IPO Analysis
CARVER ROBOWELD LIMITED IPO Analysis: GMP, Financials, Valuation & Risks
Carver Roboweld’s IPO is open from October 28 to October 30, 2026, at ₹76 to ₹80 per share. Review its financials, valuation, unofficial GMP and business risks.
By Vatsal Patel
· 5 min read
AI wrote this article from prospectus and exchange data, and software checked its figures against that data before publishing. How our content is made
Summary
Carver Roboweld Limited’s BSE SME IPO is open from October 28 to October 30, 2026. The price band is ₹76 to ₹80 per share, and the issue size is approximately ₹28.29 crore.
The company makes welding consumables and provides engineering services. Revenue and profit after tax rose across the reported financial years, but customer and supplier concentration, borrowings and compliance matters are among the risks to assess. For other current offers, see all IPOs.
IPO snapshot
| Detail | Information |
|---|---|
| IPO type | SME, bookbuilding |
| Exchange | BSE SME |
| Price band | ₹76 to ₹80 per share |
| Face value | ₹10 per share |
| Retail lot | 3,200 shares, amount ₹2,56,000 |
| Issue size | Approx. ₹28.29 crore |
| Fresh issue | 33,58,400 shares, aggregate up to ₹27 crore |
| Offer for sale | Not available |
| Issue opens | October 28, 2026 |
| Issue closes | October 30, 2026 |
The retail minimum and maximum applications are both listed as 3,200 shares. The S-HNI minimum is 4,800 shares, and the B-HNI minimum is 12,800 shares.
Business
Incorporated in August 2009, Carver Roboweld manufactures metal cored wires, welding rods and gauging electrodes. It also supplies welding spare parts and accessories, and offers forging-die regeneration and welding-robot rental services.
Its main manufacturing facility is in Bamanbore, Rajkot, Gujarat. Service units are in Pune, Hosur and Ludhiana. As of July 11, 2026, installed production capacity for metal cored wires and welding rods was 650 tonnes per annum.
The company acquired Carver Engineering Private Limited in September 2025. Through the subsidiary, it provides machinery refurbishment, heavy-duty machining, structural fabrication, repair and turnkey engineering services. As of June 30, 2026, the company had 68 permanent employees and 75 contract workers.
Financials
The financial figures below are presented as reported. The unit isn't stated in the available financial information.
| Period ended | Assets | Revenue | EBITDA | Profit after tax | Net worth | Total borrowing |
|---|---|---|---|---|---|---|
| March 31, 2024 | 21.59 | 21.67 | 4.12 | 1.01 | 3.11 | 13.39 |
| March 31, 2025 | 32.69 | 24.97 | 4.92 | 1.45 | 4.56 | 22.32 |
| March 31, 2026 | 38.26 | 27.12 | 8.36 | 3.48 | 16.13 | 15.65 |
| June 30, 2026 | 39.45 | 7.71 | 2.84 | 1.49 | 17.62 | 12.27 |
Revenue and profit after tax increased across the reported year-ends from March 2024 to March 2026. Borrowings rose from 13.39 at March 2024 to 22.32 at March 2025, then were 15.65 at March 2026.
Valuation
The stated valuation and return metrics include a price-to-book value of 4.34, basic EPS of 3.78 and NAV of 17.54. The P/E ratio is listed as N/A.
| Metric | Reported value |
|---|---|
| ROE | 33.63% |
| ROCE | 21.64% |
| Debt-to-equity ratio | 0.97 |
| Return on net worth | 21.57% |
| PAT margin | 12.87% |
| EBITDA margin | 30.94% |
| NAV | 17.54 |
| Price-to-book value | 4.34 |
| Basic EPS | 3.78 |
| P/E ratio | N/A |
These figures provide valuation context, but the P/E ratio isn't available for comparison here. The reported financial unit for NAV and EPS isn't stated.
GMP
Carver Roboweld’s unofficial grey market premium (GMP) quote was ₹0 as of October 28, 2026, at 9:05 am IST. GMP is an unofficial quote, not an exchange figure, and a listing may differ from it.
Strengths
- Installed capacity was 650 tonnes per annum as of July 11, 2026, with capacity rising at approximately 30% from Fiscal 2025 to Fiscal 2026.
- Repeat customers accounted for 95.44% of operations revenue in Fiscal 2025 and 98.95% in Fiscal 2026.
- Welding-robot rental revenue increased from ₹77.18 lakh in Fiscal 2024 to ₹247.44 lakh in Fiscal 2026.
- The September 2025 acquisition added machinery refurbishment, machining and turnkey engineering work to the company’s services.
- EBIT and PAT margins improved over Fiscal 2024 to Fiscal 2026.
Risks
- The top 10 customers generated 86.73% of revenue, and one customer contributed 43.36%. The top 10 suppliers accounted for 90.82% of purchases.
- All revenue came from forging-industry customers. Karnataka, Maharashtra and Tamil Nadu contributed 85.08%, leaving the business exposed to demand and supply disruptions in these markets.
- Raw materials represented 91.45% of revenue. Changes in input costs, supply interruptions, quality issues or facility disruptions may affect operations.
- Borrowings were ₹1,342.76 lakh, including ₹625.68 lakh secured. The facilities are unrated, and substantial working-capital needs and ₹746.84 lakh owed to 88 creditors may constrain liquidity.
- The company has pending factory-licence manpower approval, BIS registration and other licence updates. ROC filing discrepancies and an ₹11.35 lakh GST demand also create compliance exposure. The GST matter awaits an order after the company filed replies.
- Leased facilities, declining insurance coverage, cyber and internal-control risks, untested capacity estimates, and possible delays or ineffective use of IPO proceeds may affect execution.
- Related-party transactions were 21.56% of revenue. Promoter control, largely unregistered branding, possible dilution and volatile trading are further risks.
Important dates
| Event | Date |
|---|---|
| Issue opens | October 28, 2026 |
| Issue closes | October 30, 2026 |
| Allotment | November 2, 2026 |
| Refunds | November 2, 2026 |
| Credit to demat | November 3, 2026 |
| Listing | November 4, 2026 |
Promoters
The promoters are Ranjit Chandrabhai Bose, Rajit Chandra Bose and Deval Ranjitbhai Bose.
FAQs
When does the Carver Roboweld IPO close?
The IPO closes on October 30, 2026.
What is the price band?
The price band is ₹76 to ₹80 per share.
What is the retail application size?
The retail minimum and maximum are both listed as 3,200 shares, with an amount of ₹2,56,000.
What was the latest unofficial GMP quote?
The unofficial grey market premium quote was ₹0 as of October 28, 2026, at 9:05 am IST. GMP isn't an exchange figure.
When is the IPO scheduled to list?
The scheduled listing date is November 4, 2026.