Carver Roboweld

Open nowBidding closes 30 Oct 2026BSE SME

GMP₹ 0(0%)

Expected listing₹ 80

Subscribed0.24x

as of 28 Oct 2026

GMP is unofficial and unregulated (not verified by SEBI, NSE or BSE) and does not predict the listing price. Do not apply on the basis of GMP.

Price band: ₹ 76 – 80
Issue size: ₹ 28.29 Cr.
Min. investment: ₹ 1,28,000
Listing date: 4 Nov 2026
Issue type: Fresh capital only
Lot size: 1,600 shares
P/E: 17.54
RoNW: 21.57%
RoCE: 21.64%
Debt / Equity: 0.97
PAT margin: 12.87%
EBITDA margin: 30.94%
RoE: 33.63%
EPS: ₹ 4.56
NAV: ₹ 17.54
Promoter stake: 65.77%

About

Carver Roboweld Limited was incorporated in August 2009. It makes welding consumables: metal cored wires, welding rods and gauging electrodes. It also supplies welding spare parts and accessories. The company has added services for the forging industry, such as forging die regeneration and welding robot rental. The robot rental model is meant to keep customers with the company for a longer time. Its main plant is at Bamanbore, Rajkot, in Gujarat. It also runs service units in Pune, Hosur and Ludhiana. On 11 July 2026 the installed capacity for metal cored wires and welding rods was 650 tonnes a year, and the company says capacity grew at about 30% a year between FY2025 and FY2026. In September 2025 the company bought Carver Engineering Private Limited. This subsidiary does re-conditioning and refurbishment of plant and machinery for forging, casting, cement, steel, sugar, power, petroleum, automotive and fabrication customers. It also does heavy-duty machining, structural fabrication and turnkey engineering projects. The company is ISO 9001:2015 certified and is a Sustaining Corporate Member of the American Welding Society. On 30 June 2026 it had 68 permanent employees and 75 contract workers. The company is promoted by Ranjit Chandrabhai Bose, Rajit Chandra Bose and Deval Ranjitbhai Bose. The issue is a fresh issue of Rs 28.29 crore on the BSE SME platform.

Timeline

Opens
28 Oct
done
Closes
30 Oct
next
Allotment
2 Nov
to come
Refunds
2 Nov
to come
Demat credit
3 Nov
to come
Listing
4 Nov
to come

Subscription

How many times each investor group bid for its share, as of 28 Oct 2026, 07:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	1,600	₹ 1,28,000
Retail (Max)	1	1,600	₹ 1,28,000
HNI (Min)	2	3,200	₹ 2,56,000

Company overview

Financials

Financials by year

Assets	39.45	38.26	32.69	21.59
Total Income	7.71	27.12	24.97	21.67
Profit After Tax	1.49	3.48	1.45	1.01
EBITDA	2.84	8.36	4.92	4.12
NET Worth	17.62	16.13	4.56	3.11
Reserves and Surplus	9.62	8.42	3.61	2.16
Total Borrowing	12.27	15.65	22.32	13.39

Strengths

Profit after tax rose from Rs 1.01 crore in FY2024 to Rs 1.45 crore in FY2025 and Rs 3.48 crore in FY2026.
EBITDA grew from Rs 4.12 crore in FY2024 to Rs 8.36 crore in FY2026, as per the adjusted figures at the source. The EBITDA margin was 30.94% and the PAT margin 12.87%.
Return on equity is 33.63% and return on capital employed 21.64%, as per the source.
Net worth grew from Rs 3.11 crore on 31 March 2024 to Rs 16.13 crore on 31 March 2026, and was Rs 17.62 crore on 30 June 2026.
The upper band of Rs 80 is 17.54 times post-issue EPS of Rs 4.56 and 21.98 times pre-issue EPS of Rs 3.64.
The installed capacity for metal cored wires and welding rods is 650 tonnes a year, and the company says capacity grew at about 30% a year between FY2025 and FY2026.
The entire issue is fresh, so all the money goes to the company. Rs 11.99 crore buys welding robots and Rs 8.60 crore repays borrowings.

Risks

The company is small. Total income was Rs 27.12 crore in FY2026, and it grew only about 9% from Rs 24.97 crore in FY2025 while PAT grew 140%.
FY2026 numbers include the subsidiary Carver Engineering Private Limited, which was acquired in September 2025, so the years are not like for like.
Net worth jumped from Rs 4.56 crore on 31 March 2025 to Rs 16.13 crore on 31 March 2026, so most of the equity base is new.
Total borrowings were Rs 15.65 crore on 31 March 2026 against net worth of Rs 16.13 crore, and the source lists a debt to equity ratio of 0.97.
Rs 8.60 crore of the issue repays borrowings, and the general corporate purposes amount is not fixed.
Rs 11.99 crore of the proceeds goes to buying welding robots. Their return depends on customers renting them.
The main plant is at one site, Bamanbore, Rajkot, so most production depends on a single location.
Promoters hold 90.07% before the issue and 65.77% after it, so they keep control after listing.
This is an SME issue. One lot is 1,600 shares, which is about Rs 1.28 lakh at the upper band of Rs 80, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue

Funding the capital expenditure requirements of the Company towards the purchase of Welding Robots	11.99
Repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by the Company from banks and financial institutions	8.6
General Corporate Purpose	—

Promoters

Ranjit Chandrabhai Bose
Rajit Chandra Bose
Deval Ranjitbhai Bose

Promoter holding90.07%→65.77%before → after the issue · down 24.3 points

Registrar, lead managers and documents

Listing on: BSE SME
Face value: ₹ 10 a share
Registrar: Bigshare Services Private Limited
Lead managers: Smart Horizon Capital Advisors

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.