Karamtara Engineering IPO
Karamtara Engineering IPO is a mainboard IPO raising ₹875 Cr at ₹241 – ₹254 a share. The smallest application you can make is 59 shares, costing ₹14,986 at the top of the band. Bidding has closed; the shares list on 17 Sept 2026. So far it has been subscribed 63× in total.
62.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What happens when
Next: bidding closes on 11 Sept 2026.
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Backward-integrated manufacturer of metal structures and components used in solar, wind, and power-transmission infrastructure, including solar module mounting structures, tracker piles and piers, torque tubes, lattice and tubular transmission towers, fasteners, and overhead transmission line fittings. Operates 13 manufacturing facilities (8 in Maharashtra, 4 in Gujarat, 1 in Italy) and ships to over 50 countries, serving OEMs, EPC contractors, and independent power producers. Also entered wind-turbine tower production in 2025 and plans to enter battery energy storage systems and pre-engineered buildings.
How it earns
Primarily by selling manufactured steel products to renewable-energy OEMs/EPCs/IPPs (domestic and export) under supply contracts, with revenues tied to volumes of solar mounting structures, transmission towers, fasteners, and related fittings.
Who buys
Customer base of OEMs, EPCs and IPPs. Named customers include Soltec Energías Renovables SLU, Megha Engineering and Infrastructures Ltd, Ampacity LLC, Gamechange Solar Services India Pvt Ltd, Waaree Renewable Technologies, Elecnor Servicios Y Proyectos S.A.U. and Al Babtain Power & Telecommunication Co. Serves 16 of the top 24 US EPC companies (combined installed capacity ~233 GW). Customer concentration (as % of revenue from operations): largest customer 7.98% in FY26 (₹3,439.51 million), top five 31.36% (₹13,522.64 million), top ten 48.63% (₹20,967.30 million). 65 customers for solar products in FY26; 45.49% of FY26 revenue came from customers associated for at least two years.
Scale
13 manufacturing facilities (8 Maharashtra, 4 Gujarat, 1 Italy); aggregate installed capacity 889,200 MTPA plus 480,000 pieces; in-house galvanizing 276,800 MTPA; exports to 50+ countries; FY26 revenue from operations ₹43,119.76 million (~₹4,311.98 crore, converted at 1 crore = 10 million).
What it says sets it apart
- Largest integrated manufacturer in India by installed capacity for solar mounting structures and tracker components in FY26 (per F&S Report).
- Backward integration via in-house galvanizing capacity of 276,800 MTPA (claimed largest in India's solar sector per F&S Report) and two in-house rolling mill furnaces; 23.73% of raw material consumed in FY26 was produced in-house.
- One-stop-shop product portfolio spanning solar MMS, tracker piles/piers, torque tubes, lattice and tubular transmission towers, fasteners, OHTL fittings, and wind-turbine angular towers.
- Global export footprint of 50+ countries with 40.52% of FY26 revenue from exports (₹17,474.92 million / ₹1,747.49 crore, converted from millions at 1 crore = 10 million) and on-ground sales personnel in the US, Europe and Saudi Arabia.
- Advanced manufacturing scale of 889,200 MTPA aggregate installed capacity (incl. 492,000 MTPA for solar products, equivalent to ~16.81 GW) plus 480,000 pieces at Unit Iselfa; facilities equipped with IoT sensors, robotics and CNC machinery, supported by a 160-member in-house quality assurance team.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs254 / stated EPS Rs7.83 (FY2026 (year ended March 31, 2026), diluted, restated consolidated, bonus-adjusted). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹4,312 Cr+37% | ₹229 Cr+64% | 5.3% | ₹1,220 Cr | ₹1,030 Cr |
| FY2025 | ₹3,158 Cr+30% | ₹139 Cr+36% | 4.4% | ₹983 Cr | ₹556 Cr |
| FY2024 | ₹2,425 Cr | ₹103 Cr | 4.2% | ₹553 Cr | ₹509 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How the book stands today
The category split is the number worth reading, not the total.
QIB: 160× their allocation. Retail: 13×.
What could go wrong
All 14risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
How this cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group it is about to join.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
Led by ICICI Securities Limited — median +18.2% across the 111 of its issues we can price. All lead managers →
What to watch
- Priced at 32.4× earnings — 66% above the median of the peers the issuer itself names.
- The register's top risk: CBI chargesheet against CMD, CFO and VP Finance (prospectus page 47).
- Its cohort's record: median +33.9% since issue price, 27% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track this company once it lists
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.