Carver Roboweld
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 26.33×
- Big non-institutionalbNII · above ₹10 lakh
- 47.38×
- Small non-institutionalsNII · ₹2–10 lakh
- 26.50×
- Retail individualRII · up to ₹2 lakh
- 19.17×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 6,68,800 | 1,76,09,600 | ₹141 Cr | 26.33× |
| Non-institutional | 5,12,000 | 2,06,81,600 | ₹165 Cr | 40.39× |
| Big non-institutionalwithin NII | 3,40,800 | 1,61,45,600 | ₹129 Cr | 47.38× |
| Small non-institutionalwithin NII | 1,71,200 | 45,36,000 | ₹36.29 Cr | 26.50× |
| Retail individual | 11,80,800 | 2,26,36,800 | ₹181 Cr | 19.17× |
| Total | 23,61,600 | 6,09,28,000 | ₹487 Cr | 25.80× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 30 Oct, 05:57 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 28 Oct 2026 – 30 Oct 2026
- Listing date
- 04 Nov 2026
- Face value
- ₹10 per share
- Price band
- ₹76 – ₹80
- Issue price
- ₹80 per share
- Lot size
- 1,600 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹28.29 Cr
- Fresh issue
- ₹26.87 Cr 33,58,400 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹105 Cr
- Promoter holding
- 90.07% → 65.77% pre-issue → post-issue
- ISIN
- INE1FY301017
- CIN
- U28939GJ2009PLC057707
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- Office no. 1403, Space Odyssey, Near KKV Hall, 150 Feet Ring Road, Mota Mava, Rajkot-360005, Gujarat, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 6,68,800 | 28.32% | 26.34% |
| Anchor investor · within QIB | 9,96,800 | — | 39.26% |
| NII (HNI) | 5,12,000 | 21.68% | 20.16% |
| bNII > ₹10L · within NII | 3,40,800 | — | 13.42% |
| sNII < ₹10L · within NII | 1,71,200 | — | 6.74% |
| Retail (RII) | 11,80,800 | 50.00% | 46.50% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,77,600 | — | 6.99% |
| Total issue | 25,39,200 | — | 100.00% |
Net offer to the public of 23,61,600 shares, out of a total issue of 25,39,200. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,600 shares per lot, in multiples, at ₹80
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,28,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,56,000 |
| S-HNI (max) | 7 | 11,200 | ₹8,96,000 |
| B-HNI (min) | 8 | 12,800 | ₹10,24,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.64 | 4.56 |
| P/E (×) | 21.98 | 17.54 |
| Price to book (×) | 4.34 | — |
| Market cap | — | ₹105 Cr |
Key performance indicators
- Return on net worth
- 8.48%
- ROCE
- 8.27%
- Debt / equity
- 0.70
- PAT margin
- 19.37%
- EBITDA margin
- 36.90%
- NAV per share
- ₹18.42
- Price to book
- 4.34
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 27.12 | 24.97 | 21.67 |
| Revenue from operations | 27.02 | 24.86 | 21.67 |
| Other income | 0.09 | 0.11 | 0 |
| Total expenses | 22.33 | 22.9 | 20.26 |
| Operating profit | 4.79 | 2.07 | 1.41 |
| Operating margin | 17.66% | 8.29% | 6.51% |
| Profit before tax | 4.79 | 2.07 | 1.41 |
| Profit after tax | 3.48 | 1.45 | 1.01 |
| PAT margin | 12.83% | 5.81% | 4.66% |
| Balance sheet | |||
| Total assets | 38.26 | 32.69 | 21.59 |
| Current assets | 24.1 | 23.16 | 12.07 |
| Current liabilities | 14.72 | 15.24 | 13.54 |
| Total liabilities | 22.13 | 28.13 | 18.48 |
| Net worth | 16.13 | 4.56 | 3.11 |
| Current ratio | 1.64× | 1.52× | 0.89× |
| Return on equity | 21.57% | 31.80% | 32.48% |
| Cash flow | |||
| Operating cash flow | -2.65 | 2.69 | 3.69 |
| Investing cash flow | -6.04 | -1.18 | -2.81 |
| Financing cash flow | -0.62 | 7.68 | -0.76 |
| Net cash flow | -9.31 | 9.19 | 0.12 |
Objects of the issue
1 Funding Capital Expenditure for Purchase of Welding Robots ₹11.99 Cr
The company proposes to utilize a portion of the Net Proceeds towards funding capital expenditure requirements for the purchase of welding robots (ABB1520 and ABB2600 models integrated with EWM Phoenix XQ R 500 puls welding power sources) to expand its robot rental fleet from 12 to 39 units, enabling deployment at existing and prospective customer locations.
2 Repayment and/or Prepayment of Outstanding Borrowings ₹8.60 Cr
The company intends to utilize a portion of the Net Proceeds towards full or partial repayment/prepayment of outstanding borrowings availed from various banks and financial institutions, in order to reduce indebtedness, improve the debt-equity ratio, and lower finance costs.
3 General Corporate Purposes —
The company proposes to deploy the balance Net Proceeds towards general corporate purposes including acquisition of fixed assets, funding growth opportunities, strategic initiatives, brand building, administration, marketing, repairs and maintenance, and other ordinary course business expenses, subject to applicable regulatory limits.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Carver Roboweld
Carver Roboweld Limited was originally incorporated as Carver Welding Private Limited on August 4, 2009, under the Companies Act, 1956. It was renamed Carver Roboweld Private Limited on May 23, 2025, and converted to a public limited company as Carver Roboweld Limited, with a fresh certificate of incorporation issued on June 16, 2025. Its registered office is in Rajkot, Gujarat. The company manufactures welding consumables, including metal cored wires, welding rods and gouging electrodes, and supplies welding spare parts and accessories. It also rents welding robots on a rental basis, which operate using specialized robot operating software at customer sites, and provides robotic welding services, welding automation solutions, and repair and maintenance services. It operates one manufacturing facility at Bamanbore, Rajkot, Gujarat and three service units at Pune, Ludhiana and Hosur. It has one wholly owned subsidiary, Carver Engineering Private Limited. Revenue from operations was ₹2,702.20 lakhs in FY2026 and ₹771.04 lakhs for the period ended June 30, 2026. Customers are located across 14 states, and 100.00% of revenue from operations is derived from customers in the forging industry.
Management
Ranjit Chandrabhai Bose
MD
Rajit Chandra Bose
COO
Deval Ranjitbhai Bose
Director
Solanki Dharmesh R
Director
Strengths
As stated in the offer document
Experienced Promoter and Management Team
The company is led by promoters Ranjit Chandrabhai Bose, Rajit Chandra Bose, and Deval Ranjitbhai Bose, with collective experience of nearly 16 years in the welding industry, enabling the company to scale domestic operations and anticipate market trends.
Strategically Located Manufacturing Facility and Service Units
The company's manufacturing facility is located in Bamanbore, Rajkot, Gujarat, complemented by three service units in Pune, Ludhiana, and Hosur, contributing revenues of ₹771.04 lakhs, ₹2,702.20 lakhs, ₹2,485.97 lakhs, and ₹2,167.29 lakhs for the respective periods.
Strategic Market Coverage Across Domestic Markets
The company's customer base spans 14+ states including Karnataka (53.33% of revenue for period ended June 30, 2026), Maharashtra, Tamil Nadu, Punjab, and others, covering western, southern, northern, and central regions of India.
Focus on Consistently Meeting Customer Specifications and Quality Standards
The company is ISO 9001:2015 certified and is a Sustaining Corporate Member of the American Welding Society (AWS), with continuous product review processes ensuring quality compliance, customer trust, and repeat orders.
Robot Rental Model Enabling Long-Term Customer Engagement and Recurring Revenue
The company owns 12 welding robots deployed on a rental basis, creating a captive customer model where lessees are required to use the company's metal-cored wires, generating stable and predictable recurring revenue over long-term lease tenures.
Risk factors
As stated in the offer document
High Customer Concentration Risk
The company derived 86.73%, 80.78%, 84.77%, and 73.34% of its revenue from its top ten customers for the period ended June 30, 2026 and Fiscals 2026, 2025, and 2024, respectively, with the single largest customer contributing up to 43.36% of revenue. Any loss of or reduction in business from these customers could have a disproportionate and material adverse effect on revenues, profitability, and cash flows.
100% Revenue Dependence on the Forging Industry
The company's entire revenue from operations is derived exclusively from customers operating in the forging industry, leaving it with no diversification to mitigate industry-specific downturns. Any adverse developments in the forging industry — including reduced demand, capital expenditure cuts, or deterioration in customer financial conditions — could directly and materially impact the company's revenue and profitability.
Supplier Concentration and Raw Material Supply Risk
The company's top ten suppliers accounted for 90.82%, 92.43%, 94.26%, and 87.15% of total purchases for the period ended June 30, 2026 and Fiscals 2026, 2025, and 2024, respectively. Any disruption in supplier relationships, supply chain failures, or inability to source key raw materials on commercially acceptable terms could materially impair manufacturing operations and financial performance.
Negative Cash Flows and Liquidity Risk
The company experienced negative cash flows from operating activities of ₹265.16 lakhs in Fiscal 2026 and negative investing and financing cash flows across multiple periods. Continued or future negative cash flows may adversely affect the company's liquidity, ability to service debt, fund capital expenditure, and implement its growth strategies.
Geographic Revenue Concentration Risk
Karnataka, Maharashtra, and Tamil Nadu collectively contributed 85.08%, 82.33%, 86.20%, and 80.33% of revenue from operations for the period ended June 30, 2026 and Fiscals 2026, 2025, and 2024, respectively. Any adverse economic, regulatory, or operational developments in these states could materially and adversely affect the company's business and financial performance.
Regulatory and Licensing Compliance Risk
The company has several pending regulatory approvals, including an application for BIS registration under IS 814:2004 for covered electrodes and an enhancement in manpower capacity under its factory license, both of which remain unresolved as of the filing date. Failure to obtain or maintain required licenses and approvals could result in penalties, operational restrictions, product withdrawal, and reputational damage.
Company Analysis
from RHPCarver Roboweld Limited manufactures welding consumables and provides robotic welding services, with its revenue derived from customers in the forging industry.
Carver Roboweld Limited was originally incorporated as Carver Welding Private Limited on August 4, 2009, under the Companies Act, 1956. It was renamed Carver Roboweld Private Limited on May 23, 2025, and converted to a public limited company as Carver Roboweld Limited, with a fresh certificate of incorporation issued on June 16, 2025. Its registered office is in Rajkot, Gujarat. The company manufactures welding consumables, including metal cored wires, welding rods and gouging electrodes, and supplies welding spare parts and accessories. It also rents welding robots on a rental basis, which operate using specialized robot operating software at customer sites, and provides robotic welding services, welding automation solutions, and repair and maintenance services. It operates one manufacturing facility at Bamanbore, Rajkot, Gujarat and three service units at Pune, Ludhiana and Hosur. It has one wholly owned subsidiary, Carver Engineering Private Limited. Revenue from operations was ₹2,702.20 lakhs in FY2026 and ₹771.04 lakhs for the period ended June 30, 2026. Customers are located across 14 states, and 100.00% of revenue from operations is derived from customers in the forging industry.
Objects of the Issue
- Funding the capital expenditure for the purchase of welding robots ₹ 1,199.40 lakhs p.50
- Repayment or prepayment of borrowings ₹ 860.00 lakhs p.50
- General corporate purposes p.51
- Funding capex for the purchase of Welding Robots ₹1199.40 lakhs p.119
- Repayment and/or prepayment of certain outstanding borrowings from banks and financial institutions ₹860.00 lakhs p.121
- General corporate purposes ₹ [●] Lakhs p.124
- Full or partial repayment or pre-payment of certain borrowings ₹ 860.00 lakhs p.170
- Proposed investment in industrial welding robots to expand the robot rental business p.171
Issue Structure
- Total Issue
- Up to 35,36,000 Equity Shares aggregating up to [●] Lakhs
- Fresh Issue
- Up to 35,36,000 Equity Shares aggregating up to [●] Lakhs
- Offer for Sale
- N.A.
- Face Value
- ₹10/- each
Business Model
The company earns revenue from selling welding consumables and welding spare parts, and from robotic welding services such as robot rental and repair and maintenance. Product sales made up 77.42% of revenue from operations in FY2026. Revenue is generated after the company incurs costs and delivers services upfront, with payment collected later under agreed credit terms. Trade receivable days were 73 for the period ended June 30, 2026.
Business Segments
SWOT Analysis
- • Experienced promoter and management team(p.128)
- • Strategically located manufacturing facility and service units(p.128)
- • Strategic market coverage across domestic markets(p.128)
- • Focus on meeting customer specifications and quality standards(p.128)
- • Robot rental model supports long-term engagement and recurring revenue(p.128)
- • Rajkot manufacturing unit positioned for production, logistics and market access(p.119)
- • Experienced promoters with about sixteen years in the industry(p.167)
- • Central manufacturing location with service units nearby(p.167)
- • Pan-India customer coverage across four regions(p.168)
- • Recurring revenue from welding robot rentals tied to consumable supply(p.168)
- • High repeat-customer revenue base(p.169)
- • ISO 9001:2015 certification and AWS membership(p.165)
- • Revenue from operations grew 8.70% in FY26(p.339)
- • Net profit margin improved to 12.83% in FY26(p.341)
- • Consolidated profitability supported by subsidiary(p.348)
- • ISO 9001:2015 certification for welding consumables sales(p.368)
- • High customer concentration: top ten customers contributed 86.73% of revenue in the period ended June 30, 2026(p.23)
- • Supplier concentration: top ten suppliers accounted for 90.82% of purchases in the period ended June 30, 2026(p.26)
- • Dependence on a single manufacturing facility and service units for operations(p.31)
- • Pending regulatory approvals, including factory licence manpower enhancement and BIS registration(p.32)
- • Incomplete corporate records for earlier share allotments and ROC filing delays(p.34)
- • Negative operating, investing and financing cash flows in certain past periods(p.35)
- • Past delays in payment of statutory dues and filing of returns(p.37)
- • Narrow product portfolio, with most revenue from a few welding products(p.40)
- • Depends on third-party transporters to move products from the Manufacturing Unit to Service Units and customers.(p.50)
- • Registered office, Manufacturing unit and Service units are all leased, leave and licence, or rented, not owned.(p.51)
- • Substantial working capital needs, funded partly through bill discounting and bank working capital facilities.(p.51)
- • Related party transactions form a material share of revenue, and the share rose sharply in the period ended June 30, 2026.(p.52)
- • Promoters and Promoter Group hold most of the equity, giving them control over shareholder decisions.(p.53)
- • Most trade names and the logo are unregistered, with only one trademark registered.(p.54)
- • Outstanding dues to 88 creditors, including 56 MSMEs and 4 material creditors.(p.57)
- • Plant output depends on uninterrupted power, raw material supply and labour, with no past shortfalls cited in the document.(p.59)
- • High dependence on a limited number of customers (top ten at 86.73% of revenue in Jun-26 stub)(p.352)
- • Supplier concentration in purchases(p.353)
- • Total borrowings of ₹1,227.34 lakhs as at June 30, 2026 (standalone)(p.351)
- • Promoter-directors have given personal guarantees for company loans(p.357)
- • Trade payables concentrated in MSME dues(p.330)
- • Net operating cash outflow in FY26(p.345)
- • Growth plan to expand business size, geographic reach and new business streams.(p.59)
- • Planned purchase of welding robots funded from IPO proceeds, estimated at ₹1,199.40 lakhs.(p.50)
- • IPO proceeds to be used to repay or prepay certain borrowings, reducing debt.(p.50)
- • Expand robot rental fleet by procuring 27 additional welding robots(p.119)
- • Shift customers from manual to automated welding under rental arrangements(p.120)
- • Enter steel industry with automated welding solutions(p.120)
- • Indian manufacturing sector in expansionary territory(p.147)
- • Government PLI programme strengthening manufacturing base(p.149)
- • Indian economic outlook described as robust(p.149)
- • Deepen relationships and expand customer base in forging and allied industries(p.169)
- • Add new customers across steel, chemical, automotive and infrastructure sectors(p.170)
- • Proposed debt repayment to lower finance costs and improve ratios(p.170)
- • Expand welding robot rental fleet using IPO proceeds(p.171)
- • Growing clean energy segment widens demand for welding consumables(p.160)
- • Pending application to increase factory manpower capacity(p.370)
- • Possible future migration to BSE Main Board from SME platform, subject to eligibility(p.396)
- • 100% FDI permitted under the automatic route under the current FDI Policy(p.441)
- • Forging industry cyclicality and reduced end-user demand, as all revenue comes from forging customers(p.28)
- • Raw material price increases that may compress margins(p.26)
- • Tightening regulatory framework and BIS compliance requirements(p.32)
- • State-level economic and regulatory developments in Karnataka, Maharashtra and Tamil Nadu(p.30)
- • Changes in state government policies affecting the Rajkot manufacturing region(p.36)
- • Competition for skilled labour and wage inflation(p.41)
- • Electricity cost increases and power shortages(p.43)
- • Geopolitical tensions could weaken global economic conditions and financial markets.(p.63)
- • A slowdown in the Indian economy could reduce demand and affect business.(p.63)
- • New or changed Indian laws and labour codes could raise employee and compliance costs.(p.64)
- • Natural and man-made disasters could disrupt the Indian economy and the company's operations.(p.64)
- • Inflation may raise costs that the company cannot fully pass on to customers.(p.65)
- • Competition laws in India could affect agreements, acquisitions and business conduct.(p.65)
- • Rupee and foreign currency movements could reduce the value of shares for foreign holders.(p.66)
- • Exposure to changes in interest rates affecting debt service(p.351)
- • Inflation impact on salary and wage costs(p.351)
- • Credit risk on customer receivables(p.352)
- • Pending GST demand from tax authority(p.351)
- • No assurance on active or sustained trading or post-listing share price(p.399)
- • Changes in regulatory regime would affect listing and trading schedule(p.399)
- • SEBI circulars or notifications may change listing timelines(p.393)
- • Commencement of trading is at the Stock Exchange's discretion(p.393)
- • Issue may be withdrawn in full or part after bidding opens(p.395)
- • Bids not uploaded in time are excluded from allocation(p.393)
- • Investments by entities from land-border countries (Restricted Investors) need prior Government approval(p.441)
- • OCBs barred from participating in the Issue under Government policy(p.441)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ranjit Chandrabhai Bose | Promoter | — | — |
| Rajit Chandra Bose | Promoter | — | — |
| Deval Ranjitbhai Bose | Promoter | — | — |
| Promoters along with members of Promoter Group (collective) | Promoter/Promoter Group | 90.08% | — |
| Ranjit Chandrabhai Bose | Promoter | — | — |
| Rajit Chandra Bose | Promoter | — | — |
| Deval Ranjitbhai Bose | Promoter | — | — |
| Ranjit C Bose | Promoter | 59.58% | — |
| Rajit Chandra Bose | Promoter | 12.95% | — |
| Deval Bose | Promoter | 12.65% | — |
| Ranjit Chandrabhai Bose | Promoter | — | — |
| Rajit Chandra Bose | Promoter | — | — |
| Deval Ranjitbhai Bose | Promoter | — | — |
| Ranjit Chandrabhai Bose | Promoter, Chairman and Managing Director | 59.58% | — |
| Rajit Chandra Bose | Promoter, Whole Time Director | 12.95% | — |
| Deval Ranjitbhai Bose | Promoter, Executive Director | 12.65% | — |
| Ranjit Bose | Promoter | 59.58% | — |
| Rajit Bose | Promoter | 12.95% | — |
| Deval Bose | Promoter | 12.65% | — |
| Tulsikumari Bose | Promoter Group | 4.89% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| - Standalone THIS ISSUE | 3.78 | 16.86 | 17.54, computed at the offer price | 4.34, computed at the offer price | 21.57% |
- Consolidated | 5.80 | 18.80 | — | — | 29.67% |
| 9.05 | 73.21 | 18.18 | — | 12.36% | |
| 11.98 | 102.73 | 34.52 | — | 11.61% | |
| 7.04 | 52.99 | 7.03 | — | 13.28% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.