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₹254 - 254Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
Karamtara Engineering Ltd
Capital Goods - Electrical EquipmentIPO
₹254 - 254
We are a backward integrated manufacturer of products for renewable energy and transmission lines sectors. We are the largest integrated manufacturer in terms of installed capacity in India for solar mounting structures and tracker components in Fiscal 2026 according to the F&S Report. Our aggregate installed capacity was 889,200 MTPA (including 492,000 MTPA for solar products equivalent to approximately 16.81 GW) and 480,000 pieces as of March 31, 2026 (excluding our galvanizing capacity). We offer a diverse product portfolio which enables us to serve as a one-stop shop for solar structures (fixed-tilt and trackers). We offer structures and fasteners in the solar energy and transmission sectors, and overhead transmission line ("OHTL") hardware fittings and accessories. We were one of the largest exporters of solar products from India to North America in Fiscal 2025. We have also forayed into the wind energy sector by commencing production of angular towers for wind turbines and tubular towers for wind turbines in March 2025 and June 2025, respectively. Further, we intend to enter into the business of battery energy storage systems ("BESS") through our wholly owned subsidiary (being Karamtara Green Energy Limited ("KGEL")) that was incorporated in May 2025. In addition, we intend to set up manufacturing facilities for prefabricated engineered building ("PEB") structures.
Lot59Min Invest₹14,986Face Value₹10Issue Size₹875 CrFresh Issue₹675 CrOffer for Sale₹200 CrListing Price₹320CMP₹350
Timeline
9 Sept
Bidding opens
11 Sept
Bidding closes
15 Sept
Allotment
16 Sept
Refund & demat credit
17 Sept
Listing
Subscription · As of 8:00 PM, 11 Sept
Demand by day
CategoryDay 1Day 2Day 3Now+1.20x+1.08x+157.31x159.6x+1.81x+4.35x+42.39x48.5x+1.07x+2.20x+9.98x13.3xOverall+1.27x+2.34x+59.02x62.6x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB159.6x1.72 Cr274.88 Cr69,818.92NII48.5x51.67 L25.09 Cr6,371.81Retail13.3x1.21 Cr15.99 Cr4,061.85Total62.6x3.44 Cr215.75 Cr54,801.25
Reports
Offer Details
Terms
Issue Size₹875 Cr3.44 Cr shares
Fresh Issue₹675 Cr
Offer for Sale₹200 Cr
Face Value₹10
Lot Size59 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9861-13 lots
sNII₹2,09,804from 14 lots
bNII₹10,04,062from 67 lots
Managers & Registrar
Lead ManagerJM Financial Ltd.
Co-ManagerICICI Securities Ltd., IIFL Capital Services Ltd.
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrTanveer SinghPRMTR39,37,007100.00Rajiv SinghPRMTR39,37,007100.00Total78,74,014200.00
Shareholding
CategoryPre IPOPost IPOPromoter Group92.05%82.02%Public7.95%17.98%
Objects of the Issue
- Funding prepayment, repayment and/or payment obligations to our lenders towards borrowings and acceptances, in part or full
- General corporate purposes
Anchor Book
Bid Date08-Sep-2026Bid Price₹254Shares1,03,34,644Amount₹262 CrMutual Funds45.33% of the book30-day lock-in14-Oct-202690-day lock-in13-Dec-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 1,245 | 1,600 | 2,425 | 3,158 | 4,312 |
| Operating ProfitCr | 130 | 154 | 263 | 347 | 498 |
| OPM% | 10.4 | 9.6 | 10.8 | 11.0 | 11.6 |
| PBTCr | 23 | 47 | 137 | 188 | 311 |
| PATCr | 13 | 42 | 103 | 139 | 229 |
| EPS | 0 | 2 | 4 | 5 | 8 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 6 | 6 | 6 | 292 | 292 |
| ReservesCr | 404 | 445 | 548 | 691 | 928 |
| BorrowingsCr | 429 | 328 | 509 | 559 | 1,105 |
| Total AssetsCr | 1,544 | 1,537 | 1,845 | 2,763 | 4,142 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 182 | 241 | 40 | 103 | 675 |
| Investing Cash FlowCr | -56 | -61 | -124 | -276 | -959 |
| Financing Cash FlowCr | -129 | -180 | 88 | 195 | 328 |
| Net Cash FlowCr | -4 | 0 | 4 | 21 | 44 |
Strengths & Risks
Strengths · as stated in the DRHP
- 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.
- Strategic network of manufacturing facilities with advanced capabilities.
- Experienced Promoter Directors supported by a skilled management team.
Strategies · as stated in the DRHP
- Expansion of our existing installed capacity in India.
- Strengthen our market position in renewable energy industries and related infrastructure sectors through new product development and expansion into allied offerings.
- Focus to increase customer base in international markets.
- Continue to improve operational efficiency and implement cost reduction measures by enhancing the capacity of existing facilities and realignment of capacities.
Risks · as stated in the DRHP
- The company is significantly dependent on its manufacturing facilities. Any unscheduled, unplanned or prolonged disruption, slowdown or shutdown of the company's manufacturing facilities could have a material adverse effect on its business, financial condition, cash flows and results of operations. Further, the majority of the company's manufacturing facilities are located in Maharashtra in India. Its revenue attributable to the company's facilities in Maharashtra, India accounted for 90.84%, 98.61% and 99.18% of its total revenue from operations in Fiscals 2026, 2025 and 2024, respectively, which exposes the company operations to potential risks arising from local and regional factors which may restrict its operations and adversely affect the company's business, financial condition, cash flows and results of operations.
- The company derives a substantial portion of its revenue from the sale of products in the solar industry (78.99%, 81.40% and 81.75% of the company's total revenue from operations in Fiscals 2026, 2025 and 2024, respectively), and any adverse trend in the solar energy industry could have a material adverse effect on its business, financial condition, cash flows and results of operations.
- The company depends on certain key customers for a significant portion of its revenues (the company's top 10 customers contributed to 48.63%, 40.40% and 63.47% of its total revenue from operations in Fiscals 2026, 2025 and 2024, respectively). Any decrease in revenues from any of the company's key customers or any loss of these customers may adversely affect its business, financial condition, cash flows and results of operations.
- The company derives a significant portion of its revenue from operations from exports (40.52%, 51.31% and 57.56% of the company's total revenue from operations in Fiscals 2026, 2025 and 2024, respectively) which exposes it to risks inherent to operations in these foreign jurisdictions. Any adverse developments in the international markets that the company operates or intends to expand to, including but not limited to foreign currency exchange rate fluctuations, could have an adverse effect on its business, financial condition, cash flows and results of operations.
- The Company, Directors and/or Key Managerial Personnel may be subject to warnings, show-cause notices and/ or penalties in the future pursuant to inspection of its books of accounts, records and other statutory documents pursuant to Section 206(5) of the Companies Act, 2013 by The Office of the Regional Director, Western Region, Ministry of Corporate Affairs ("Regional Director").
- Changes in international trade policies, geopolitics and trade tariffs, export controls, economic or trade sanctions may materially and adversely affect the company's business, financial condition and results of operations.