Karamtara Engineering IPO
LISTEDMAINBOARDListing Performance
▲ 25.98%
Issue Price
₹254
Listing Price
₹320
Listed On
17 Sep 2026
- Price Band
- ₹241 – ₹254
- Lot Size
- 59
- Lot Value
- ₹14,986
- Open Date
- 09 Sep09 Sep 2026
- Close Date
- 11 Sep11 Sep 2026
- Min Investment
- ₹14,986
Karamtara Engineering — Stock Performance
About Karamtara Engineering
Manufactures and sells solar energy products, lattice towers for transmission lines, fasteners, and other engineering components to independent power producers, original equipment manufacturers, and engineering, procurement and construction companies.
Use of IPO Proceeds
Promoters
Tanveer Singh
Chairman and Managing Director · age 55
Promoter and founder of the company with extensive experience in the business.
Pre-issue: 23.26%
Rajiv Singh
Joint Managing Director · age 51
Promoter and co-founder of the company with extensive experience in the business.
Pre-issue: 23.26%
Inderjeet Singh
Promoter · age 77
Pre-issue: 0.48%
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: Equity
Strengths (6)
- •Largest integrated solar mounting structures manufacturer in India by installed capacity
- •Backward integrated with in-house galvanizing and rolling mill facilities for operational efficiency
- •Diverse product portfolio serving solar, wind, transmission, and industrial sectors globally
- •Wide geographic footprint with exports to over 50 countries across six continents
- •Strong management team led by promoters with 32 years of industry experience
- •Eight manufacturing facilities with 567,000 MTPA aggregate capacity across India and Italy
Risk Factors (6)
- •Manufacturing facility disruptions could materially impact operations; 98.80% of revenue concentrated in Maharashtra
- •Expansion activities may not materialize as expected, adversely affecting business growth and financial condition
- •Significant dependence on renewable energy and transmission sectors exposes company to industry cyclicality
- •Heavy reliance on export markets creates vulnerability to foreign exchange fluctuations and geopolitical risks
- •Competition from established manufacturers and new entrants could pressure margins and market share
- •Regulatory changes in renewable energy policies across markets could impact demand and profitability
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 37.53x (QIB 90.77x, NII 33.14x, Retail 8.99x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | 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 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 1.19x | 2.18x | 90.77x |
| sNII (S-HNI) | 1.00x | 4.14x | 28.82x |
| bNII (B-HNI) | 0.65x | 3.03x | 35.30x |
| Retail | 0.68x | 1.95x | 8.99x |
| Total | 0.84x | 2.33x | 37.53x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
8.99x
Allotment Ratio
1 lot per 9 applicants
Allotment Probability
~11.1%
Non-Institutional Investors (NII / HNI)
Subscription
33.14x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
90.77x
Allotment Type
Discretionary allotment
Total Subscription
37.53x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
09 Sep 2026 · Wed
Issue Closes
11 Sep 2026 · Fri
Bidding Cut-off (UPI Mandate)
11 Sep 2026 · 5:00 PM IST
Allotment
15 Sep 2026 · Tue
Listing
17 Sep 2026 · Thu
Issue Opens
09 Sep 2026 · Wed
Issue Closes
11 Sep 2026 · Fri
Bidding Cut-off (UPI Mandate)
11 Sep 2026 · 5:00 PM IST
Allotment
15 Sep 2026 · Tue
Listing
17 Sep 2026 · Thu
IPO Details
| Registrar | MUFG Intime India Private Limited |
| Exchange | Equity |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹875.00 Cr |
| Fresh Issue | ₹1350.00 Cr |
| OFS Size | ₹400.00 Cr |
| Lead Managers | JM Financial Limited, ICICI Securities Limited, IIFL Capital Services Limited, MUFG Intime India Private Limited |
3-Year Financial Summary
Revenue trend
↑ FY23→FY24
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY24 | 2,425.15 | 102.65 | 3.64 | — | 20.47% |
| FY23 | 1,600.31 | 42.36 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 |
|---|---|---|
| EBITDA | 153.61 | 262.93 |
| Net Worth | 450.71 | 553.44 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
69.8x
Price ÷ EPS
EPS (FY24)
₹4
Earnings per share
RoNW
20.47%
Return on net worth
ROCE
24.15%
as reported in filing
EBITDA margin
10.8%
EBITDA ÷ revenue
Price/NAV
12.96x
Price ÷ NAV (as reported)
Check the valuation yourself
Company Fundamentals
10 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | ₹0.55 Cr |
| Paid-up Capital | ₹0.55 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Karamtara Engineering offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Karamtara Engineering's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Karamtara Engineering's filing.
Source: Karamtara Engineering offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB50.00%
- NII / HNI15.00%
- Retail35.00%
OFS Selling Shareholders
- Tanveer Singh₹200.00 Cr
- Rajiv Singh₹200.00 Cr
Source: Karamtara Engineering offer document (DRHP/RHP).
Board & Management
Board of Directors (8)
- Tanveer Singh₹3.00 Cr p.a.
Chairman and Managing Director
- Rajiv Singh₹3.00 Cr p.a.
Joint Managing Director
- Sunil Kumar Rustagi₹0.00 Cr p.a.
Whole-time Director and Chief Executive Officer
- Shreyans Jitendra Shah₹3.63 Cr p.a.
Whole-time Director
- Avnish Bajaj
Independent Director
- Tilokchand Punamchand Ostwal
Independent Director
Associate member of the Institute of Chartered Accountants of India
41 years in accounting and finance
- Irina Garg
Independent Director
Master's degree in Arts in Psychology from University of Lucknow
35 years with the Indian Revenue Services
- Shailesh Kumar Mishra
Independent Director
Bachelor's degree in Electrical Engineering from Maulana Azad College of Technology, Bhopal
38 years in the energy sector
Key Managerial Personnel (2)
- Sanjay Khare
Company Secretary and Compliance Officer
Bachelor's degree in Law, Master's degree in Arts in Sociology, Post graduate diploma in cyber laws
25 years in legal, secretarial services and compliance
- Prasanta Kumar Nath₹0.36 Cr p.a.
Chief Financial Officer
Bachelor's degree in Commerce, Chartered Accountant, Certified Public Accountant
26 years in managerial and financial services
Source: Karamtara Engineering offer document (DRHP/RHP).
Industry & Market
Largest integrated manufacturer in India for solar mounting structures and tracker components in terms of installed capacity as of September 30, 2024; approximately 4.4% share of domestic market for fixed tilt solar components as of March 31, 2024
Per Frost & Sullivan Report on Renewable Energy dated January 20, 2025, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Karamtara Engineering Limited (Formerly known as Karamtara Engineering Private Limited) | — | 3.64 | 20.47 | 19.6 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Tax | Company | 16 | 3.231 |
| Tax | Promoters | 13 | 0.309 |
| Tax | Directors | 4 | 0.004 |
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:MUFG Intime India Private Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Karamtara Engineering IPO opening?
The Karamtara Engineering IPO opens on 09 Sep 2026 and closes on 11 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Karamtara Engineering IPO?
The price band for the Karamtara Engineering IPO is ₹241 to ₹254. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Karamtara Engineering IPO?
The minimum lot size is 59 shares with a minimum investment of ₹14,986. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Karamtara Engineering IPO today?
The latest Grey Market Premium for Karamtara Engineering is ₹67 (+26.38%). GMP is unofficial data and is not a guarantee of listing price.
When will the Karamtara Engineering IPO list on NSE and BSE?
The Karamtara Engineering IPO is expected to list on 17 Sep 2026 on Equity. Actual listing day trading begins at the start of the normal market session.
How can I check the Karamtara Engineering IPO allotment status?
The registrar for this IPO is MUFG Intime India Private Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Karamtara Engineering IPO a mainboard or SME issue?
Karamtara Engineering is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Karamtara Engineering IPO?
You can apply for the Karamtara Engineering IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Karamtara Engineering IPO?
The GMP-implied price (unofficial, not a forecast) is ₹321: the upper price band of ₹254 plus the latest grey market premium of ₹67, as of 28 Sep 2026, 01:01 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Karamtara Engineering IPO?
Based on the retail subscription of 8.99x, the estimated allotment ratio is 1 lot per 9 applicants (approximately 11.1% chance of allotment). This is an estimate and actual allotment may vary.
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