Carver Roboweld IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Carver Roboweld

Price band

₹76 – ₹80

Lot size

1600 shares

Min investment

₹1,28,000

Issue size

₹28.29 Cr

About the company

Carver Roboweld Limited was incorporated in August 2009. It makes welding consumables: metal cored wires, welding rods and gauging electrodes. It also supplies welding spare parts and accessories. The company has added services for the forging industry, such as forging die regeneration and welding robot rental. The robot rental model is meant to keep customers with the company for a longer time. Its main plant is at Bamanbore, Rajkot, in Gujarat. It also runs service units in Pune, Hosur and Ludhiana. On 11 July 2026 the installed capacity for metal cored wires and welding rods was 650 tonnes a year, and the company says capacity grew at about 30% a year between FY2025 and FY2026. In September 2025 the company bought Carver Engineering Private Limited. This subsidiary does re-conditioning and refurbishment of plant and machinery for forging, casting, cement, steel, sugar, power, petroleum, automotive and fabrication customers. It also does heavy-duty machining, structural fabrication and turnkey engineering projects. The company is ISO 9001:2015 certified and is a Sustaining Corporate Member of the American Welding Society. On 30 June 2026 it had 68 permanent employees and 75 contract workers. The company is promoted by Ranjit Chandrabhai Bose, Rajit Chandra Bose and Deval Ranjitbhai Bose. The issue is a fresh issue of Rs 28.29 crore on the BSE SME platform.

Carver Roboweld makes welding consumables at Bamanbore, Rajkot, and offers forging die regeneration and welding robot rental services. Profit after tax grew 140% from Rs 1.45 crore in FY2025 to Rs 3.48 crore in FY2026.

IPO details

Issue price: ₹80
Price band: ₹76 – ₹80
Face value: ₹10
Lot size: 1600
Min investment: ₹1,28,000
Issue size: ₹28.29 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 8063
NSE symbol: CRL.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,600	₹1,28,000
Retail (Max)	1	1,600	₹1,28,000
HNI (Min)	2	3,200	₹2,56,000

Investor reservation

CATEGORY	RESERVED
QIB	16,65,600 shares (49.60% of the Offer)
NII	5,12,000 shares (15.25% of the Offer)
Retail	11,80,800 shares (35.16% of the Offer)

Objects of the issue

1Funding the capital expenditure requirements of the Company towards the purchase of Welding Robots11.99

2Repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by the Company from banks and financial institutions8.60

3General Corporate Purpose

Financials

Rs. Crore • restated

METRIC	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	39.45	38.26	32.69	21.59
Total Income	7.71	27.12	24.97	21.67
Profit After Tax	1.49	3.48	1.45	1.01
EBITDA	2.84	8.36	4.92	4.12
NET Worth	17.62	16.13	4.56	3.11
Reserves and Surplus	9.62	8.42	3.61	2.16
Total Borrowing	12.27	15.65	22.32	13.39

Key performance indicators

P/E Ratio

17.54

EPS (₹)

4.56

RoE

33.63%

RoCE

21.64%

RoNW

21.57%

PAT Margin

12.87%

EBITDA Margin

30.94%

Debt / Equity

0.97

NAV (₹)

17.54

✓ Strengths

• Profit after tax rose from Rs 1.01 crore in FY2024 to Rs 1.45 crore in FY2025 and Rs 3.48 crore in FY2026.

• EBITDA grew from Rs 4.12 crore in FY2024 to Rs 8.36 crore in FY2026, as per the adjusted figures at the source. The EBITDA margin was 30.94% and the PAT margin 12.87%.

• Return on equity is 33.63% and return on capital employed 21.64%, as per the source.

• Net worth grew from Rs 3.11 crore on 31 March 2024 to Rs 16.13 crore on 31 March 2026, and was Rs 17.62 crore on 30 June 2026.

• The upper band of Rs 80 is 17.54 times post-issue EPS of Rs 4.56 and 21.98 times pre-issue EPS of Rs 3.64.

• The installed capacity for metal cored wires and welding rods is 650 tonnes a year, and the company says capacity grew at about 30% a year between FY2025 and FY2026.

• The entire issue is fresh, so all the money goes to the company. Rs 11.99 crore buys welding robots and Rs 8.60 crore repays borrowings.

⚠ Risks

• The company is small. Total income was Rs 27.12 crore in FY2026, and it grew only about 9% from Rs 24.97 crore in FY2025 while PAT grew 140%.

• FY2026 numbers include the subsidiary Carver Engineering Private Limited, which was acquired in September 2025, so the years are not like for like.

• Net worth jumped from Rs 4.56 crore on 31 March 2025 to Rs 16.13 crore on 31 March 2026, so most of the equity base is new.

• Total borrowings were Rs 15.65 crore on 31 March 2026 against net worth of Rs 16.13 crore, and the source lists a debt to equity ratio of 0.97.

• Rs 8.60 crore of the issue repays borrowings, and the general corporate purposes amount is not fixed.

• Rs 11.99 crore of the proceeds goes to buying welding robots. Their return depends on customers renting them.

• The main plant is at one site, Bamanbore, Rajkot, so most production depends on a single location.

• Promoters hold 90.07% before the issue and 65.77% after it, so they keep control after listing.

• This is an SME issue. One lot is 1,600 shares, which is about Rs 1.28 lakh at the upper band of Rs 80, and SME shares usually trade in low volume after listing.

Promoters & holding

Ranjit Chandrabhai Bose, Rajit Chandra Bose and Deval Ranjitbhai Bose

Pre-issue promoter holding

90.07%

Post-issue promoter holding

65.77%

Promoters hold 90.07% before the issue and will hold 65.77% after it.

Data refreshed 09 Nov 2026, 01:30 pm IST. GMP is unofficial market sentiment, not investment advice.