Karamtara Engineering
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 168.19×
- Big non-institutionalbNII · above ₹10 lakh
- 53.83×
- Small non-institutionalsNII · ₹2–10 lakh
- 45.83×
- Retail individualRII · up to ₹2 lakh
- 13.98×
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 | 68,89,765 | 1,15,88,19,885 | ₹29,434 Cr | 168.19× |
| Non-institutional | 51,67,323 | 26,43,90,092 | ₹6,716 Cr | 51.17× |
| Big non-institutionalwithin NII | 34,44,882 | 18,54,52,635 | ₹4,711 Cr | 53.83× |
| Small non-institutionalwithin NII | 17,22,441 | 7,89,37,457 | ₹2,005 Cr | 45.83× |
| Retail individual | 1,20,57,086 | 16,85,41,288 | ₹4,281 Cr | 13.98× |
| Total | 2,41,14,174 | 1,59,17,51,265 | ₹40,430 Cr | 66.01× |
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 11 Sep, 06:09 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 09 Sep 2026 – 11 Sep 2026
- Listing date
- 17 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹241 – ₹254
- Issue price
- ₹254 per share
- Lot size
- 59 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹875 Cr
- Fresh issue
- ₹675 Cr 2,65,74,803 shares
- Offer for sale
- ₹200 Cr 78,74,014 shares
- Market cap at offer price
- ₹8,174 Cr
- Promoter holding
- 92.06% → 82.01% pre-issue → post-issue
- ISIN
- INE590T01012
- CIN
- U45207MH1996PLC099333
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- 705, Morya Landmark II, New Link Road, Andheri (West), Mumbai 400 053, Maharashtra, 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 | 72,61,410 | 28.57% | 28.57% |
| Anchor investor · within QIB | 1,03,34,644 | — | 40.66% |
| NII (HNI) | 54,46,058 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 36,30,706 | — | 14.29% |
| sNII < ₹10L · within NII | 18,15,352 | — | 7.14% |
| Retail (RII) | 1,27,07,469 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Total issue | 2,54,14,937 | — | 100.00% |
Net offer to the public of 2,54,14,937 shares, out of a total issue of 2,54,14,937. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 59 shares per lot, in multiples, at ₹254
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 59 | ₹14,986 |
| Retail (max) | 13 | 767 | ₹1,94,818 |
| S-HNI (min) | 14 | 826 | ₹2,09,804 |
| S-HNI (max) | 66 | 3,894 | ₹9,89,076 |
| B-HNI (min) | 67 | 3,953 | ₹10,04,062 |
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 (₹) | 7.75 | 7.11 |
| P/E (×) | 32.77 | 35.72 |
| Price to book (×) | 7.56 | — |
| Market cap | — | ₹8,174 Cr |
Key performance indicators
- Return on net worth
- 18.15%
- ROCE
- 23.30%
- Debt / equity
- 0.57
- EBITDA margin
- 10.98%
- NAV per share
- ₹33.62
- Price to book
- 7.56
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 | 4,316.36 | 3,165.36 | 2,427.12 |
| Revenue from operations | 4,311.98 | 3,158.45 | 2,425.15 |
| Other income | 4.38 | 6.91 | 1.97 |
| Total expenses | 4,005.14 | 2,977.08 | 2,289.68 |
| Operating profit | 311.22 | 188.28 | 137.44 |
| Operating margin | 7.21% | 5.95% | 5.66% |
| Profit before tax | 311.21 | 188.27 | 137.44 |
| Profit after tax | 228.75 | 139.33 | 102.65 |
| PAT margin | 5.30% | 4.40% | 4.23% |
| Balance sheet | |||
| Total assets | 4,142.24 | 2,762.59 | 1,844.56 |
| Current assets | 2,249.97 | 1,827.44 | 1,175.66 |
| Current liabilities | 2,067.16 | 1,521.29 | 1,051.72 |
| Total liabilities | 2,922.32 | 1,779.4 | 1,291.12 |
| Net worth | 1,219.92 | 983.19 | 553.44 |
| Current ratio | 1.09× | 1.20× | 1.12× |
| Return on equity | 18.75% | 14.17% | 18.55% |
| Cash flow | |||
| Operating cash flow | 675.15 | 102.52 | 40.02 |
| Investing cash flow | -959.46 | -276.42 | -123.79 |
| Financing cash flow | 328.34 | 194.86 | 88.05 |
| Net cash flow | 44.02 | 20.95 | 4.28 |
Objects of the issue
1 Funding prepayment, repayment and/or payment obligations to lenders towards borrowings and Acceptances ₹600 Cr
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.
2 General corporate purposes —
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.
1 of 2 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 Karamtara Engineering
Karamtara Engineering Limited, incorporated in 1996 as a private limited company and converted to public limited in December 2024, is a manufacturer of structural steel products and components serving the renewable energy and power transmission sectors. The company operates 13 manufacturing facilities across India and Italy, producing solar module mounting structures, solar tracker piles and piers, lattice towers for transmission lines, angular and tubular towers for wind turbines, fasteners, and structural steel profiles. Revenue from solar energy products represented 78.99% of total revenue in Fiscal 2026, with 58.46% from domestic markets and 40.52% from exports (primarily to the United States). The company has recently expanded into wind energy manufacturing and intends to enter new segments including prefabricated engineered buildings and battery energy storage systems.
Management
Tanveer Singh
MD
Rajiv Singh
CEO
Sunil Kumar Rustagi
CFO
Shreyans Jitendra Shah
COO
Avnish Bajaj
Director
Tilokchand Punamchand Ostwal
Director
Irina Garg
Director
Shailesh Kumar Mishra
Director
Strengths
As stated in the offer document
Largest integrated manufacturer in India for solar mounting structures and tracker components
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).
Diverse product offerings acting as a one-stop shop for solar structures
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.
Extensive global footprint with exports to over 50 countries
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.
Established relationships with global customers and high customer retention
The company has established strong relationships with global customers, with 45.49% of revenue from operations in Fiscal 2026 attributable to customers associated for at least two years, and average revenue per customer from solar energy products increased from ₹413.05 million in Fiscal 2024 to ₹524.02 million in Fiscal 2026.
Strategic network of manufacturing facilities with advanced capabilities
The company operates 13 manufacturing facilities with aggregate installed capacity of 889,200 MTPA and 480,000 pieces as of March 31, 2026, equipped with automated equipment, robotics and advanced technologies including IoT sensors, with various quality certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018.
Experienced Promoter Directors supported by skilled management team
The company is led by Promoter Directors Tanveer Singh and Rajiv Singh with extensive experience of about 30 years each in manufacturing sector, supported by CEO Sunil Kumar Rustagi with 34 years of industry experience and management team with average of about 24 years of experience.
Consistent track record of financial performance and strong financial position
The company has demonstrated sustained growth with revenues from operations and EBITDA increasing at CAGR of 33.34% and 37.64% respectively between Fiscals 2024 and 2026, with India Ratings assigning long-term credit rating of IND A+/Stable in July 2025.
Risk factors
As stated in the offer document
Significant Dependence on Manufacturing Facilities and Geographic Concentration
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.
Heavy Dependence on Solar Industry Revenue
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.
Customer Concentration Risk
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.
Regulatory Compliance and Investigation Risks
The company's Directors and Key Managerial Personnel may be subject to warnings, penalties, or other regulatory actions following inspection by The Office of the Regional Director, Western Region, Ministry of Corporate Affairs. The company has also received directions from CBI and SFIO seeking information regarding investigations into certain erstwhile customers.
High Indebtedness and Financial Covenant Risk
The company has incurred significant indebtedness with total outstanding borrowings of ₹13,540.23 million as of July 31, 2026, and letter of credit facilities totaling ₹7,351.04 million. The company's inability to meet financial obligations or restrictive covenants could adversely affect operations and access to capital.
Raw Material Supply Chain and Pricing Volatility
The company is dependent on suppliers for raw materials, with top 10 suppliers contributing 89.65%, 86.30% and 76.00% of total purchases in Fiscals 2026, 2025 and 2024, respectively. The company is exposed to volatility in supply and pricing of raw materials, particularly steel-related products, which could impact manufacturing operations and profitability.
Expansion and Capital Expenditure Execution Risk
The company is undertaking significant expansion activities including new manufacturing facilities in Saudi Arabia (SAR176 million investment) and other locations. These expansion plans may not materialize as expected, face delays, or cost overruns, which could adversely impact the company's financial condition and growth prospects.
Outstanding Litigation and Legal Proceedings
The company faces various civil, tax, regulatory and criminal proceedings with aggregate amounts involved of ₹275.99 million against the company. An adverse outcome in these proceedings may affect the company's reputation and could have a material adverse effect on business operations and financial condition.
Working Capital and Cash Flow Management
The company's operations require significant working capital, with net working capital requirements of ₹5,030.59 million in Fiscal 2026. The company's inability to effectively collect receivables or manage working capital could result in reduced profits and adversely affect business operations.
Foreign Exchange and International Operations Risk
The company has significant export operations (40.52% of revenue in Fiscal 2026) and international expansion plans, exposing it to foreign exchange fluctuations, regulatory changes in export markets, and geopolitical risks including recent Middle East conflicts that have impacted operations and logistics costs.
Company Analysis
from RHPKaramtara Engineering Limited manufactures structural steel components and solar mounting structures for renewable energy and power transmission industries.
Karamtara Engineering Limited, incorporated in 1996 as a private limited company and converted to public limited in December 2024, is a manufacturer of structural steel products and components serving the renewable energy and power transmission sectors. The company operates 13 manufacturing facilities across India and Italy, producing solar module mounting structures, solar tracker piles and piers, lattice towers for transmission lines, angular and tubular towers for wind turbines, fasteners, and structural steel profiles. Revenue from solar energy products represented 78.99% of total revenue in Fiscal 2026, with 58.46% from domestic markets and 40.52% from exports (primarily to the United States). The company has recently expanded into wind energy manufacturing and intends to enter new segments including prefabricated engineered buildings and battery energy storage systems.
Objects of the Issue
- Prepayment, repayment and/or payment obligations to lenders towards borrowings and Acceptances p.35
- General corporate purposes p.35
- Prepayment, repayment and/or payment obligations to lenders towards borrowings and Acceptances p.56
- General corporate purposes p.56
- Funding prepayment, repayment and/or payment obligations to lenders towards borrowings and Acceptances, in part or full ₹6,000.00 million p.118
- General corporate purposes p.129
Issue Structure
- Total Issue
- Up to [●] equity shares of face value of ₹10 each aggregating up to ₹8,750.00 million
- Fresh Issue
- Fresh issue of up to [●] equity shares of face value of ₹10 each aggregating up to ₹6,750.00 million
- Offer for Sale
- Offer for Sale of up to [●] equity shares of face value of ₹10 each aggregating up to ₹2,000.00 million
- Price Band
- [●] (Floor Price of ₹[●] and Cap Price of ₹[●])
- Lot Size
- [●] equity shares (Bid Lot) and multiples of [●] equity shares thereafter
- Face Value
- ₹10 each
Business Model
The company manufactures specialized steel structural components and fasteners for renewable energy (solar and wind) and power transmission sectors based on customer specifications. Revenue is generated through sale of products to independent power producers, original equipment manufacturers, and engineering, procurement and construction companies. The company operates on a project-based model with short-term non-exclusive agreements with customers, generating 58.46% of revenue domestically and 40.52% through exports.
Business Segments
SWOT Analysis
- • Established manufacturing presence in renewable energy sector with multiple facilities(p.24)
- • Significant revenue growth and expansion into new product categories(p.25)
- • Diversified product portfolio across solar, wind, and transmission sectors(p.26)
- • Strong domestic market position with significant capacity expansion(p.28)
- • Backward integrated manufacturer with in-house galvanizing and rolling mill facilities(p.135)
- • Diverse product portfolio serving multiple sectors(p.135)
- • Strong export presence across 50+ countries(p.135)
- • Experienced leadership with significant industry tenure(p.135)
- • Strong revenue growth and profitability(p.138)
- • Multiple manufacturing facilities across India and internationally(p.135)
- • Strong renewable energy capacity and market leadership(p.138)
- • High return on capital employed and efficient asset utilization(p.138)
- • Efficient working capital management(p.138)
- • Significant capacity expansion and growth trajectory(p.138)
- • Strong revenue growth and profitability(p.138)
- • Largest installed capacity for solar mounting structures and tracker components in India(p.216)
- • In-house galvanizing facility with largest capacity in solar sector(p.217)
- • Diversified product portfolio across multiple renewable energy segments(p.245)
- • Global presence with exports to over 50 countries(p.217)
- • Significant market share in US exports of solar components(p.220)
- • Largest integrated manufacturer in India for solar mounting structures and tracker components(p.253)
- • In-house backward integration with galvanizing and rolling mill facilities(p.250)
- • Diverse product portfolio enabling one-stop shop positioning(p.253)
- • Extensive global footprint with exports to over 50 countries(p.254)
- • Strong customer relationships and high retention(p.255)
- • Experienced promoter and management team(p.251)
- • Strong financial performance with consistent revenue and EBITDA growth(p.257)
- • Advanced manufacturing capabilities with backward integration reducing supplier dependence(p.400)
- • Diversified product portfolio across solar, transmission, and wind energy sectors(p.401)
- • Significant export revenue generation providing higher margins than domestic sales(p.401)
- • Established manufacturing network enabling geographic diversification and risk management(p.400)
- • Growing capacity utilization and improved profitability from economies of scale(p.400)
- • Diversified product portfolio across renewable and transmission sectors(p.410)
- • Strong revenue growth trajectory(p.411)
- • Improved gross margins and cost efficiency(p.411)
- • Geographic diversification with international manufacturing presence(p.432)
- • Extreme geographic concentration of manufacturing facilities in Maharashtra(p.24)
- • Significant dependence on a small number of key customers(p.26)
- • High dependence on a limited supplier base for raw materials(p.35)
- • Ongoing litigation and title dispute regarding one manufacturing facility(p.25)
- • History of delays in payment of statutory dues(p.34)
- • Significant recent indebtedness with high debt service obligations(p.38)
- • Under-utilization of newly established manufacturing facilities(p.38)
- • Limited experience in new product segments and markets(p.37)
- • Majority borrowings backed by personal guarantees of Promoters(p.40)
- • Outstanding unsecured loans repayable on demand(p.40)
- • Majority of manufacturing facilities on leasehold premises with short renewal horizons(p.41)
- • Material property dispute affecting major manufacturing facility(p.44)
- • Subsidiaries and associates with sustained losses and negative cash flows(p.45)
- • Missing corporate records creating regulatory risk(p.52)
- • Increasing receivables collection period and default risk(p.48)
- • Declining market share in solar tracking products(p.50)
- • High dependence on limited customer base(p.122)
- • Significant outstanding debt and acceptances obligations(p.118)
- • Missing corporate records with traceable issues(p.47)
- • High utilization of working capital facilities(p.121)
- • Moderate capacity utilization rates(p.138)
- • Increasing debt levels relative to equity(p.141)
- • Rising net debt burden(p.141)
- • Moderate net debt to EBITDA ratio indicating leverage(p.141)
- • Declining capacity utilization over two years(p.244)
- • Moderate PAT margin relative to peers in the sector(p.244)
- • Elevated net debt to equity ratio(p.244)
- • Declining market share in domestic solar tracking products(p.219)
- • High dependence on few customers(p.256)
- • Increasing debt levels(p.252)
- • Majority of manufacturing facilities on leasehold premises(p.36)
- • Sub-optimal capacity utilization at certain facilities(p.268)
- • High exposure to raw material cost volatility, with 64.26% of expenses attributable to material costs(p.401)
- • Significant reliance on imported raw materials from China, Vietnam, and South Korea creating supply chain vulnerability(p.401)
- • Outstanding indebtedness of ₹20,891.27 million as of July 31, 2026 with multiple restrictive covenants(p.400)
- • Contingent liabilities including claims not acknowledged as debt of ₹140.48 million(p.376)
- • Dependence on capacity utilization optimization for competitive profitability(p.400)
- • High dependency on top 10 customers for revenue(p.423)
- • High supplier concentration risk(p.423)
- • Significant outstanding litigation exposure(p.425)
- • Material subordinated litigation and asset encumbrance(p.426)
- • Elevated debt levels relative to EBITDA(p.419)
- • High renewable energy adoption and growth potential in India(p.26)
- • Expansion into new geographic markets, particularly Saudi Arabia(p.33)
- • Diversification into new product categories with growing market demand(p.37)
- • Increasing demand in wind energy sector(p.37)
- • Export market growth opportunities, particularly in United States(p.27)
- • Expansion of manufacturing footprint and installed capacity(p.49)
- • Growth in renewable energy and power transmission industries(p.60)
- • Strategic capacity expansion achieved(p.48)
- • Strong revenue and EBITDA growth trajectory(p.49)
- • Export market diversification across multiple continents(p.41)
- • Expansion into new product categories (solar energy products)(p.41)
- • Capacity expansion to serve growing solar and transmission sectors(p.122)
- • Development and launch of new products(p.122)
- • Growth in renewable energy and transmission infrastructure demand(p.138)
- • Increased working capital capacity after debt repayment(p.122)
- • Massive renewable energy deployment target in India(p.160)
- • India's 500 GW non-fossil fuel capacity target by 2030(p.179)
- • Growing transmission infrastructure investments(p.180)
- • Strong solar market expansion with supportive policies(p.182)
- • Wind energy market expansion opportunity(p.189)
- • Rapid growth in India's solar tracker market with high CAGR(p.218)
- • Expanding Indian solar PV capacity additions making it second-largest market globally(p.202)
- • Government incentives and localization policies supporting domestic manufacturing(p.209)
- • India emerging as preferred sourcing hub for global tracker OEMs(p.208)
- • Strong growth in wind energy sector creating demand for structural components(p.222)
- • Transmission infrastructure expansion and Green Energy Corridor projects(p.235)
- • Global renewable energy growth trajectory(p.251)
- • India's renewable energy expansion and solar potential(p.251)
- • Expansion into wind energy and new product segments(p.249)
- • Setting up manufacturing facility in Saudi Arabia(p.259)
- • Capacity expansion in India(p.258)
- • Increasing international market penetration(p.258)
- • Planned capacity expansion including solar stamping parts manufacturing and increased tracker pile/pier capacity(p.400)
- • Entry into battery energy storage systems through wholly owned subsidiary Karamtara Green Energy Limited(p.401)
- • Setup of PEB structures manufacturing facility in Bhachau, Kutch Gujarat(p.401)
- • Expansion of product portfolio to meet emerging market trends and new customer needs(p.401)
- • Strong revenue growth trajectory with domestic sales increasing from 41.86% to 58.46% of total revenue(p.401)
- • Growth from expansion of installed capacity in India and international markets(p.416)
- • Tailwinds from renewable energy adoption and stricter regulations(p.402)
- • International expansion including Saudi Arabia manufacturing facility(p.402)
- • Recovery and passthrough of tariffs to customers(p.402)
- • Growth in domestic market with 65.38% increase in domestic sales(p.411)
- • Significant dependence on solar industry which faces cyclicality risks(p.26)
- • High exposure to export markets and foreign currency volatility(p.22)
- • Exposure to international trade policy changes and tariffs(p.32)
- • Raw material supply chain disruptions and price volatility(p.35)
- • Geopolitical tensions affecting international operations and supply chains(p.32)
- • Regulatory and compliance risks from government inspections(p.30)
- • Intense competition from established and emerging players(p.50)
- • Regulatory changes in environmental, health and safety requirements(p.40)
- • Dependence on short-term orders with no long-term customer contracts(p.41)
- • Seasonal fluctuations in demand for renewable energy products(p.60)
- • Price volatility of power, fuel and raw materials(p.60)
- • Vulnerability to macroeconomic slowdown and currency fluctuations(p.62)
- • Global geopolitical conflicts impacting fuel supply and costs(p.60)
- • Regulatory and policy uncertainty in export incentive schemes(p.59)
- • Rising interest rates and cost of borrowings(p.123)
- • Cyclicality and external changes in business environment(p.119)
- • Dependence on letter of credit facilities subject to supplier risk(p.119)
- • Export revenue concentration risk(p.138)
- • Geopolitical uncertainties affecting global supply chains(p.160)
- • Global commodity price volatility and energy market disruptions(p.170)
- • International trade policies and tariff uncertainties(p.160)
- • Global economic slowdown and inflation risks(p.168)
- • External competitive pressures in renewable equipment exports(p.185)
- • US tariffs severely impacting export competitiveness(p.222)
- • Shifting global preferences from fixed-tilt to tracker systems(p.192)
- • Steel price volatility impacting production costs(p.209)
- • Rapid technological advancement requiring continuous R&D investment(p.222)
- • Dependence on few large export clients creating revenue concentration risk(p.222)
- • EU carbon tariffs (CBAM) affecting exports from India(p.225)
- • Intense competition in highly competitive market(p.280)
- • Export revenue exposure to foreign exchange fluctuations(p.23)
- • Raw material price volatility and input cost fluctuations(p.278)
- • Dependence on limited supplier base(p.278)
- • Lease renewal risks for manufacturing facilities(p.36)
- • Expansion execution and geopolitical risks(p.294)
- • Raw material price volatility influenced by global economic conditions and supply-demand dynamics(p.401)
- • Middle East conflict disruptions affecting gas procurement and increasing logistics costs since March 2026(p.401)
- • Risk of government import duty restrictions on raw materials impacting profit margins(p.401)
- • Exposure to foreign currency exchange rate fluctuations with significant USD-denominated exposure(p.388)
- • Dependence on US market for 34.48% of export revenue creating concentration risk(p.401)
- • Exposure to foreign exchange rate fluctuations(p.402)
- • Highly competitive industry with price-based competition(p.402)
- • Exposure to US tariff policies and trade restrictions(p.402)
- • Volatility in raw material and commodity prices(p.423)
- • Regulatory compliance costs and changing government policies(p.402)
- • Seasonality in business from monsoon fluctuations(p.422)
- • Risk of loss of export promotion scheme benefits(p.402)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Tanveer Singh | Promoter Selling Shareholder | — | — |
| Rajiv Singh | Promoter Selling Shareholder | — | — |
| Inderjeet Singh | Promoter | — | — |
| Inderjeet Tanveer Singh Trust | Promoter Trust | — | — |
| Inderjeet Rajiv Singh Trust | Promoter Trust | — | — |
| Tanveer Singh | Promoter | — | — |
| Rajiv Singh | Promoter | — | — |
| Inderjeet Singh | Promoter | — | — |
| Inderjeet Tanveer Singh Trust | Promoter Group | — | — |
| Inderjeet Rajiv Singh Trust | Promoter Group | — | — |
| Tanveer Singh | Promoter | 22.16% | [●] |
| Rajiv Singh | Promoter | 22.10% | [●] |
| Inderjeet Singh | Promoter | 0.48% | [●] |
| Inderjeet Tanveer Singh Trust | Promoter | 23.65% | [●] |
| Inderjeet Rajiv Singh Trust | Promoter | 23.65% | [●] |
| Tanveer Singh | Promoter | — | — |
| Rajiv Singh | Promoter | — | — |
| Tanveer Singh | Promoter/Promoter Director | — | — |
| Rajiv Singh | Promoter/Promoter Director | — | — |
| Tanveer Singh | Promoter | 22.16% | — |
| Rajiv Singh | Promoter | 22.10% | — |
| Inderjeet Singh | Promoter | 0.48% | — |
| Inderjeet Tanveer Singh Trust | Promoter Trust | 23.65% | — |
| Inderjeet Rajiv Singh Trust | Promoter Trust | 23.65% | — |
| Mr. Tanveer Singh | Promoter | 23.26% | 22.38% |
| Mr. Rajiv Singh | Promoter | 23.26% | 22.33% |
| Inderjeet Tanveer Singh Trust | Promoter | 23.89% | 23.89% |
| Inderjeet Rajiv Singh Trust | Promoter | 23.89% | 23.89% |
| Mrs. Inderjeet Singh | Promoter | — | 0.48% |
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 |
|---|---|---|---|---|---|
| Karamtara Engineering THIS ISSUE | 7.83 | 41.72 | 35.72, computed at the offer price | 7.56, computed at the offer price | 20.78% |
| 2.65 | 36.93 | 27.08 | 1.97 | 8.32% | |
| 129.10 | 501.90 | 20.48 | 5.27 | 32.48% | |
| 27.15 | 91.52 | 9.65 | 2.88 | 32.32% | |
| 2.31 | 6.90 | 20.25 | 7.67 | 40.64% | |
| 33.63 | 95.09 | 30.15 | 10.67 | 42.35% | |
| 13.68 | 87.43 | 12.70 | 1.98 | 21.34% | |
| 29.83 | 107.08 | 14.23 | 3.95 | 41.97% | |
| 17.17 | 53.37 | 18.87 | 6.09 | 51.12% |
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.