BSE: 544511
Karbonsteel Engineering Limite
Manufactures heavy and precision structural steel fabrications — heavy steel structures, precision steel structures, steel bridges and pre-engineered building structures — supplied pan-India to EPC contractors and industrial customers in data centres, power plants, steel plants, chemical units, refineries, airports and infrastructure projects, with cumulative deliveries exceeding 1 lakh tons. Operations are being consolidated at a 20-acre Umargam (Umbergaon) facility where fabrication capacity is being expanded from around 30,000–36,000 tons to 54,000 tons (total targeted 60,000 MTPA), while the Khopoli plant was shut down after contributing Rs 11 crore (3.66% of turnover). The order book rose from ~Rs 200 crore to ~Rs 350 crore by May 2025, with recent wins including a Rs 101.01 crore order for Air Cooled Condenser structures and Rs 51.96 crore of MS painted fabricated structures. Around 90–95% of orders come from repeat customers and 70–80% are described as complex jobs; named clients include Arcelor Mittal Nippon Steel, Tata Projects, L&T and John Cockerill. Materials (primarily steel) are the dominant cost at 68.1% of revenue, with FY26 revenue at Rs 300.88 crore and reported EBITDA margin at 11.13%, compressed from 13.41% in FY25 on LPG-supply disruption, rising steel prices and a Rs 1.65 crore bad-debt write-off. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Heavy & precision structural fabrication, Steel bridges, Pre-engineered buildings and building structures, Specialised industrial structures. Asset-heavy, project-driven B2B heavy structural fabrication with high material intensity and order-book-led revenue.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 301 |
| EBITDA (ex other income) | 33 |
| margin % | 10.9 |
| Owners' profit | 11 |
| EPS, as reported (₹) | 8.22 |
| ROE % · ROCE % | 9.1 · 23.6 |
| Debt / equity (x) | 0.48 |
| Cash from operations | 23 |
| Capex | (30) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 140 | 161 |
| Profit before tax | 10 | 5 |
| Net profit | 7 | 3 |
| EPS (₹) | 6.16 | 2.46 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,04,226 | 30.4 | 3.92 | 18.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 37,739 | 42.0 | 3.84 | 27.2 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,629 | 19.9 | 2.93 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 20,566 | 34.2 | 8.57 | 17.5 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,228 | 14.7 | 0.92 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,035 | 25.7 | 5.92 | 15.5 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,062 | 17.9 | 4.47 | 15.7 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,758 | 22.6 | 2.35 | 16.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.7 | 13.5 | 38 of 101 | 63% |
| P/B | 1.1 | 1.2 | 38 of 85 | 56% |
| ROCE | 11.5 | 10.0 | 49 of 107 | 55% |
| ROE | 9.1 | 9.1 | 44 of 87 | 50% |
| Debt / Equity | 0.5 | 0.4 | 52 of 87 | 41% |
| EBITDA margin | 8.6 | 12.4 | 63 of 88 | 29% |
| Market cap | 130 | 465 | 68 of 107 | 37% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Compliance Certificate under Reg 74(5) filed for Q2 FY26 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed ahead of half year results | compliance | minimal | — | — |
| 23 Sept 2026 · 15th AGM concluded; borrowing limit hike to Rs 400 Cr approved | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · Karbonsteel to attend Arihant Capital investor meet on Sep 30 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Karbonsteel to attend investor conference on Sep 25 | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Karbonsteel says no undisclosed info behind price movement | compliance | low | — | — |
| 17 Sept 2026 · BSE seeks clarification from Karbonsteel on price movement | regulatory legal | high | — | — |
| 11 Sept 2026 · Market maker change: SS Corporate Securities to exit from Sept 15, 2026 | general | low | — | — |
| 2 Sept 2026 · AGM Notice Published in Newspapers; Meeting on Sep 23, 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · Karbonsteel Engineering FY26 annual report: revenue up, profit down | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.