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Karamtara Engineering Ltd

KARAMTARA

NSE

₹350.20-3.66%23 Oct 2026

Reports

Transmission Line Towers and Equipment

Karamtara Engineering Ltd

KARAMTARA

NSE

₹350.20

-3.66%

23 Oct 2026

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Transmission Line Towers and Equipment

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Founded in 1996, Karamtara Engineering is India's largest manufacturer of solar mounting structures and tracker components alongside high-voltage transmission lattice towers. The company operates an integrated model across eight manufacturing plants in India and Italy, relying on backward integration (making its own structural steel inputs and performing in-house corrosion coating instead of buying them) to serve global utility developers.

At a glance


Scale	Revenue rose from ₹1,244.81 cr (FY22) to ₹2,425.15 cr (FY24) and ₹1,413.10 cr in H1 FY25
Profitability	PAT expanded from ₹12.65 cr (FY22) to ₹102.65 cr (FY24) and ₹58.99 cr in H1 FY25
Business mix	Solar energy structures alongside transmission lattice towers, hardware, and fasteners
Market position	India's largest solar mounting structure & tracker component maker by capacity
Footprint	8 operating facilities across India and Italy with 567,000 MTPA installed capacity
Geographic mix	Exports formed 57.56% of FY24 revenue (US 48.17%) and 47.33% in H1 FY25
Customer concentration	Top 10 clients contributed 63.47% of revenue in FY24 and 53.91% in H1 FY25
The offer	₹1,350 cr fresh issue plus OFS; Promoter Selling Shareholders are selling

Business segments

Two integrated manufacturing engines: solar tracker and mounting structures, and power transmission lattice towers with line fittings.

1. Solar structures: engineering utility-scale tracker hardware

Dedicated solar mounting hardware and single-axis tracker structural components form the company's largest production base, accounting for 374,700 MTPA of capacity.

Broad foundation product catalogue - it fabricates tracker ground piles, support piers, torque tubes, Z-posts, post couplers, and module hat purlins to supply complete structural kits for utility-scale solar farms.
Concentrated manufacturing cluster - four specialised operating units in Tarapur deliver an aggregate installed capacity of 374,700 metric tonnes per annum (about 13.20 gigawatts), enabling fast delivery schedules for high-volume project developers.
Rapid volume scaling - output expanded to 196,635 metric tonnes (about 6.51 gigawatts) in FY24 and reached 114,365 metric tonnes in the first half of FY25 as utility tracker adoption accelerated.
Commercialising new lines - its dedicated torque tube facility operated for just three months in FY23 before achieving its first full operational year in FY24, broadening its component range beyond basic foundations.
Embedded vendor tier - serves as a tier-one component supplier to major tracker technology providers and engineering contractors, including Gamechange Solar, Soltec, Nextracker US, and Mahindra Susten.

2. Transmission lines: lattice towers and high-voltage line hardware

The legacy utility business delivers extra-high-voltage lattice transmission towers and forged line hardware, backed by a track record of over 500,000 metric tonnes shipped.

Extra-high-voltage coverage - designs and fabricates heavy lattice steel towers rated up to 1,200 kilovolts, having delivered more than 500,000 metric tonnes of utility grid structures since entering the sector in 1998.
Integrated fastener line - operates a 23,100 metric tonne capacity unit in Butibori producing high-tensile bolts, studs, and washers that feed internal tower fabrication while supplying external wind and solar clients.
Specialised European forge - manufactures forged overhead transmission line clamps, vibration dampers, and conductor fittings up to 1,000 kilovolts through its Solbiate Arno forge in Italy.
Restoring dedicated tower capacity - shifting solar structural lines out of the original Tarapur facility back into dedicated solar units so that lattice tower capacity can be fully restored for domestic grid evacuation tenders.
Global utility customer roster - supplies domestic and international transmission contractors, including M/S Al Babtain Power & Telecommunication, Waaree Renewable, and Elecnor.

In-house rolling mills and captive galvanizing baths

Captive hot-rolling mills and hot-dip galvanizing lines feed raw profiles directly to downstream fabrication units, protecting operating schedules and coating quality.

Upstream steel profile engine - the Saravili rolling mill supplies up to 168,000 metric tonnes of captive structural steel beams, angles, and channels, reducing reliance on third-party merchant steel rerollers.
Captive anti-corrosion network - maintains 258,000 metric tonnes of aggregate hot-dip galvanizing bath capacity across its plants to apply protective zinc coatings to outdoor solar and transmission steel.
Automated structural engineering - links BOCAD structural modelling and PLS Tower design software to automated CNC fabrication lines equipped with internet-connected sensors for real-time maintenance tracking.

Built to custom drawings with input cost pass-through

Formula-based raw material pass-through - procures steel billets, plates, and zinc through 3-to-12-month umbrella framework contracts, allowing the company to pass steel price swings through to finished component prices.
Export shift to delivered terms - higher gross pricing on export contracts has been accompanied by a shift to Delivered Duty Paid terms (where the seller covers overseas ocean shipping and customs duties), increasing gross freight outlays.
Scrap recycling and export credits - monetises zinc ash, zinc dross, and steel offcuts generated during fabrication while collecting statutory export incentives under duty drawback and tax remission schemes.
Consumable intensity in hardware - fastener and forged hardware production consumes a higher proportion of tooling, dies, and operating supplies per tonne than standard structural profile punching.

Utility tracker adoption drives export and domestic expansion

Global utility solar projects are replacing fixed-tilt racking with single-axis trackers, creating sustained component demand across the United States, Europe, and India.

Structural switch to trackers - global solar tracker installations are forecast to expand to 377.7 gigawatts by 2028, whereas fixed-tilt racking penetration in key markets like the United States is projected to drop toward zero.
Domestic sourcing requirements - Indian domestic content regulations require government-supported solar installations to raise local component sourcing thresholds progressively to 55% from 2026 onwards.
Broad competitive field - competes against specialized structural fabricators and tower makers including PMEA Solar Tech, Purshottam Profile, Skipper, Utkarsh India, and SAE Towers.

A Maharashtra hub with Italian forge and Saudi foothold

The corporate structure combines domestic manufacturing units in Maharashtra with overseas commercial and forging subsidiaries.

Entity	Stake	What it adds
Karamtara Italy SRL	100.00%	European holding and distribution arm incorporated in 2011
Iselfa Morsetteria SRL	100.00% (via Karamtara Italy)	Milan hardware manufacturing subsidiary acquired for €2.30m in 2011
Karamtara Renewables Saudi Ltd	100.00%	Saudi single-person LLC incorporated July 2024 to build KSA manufacturing presence
Karamtara USA Inc.	100.00%	US commercial entity incorporated in 2017 to handle North American solar sales
Clean Max Ame Pvt Ltd	26.00%	Captive solar-wind power associate under a 25-year energy supply agreement

Deleveraging balance sheet debt and funding capacity additions

Debt and acceptances clearance - plans to deploy ₹1,050.00 crore from fresh issue proceeds during FY26 to repay bank borrowings and settle letters of credit raised to buy raw materials.
Solar and wind capex pipeline - secured a ₹152.00 crore debt sanction to build a new solar tracker pile plant in Gundle, Palghar, while constructing a tubular wind turbine tower plant in Bhuj.
Pre-IPO equity funding - raised ₹307.17 crore from 17 institutional and individual investors at ₹310 per share in January 2025, providing growth capital prior to the public issue.

Worth keeping in mind

Promoters Rajiv Singh and Tanveer Singh provided personal guarantees securing ₹1,470.00 cr consortium and diverse lender limits.
The company carried out a sale of investment property assets consisting of residential real estate directly to company directors for ₹48.50 cr.
A retrospective bonus issue of 50:1 (276,625,000 shares) was executed in Dec 2024 after authorized share capital was expanded to ₹500.00 cr.
Executive directors' remuneration jumped 153.86% to ₹9.63 cr in FY24, which included a ₹1.25 cr performance payout to an individual director.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

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Mkt Cap

Market Capitalization

₹11,270Cr

Close Price

₹350.20

Industry

Transmission Line Towers and Equipment

Price To Earnings

49.12

Price To Sales

2.61

Revenue

₹4,312Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter	Jun 2025	Mar 2026	Jun 2026
Revenue RevenueCr	918	1,257	1,581
Growth YoY Revenue Growth YoY%			72.3
Expenses ExpensesCr	798	1,151	1,407
Operating Profit Operating ProfitCr	120	106	174
OPM OPM%	13.1	8.4	11.0
Other Income Other IncomeCr	1	2	4
Interest Expense Interest ExpenseCr	30	41	41
Depreciation DepreciationCr	10	15	20
PBT PBTCr	81	51	117
Tax TaxCr	21	13	29
PAT PATCr	60	38	87
Growth YoY PAT Growth YoY%			45.3
NPM NPM%	6.5	3.0	5.5
EPS EPS₹	2.1	1.3	3.0

Quarter	Jun 2025	Mar 2026	Jun 2026
Revenue RevenueCr	918	1,257	1,581
Growth YoY Revenue Growth YoY%			72.3
Expenses ExpensesCr	798	1,151	1,407
Operating Profit Operating ProfitCr	120	106	174
OPM OPM%	13.1	8.4	11.0
Other Income Other IncomeCr	1	2	4
Interest Expense Interest ExpenseCr	30	41	41
Depreciation DepreciationCr	10	15	20
PBT PBTCr	81	51	117
Tax TaxCr	21	13	29
PAT PATCr	60	38	87
Growth YoY PAT Growth YoY%			45.3
NPM NPM%	6.5	3.0	5.5
EPS EPS₹	2.1	1.3	3.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	916	1,046	1,245	1,600	2,425	3,158	4,312
Growth Revenue Growth%		14.2	19.0	28.6	51.5	30.2	36.5
Expenses ExpensesCr	850	987	1,115	1,447	2,162	2,812	3,814
Operating Profit Operating ProfitCr	67	59	130	154	263	347	498
OPM OPM%	7.3	5.7	10.4	9.6	10.8	11.0	11.6
Other Income Other IncomeCr	6	16	2	1	2	7	4
Interest Expense Interest ExpenseCr	24	25	78	76	93	128	141
Depreciation DepreciationCr	31	32	31	32	35	38	51
PBT PBTCr	17	18	23	47	137	188	311
Tax TaxCr	4	8	10	4	35	49	82
PAT PATCr	14	11	13	42	103	139	229
Growth PAT Growth%		-24.7	20.4	235.0	142.3	35.7	64.2
NPM NPM%	1.5	1.0	1.0	2.6	4.2	4.4	5.3
EPS EPS₹	28.6	19.0	0.5	1.5	3.6	4.9	7.8

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	916	1,046	1,245	1,600	2,425	3,158	4,312
Growth Revenue Growth%		14.2	19.0	28.6	51.5	30.2	36.5
Expenses ExpensesCr	850	987	1,115	1,447	2,162	2,812	3,814
Operating Profit Operating ProfitCr	67	59	130	154	263	347	498
OPM OPM%	7.3	5.7	10.4	9.6	10.8	11.0	11.6
Other Income Other IncomeCr	6	16	2	1	2	7	4
Interest Expense Interest ExpenseCr	24	25	78	76	93	128	141
Depreciation DepreciationCr	31	32	31	32	35	38	51
PBT PBTCr	17	18	23	47	137	188	311
Tax TaxCr	4	8	10	4	35	49	82
PAT PATCr	14	11	13	42	103	139	229
Growth PAT Growth%		-24.7	20.4	235.0	142.3	35.7	64.2
NPM NPM%	1.5	1.0	1.0	2.6	4.2	4.4	5.3
EPS EPS₹	28.6	19.0	0.5	1.5	3.6	4.9	7.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6	6	6	6	6	292	292
Reserves ReservesCr	382	390	404	445	548	691	928
Current Liabilities Current LiabilitiesCr	717	796	878	796	1,052	1,521	2,067
Non Current Liabilities Non Current LiabilitiesCr	233	250	257	290	239	258	855
Total Liabilities Total LiabilitiesCr	1,343	1,442	1,544	1,537	1,845	2,763	4,142
Current Assets Current AssetsCr	796	906	989	954	1,176	1,827	2,250
Non Current Assets Non Current AssetsCr	547	535	556	583	669	935	1,892
Total Assets Total AssetsCr	1,343	1,442	1,544	1,537	1,845	2,763	4,142

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6	6	6	6	6	292	292
Reserves ReservesCr	382	390	404	445	548	691	928
Current Liabilities Current LiabilitiesCr	717	796	878	796	1,052	1,521	2,067
Non Current Liabilities Non Current LiabilitiesCr	233	250	257	290	239	258	855
Total Liabilities Total LiabilitiesCr	1,343	1,442	1,544	1,537	1,845	2,763	4,142
Current Assets Current AssetsCr	796	906	989	954	1,176	1,827	2,250
Non Current Assets Non Current AssetsCr	547	535	556	583	669	935	1,892
Total Assets Total AssetsCr	1,343	1,442	1,544	1,537	1,845	2,763	4,142

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	57	-31	182	241	40	103	675
Investing Cash Flow Investing Cash FlowCr	-33	-18	-56	-61	-124	-276	-959
Financing Cash Flow Financing Cash FlowCr	-18	57	-129	-180	88	195	328
Net Cash Flow Net Cash FlowCr	6	8	-4	0	4	21	44
Free Cash Flow Free Cash FlowCr	19	-58	126	181	-74	-221	-247
CFO To PAT CFO To PAT%	410.2	-294.9	1,435.6	568.3	39.0	73.6	295.1
CFO To EBITDA CFO To EBITDA%	85.9	-52.4	139.9	156.7	15.2	29.6	135.5

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	57	-31	182	241	40	103	675
Investing Cash Flow Investing Cash FlowCr	-33	-18	-56	-61	-124	-276	-959
Financing Cash Flow Financing Cash FlowCr	-18	57	-129	-180	88	195	328
Net Cash Flow Net Cash FlowCr	6	8	-4	0	4	21	44
Free Cash Flow Free Cash FlowCr	19	-58	126	181	-74	-221	-247
CFO To PAT CFO To PAT%	410.2	-294.9	1,435.6	568.3	39.0	73.6	295.1
CFO To EBITDA CFO To EBITDA%	85.9	-52.4	139.9	156.7	15.2	29.6	135.5

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr								11,270
Price To Earnings Price To Earnings								49.1
Price To Sales Price To Sales								2.6
Price To Book Price To Book								5.9
EV To EBITDA EV To EBITDA								25.4
Profitability Ratios Profitability Ratios
GPM GPM%	27.1	21.3	24.3	26.1	24.2	28.2	37.7	37.7
OPM OPM%	7.3	5.7	10.4	9.6	10.8	11.0	11.6	11.6
NPM NPM%	1.5	1.0	1.0	2.6	4.2	4.4	5.3	5.3
ROCE ROCE%	5.3	4.9	12.0	15.7	21.7	20.5	19.4	19.4
ROE ROE%	3.6	2.6	3.1	9.4	18.6	14.2	18.8	18.8
ROA ROA%	1.0	0.7	0.8	2.8	5.6	5.0	5.5	5.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr								11,270
Price To Earnings Price To Earnings								49.1
Price To Sales Price To Sales								2.6
Price To Book Price To Book								5.9
EV To EBITDA EV To EBITDA								25.4
Profitability Ratios Profitability Ratios
GPM GPM%	27.1	21.3	24.3	26.1	24.2	28.2	37.7	37.7
OPM OPM%	7.3	5.7	10.4	9.6	10.8	11.0	11.6	11.6
NPM NPM%	1.5	1.0	1.0	2.6	4.2	4.4	5.3	5.3
ROCE ROCE%	5.3	4.9	12.0	15.7	21.7	20.5	19.4	19.4
ROE ROE%	3.6	2.6	3.1	9.4	18.6	14.2	18.8	18.8
ROA ROA%	1.0	0.7	0.8	2.8	5.6	5.0	5.5	5.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	KARAMTARA	VIKRAN	MODMA	OMPOWER
Market CapitalizationMkt CapCr	11,270	1,356	494	410
Close PriceClose₹	350.20	52.57	42.39	119.87
IndustryIndustry	Transmission Line Towers and Equipment	Transmission Line Towers and Equipment	Transmission Line Towers and Equipment	Transmission Line Towers and Equipment
Price To EarningsPE	49.12	14.89	20.28
Price To SalesPS	2.61	1.09	2.77	0.91
RevenueRevenueCr	4,312	1,249	178	449
Revenue Growth TTMRev Gr TTM%			129.5%
PAT Growth TTMPAT Gr TTM%			88.4%

	KARAMTARA	VIKRAN	MODMA	OMPOWER
Market CapitalizationMkt CapCr	11,270	1,356	494	410
Close PriceClose₹	350.20	52.57	42.39	119.87
IndustryIndustry	Transmission Line Towers and Equipment	Transmission Line Towers and Equipment	Transmission Line Towers and Equipment	Transmission Line Towers and Equipment
Price To EarningsPE	49.12	14.89	20.28
Price To SalesPS	2.61	1.09	2.77	0.91
RevenueRevenueCr	4,312	1,249	178	449
Revenue Growth TTMRev Gr TTM%			129.5%
PAT Growth TTMPAT Gr TTM%			88.4%

No recent documents found for this company.

FY2026

Jun 26

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No recent documents found for this company.

Jun 26

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