Karamtara Engineering Ltd(KARAMTARA)

NSE: KARAMTARABSE: 544917

₹ 384.65+2.38%refreshed 09 Nov, 03:30 pm ISTMarket cap: ₹ 12,379 crWebsite: www.karamtara.comUpdated: 10 Nov 2026

About

Karamtara Engineering Ltd is an Indian manufacturer of steel structures for the energy sector - primarily solar mounting structures and transmission towers - exporting to 50+ countries from facilities in India and Saudi Arabia. In Q1 FY27 revenue from operations reached INR 1,581 crores, up 72% year-on-year, with renewable products comprising 82% of revenues. The company holds installed capacity of 889,200 MT per annum across its manufacturing base.^[1]

Revenue mix

Renewable products (solar mounting structures and related) made up 82% of Q1 FY27 revenues, making them the dominant revenue driver.^[1]
International business accounted for 66% of Q1 FY27 revenues; the company exports to 50+ countries and operates in India, the US, Saudi Arabia, and Europe.^[1]
Transmission tower products represented approximately 13% of the Q1 FY27 revenue mix, identified as a targeted growth segment.^[1]
Services revenue is capped at 3 - 5% of total revenue; the company remains predominantly a product manufacturer.^[1]

Manufacturing capacity and utilisation

Total installed capacity stood at 889,200 MT per annum as of Q1 FY27.^[1]
Capacity utilisation ran in the 55% - 60% range in FY26, leaving headroom to absorb new order growth without proportionate capex.^[1]
A new lattice transmission tower manufacturing facility at Bhachau, Gujarat commenced operations in Q1 FY27; it is expected to reach peak capacity within 6 - 9 months from that quarter.^[1]

Key operating numbers

Order book / sales volume was 135,000 tons in Q1 FY27.^[1]
Net working capital days compressed to 36 days in Q1 FY27, down from 43 days the prior period and 67 days in FY24/FY25.^[1]
Interest cost as a percentage of revenue declined to 2.6% in Q1 FY27.^[1]
US Section 232 tariff pass-through embedded in Q1 FY27 revenue was INR 250 crores, versus INR 113 crores in Q1 FY26.^[1]
Q1 FY27 EBITDA margin was 11.0%, down from 13.1% in Q1 FY26, with the compression attributed to elevated global shipping and local trucking costs.^[1]

Customers and distribution

Top-10 customer concentration fell from 51.37% of revenue in FY24 to 36.53% in FY26; the largest single customer's share dropped from 18.93% to 7.98% over the same period.^[1]
The number of solar customers grew from 48 to 73 between FY24 and FY26.^[1]

Expansion and capex

A multiproduct facility in Saudi Arabia for transmission line and solar products is under construction; trial production is expected in December 2026 and the galvanizing plant is targeted for commercial operation by February - March 2027.^[1]
Full ramp-up of the Saudi Arabia facility is expected 12 - 18 months after commissioning; local manufacture there is projected to yield meaningfully better margins than India exports.^[1]
A Prefabricated Engineered Building (PEB) facility at Bhachau targeting data-centre demand is being set up; commercial production is expected at the start of FY28.^[1]

Recent developments

Q1 FY27 revenue from operations reached INR 1,581 crores, up 72% year-on-year and 26% quarter-on-quarter, the strongest quarterly performance reported to date.^[1]
Management guided for FY27 consolidated revenue growth of 60 - 65% over FY26, with EBITDA margin improvement expected in H2 FY27 as new asset utilisation rises and fixed costs are absorbed.^[1]

Market Cap

₹12,379 Cr

High / Low

₹446 / 320

Promoter holding

82.0%

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