| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 2425.15 | 3158.45 | 4311.98 |
| Expenses | 2289.68 | 2977.08 | 4005.14 |
| Other Income | 1.97 | 6.91 | 4.38 |
| Total Revenue | 2427.12 | 3165.36 | 4316.36 |
| Profit Before Tax | 137.44 | 188.27 | 311.21 |
| Net Profit | 102.65 | 139.33 | 228.75 |
Karamtara Engineering
Karamtara Engineering IPO
₹14,219
2.73 xOver-subscribedBidding Dates 09 Sept, 26 -11 Sept, 26
Min Investment ₹14,219
Lot Size59
Price Range ₹241 – ₹254
Issue Size ₹875.00 Cr.
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IPO Subscription Details
Retail Subscription Details
2.39 x
Non-Institutional Buyers (sHNI)
4.56 x
Non-Institutional Buyers (bHNI)
4.07 x
Qualified Institutional Buyers (QIB)
2.18 x
Total2.73 x
2.73 x IPO Timeline
IPO Offer Start
09 Sept,26
IPO Offer Ends
11 Sept,26
Allotment Finalisation
15 Sept,26
Refund Initiation
16 Sept,26
Listing of Shares
17 Sept,26
IPO Analysis
Strengths
The company is the largest integrated manufacturer in terms of installed capacity in India for solar mounting structures and tracker components in Fiscal 2026, with aggregate installed capacity of 889,200 MTPA (including 492,000 MTPA for solar products equivalent to approximately 16.81 GW).
The company offers a comprehensive range of products including Solar MMS, solar tracker piles and piers, solar torque tubes, lattice towers for transmission lines, angular towers, tubular towers for wind turbines and fasteners, enabling cross-selling advantages and enhanced customer experience.
The company supplied products to over 50 countries as of March 31, 2026 across North America, Europe, Asia, Africa, Australia and Latin America, with revenue from exports growing at CAGR of 11.89% between Fiscals 2024 and 2026 from ₹13,958.32 million to ₹17,474.92 million.
Risks
The company is significantly dependent on its manufacturing facilities, with the majority located in Maharashtra, India, which accounted for 90.84%, 98.61% and 99.18% of total revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any unscheduled disruption or shutdown of these facilities could have a material adverse effect on the company's business operations and financial performance.
The company derives a substantial portion of revenue from solar industry products (78.99%, 81.40% and 81.75% of total revenue from operations in Fiscals 2026, 2025 and 2024, respectively). Any adverse trend in the solar energy industry could materially impact the company's business and financial condition.
The company depends on key customers for significant revenue, with top 10 customers contributing 48.63%, 40.40% and 63.47% of total revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Loss of these customers or decrease in revenues from them may adversely affect the company's business and financial performance.
Objectives
The company proposes to utilize the Net Proceeds towards funding prepayment, repayment and/or payment obligations to lenders towards borrowings and Acceptances, in part or full. This will help reduce outstanding indebtedness and liabilities, debt servicing costs, and assist in maintaining a favourable debt-equity ratio.
The company proposes to deploy the balance Net Proceeds towards general corporate purposes including acquisition of fixed assets, funding of growth opportunities, strategic initiatives, insurance, repair & maintenance, payment of taxes, duties and meeting expenses incurred in the ordinary course of business.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 1844.56 | 2762.59 | 4142.24 |
| Current Assets | 1175.66 | 1827.44 | 2249.97 |
| Fixed Assets | 668.90 | 935.15 | 1892.27 |
| Total Equity & Liabilities | 1844.56 | 2762.59 | 4142.24 |
| Total Liabilities | 1291.12 | 1779.40 | 2922.32 |
| Current Liabilities | 1051.72 | 1521.29 | 2067.16 |
| Non Current Liabilities | 239.41 | 258.11 | 855.16 |
| Total Equity | 553.44 | 983.19 | 1219.92 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 4.28 | 20.95 | 44.02 |
| Investing Activities | -123.79 | -276.42 | -959.46 |
| Operating Activities | 40.02 | 102.52 | 675.15 |
| Financing Activities | 88.05 | 194.86 | 328.34 |
About Karamtara Engineering
Karamtara Engineering Ltd is a backward integrated manufacturer of products for renewable energy and transmission lines sectors. The company is the largest integrated manufacturer in terms of installed capacity in India for solar mounting structures and tracker components in Fiscal 2026. The company offers a diverse product portfolio including structures...more
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Managing DirectorTanveer Singh
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