Karamtara Engineering Limited

Karamtara Engineering Limited is a leading, backward-integrated player in India’s renewable energy and power transmission infrastructure manufacturing landscape. The company’s core value proposition rests upon its absolute vertical integration, which allows it to process raw steel, perform custom precision roll-forming, execute high-volume hot-dip galvanizing, and deliver fully engineered, client-ready structural modules under one roof. This end-to-end operational control minimizes third-party supply chain disruptions, ensures strict structural tolerances, and optimizes operating margins. The underlying business model is tender-driven and contract-based, serving utility developers, engineering, procurement, and construction (EPC) contractors, and multinational tracker players globally.

The company’s primary client segments consist of utility-scale solar developers, solar tracker manufacturers, and extra-high-voltage (EHV) power transmission utilities. Domestically, the company is a trusted partner to major public and private infrastructure houses. Globally, it has built a formidable presence, serving six of the top 15 solar EPC companies in the United States. Geographically, Karamtara exports its engineered components to over 50 countries across North America, Europe, Asia, Africa, Australia, and Latin America. In Fiscal 2026, export revenues contributed 40.52% of total operational revenues, showing its strong alignment with international procurement standards.

Karamtara's physical manufacturing footprint is built on a massive scale, comprising 13 advanced manufacturing facilities. Seven of these units are strategically clustered in Maharashtra, India—enabling immediate access to major port networks for export logistics—while one facility is located in Italy to service the European Union. As of March 31, 2026, the company operates with an aggregate installed manufacturing capacity of 889,200 MTPA, making it the largest integrated manufacturer of solar mounting structures and tracker components in India. Of this, 492,000 MTPA is dedicated to solar products, which is equivalent to approximately 16.81 GW. The company's consolidated capacity utilization stood at 67.91% in Fiscal 2026 (compared to 67.18% in Fiscal 2025 and 67.18% in Fiscal 2024), demonstrating steady capacity absorption.

A core operational moat of the business is its advanced research and technological integration, supported by an in-house steel processing mill and a massive 276,800 MTPA hot-dip galvanizing capacity. The company deploys automated robotic welding systems, high-speed roll-forming lines, and advanced design engines to optimize structural weights. Its facilities are fully certified to meet the European Union's Carbon Border Adjustment Mechanism (CBAM) and strict ASTM standards in North America. This technical focus has allowed Karamtara to expand its portfolio from traditional transmission lattice towers and fasteners into specialized, high-margin structural solutions, such as angular and tubular wind turbine towers and high-load torque tubes for single-axis tracker piles, both of which commenced commercial production in Fiscal 2026.

As per financial performance, Karamtara Engineering Limited has posted total income / net profits of Rs 2,427.12 Cr / Rs 102.65 Cr (FY24), Rs 3,165.36 Cr / Rs 139.33 Cr (FY25) and Rs 4,316.36 Cr / Rs 228.75 Cr (FY26). So as per previous financials data, the company has shown consistent top-line and bottom-line expansion with total income compounding at a robust 33.34% CAGR, while also utilizing Rs 600.00 Cr of the fresh proceeds to prepay bank borrowings and acceptances to reduce its debt-to-equity ratio to an estimated ~0.35x. Company has an average EPS of Rs 6.16 and average RoNW of 19.85% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 6.09 as per NAV of Rs 41.72 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 4.29. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 79.63, 58.67, and 35.73 respectively. As per RHP, a comparison between listed peers is shown in above table.

On BRLM's front, JM Financial Limited, ICICI Securities Limited, and IIFL Capital Services Limited are associated with this IPO, and JM Financial Limited has handled 37 IPOs in the last three fiscal years. (as on 04.09.26)

• 1 Mr. Tanveer Singh
• 2 Mr. Rajiv Singh
• 3 Mrs. Inderjeet Singh
• 4 Inderjeet Tanveer Singh Trust
• 5 Inderjeet Rajiv Singh Trust