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Karamtara Engineering IPO

43.60x

subscribed

Karamtara Engineering IPO

Power Generation/Distribution
closed
₹14,219Min. investment
  1. Pre-apply
    8 Sep
  2. Bid start
    9 Sep
  3. Bid end
    11 Sep
  4. Allotment
    15 Sep
  5. Release of funds
    16 Sep
  6. Demat transfer
    16 Sep
  7. Listing
    17 Sep

Karamtara Engineering Limited IPO Details

SectorPower Generation/Distribution
Price range₹241 – ₹254
IPO type
Regular
Lot size59 shares
Issue size₹875Cr
Red Herring Prospectus
Read
Market Cap
₹8,174.3CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹4,311.9CrLower than sector avg
Growth rate3Y CAGR
33.34%Higher than sector avg

Karamtara Engineering Limited IPO Overview

Karamtara Engineering IPO date

Karamtara Engineering IPO will open for subscription on September 09, 2026, and the closing date for the IPO is September 11, 2026. After this, investors are expected to be updated about the allotment status on September 15, 2026.

Investors who have been allotted shares can expect them to be credited to their demat account on September 16, 2026. The shares will be listed on NSE and BSE on Thursday, September 17, 2026.

Karamtara Engineering IPO price band

The IPO includes an offer for sale and a fresh issue. The IPO price band has been set between ₹241 and ₹254 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹675 crore and an offer for sale of ₹200 crore. Karamtara Engineering Ltd IPO listing price will be determined on September 17, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

Karamtara Engineering IPO lot size

Karamtara Engineering IPO lot size for investors is 59 shares per lot, while the minimum investment is ₹14,986 per lot at the upper end of the price band. The total IPO issue size is ₹875 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹4,311.9Cr
This sector
₹7,783.3Cr
Compare with companies
3Y growth
Strong 3-year growth shows consistent progress and potential
This IPO
33.34%
This sector
0.01%
Compare with companies
PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹228.7Cr
This sector
₹1,281.2Cr
Compare with companies
Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹8,174.3Cr
This sector
₹38,103.65Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
32.44
This sector
45.35
Compare with companies
D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.84
This sector
2.10
Compare with companies

Objectives

Repayment of borrowings
88.80%
General corporate purposes
11.10%

Strength and Weakness

Market leadership and scale

The company is India’s largest integrated manufacturer of solar mounting structures and tracker components with aggregate installed capacity of 889,200 MTPA, making it a preferred, reliable partner for large-scale renewable energy developers and major EPC companies.

Extensive backward integration

The company has in-house galvanising capabilities and rolling mill furnaces, which enable the company to make a large proportion of its raw materials in-house.

One-stop shop product portfolio

The company’s product portfolio comprises solar mounting systems, tracker piles, torque tubes, gearbox lattice towers, wind turbine towers and fasteners. This extensive catalogue allows customers to purchase multiple components from a single supplier, simplifying the procurement process and generating cross-selling revenue.

Global footprint and export reach

The company’s products are sold in over 50 countries across North America, Europe, Asia, Africa, Australia and Latin America.

Strong international client base

Karamtara is a supplier of 16 out of the top 24 EPC companies in the US and has a diversified international client base. The result is a constant rise in the average income per customer on solar products, fuelled by deep and long-lasting commercial relationships.

High customer retention

The company has an insignificant customer rejection rate of 0.14% in FY26 on account of outstanding quality standards. Nearly half of its operating revenues are from customers who have been with the company for two years or more.

Strategic manufacturing network

13 manufacturing plants strategically located in Maharashtra, Gujarat and Italy near key transport networks. This geographic placement provides major operational synergies and reduces freight expenses.

About Karamtara Engineering Limited

Karamtara Engineering is engaged in the manufacture of products which are used in the renewable energy and transmission line sectors. The company was the largest integrated manufacturer in India of solar mounting structures and tracker components in FY26, as per F&S report. The company entered the wind energy business in 2025, and began production of angular towers for wind turbines in March 2025 and tubular towers for wind turbines in June 2025. The company is also looking to enter the battery energy storage systems (BESS) business through its wholly-owned subsidiary, Karamtara Green Energy Limited (KGEL), which was incorporated in May 2025.
The company had 13 manufacturing facilities including eight in Maharashtra, four in Gujarat and one in Italy as of March 31, 2026. Karamtara Engineering also has two in-house rolling mill furnaces to manufacture different grades of structural steel needed for its solar energy and transmission line products. The company had an aggregate installed capacity of 889,200 MTPA as on 31 March 2026 including 492,000 MTPA of solar products, which is equivalent to about 16.81 GW, along with capacity of 480,000 pieces excluding galvanizing capacity. The company has a galvanizing capacity of 276,800 MTPA which is the largest installed galvanizing capacity in the solar energy sector in India.
Karamtara Engineering largest business segment is solar products, which accounted for 78.9% of revenue from operations in FY26. The portfolio includes fixed-tilt structures or Solar MMS, along with solar tracker components such as solar tracker piles and piers and solar torque tubes. The company also manufactures products for the transmission and wind energy sectors. Lattice towers for transmission lines contributed 6.3% of revenue in FY26, while angular towers for wind turbines contributed 2.05%, tubular towers for wind turbines contributed 1.08%, fasteners contributed 5.4%, and other products contributed 6.11%.
Domestic business is a key growth driver for Karamtara Engineering. The domestic revenue from operations grew at a CAGR of 57.8% to ₹2,564.4 crore in FY26 from ₹1,029.3 crore in FY24. Thus, the domestic component of total revenue rose from 42.4% to 59.4% in the period. Export revenue, however, grew at a comparatively slower CAGR of 11.8% from ₹1,395.83 crore in FY24 to ₹1,747.49 crore in FY26. Consequently, its share in total revenue decreased from 57.5% to 40.5% with the domestic business expanding at a faster rate.
As of March 31, 2026, the company had a presence in more than 50 countries, including North America, Europe, Asia, Africa, Australia and Latin America. As per F&S Report, Karamtara is presently serving 16 of the top 24 EPC companies in the US with a combined installed capacity of approximately 233 GW. The company sold solar products to 65 customers in FY26 versus 73 customers in FY25 and 48 customers in FY24. FY26 saw the average revenue per solar customer rise to ₹52.40 crore from ₹41.31 crore in FY24, despite a lower customer count compared with FY25. The company's customers are mainly original equipment manufacturers (OEMs), Engineering, Procurement and Construction (EPC) firms and Independent Power Producers (IPPs). The top 10 customers accounted for 48.63% of revenue from operations in FY26, compared with 40.40% in FY25.
The world’s renewable energy capacity installed increased from 2,811 gigawatts (GW) in 2020 to 5,149 GW in 2025 and is projected to reach 9,125 GW by 2030. Solar PV remains the key growth driver, with global installed solar capacity rising from 726 GW in 2020 to 2,392 GW in 2025 and projected to reach 5,328 GW by 2030. India is also moving toward a higher share of renewable energy in the energy mix. Total power generation capacity is likely to reach 868 GW by FY31, and India’s renewable energy target is 500 GW by 2030, including 282 GW of solar power. As of April 1, 2026, India had 157 GW of installed solar capacity, which is around 21% of India’s solar potential.
The company is India’s largest integrated manufacturer of solar mounting structures and tracker components and a key beneficiary of this solar boom. The huge gap between the current capacity and targets means India will have to pump in a lot of investment in renewable energy infrastructure in the next few years. This domestic expansion will greatly benefit Karamtara, a major Indian manufacturer of solar mounting structures and transmission towers. The company is already enjoying a CAGR of 57.84% p.a. in its domestic revenue between FY24 and FY26, which is expected to accelerate with the government’s push toward renewable energy.
Now, Karamtara Engineering is launching its initial public offering (IPO), which consists of a Fresh issue of ₹675 crore and an offer for sale of ₹200 crore. The total issue size of the IPO is ₹875 crore. Its shares will be listed on the NSE and BSE.

How to apply for Karamtara Engineering IPO?

If you are interested in this investment opportunity but unsure how to apply for an Karamtara Engineering IPO, follow these steps.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Karamtara Engineering IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Karamtara Engineering IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

IPO Analysis

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Karamtara Engineering IPO
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Karamtara Engineering IPO Subscription Status

Date
QIB
NII
Retail
Total
09-Sep-26
1.19 times (X)
2.31 times (X)
0.68 times (X)
0.99 times (X)
10-Sep-26
2.18X
10.98X
2.05X
2.84X
11-Sep-26
90.77X
99.29X
8.68X
43.6X

Latest News on Karamtara Engineering IPO

news logo
Karamtara Engineering IPO is a mix of a fresh issue of shares worth ₹675 crore and an offer for sale (OFS) component of shares aggregating to ₹200 crore by promoters Tanveer Singh and Rajiv Singh.

3 min read

news logo
The total offer size includes a fresh issue of equity shares amounting to ₹1,350 crore, along with an offer for sale by Selling Shareholders totaling ₹400 crore. The Company plans to use the net proceeds from the fresh issue primarily for funding initiatives. Specifically, ₹1,050 crore will be allocated towards the prepayment, repayment, or payment obligations to lenders regarding borrowings.
news logo
The ₹875 crore Karamtara Engineering IPO comprises a fresh issue of shares worth ₹675 crore and an offer for sale (OFS) component of up to ₹200 crore by promoters Rajiv Singh and Tanveer Singh.

3 min read

news logo
Karamtara Engineering IPO was a mix of fresh issuance of shares totalling ₹675 crore and an offer for sale (OFS) of ₹200 crore by promoters Tanveer Singh and Rajiv Singh. The total issue size was ₹875 crore.

3 min read

Frequently asked questions

Investors can apply for the Karamtara Engineering IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Karamtara Engineering IPO is 875 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Application closed