Karamtara Engineering IPO

The Karamtara Engineering mainboard IPO runs from 9 Sept 2026 to 11 Sept 2026, offered at a price band of ₹241–254 per share, and is set to list on NSE and BSE. The company is looking to raise ₹875 crore through the offer. Retail investors bid in lots of 59 shares, a minimum application of ₹14,986.

Issue structure

The offer combines a fresh issue of ₹675 crore with an offer for sale (OFS) of ₹200 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward funding prepayment, repayment and/ or payment obligations to lenders towards borrowings and acceptances, in part or full (₹600 crore), alongside general corporate purposes.

Financials

In FY2026, Karamtara Engineering reported revenue of ₹4,316.36 crore and a net profit of ₹228.75 crore. Revenue grew from ₹2,427.12 crore in FY2024 to ₹4,316.36 crore in FY2026 (+78.0%). Net worth stood at ₹1,219.4 crore at the end of FY2026. At the upper band, that puts the issue at roughly 32.8× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 35.72× post-issue earnings and 6.09× book value, against a return on net worth of 20.78% and a debt-to-equity ratio of 0.84. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Emmvee Photovoltaic Power and Inox Wind, with a median peer P/E of about 19.6×. The issue's own post-issue P/E works out to 35.72×.

Promoters

The promoters of the company are <p>Tanveer SIngh, Rajiv Singh, Inderjeet Singh, Inderjeet Tanveer Singh Trust, Inderjeet Rajiv Singh Trust</p>. Promoter holding stands at 94.79% before the issue and comes down to 83.64% after listing.

Grey market premium (GMP)

In the unofficial grey market, Karamtara Engineering shares are quoted at a premium of ₹20 implying an expected listing around ₹274, about +7.9% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the Karamtara Engineering IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Karamtara Engineering

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 September 30, 2024, 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. The company focuses on backward integration with in-house galvanizing facilities, the largest in India's solar energy sector (258,000 MTPA), and rolling mill furnaces, providing competitive advantages in the supply chain, time efficiency, and cost. In Fiscal 2022-2024 and the six months ended September 30, 2024, the company served 24-51 customers, mainly OEMs, EPCs, and IPPs, including repeat business from domestic and international solar energy leaders. Product Portfolio: Solar energy: They offer a wide range of solar mounting products, including fixed-tilt structures and tracker components for all types of solar projects. Lattice towers for transmission lines: The company manufactures a wide range of lattice towers for power transmission lines, with capabilities up to 1,200 kV. As of September 30, 2024, it has supplied over 0.5 million MT of towers globally. Fasteners for solar, wind, and transmission segments: The company manufactures a wide range of fasteners for industries like solar, wind, transmission, automobile, and telecom, including bolts, nuts, studs, washers, and custom fasteners for global clients and industrial applications. As of September 30, 2024, the company had 530 permanent employees. In addition, they have engaged 412 factory workers on the payroll. Competitive 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 Strategic network of manufacturing facilities with advanced capabilities Experienced Promoter Directors supported by a skilled management team