About the Business
Incorporated in 1996, Karamtara Engineering Limited is a leading manufacturer of critical infrastructure products catering to the renewable energy and power transmission sectors. The company functions as a comprehensive, integrated manufacturer delivering solar mounting structures (fixed-tilt and trackers), high-tensile fasteners, and overhead transmission line hardware fittings.
The company operates a strategic manufacturing footprint across 13 facilities in India and Italy (via its subsidiary Iselfa Morsettaria S.r.l). It is the largest integrated manufacturer in India for solar mounting structures and tracker components, supported by India’s largest solar sector galvanizing capacity of 258,000 MTPA.
- Solar Energy Solutions: Full-suite provider of fixed-tilt structures, tracker piles, torque tubes, and specialized mounting components.
- Transmission Infrastructure: Large-scale lattice tower manufacturing capabilities up to 1,200 kV, with cumulative global supplies surpassing 0.5 million MT.
- Diversification & Wind Expansion: Entering the wind energy equipment segment with a dedicated manufacturing facility for wind turbine tubular towers.
- Global Reach: Diverse export reach spanning over 50 countries across North America, Europe, Asia, Africa, and Australia.
The company’s promoters are Tanveer Singh, Rajiv Singh, Inderjeet Singh, Inderjeet Tanveer Singh Trust, and Inderjeet Rajiv Singh Trust.
Financial Overview
Karamtara Engineering Ltd. has demonstrated consistent top-line and bottom-line scaling, with revenue growing by 36% and profit after tax (PAT) jumping by 64% between FY25 and FY26.
| Metric (₹ Cr) | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Total Income | ₹4,316.36 | ₹3,165.36 | ₹2,427.12 |
| Operating EBITDA | ₹498.11 | ₹346.83 | ₹262.93 |
| PAT (Profit After Tax) | ₹228.75 | ₹139.33 | ₹102.65 |
| Net Worth | ₹1,219.40 | ₹982.67 | ₹552.92 |
| Reserves & Surplus | ₹926.55 | ₹690.53 | ₹547.46 |
| Total Borrowings | ₹1,030.13 | ₹556.28 | ₹508.51 |
| Total Assets | ₹4,142.24 | ₹2,762.59 | ₹1,844.56 |
Restated Consolidated Figures | Source: RHP Filings
Key Financial Metrics (FY26)
Issue Reservation
| Investor Category | Allocation Limit |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail (RII) Shares Offered | Not less than 35% of the Net Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Net Offer |
Objects of the Issue
The net proceeds from the ₹675.00 Cr fresh issue segment will be deployed toward:
- Funding prepayment, repayment and/or payment obligations to lenders towards borrowings and acceptances, in part or full ₹600.00 Cr
- General corporate purposes Balance
Karamtara Engineering Limited holds an entrenched position across renewable solar infrastructure and ultra-high-voltage power transmission hardware, backed by integrated manufacturing and deep export relationships in over 50 countries.
The primary driver for the issue is balance sheet restructuring: utilizing ₹600 Cr (89% of fresh proceeds) toward debt prepayment will significantly curtail finance costs and lower leverage from 0.84x. At the upper price band of ₹254, the company commands a post-issue P/E of 35.72x and an ₹8,174.30 Cr market capitalization. Investors tracking clean energy transition themes and power grid modernization can consider this issue for medium-to-long-term allocation.
