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Karamtara Engineering Ltd
Capital Goods - Electrical EquipmentIPO
₹241 - 254
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.
Lot59Min Invest₹14,986Face Value₹10Issue Size₹875 CrFresh Issue₹675 CrOffer for Sale₹200 Cr
Timeline
9 Sept
Bidding opens
11 Sept
Bidding closes
15 Sept
Allotment
16 Sept
Refund & demat credit
17 Sept
Listing
Subscription
Subscription opens 9 Sept
Reports
Offer Details
Terms
Issue Size₹875 Cr
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
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-2026
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
- Consistent track record of financial performance and strong financial position.
- Strengthen our backward integration strategy to enhance cost and operational efficiencies.
- Strengthen our backward integration strategy to enhance cost and operational efficiencies.
- 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 its manufacturing facilities could have a material adverse effect on its business, financial condition, cash flows and results of operations. Further, the majority of its manufacturing facilities are located in Maharashtra in India. Its revenue attributable to the company facilities in Maharashtra, India accounted for 98.80% and 99.18% of its total revenue from operations in the six months ended September 30, 2024 and Fiscal 2024, respectively which exposes its operations to potential risks arising from local and regional factors which may restrict its operations and adversely affect the company 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 (83.41% and 81.75% of its total revenue of operations in the six months ended September 30, 2024 and Fiscal 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 depend on certain key customers for a significant portion of its revenues (the company top 10 customers contributed to 53.91% and 63.47% of its total revenue from operations in the six months ended September 30, 2024 and Fiscal 2024, respectively). Any decrease in revenues from any of its key customers or any loss of these customers may adversely affect the company business, financial condition, cash flows and results of operations.
- The company derives a significant portion of its revenue from operations from exports (47.33% and 57.56% of the company total revenue from operations in the six months ended September 30, 2024 and Fiscal 2024, respectively) which exposes it to risks inherent to operations in these foreign jurisdictions. Any adverse developments in the international markets that the company operate or intend 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.
- Its operations are subject to volatility in the supply and pricing of raw materials and components. The company is dependent on its suppliers (its top 10 suppliers contributed to 81.65% and 76.00% of total purchases in the six months ended September 30, 2024 and Fiscal 2024, respectively) for certain raw materials and components and if the company is unable to procure the required quality and quantity, at competitive prices, its business, financial condition, cash flows and results of operations may be adversely affected.
- The company does not execute long-term agreements with most of its customers and the company inability to procure new orders on a regular basis or at all may adversely affect its business, financial condition, cash flows and results of operations.