Here are the full, up-to-date details of the Karbonsteel Engineering Limited IPO, as of early September 2025:
Company: Karbonsteel Engineering Limited, a Mumbai-based structural engineering and fabrication firm specializing in heavy and precision steel structures, including PEBs (Pre-Engineered Buildings) and steel bridge components, with manufacturing facilities in Umbergaon (Gujarat) and Khopoli (Maharashtra)
IPO Dates
- Anchor Book Opens: September 4, 2025
- Opening Date: September 8, 2025
- Closing Date: September 10, 2025
- Basis of Allotment Finalized: September 11, 2025
- Refunds Initiated & Shares Credited to Demat: September 12, 2025
- Listing on BSE–SME: September 15, 2025
IPO Details
- Face Value: ₹10 per share
- Price Band: ₹ 151 – ₹ 159 per share
- Lot Size: 800 Shares
- Fresh Issue: Up to 3,039,600 shares
- Offer for Sale: Up to 690,000 shares
- Issue Type: Bookbuilding IPO
- Listing At: BSE SME
- Share Holding Pre Issue: 1,11,02,222 shares
- Share Holding Post Issue: 1,41,41,822 shares
GMP of Karbonsteel Engineering Limited IPO
Here’s the latest Grey Market Premium (GMP) for Karbonsteel Engineering Limited IPO:
Current GMP Snapshot
₹ 17 per share, which translates to an estimated 10.69% premium over the upper price band of ₹159, as reported by IPOWatch.
Another platform, InvestorGain.com, lists the GMP slightly higher at ₹ 18, implying approximately an 11.32% premium.
What This Means
GMP reflects expected listing gain in the grey market (an unofficial avenue for IPO trading). For Karbonsteel:
- With a GMP of ₹17–18, the estimated listing price could be around ₹ 176–177 (₹159 + ₹17/18).
- Remember, GMP is speculative and unofficial—actual listing performance may differ.
Promoters of Karbonsteel Engineering Limited
Here are the detailed profiles of the Promoters of Karbonsteel Engineering Limited, based on the latest official information:
Mr. Shrenik Kirit Shah
- Role: Promoter & Managing Director
- Board Membership: Serving since the company’s inception in 2011
- Key Contributions: He handles production, business development, and finance, and his strategic vision has been a cornerstone in shaping the company’s management and its sustainable growth trajectory
Educational Qualifications:
- Bachelor of Commerce, Shri Narsee Monjee College of Commerce, Mumbai (2001)
Experience:
- Over 19 years in the steel trading and structural fabrication industry
- Prior to founding Karbonsteel, served as Senior Manager at Hariyana International Pvt. Ltd. (2005–2010), overseeing supply chain for steel products
Ms. Mittal Shrenik Shah
- Role: Promoter & Whole-Time Director
- Key Responsibilities: Oversees the overall administration functions of the company, contributing to operational effectiveness and governance
Educational Qualifications:
- Bachelor of Management Studies, University of Mumbai (2004)
- Post Graduate Diploma in e-Management and Business Administration, MET (Mumbai Educational Trust), Mumbai (2006)
Professional Background:
- Served as NRI Sales & Wealth Manager at HSBC Financial Services (2006–2009)
Summary Table
| Promoter | Position | Experience & Background |
|---|---|---|
| Shrenik Kirit Shah | Managing Director | B.Com, IMBA; 19+ years in steel trading/fabrication; ex–Senior Manager at Hariyana International Pvt. Ltd. |
| Mittal Shrenik Shah | Whole-Time Director | BMS, PG in e-Management & Business Admin; ex–HSBC Financial Services; focuses on administration |
Karbonsteel Engineering Limited IPO Lot Size
Here’s the requested information for Karbonsteel Engineering Limited IPO Lot Size, presented clearly with verified sources:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,600 | ₹2,54,400 |
| Retail (Max) | 2 | 1,600 | ₹2,54,400 |
| S-HNI (Min) | 3 | 2,400 | ₹3,81,600 |
| S-HNI (Max) | 7 | 5,600 | ₹8,90,400 |
| B-HNI (Min) | 8 | 6,400 | ₹10,17,600 |
Karbonsteel Engineering Limited IPO Promoter Holding
Here’s the information you requested regarding the promoter shareholding of Karbonsteel Engineering Limited IPO:
- Pre-IPO Promoter Holding: 72.17% of the company’s equity was held by promoters before the IPO.
- Post-IPO Promoter Holding: This figure wasn’t specified explicitly in available sources. However, based on the IPO structure.
Summary Table
| Metric | Value |
|---|---|
| Promoter Holding (Pre-IPO) | 72.17% |
| Promoter Holding (Post-IPO) | Not specified (expected lower than 72.17%) |
About Karbonsteel Engineering Limited
Karbonsteel Engineering Limited is a Mumbai-based structural engineering and steel fabrication company, originally incorporated in April 2011 as Karbon Steelmart Private Limited.
The enterprise underwent several restructuring steps—changing its name and status—to become a public limited company in 2024–2025.
Operations & Facilities
Manufacturing Facilities:
- Unit 1 — Umbergaon (Gujarat): 7.6 lakh sq ft area, production capacity of over 3,000 MT per month. Equipped with advanced machinery such as CNC plasma & oxy-fuel cutting, robotic saw welding, FCAW, GMAW, and rolling machines.
- Unit 2 — Khopoli (Maharashtra): 56,084 sq ft area, about 500 MT monthly capacity with similar machinery capabilities.
Core Business Verticals:
- Heavy Steel Fabricated Structures (e.g., columns, beams, crane girders, platforms) — contributed ~68.9% to revenue in 2025.
- Precision/Fabricated („Technological“) Structures (e.g., furnace support systems, accumulator towers) — ~27% of revenue in 2025.
- Steel Bridge Structures — for high-speed rail projects, providing open-web girders, pier and pier cap sections; ~3.3% of revenue in 2025.
- Pre-Engineered Buildings (PEBs) — customized components for industrial/commercial buildings; a smaller revenue slice.
Key Project Achievements
- Mumbai–Ahmedabad High-Speed Rail (Bullet Train): Karbonsteel fabricated 10,000 MT of steel bridge structures as a subcontractor for this landmark infrastructure project.
- Robust Order Book: Increased from ₹64.9 crore in FY23 to ₹198.9 crore in FY25, surging further to ₹329.8 crore by July 2025.
Summary Snapshot
Karbonsteel Engineering Limited is a dynamic steel-structural fabrication firm, blending robust technical capabilities, strategic positioning in infrastructure growth segments (e.g., bullet train fabrication), and consistent financial performance.
While it faces operational and geographic concentration risks, its leadership, internal capacities, and project pipeline position it well for scaling in India’s burgeoning infrastructure development era.
Karbonsteel Engineering Limited Financial Information
Here’s a comprehensive and verified overview of Karbonsteel Engineering Limited financial performance, laid out clearly in tables and supported by updated data.
| Period Ended | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹232.76 Crore | ₹176.14 Crore | ₹143.76 Crore |
| Total Income | ₹273.91 Crore | ₹218.77 Crore | ₹155.89 Crore |
| Profit After Tax | ₹14.16 Crore | ₹9.42 Crore | ₹5.11 Crore |
| EBITDA | ₹36.61 Crore | ₹25.79 Crore | ₹16.22 Crore |
| Net Worth | ₹60.37 Crore | ₹43.80 Crore | ₹28.74 Crore |
| Reserves and Surplus | ₹49.27 Crore | ₹38.41 Crore | ₹23.74 Crore |
| Total Borrowing | ₹78.55 Crore | ₹59.83 Crore | ₹48.52 Crore |
Key Performance Indicator (KPI)
Here are the key performance indicators (KPIs) for Karbonsteel Engineering Limited at the time of its IPO, as per IPO-platform disclosures:
| KPI | Values |
|---|---|
| ROE | 27.19% |
| ROCE | 24.63% |
| Debt/Equity | 1.30 |
| RoNW | 23.45% |
| PAT Margin | 5.19% |
| EBITDA Margin | 13.41% |
| Price to Book Value | 2.92 |
Strengths of Karbonsteel Engineering Limited IPO
- Diverse Product Portfolio: The company fabricates heavy steel structures, technological/precision structures, bridges for high-speed rail, and pre-engineered buildings. This diversity reduces reliance on a single product line.
- Strong Project Execution Track Record: Successfully contributed to large-scale projects like the Mumbai–Ahmedabad Bullet Train (fabricating ~10,000 MT of steel bridges), which showcases capability in handling complex infrastructure assignments.
- Robust Manufacturing Infrastructure: Two advanced plants in Umbergaon (Gujarat) and Khopoli (Maharashtra) with modern machinery and combined capacity of ~36,000 MT per year ensure scalability.
- Growing Financials: Revenue and profit have consistently grown from 2023 to 2025, with margins improving, reflecting operational efficiency and effective cost control.
- Healthy Order Book: The company has a strong and expanding order book, rising from ~₹65 crore in 2023 to ~₹330 crore by July 2025, ensuring visibility of future revenue streams.
- Experienced Management: Led by promoters and directors with extensive industry experience, enabling strong relationships with clients and suppliers.
- Quality Standards: Certified with ISO 9001:2015 (Quality) and ISO 14001:2015 (Environment), which improves credibility with government and corporate customers.
Risks of Karbonsteel Engineering Limited IPO
- Customer Concentration: A large portion of revenue comes from a limited number of clients. Losing a major customer could significantly impact business.
- Working Capital Intensity: The company operates in a highly working capital-intensive sector. High receivables and delayed payments from customers may stress liquidity.
- High Employee Attrition: Attrition at its Umbergaon unit was over 50% in 2025, which could affect productivity, project timelines, and training costs.
- Debt Burden: Borrowings have increased year on year, raising concerns about leverage and repayment obligations, especially if cash flows tighten.
- Dependence on Infrastructure Sector: Business is directly tied to government and private infrastructure spending. Any slowdown in infrastructure projects could affect demand.
- Execution & Delay Risks: Large projects carry the risk of delays, cost overruns, or disputes, which can negatively impact margins and cash flows.
- Geographic Concentration: With major facilities in Gujarat and Maharashtra, the company is exposed to regional economic, political, and regulatory risks.
- Raw Material Price Volatility: Steel prices fluctuate widely, and although costs are sometimes passed to clients, sharp changes may still squeeze margins.
Karbonsteel Engineering Limited Contact Details
Company Contact Information
- Registered Office (Head Office):
B-8, Ratnadeep Cosmopolitan CHS Ltd,
140–141 S.V. Road, Near Shoppers Stop, Andheri (West),
Mumbai, Maharashtra – 400058, India. - General Enquiries Email:
info@karbonsteel.com - Business Development / Marketing Email:
bd@karbonsteel.com - Phone Number (Office):
+91-22-6187 2821
Investor & Registrar Contact
- Company Secretary & Compliance Officer:
(For Investor Grievance Redressal)
B-8, Ratnadeep Cosmopolitan CHS Ltd,
140–141 S.V. Road, Near Shoppers Stop, Andheri (W),
Mumbai, Maharashtra – 400058, India.
Phone: +91-22-6187 2821
Email: cs@karbonsteel.com - Registrar & Transfer Agent:
Maashitla Securities Private Limited
451, Krishna Apra Business Square,
Netaji Subhash Place, Pitampura,
Delhi – 110034, India.
Phone: +91-11-4512 1795 / +91-11-4512 1796
Email: ipo@maashitla.com, investor.ipo@maashitla.com
Global Listings & Lead Manager (for IPO-related Inquiries)
- Lead Manager: Seren Capital Pvt. Ltd.
Office No. 601–605, Raylon Arcade,
Kondivita, J.B. Nagar, Mumbai, Maharashtra – 400059, India.
Phone: +91-22-4601 1058
Email: [email protected]
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