IPO will list on 17 Sep'26
Karamtara Engineering Limited
Minimum Investment
₹ 14,986 / 59 shares
Our Verdict:
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- Karamtara Engineering is a backward-integrated manufacturer of structures and fasteners for the renewable energy and transmission line sectors, and India's largest manufacturer of solar mounting structures and tracker components by installed capacity; total income grew from ₹2,427.12 crore (FY24) to ₹4,316.36 crore (FY26), and PAT grew from ₹102.65 crore to ₹228.75 crore over the same period.
- § Leverage has risen alongside growth: total borrowings nearly doubled from ₹556.28 crore (FY25) to ₹1,030.13 crore (FY26), funding rapid capacity expansion — a trend worth watching against the otherwise strong net worth growth (₹552.92 crore to ₹1,219.40 crore over the same three years).
- Concentration profile is mixed: manufacturing remains heavily concentrated in Maharashtra (90.84% of FY26 revenue) and the solar industry specifically (78.99% of FY26 revenue), while customer concentration has fluctuated sharply (63.47% FY24 to 40.40% FY25 back up to 48.63% FY26) and export revenue has steadily declined as a share of the business (57.56% FY24 to 40.52% FY26).
- At the upper end of its price band, the issue has been priced at a premium to the average sector P/E among comparable renewable-energy component makers, reflecting the Company's scale and category leadership rather than a discount entry point.
- Genuine market leadership in a structurally growing segment (solar mounting structures), consistent revenue and profit growth, and a diversified, backward-integrated product base are real positives, but rising leverage, geographic and sector concentration, and a valuation that isn't particularly cheap relative to peers are all worth weighing before assuming the growth trajectory continues at the same pace.
About the company
Founded in
8 May'96
Managing director
Tanveer Singh
- Karamtara Engineering is a fully backward-integrated manufacturer of products for the renewable energy and transmission line sectors, offering solar structures (fixed-tilt and trackers), fasteners for solar, wind, transmission and industrial applications, and overhead transmission line (OHTL) hardware fittings and accessories.
- As of Fiscal 2024 and the six months ended September 30, 2024, the Company was India's largest manufacturer of solar mounting structures and tracker components by installed capacity; it also manufactures lattice and tubular towers for transmission lines and wind turbines.
- Manufacturing runs across multiple facilities in Maharashtra (including units for fasteners, profiles, plates, solar mounting structures, solar piles and towers) alongside a facility in Italy (Unit Iselfa); as of March 2026, the Company exported products to more than 50 countries across North America, Europe, Asia, Africa, Australia and Latin America.
- Promoters: Tanveer Singh (Chairman & Managing Director), Rajiv Singh (Joint Managing Director), Inderjeet Singh, Inderjeet Tanveer Singh Trust and Inderjeet Rajiv Singh Trust.
STRENGTHS
- Market Leadership in Solar Mounting Structures: India's largest manufacturer of solar mounting structures and tracker components by installed capacity, as of Fiscal 2024 and the six months ended September 30, 2024.
- § Revenue and Profit Growth: Total income grew from ₹2,427.12 crore (FY24) to ₹4,316.36 crore (FY26); PAT grew from ₹102.65 crore to ₹228.75 crore over the same period.
- Backward-Integrated, Diversified Product Range: A fully backward-integrated manufacturer offering solar structures (fixed-tilt and trackers), fasteners for solar, wind, transmission and industrial sectors, and OHTL hardware fittings, transmission towers and wind towers.
- Established Global Reach: Exports to more than 50 countries across North America, Europe, Asia, Africa, Australia and Latin America, with manufacturing facilities including one in Italy alongside multiple sites in Maharashtra.
- § Improving Net Worth Base: Net worth grew from ₹552.92 crore (FY24) to ₹1,219.40 crore (FY26), supporting the Company’s expansion into new product lines and geographies.
RISK FACTORS
- Manufacturing Facility Concentration in Maharashtra: 90.84% of FY26 revenue came from facilities located in Maharashtra, exposing the Company to regional operational and regulatory risk.
- Solar Industry Dependency: 78.99% of FY26 revenue came from products sold to the solar industry; any downturn in solar demand or policy support could materially affect the business.
- Rising Borrowings: Total borrowings nearly doubled from ₹556.28 crore (FY25) to ₹1,030.13 crore (FY26), funding rapid capacity expansion.
- Customer Concentration: Top 10 customers contributed 48.63% of FY26 revenue, after declining to 40.40% in FY25 from 63.47% in FY24 — concentration has fluctuated significantly year to year.
- Export Revenue Decline: Export revenue as a share of total revenue fell from 57.56% (FY24) to 40.52% (FY26), shifting the business increasingly toward the domestic market.
Financials
All Values are in Cr.
Issue details
Issue type
Mainboard
Issue size
₹ ₹875 crore
Fresh Issue
₹ ₹675 crore
OFS
₹ ₹200 crore (
Price range
₹ 241 - 254
Lot size
59 shares
Issue Objective
- Net Proceeds from the Fresh Issue (₹675 crore) are proposed to be used for funding capital expenditure, working capital requirements and general corporate purposes; specific allocation details are to be finalised and disclosed in the Prospectus upon determination of the Offer Price. The Company also completed a Pre-IPO Placement of CCPS aggregating ₹75 crore, which reduced the size of the Fresh Issue.
Dates
Bidding open
9 Sep'26
Bidding close
11 Sep'26
Allotment date
15 Sep'26
Refund date
16 Sep'26
Listing
17 Sep'26
IPO Reservations
Qualified institutional buyers
<50%
Non-institutional investors
>15%
Retail individual investors
>35%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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