KARAMTARA ENGINEERING LIMITED IPO
Offer terms, application timeline, financial context and company details in one place.
Price per share₹25459 shares per lot · indicative
Opens9 Sept 2026
Closes11 Sept 2026
AllotmentNot reported
Listing17 Sept 2026
Offer
Issue at a glance
- Issue size
- ₹0.17 crore
- Face value
- ₹10
- Issue method
- Book Building
- Fresh issue
- ₹0.17 crore
- Symbol
- KARAMTARA
- ISIN
- INE590T01012
Demand
As of 12 Sept 2026, 12:01 amSubscription
37.53×overall subscribed
| Investor category | Applications | Shares bid | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers(QIBs) | — | 65,91,24,931 | 90.77× |
| Foreign Institutional Investors(FIIs) | — | 20,64,97,640 | — |
| Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 39,35,38,732 | — |
| Mutual funds | — | 3,01,96,908 | — |
| Others | — | 2,88,91,651 | — |
| Non Institutional Investors | — | 18,04,97,402 | 33.14× |
| Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | — | 12,81,72,072 | 35.3× |
| Corporates | — | 14,46,208 | — |
| Individuals(Other than RIIs) | — | 12,04,99,594 | — |
| Others | — | 62,26,270 | — |
| Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | — | 5,23,25,330 | 28.82× |
| Corporates | — | 2,68,863 | — |
| Individuals(Other than RIIs) | — | 4,97,78,241 | — |
| Others | — | 22,78,226 | — |
| Retail Individual Investors(RIIs) | — | 11,42,08,424 | 8.99× |
| Cut Off | — | 10,11,29,186 | — |
| Price bids | — | 1,30,79,238 | — |
| Total | — | 9.54 | 37.53× |
Business
About the company
Incorporated in 1996, Karamtara Engineering Limited is engaged in the business of manufacturing Products for renewable energy and transmission lines. The company offers a diverse product portfolio, serving as a one-stop shop for solar structures (fixed-tilt and trackers), fasteners for solar energy and transmission sectors, and overhead transmission line hardware fittings. The company is entering the wind energy sector by setting up a manufacturing facility for tubular towers for wind turbines, with operations expected to begin in the first quarter of Fiscal 2026. As of March 31, 2026, the company has a global presence, exporting to over 50 countries across North America, Europe, Asia, Africa, Australia, and Latin America, with a broad geographical footprint and delivery model.
Performance
Financial snapshot
| Particulars | FY25 | FY26 |
|---|---|---|
| Revenue | ₹315,844.00 cr | ₹4,311.97 cr (-98.63%) |
| PAT | ₹139.33 cr | ₹228.75 cr (64.18%) |
| PAT Margin | 0.04 % | 5.30 % (13,150.00%) |
| EBITDA | ₹346.83 cr | ₹498.11 cr (43.62%) |
| EBITDA Margin | 0.11 % | 11.55 % (10,400.00%) |
| ROE | 14.18 % | 18.76 % (32.30%) |
| ROCE | 23.30 % | 23.27 % (-0.13%) |
| D/E | 0.57 | 0.84 (47.37%) |
Research
What to consider
Business strengths
- Market Leadership in Solar StructuresThe company is the largest integrated manufacturer in India by installed capacity for solar mounting structures and tracker components. Its wide product range supports solar, transmission, wind power, and industrial applications, enabling end-to-end solutions for renewable energy projects.
- Experienced Promoters and Strong ManagementThe business is led by experienced Promoter Directors with nearly three decades of manufacturing expertise, supported by a skilled management team. The promoters’ industry knowledge and legacy in the transmission sector have been instrumental in driving sustained growth.
- Strong Global Customer RelationshipsThe company has built long-standing relationships with global OEMs, EPCs, and IPPs, resulting in high customer retention. Being an approved and trusted supplier to leading solar energy companies strengthens its market position and revenue visibility.
Key risks
- Dependence on Short-Term Customer OrdersThe company does not have long-term purchase commitments from most customers and primarily operates on purchase orders and short-term, non-exclusive supply agreements. Any inability to consistently secure new orders could adversely affect revenue visibility, cash flows, and financial performance. Risks Related to Capacity Expansion and Geographic Growth: The company is undertaking manufacturing and capacity expansion initiatives, including new facilities and product lines. Delays, cost overruns, or failure to successfully execute these expansion plans or enter new domestic or international markets may negatively impact business growth and financial condition.
- Regulatory and Environmental Compliance RisksThe company operates under stringent environmental, health, and safety regulations.
Context
Peer comparison
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Karamtara Engineering Limited | 32.43 | 254.00 | 10.00 |
| Inox Wind Limited | 27.08 | 71.76 | 10.00 |
| Waaree Energies Limited | 20.48 | 2639.00 | 10.00 |
| KP Green Engineering Limited | 9.65 | 262.00 | 5.00 |
| Suzlon Energy Limited | 20.25 | 46.78 | 2.00 |
| Premier Energies Limited | 30.15 | 1014.00 | 1.00 |
| Vikram Solar Limited | 12.70 | 172.70 | 10.00 |
| Saatvik Green Energy Limited | 14.23 | 423.60 | 2.00 |
| Emmvee Photovoltaic Power Limited | 18.87 | 323.95 | 2.00 |
Filings
Offer documents
Advertisement16 Sept 2026Final Prospectus15 Sept 2026Draft Prospectus/Draft Red Herring Prospectus23 Jan 2025Anchor Allocation ReportBidding CentersIn-principle XBRLProcessing of ASBA ApplicationsRatios / Basis of Issue PriceRed Herring ProspectusSample Application FormsSecurity Parameters (Post Anchor)Security Parameters (Pre Anchor)