Carver Roboweld IPO

Carver Roboweld Limited, incorporated in August 2009, manufactures welding consumables, including metal cored wires, welding rods and gauging electrodes, and supplies welding spare parts and accessories. The company also provides value-added engineering solutions, including forging die regeneration and welding robot rental services. Its main manufacturing facility is located in Bamanbore, Rajkot, Gujarat, with service units in Pune, Hosur and Ludhiana. Through its subsidiary, Carver Engineering Private Limited, the company offers machinery refurbishment, heavy-duty machining, structural fabrication and engineering solutions to industries such as automotive, steel, cement, power and petroleum. Carver Roboweld is ISO 9001:2015 certified and a Sustaining Corporate Member of the American Welding Society.

Carver Roboweld Limited IPO Overview

Carver Roboweld Limited IPO is a bookbuilding issue worth ₹28.29 crore, comprising a fresh issue of 35,36,000 shares. The IPO opens on 28 October 2026 and closes on 30 October 2026, with allotment expected on 2 November 2026. Refund initiation is scheduled for 2 November, demat credit for 3 November and listing on the BSE SME platform for 4 November 2026. The price band is ₹76 to ₹80 per share, with a face value of ₹10. Investors can bid in multiples of 1,600 shares, with a minimum individual application of 3,200 shares, amounting to ₹2,56,000 at the upper price band. The minimum small HNI application is 4,800 shares, amounting to ₹3,84,000. Smart Horizon Capital Advisors Pvt. Ltd. is the book-running lead manager, Bigshare Services Pvt. Ltd. is the registrar, and Shreni Shares Ltd. is the market maker. The issue includes a market-maker reservation of 1,77,600 shares.

Carver Roboweld Limited IPO Details

Particulars	Details
IPO Date	28 October 2026 to 30 October 2026
Listing Date	4 November 2026
Face Value	₹10 per share
Issue Price Band	₹76 to ₹80 per share
Lot Size	1,600 shares
Total Issue Size	35,36,000 shares (aggregating up to ₹28.29 crore)
Fresh Issue	35,36,000 shares (aggregating up to ₹28.29 crore)
Offer for Sale	Nil
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Shareholding Pre-Issue	95,66,805 shares
Shareholding Post-Issue	1,31,02,805 shares
Market Maker Portion	1,77,600 shares

Carver Roboweld Limited IPO Reservation

Investor Category	Shares Offered	% of Net Issue
QIB	16,65,600	49.60%
Retail	11,80,800	35.16%
NII (HNI)	5,12,000	15.25%
Market Maker	1,77,600	Firm reservation
Total Issue	35,36,000	100.00%

Carver Roboweld Limited IPO Lot Size

Application	Lots	Shares	Amount
Individual Investor (Min)	2	3,200	₹2,56,000
Individual Investor (Max)	2	3,200	₹2,56,000
S-HNI (Min)	3	4,800	₹3,84,000
S-HNI (Max)	7	11,200	₹8,96,000
B-HNI (Min)	8	12,800	₹10,24,000

Carver Roboweld Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	90.07%
Post-Issue	65.77%

Carver Roboweld Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)-Pre-Issue	₹3.64
Earnings Per Share (EPS)-Post-Issue	₹4.56
Price/Earnings (P/E) Ratio-Pre-Issue	21.98x
Price/Earnings (P/E) Ratio-Post-Issue	17.54x
Return on Net Worth (RoNW)	21.57%
Net Asset Value (NAV)	₹17.54 per share
Return on Equity (ROE)	33.63%
Return on Capital Employed (ROCE)	21.64%
EBITDA Margin	30.94%
PAT Margin	12.87%
Debt-to-Equity Ratio	0.97x

Objectives of the Proceeds

The company proposes to utilise the net proceeds from the IPO for the following purposes:

I.  ₹11.99 crore towards funding capital expenditure for purchasing welding robots to expand automation capabilities and manufacturing capacity.

II. ₹8.60 crore towards repaying or partially prepaying outstanding loans from banks and financial institutions, helping reduce debt obligations.

III. General Corporate Purposes

Key Financials (in ₹ crore)

Particulars	31 March 2026	31 March 2025	31 March 2024
Assets	38.26	32.69	21.59
Revenue / Total Income	27.12	24.97	21.67
Profit After Tax	3.48	1.45	1.01
Reserves and Surplus	8.42	3.61	2.16
Total Borrowings	15.65	22.32	13.39

IPO Strengths

I. Strategically located manufacturing facility and service units.

II. Strategic market coverage across domestic industrial markets.

III. Focus on meeting customer specifications and quality standards.

IV. Integrated manufacturing and value-added engineering service capabilities.

V. Experienced promoter and management team with strong welding industry expertise.

VI. Robot rental model supporting long-term customer engagement and recurring revenue.

Peer Group Comparison

Company Name	EPS (Basic) (₹)	EPS (Diluted) (₹)	NAV (₹)	P/E (x)	RoNW (%)
Carver Roboweld Ltd.-Standalone	3.78	3.78	16.86	—	21.57
Peer Group
Carver Roboweld Ltd.-Consolidated	5.80	5.80	18.80	—	29.67
Royal Arc Electrodes	9.05	9.05	73.21	18.18	12.36
Diffusion Engineers	11.98	11.98	102.73	34.52	11.61
Classic Electrodes (India)	7.04	7.04	52.99	7.03	13.28