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Anand Rathi Report
Karamtara Engineering IPO: 10 Key Things to Know Before Investing
1. IPO dates
Karamtara Engineering's IPO launched its initial public offering on September 9, 2026 and the offer closes for subscription on Sep. 11, 2026.
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2. Price band
The company has fixed a price band of Rs 241-254 per share.
3. IPO size
The IPO is worth Rs 875 crore, comprising of fresh Issue worth Rs 675 crore and Offer for Sale (OFS) worth Rs 200 crore.
4. Lot size
Investors can bid for a minimum of 59 shares and in multiples thereof.
5. Objects of the issue
The proceeds from the fresh issue will be used mainly for:
- Repayment/prepayment of borrowings and acceptances
- General corporate purposes.
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6. Lead manager and registrar
JM Financial, ICICI Securities, IIFL Capital Services are the book running lead managers for the offer, while MUFG Intime India Pvt. Ltd. is the registrar to the offer.
7. About the company
Karamtara Engineering is a backward-integrated manufacturer serving the renewable energy and power transmission sectors. Its products include:
- Solar mounting structures
- Tracker components
- Transmission line towers
- Wind towers
- Fasteners and OHTL fittings
The company is India's largest integrated manufacturer of solar mounting structures and tracker components by installed capacity in FY26.
8. Financial performance
- Revenue from operations increased to Rs 4,312 crore in FY26 from Rs 3,158 crore in FY25 and 2,425 crore in FY24.
- Ebitda rose to Rs 498 crore in FY26 from Rs 347 crore in FY25.
- PAT jumped to Rs 229 crore in FY26 from Rs 139 crore in FY25 and Rs 103 crore in FY24.
Revenue and profitability have shown strong growth over the last three years.
9. Key strengths
- Largest integrated solar mounting structure manufacturer in India
- Exports to 50+ countries
- Strong backward integration through in-house steel rolling and galvanizing
- Diversified product portfolio across solar, wind and transmission sectors
10. Peer comparison
Waaree Energies, Suzlon Energy, Premier Energies, Vikram Solar and Inox Wind are the other listed peers in the sector.
Brokerage view
Anand Rathi has assigned a "Subscribe - Long Term" rating, citing strong solar positioning, backward integration, export presence and growth opportunities in wind energy, BESS and Saudi Arabia expansion.
Key risks include dependence on the solar segment, export markets, key customers and raw material price volatility.
Click on the attachment to read the full IPO report:
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