galvanizing facilities, which are the biggest in India's solar energy sector (258,000 MTPA) and offer competitive advantages in the supply chain, time efficiency, and cost.
Product Line:
Solar energy: solar mounting products for all kinds of solar projects, such as tracker parts and fixed-tilt structures.
Transmission line lattice towers: Lattice towers with a maximum capacity of 1,200 kV are used for power transmission lines.
Solar, wind, and transmission fasteners: fasteners for the solar, wind, and automotive industries, as well as for international customers and industrial uses.
This new IPO is to be launched on 09 Sep 2026, and its ‘initial public offering’ will end on 11 Sep 2026.
Karamtara Engineering IPO Details
This Mainline IPO comprises a combination of a fresh issue of 2.66 crore shares (Rs. 675 Cr) and an offer for sale of 0.78 crore shares (Rs. 200 Cr). The Karamtara Engineering IPO listing date (expected) might be Thursday, Sep 17, 2026, and the listing on the BSE and NSE.
The Karamtara Engineering IPO price band is Rs. 241 to Rs. 254.
IPO Timetable (Tentative)
The Karamtara Engineering IPO date is from 09 Sep to 11 Sep, with IPO allotment on Sep 15, refund initiation on Sep 16, and listing on Sep 17, 2026.
|
Events |
Date |
|
IPO Opening Date |
Sep 09, 2026 |
|
IPO Closing Date |
Sep 11, 2026 |
|
IPO Allotment Date |
Sep 15, 2026 |
|
Refund Initiation |
Sep 16, 2026 |
|
IPO Listing Date |
Sep 17, 2026 |
If you want to apply for the IPO, click to open a Demat Account.
Industry Overview & Outlook
Karamtara Engineering Company Financial Performance
|
Particulars |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Assets |
4,142.24 |
2,762.59 |
1,844.56 |
|
Total Income |
4,316.36 |
3,165.36 |
2,427.12 |
|
Profit After Tax |
228.75 |
139.33 |
102.65 |
|
EBITDA |
498.11 |
346.83 |
262.93 |
|
NET Worth |
1,219.40 |
982.67 |
552.92 |
|
Reserves and Surplus |
926.55 |
690.53 |
547.46 |
|
Total Borrowing |
1,030.13 |
556.28 |
508.51 |
Cash Flows
The cash flows for various activities are shown below:
(Amount in Mn)
|
Net Cash Flow In Multiple Activities |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
6,751.48 |
1,025.15 |
400.23 |
|
Net Cash Flow Investing Activities |
(9,594.62) |
(2,764.21) |
(1,237.93) |
|
Net Cash Flow Financing Activities |
3,283.35 |
1,948.58 |
880.54 |
Karamtara Engineering IPO- Business Model
Core Model (Asset-Light / Outsourced Manufacturing)
Core Business Model: How the Company Makes Money
Karamtara earns revenue almost entirely by manufacturing and selling physical products(steel structures, towers, fasteners, and fittings) to customers in the renewable energy and transmission industries. It does not generate significant revenue from services, EPC contracting (except limited composite contracts), or power generation itself.
Revenue mix (Fiscal 2026):
- Solar energy products → ~79%of revenue (₹34,061 million).
- Lattice towers for transmission lines → ~6.4%.
- Fasteners → ~5.4%.
- Wind towers (angular + tubular) → ~3.1% (new business started in 2025).
- Others (OHTL hardware, scrap, services, structural steel profiles, export incentives, etc.) → ~6.1%.
Total revenue from operations (Fiscal 2026): ₹43,120 million
Renewable products contribution: ~82%.
Key Products
1. Solar Energy Products (largest segment)
- Fixed-tilt: Solar Module Mounting Structures (Solar MMS), solar C-piles, hat purlins.
- Tracker components: Solar tracker piles & piers, solar torque tubes, Z-posts, post couplers, 90-degree hat purlins.
2. Transmission
- Lattice towers for overhead transmission lines (OHTL).
- OHTL hardware fittings & accessories (insulator string fittings, suspension clamps, vibration dampers, etc.).
3. Wind Energy(recent foray)
- Angular towers for wind turbines.
- Tubular towers for wind turbines.
4. Fasteners
- Bolts, nuts, studs, washers (used in solar, wind, transmission, and industrial applications).
5. Supporting products
- Structural steel profiles (angles, channels, beams) — largely for captive use.
- Plates
Revenue Bifurcation
(Source: RHP)
The Objective of the Issue
- Funding prepayment, repayment and/ or payment obligations to lenders towards borrowings and Acceptances, in part or full. ~ Rs. 600 Cr.
- General Corporate Purposes.
Peers of Karamtara Engineering
|
Name of the Company |
Face Value (₹ per share) |
EPS Basic (₹) |
P/E (x) |
|
Inox Wind Limited |
10 |
2.65 |
27.08 |
|
Waaree Energies Limited |
10 |
129.10 |
20.48 |
|
KP Green Engineering Limited |
5 |
27.15 |
9.65 |
|
Suzlon Energy Limited |
2 |
2.31 |
20.25 |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 7.83 from the last year, the resulting P/E ratio is 32.43x.
Karamtara Engineering IPO Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROE |
20.77% |
|
ROCE |
23.27% |
|
Debt/Equity |
0.84 |
|
RoNW |
20.78% |
|
EBITDA Margin |
11.55% |
IPO's Strengths
- Largest integrated manufacturer in India for solar mounting structures and tracker components.
- Diverse product offerings acting as a one-stop shop for solar structures (fixed-tilt and trackers).
- Extensive global footprint with a track record of exports to over 50 countries.
- Established relationships with global customers and high customer retention.
IPO's Weaknesses
- Priced at a post-IPO P/E of roughly 35.72x based on FY2026 earnings, meaning the stock is priced at a noticeable premium.
- The company derives a substantial portion of its revenue from solar products, and any adverse trend in the solar energy industry could materially affect the company.
- Total outstanding borrowings remained high (over ₹1,350 crore as of mid-2026 alongside substantial letter of credit facilities), placing continuous demands on working capital management.
Karamtara Engineering IPO GMP Today
Karamtara Engineering IPO GMP is Rs. 40 as of September 05, 2026, when this information was written. With the upper price band of Rs. 254, Karamtara Engineering IPO's estimated listing price is Rs. 294. The expected listing gain/loss per share is 15.75%.
IPO Other Details
|
IPO Opening & Closing Date |
09 Sep 2026 to 11 Sep 2026 |
|
Face Value |
Rs. 10 per Share |
|
Issue Price |
Rs. 241 to Rs. 254 |
|
Lot Size |
59 Shares |
|
Issue Size |
3,44,48,817 shares (Rs. 875 Cr) |
|
Offer for Sale |
78,74,014 shares (Rs. 200 Cr) |
|
Fresh Issue |
2,65,74,803 shares (Rs. 675 Cr) |
|
Listing At |
BSE, NSE |
|
Issue Type |
Book Built Issue IPO |
|
Registrar |
MUFG Intime India Pvt. Ltd. |
IPO Grey Market Premium
The current IPO GMP is available at our live IPO GMP page, where you can get the GMP today for open Mainboard and SME IPOs.
Karamtara Engineering IPO Lot Size
The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (59 Shares) amounting to Rs. 14986 and 13 Lots (767 Shares) for Rs. 1,94,818, respectively, while for HNI investors, the minimum Lot is 14 (826 Shares) amounting to Rs. 2,09,804.
|
Minimum Lot Investment (Retail) |
1 Lot |
|
Maximum Lot Investment (Retail) |
13 Lots |
|
S-HNI (Minimum) |
14 Lots |
|
S-HNI (Maximum) |
66 Lots |
|
B-HNI (Minimum) |
67 Lots |
Karamtara Engineering IPO Reservation
|
Institutional Share Portion |
50% |
|
Retail Investors' Share Portion |
35% |
|
Non-Institutional Shares Portion |
15% |
Promoters and Management of Karamtara Engineering Ltd.
- Tanveer Singh
- Rajiv Singh
- Inderjeet Singh
- Inderjeet Tanveer Singh Trust
- Inderjeet Rajiv Singh Trust
|
Pre-Issue Promoter Shareholding |
94.79% |
|
Post-Issue Promoter Shareholding |
83.64% |
IPO Lead Managers
- JM Financial Ltd.
Dividend Policy
The company has paid a dividend of Rs. 42.22 per Equity Share in FY25.
Karamtara Engineering IPO Review: Subscribe or Avoid?
Karamtara Engineering is launching a ₹875 crore Mainboard IPO (fresh issue ₹675 Cr + OFS ₹200 Cr) at a price band of ₹241–254, opening on 9 September and closing on 11 September 2026. The company is a backward-integrated manufacturer focused on solar mounting structures, tracker components, transmission lattice towers, fasteners and recently entered wind towers, with ~79–82% of revenue coming from renewable/solar products and meaningful exports.
Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor.
Karamtara Engineering IPO News
Karamtara Engineering DRHP
Karamtara Engineering RHP
Karamtara Engineering IPO Allotment Status
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Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
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