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Karamtara Engineering IPOLISTED

NSE, BSEMainboardBook Built Issue

Karamtara Engineering Limited manufactures products for the renewable energy and power transmission sectors, including solar structures, fasteners and transmission line hardware.

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Listing price

₹320

Listing gain

+25.98%

Current

₹320

Listed

17 Sept 26

Opens

09 Sept 26

Closes

11 Sept 26

Allotment

15 Sept 26

Refund

16 Sept 26

Demat

16 Sept 26

Listing

17 Sept 26

Listed at

₹320

+25.98% on 17 Sept 26

Min. investment₹14,986

GMP₹47 · +18.5%

Subscribed66.01x

Track in the app

Overview

Price band

₹241-254

Lot size

59 shares

Min. investment

₹14,986

Issue size

₹875.00 Cr

3.44 Cr shares

Fresh issue

₹675 Cr

2.66 Cr shares

Offer for sale

₹200 Cr

78.74 L shares

Face value

₹10 / share

Issue type

Book Built Issue

Listing at

NSE, BSE

Reservation

Anchor Investor 30%QIB 20%B-HNI 10%S-HNI 5%Individual 35%

Category	Shares offered	% of issue
Anchor Investor	1,03,34,644	30%
QIB	68,89,765	20%
NII (HNI)	51,67,323	15%
B-HNI	34,44,882	10%
S-HNI	17,22,441	5%
Individual	1,20,57,086	35%
Total	3,44,48,818	100%

Lot size & investment

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

Listing performance

NSE/BSE: KARAMTARA

Listing gain

+25.98%

Gain per retail lot

₹3,894

Latest vs issue

—

GMP was

₹47 (+18.50%)

₹254

₹301+18.50%

₹320+25.98%

Issue price

GMP estimate

Listing price

Latest price appears here during market hours.

Karamtara Engineering Live GMP

GMP₹47

Est. Price₹301

Est. Gain18.50%

Latest GMP

₹47

All-time high

₹77

All-time low

₹60

GMP × retail lot ₹2,773GMP × S-HNI min ₹38,822Expected listing ~ ₹301GMP is unofficial and changes often. Data as of 11 Sept, 11:00 pm.

Subscription

11 Sept, 11:00 pm

Oversubscribed 66.01 times · 27,51,564 applications

QIB

168.19x

NII (HNI)

51.17x

S-HNI

45.83x

B-HNI

53.83x

Retail

13.98x

Total

66.01x

Total applications

27,51,564

Total bid amount

₹40,430 Cr

Category breakdown

Category	Shares offered	Shares bid	Times	Bid amount
QIB	68,89,765	1,15,88,19,885	168.19x	₹29,434 Cr
NII (HNI)	51,67,323	26,43,90,092	51.17x	₹6,716 Cr
B-HNI	34,44,882	18,54,52,635	53.83x	₹4,710 Cr
S-HNI	17,22,441	7,89,37,457	45.83x	₹2,005 Cr
Retail	1,20,57,086	16,85,41,288	13.98x	₹4,281 Cr
Total	2,41,14,174	1,59,17,51,265	66.01x	₹40,430 Cr

Application-wise breakup

Category	Applications reserved	Applied	Times
B-HNI	4,171	45,546	10.92x
S-HNI	2,085	93,582	44.88x
Retail	2,04,357	26,03,358	12.74x

Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).

Financials

(₹ in crores)

Key performance indicators

As of 31 Mar 2026

ROE

20.77%

PAT Margin

5.3%

ROCE

23.27%

EBITDA Margin

11.55%

Debt to Equity Ratio

0.84

Price to Book Value

6.09

RoNW

20.78%

Valuation vs listed peers

EPS Pre IPO

₹7.75

EPS Post IPO

₹7.11

P/E Pre IPO

32.77

P/E Post IPO

35.72

Price-to-earnings

Karamtara Engineering (post-issue)

35.72×

Inox Wind Limited

27.08×

Waaree Energies Limited

20.48×

KP Green Engineering Limited

9.65×

Suzlon Energy Limited

20.25×

Premier Energies Limited

30.15×

Vikram Solar Limited

12.70×

Saatvik Green Energy Limited

14.23×

Emmvee Photovoltaic Power Limited

18.87×

Company	P/E	P/B	RoNW	Face value
Inox Wind Limited	27.08	—	—	—
Waaree Energies Limited	20.48	—	—	—
KP Green Engineering Limited	9.65	—	—	—
Suzlon Energy Limited	20.25	—	—	—
Premier Energies Limited	30.15	—	—	—
Vikram Solar Limited	12.7	—	—	—
Saatvik Green Energy Limited	14.23	—	—	—
Emmvee Photovoltaic Power Limited	18.87	—	—	—

Peer median P/E 19.6× · Ratios as disclosed in the offer document.

Buzz AI analysis

From this IPO's filings and market data · educational, not investment advice

Revenue growth FY24 → FY26

+77.8%

Profit growth FY24 → FY26

+122.8%

P/E vs peer median

35.7× vs 19.6×

PAT margin 5.3% and ROCE 23.3%.
Priced above its listed-peer median P/E.

Strengths & risks

Diversified Product Portfolio across solar, transmission and wind sectors.
Strong Manufacturing Base with 13 facilities and significant installed capacity.
Backward Integration with in-house rolling mills and galvanizing facilities.
Global Presence with exports to 50+ countries.
Established Customer Base comprising OEMs, EPCs and IPPs.

6.5/10

Buzz score · Neutral

From GMP, subscription and issue size

Financials6.9

Growth6.0

Business6.2

Demand8.7

Risk7.2

Objects of the issue

Purpose	Amount (₹ Cr)
Funding prepayment, repayment and/ or payment obligations to lenders towards borrowings and Acceptances, in part or full.	600
General corporate purposes.	-

Company & documents

mtara Engineering Limited is engaged in the manufacturing of products for the renewable energy and transmission sectors. Its diversified product portfolio includes solar mounting structures, transmission towers, wind turbine towers, fasteners and OHTL hardware fittings and accessories.

Product Portfolio:

Solar Energy Products: Fixed-tilt structures such as Solar MMS, solar C piles and hat purlins, along with tracker piles, piers, torque tubes, Z-posts and other tracker components. The Company produced 332,729 MT of solar products in Fiscal 2026, equivalent to approximately 11.30 GW.
Transmission Towers: Lattice towers for power transmission with manufacturing capabilities of up to 1,200 kV. The Company had supplied over 0.50 million MT of lattice towers as of March 31, 2026.
Wind Turbine Towers: Tubular and angular towers for wind energy applications. In Fiscal 2026, the Company produced 25,893 MT of tubular towers and 11,990 MT of angular towers.
Fasteners & OHTL Hardware: Bolts, nuts, anti-theft fasteners, studs, U-bolts, washers, insulator string fittings, suspension clamps, vibration dampers and other accessories used across power transmission, renewable energy and industrial applications.

As of March 31, 2026, the Company operated 13 manufacturing facilities across India and Italy, with an installed capacity of 889,200 MTPA and 480,000 pieces. Its in-house manufacturing, engineering and galvanizing capabilities, including 276,800 MTPA of galvanizing capacity, support cost efficiency, quality and timely delivery.

The Company serves OEMs, EPCs and IPPs, with 65 solar product customers in Fiscal 2026. It has also commenced composite transmission tower contracts to provide integrated solutions.

The Company has a strong international presence, supplying products to 50+ countries across North America, Europe, Asia, Africa, Australia and Latin America. It served 42 international customers as of March 31, 2026, while export revenue stood at ₹17,474.92 million in Fiscal 2026.

Registrar

MUFG Intime India Pvt. Ltd.

Phone: 022-49186000

Email: karamtara.ipo@linkintime.co.in

Web: https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Company contact

Karamtara Engineering Ltd.

705, Morya Landmark II, New Link Road, Andheri (West), Mumbai, Maharashtra, 400053

Phone: +91 22 4071 0000

Email: investors@karamtara.com

Web: https://karamtara.com/

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