Minerva Capital Research Solutions

Karamtara Engineering

ListedListed 17 Sep 2026MainboardNSE: KARAMTARACheck allotment
Current price₹ 342.45+34.82% since issue
Listing day+25.98%
Issue price
₹ 254
Issue size
₹ 875 Cr.
Min. investment
₹ 14,986
Listing price
₹ 320
Subscribed
62.63x
Lot size
59 shares
P/E
35.72
RoNW
20.78%
RoCE
23.27%
Debt / Equity
0.84
EBITDA margin
11.55%
RoE
20.77%
EPS
₹ 7.11
NAV
₹ 41.72
Promoter stake
83.64%

About

Karamtara Engineering Limited was started in 1996. It manufactures products used in renewable energy and in power transmission lines, and positions itself as a one stop shop for these needs. Its main products are solar mounting structures, both fixed tilt structures and tracker components, fasteners such as bolts and nuts for the solar, wind, transmission, automobile and telecom industries, and hardware fittings for overhead transmission lines. It also makes lattice towers for transmission lines with capability up to 1,200 kV, and had supplied more than 0.5 million tonnes of towers globally as on 30 September 2024. It is now entering the wind energy sector by setting up a plant for tubular towers used in wind turbines. The company has put a lot into backward integration. It runs its own galvanizing facilities, which it says are the largest in India's solar energy sector at 258,000 tonnes a year, along with rolling mill furnaces. Doing this in house helps it control cost and delivery time rather than depending on outside job workers. As on 31 March 2026 it exported to more than 50 countries across North America, Europe, Asia, Africa, Australia and Latin America. It served 48 solar customers in FY2024, 73 in FY2025 and 65 in FY2026.

Timeline

  1. Opens
    9 Sep
    done
  2. Closes
    11 Sep
    done
  3. Allotment
    15 Sep
    done
  4. Refunds
    16 Sep
    done
  5. Demat credit
    16 Sep
    done
  6. Listing
    17 Sep
    done

Grey market premium (GMP)

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.

Highest
₹ 75 on 9 Sep 2026
Lowest
₹ 40 on 4 Sep 2026
First quoted
₹ 40 on 4 Sep 2026

Subscription

How many times each investor group bid for its share, as of 17 Sep 2026, 06:31 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)159₹ 14,986
Retail (Max)13767₹ 1,94,818
S-HNI (Min)14826₹ 2,09,804
B-HNI (Min)673,953₹ 10,04,062

Company overview

Financials

Financials by year
Assets4,142.242,762.591,844.56
Total Income4,316.363,165.362,427.12
Profit After Tax228.75139.33102.65
EBITDA498.11346.83262.93
NET Worth1,219.4982.67552.92
Reserves and Surplus926.55690.53547.46
Total Borrowing1,030.13556.28508.51

Strengths

  • Profit has more than doubled in two years, from Rs 102.65 crore in FY2024 to Rs 139.33 crore in FY2025 and Rs 228.75 crore in FY2026.
  • Sales are large and growing fast, from Rs 2,427.12 crore in FY2024 to Rs 3,165.36 crore in FY2025 and Rs 4,316.36 crore in FY2026.
  • EBITDA nearly doubled over the same period, from Rs 262.93 crore to Rs 498.11 crore.
  • Backward integration is a real advantage. Its in-house galvanizing capacity of 258,000 tonnes a year is described as the largest in India's solar energy sector, and it also runs its own rolling mill furnaces.
  • It sells a full range to the same customers, covering solar structures, fasteners and transmission hardware, which makes it easier to win repeat orders.
  • Exports reach more than 50 countries across six continents, so it is not tied to Indian demand alone.
  • It has a long record of about 30 years and has supplied more than 0.5 million tonnes of transmission towers globally.
  • RoCE was 23.30% and Rs 600 crore of the issue money will repay borrowings and acceptances, which should cut interest cost.

Risks

  • The issue is priced high on earnings. At the upper band of Rs 254 the P/E is about 35.72 times on an EPS of Rs 7.11, while RoNW is only 18.15%.
  • Borrowing has almost doubled in one year, from Rs 556.28 crore in FY2025 to Rs 1,030.13 crore in FY2026, against a net worth of Rs 1,219.40 crore.
  • The PAT margin is not stated in the data available to us, so the profitability per rupee of sales cannot be checked from here.
  • The number of solar customers actually fell in the latest year, from 73 in FY2025 to 65 in FY2026, even though sales grew.
  • Demand depends heavily on government policy for solar and transmission. Changes in subsidies, local content rules or import duties can change order flow quickly.
  • Steel and zinc are the main raw materials, and both are volatile. On fixed price export orders a sharp rise directly cuts margin.
  • Exporting to more than 50 countries brings currency risk and exposure to anti-dumping and trade barrier action, which the solar equipment trade sees often.
  • The wind tubular tower business is new and not yet proven, so the money and management time going into it may take a while to earn.
  • This is a fresh issue combined with an offer for sale, and promoter holding falls from 94.79% to 83.64%.

What the money is for

Objects of the issue
Funding prepayment, repayment and/ or payment obligations to lenders towards borrowings and Acceptances, in part or full600
General corporate purposes—

Promoters

  • Tanveer SIngh
  • Rajiv Singh
  • Inderjeet Singh
  • Inderjeet Tanveer Singh Trust
  • Inderjeet Rajiv Singh Trust
Promoter holding94.79%→83.64%before → after the issue · down 11.15 points

Anchor investors

15 anchors put in ₹ 262.5 Cr., including 6 mutual funds.

Anchor investors
HDFC INNOVATION FUND11,81,1213011.43%
NIPPON INDIA SMALL CAP FUND11,81,1213011.43%
MIRAE ASSET ELSS TAX SAVER FUND11,81,1213011.43%
MOTILAL OSWAL MANUFACTURING FUND6,29,884166.09%
MOTILAL OSWAL INFRASTRUCTURE FUND1,57,47141.52%
HDFC LIFE INSURANCE CO.LTD.7,87,355207.62%
SBI LIFE INSURANCE CO.LTD.7,87,355207.62%
SINGULARITY EQUITY FUND I7,87,355207.62%
AUTHUM INVESTMENT & INFRASTRUCTURE LTD.7,87,355207.62%
ELM PARK FUND LTD.7,87,355207.62%
SOCIETE GENERALE7,87,355207.62%
DURO INDIA OPPORTUNITIES FUND PTE.LTD.3,54,40293.43%
SUSQUEHANNA PACIFIC PTY.LTD.3,54,40293.43%
TRUSTMF SMALL CAP FUND3,54,40393.43%
EDELWEISS LIFE INSURANCE CO.LTD.2,16,5895.52.1%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 10 a share
Registrar
MUFG Intime India Private Limited
Lead managers
JM Financial Ltd., ICICI Securities, IIFL Capital Services Limited
Basis of allotment
Open

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.