Karamtara EngineeringIPO Review — Financials, Valuation & Peers
A data-only look at the Karamtara Engineering IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 2,427.12 | 102.65 | 262.93 | 552.92 | 1,844.56 | 508.51 | — |
| FY 2025 | 3,165.36 | 139.33 | 346.83 | 982.67 | 2,762.59 | 556.28 | — |
| FY 2026 | 4,316.36 | 228.75 | 498.11 | 1,219.4 | 4,142.24 | 1,030.13 | 7.75 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 32.77x
- P/E (post-issue)
- 35.72x
- RoNW
- 20.78%
- RoE
- 20.77%
- RoCE
- 23.27%
- Debt / Equity
- 0.84
- EPS (pre-issue)
- ₹7.75
- EPS (post-issue)
- ₹7.11
- EBITDA Margin
- 11.55%
- P/BV
- 6.09x
- NAV / share
- ₹41.72
- Market Cap
- ₹8,174.3 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Karamtara Engineering | 7.83 | 41.72 | — | 20.78% | — |
| Emmvee Photovoltaic Power | 17.17 | 53.37 | 18.87x | 51.12% | 6.09x |
| Inox Wind | 2.65 | 36.93 | 27.08x | 8.32% | 1.97x |
| KP Green Engineering | 27.15 | 91.52 | 9.65x | 32.32% | 2.88x |
| Premier Energies | 33.63 | 95.09 | 30.15x | 42.35% | 10.67x |
| Saatvik Green Energy | 29.83 | 107.08 | 14.23x | 41.97% | 3.95x |
| Suzlon Energy | 2.31 | 6.9 | 20.25x | 40.64% | 7.67x |
| Vikram Solar | 13.68 | 87.43 | 12.7x | 21.34% | 1.98x |
| Waaree Energies | 129.1 | 501.9 | 20.48x | 32.48% | 5.27x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Tanveer SIngh, Rajiv Singh, Inderjeet Singh, Inderjeet Tanveer Singh Trust, Inderjeet Rajiv Singh Trust</p>
- Holding (pre-issue)
- 94.79%
- Holding (post-issue)
- 83.64%
- Dilution
- 11.15%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Karamtara Engineering operates at an EBITDA margin of 11.55%. Capital efficiency reads at a return on capital employed (RoCE) of 23.27% and a return on equity (RoE) of 20.77%. At the upper band, the post-issue market capitalisation works out to about ₹8,174.3 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
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.
Frequently asked questions
- Who are the promoters of Karamtara Engineering and what is their holding?
- The promoters are <p>Tanveer SIngh, Rajiv Singh, Inderjeet Singh, Inderjeet Tanveer Singh Trust, Inderjeet Rajiv Singh Trust</p>. Promoter holding is 94.79% before the issue and 83.64% after listing.
- What is the P/E ratio of the Karamtara Engineering IPO?
- At the upper price band, the Karamtara Engineering IPO is valued at 32.77× pre-issue earnings and 35.72× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Karamtara Engineering IPO?
- The net proceeds go primarily toward funding prepayment, repayment and/ or payment obligations to lenders towards borrowings and acceptances, in part or full, among 2 disclosed objects.