Carver Roboweld Limited is a Rajkot-based industrial engineering company in the welding sector. It makes welding consumables such as metal cored wires, welding rods and gauging electrodes, and also offers forging die regeneration, welding robot rental and plant refurbishment services.
The company is now bringing a book-built SME IPO on BSE SME to raise about ₹28.29 crore at a price band of ₹76–₹80 per share. The entire issue is a fresh issue of 35.36 lakh shares, so all proceeds go to the company. It opens on 28 October 2026, closes on 30 October 2026 and is tentatively set to list on 4 November 2026. The money will mainly fund welding robot purchases and debt repayment.
IPO Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 28 October 2026 |
| IPO Close Date | 30 October 2026 |
| Allotment Date | 2 November 2026 (Expected) |
| Refund Initiation | 2 November 2026 |
| Credit to Demat | 3 November 2026 |
| Listing Date | 4 November 2026 (Tentative) |
| Price Band | ₹76 – ₹80 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,600 shares |
| Minimum Investment (Retail) | ₹2,56,000 (2 lots = 3,200 shares) |
| Minimum Investment (S-HNI) | ₹3,84,000 (3 lots = 4,800 shares) |
| Minimum Investment (B-HNI) | ₹10,24,000 (8 lots = 12,800 shares) |
| Total Issue Size | 35,36,000 shares (₹28.29 crore) |
| Fresh Issue | 35,36,000 shares (₹28.29 crore) |
| Offer For Sale (OFS) | Nil |
| Pre-Issue Shares | 95,66,805 |
| Post-Issue Shares | 1,31,02,805 |
Note: The entire IPO is a fresh issue, so there is no promoter exit.
Issue Break-up
| Category | Shares | % of Total Issue |
| QIB | 16,65,600 | 47.10% |
| NII / HNI | 5,12,000 | 14.48% |
| Retail (RII) | 11,80,800 | 33.39% |
| Market Maker (Shreni Shares Ltd.) | 1,77,600 | 5.02% |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The whole issue is fresh capital, and all proceeds go to the company after issue expenses.
Objects of the Issue
| Object | Amount (₹ Cr) |
| Capex: purchase of welding robots | 11.99 |
| Repayment / prepayment of bank and financial institution borrowings | 8.60 |
| General corporate purposes | Balance |
| Total identified (1 + 2) | 20.59 |
The balance of the ₹28.29 crore fresh issue, about ₹7.7 crore, covers issue expenses and general corporate purposes. The company has not shown a separate figure for these in the sources I checked. The robot purchase supports the rental model, and debt repayment lowers interest cost.
Lead Managers & Registrar
- Book Running Lead Manager: Smart Horizon Capital Advisors Pvt. Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
- Market Maker: Shreni Shares Ltd.
Promoters & Management
The promoters are Ranjit Chandrabhai Bose, Rajit Chandra Bose and Deval Ranjitbhai Bose.
| Particular | Pre-IPO | Post-IPO |
| Promoter | 90.07% | 65.77% |
| Public | 9.93% | 34.23% |
Company Details
Background: Incorporated in August 2009 and headquartered in Rajkot, Gujarat. As of 30 June 2026 the company had 68 permanent employees and 75 contract workers.
Business Lines
- Welding consumables: metal cored wires, welding rods and gauging electrodes.
- Spare parts & accessories: supply of welding spare parts.
- Forging die regeneration: value-added engineering for the forging industry.
- Welding robot rental: a rental model that lets small fabricators use automation without the upfront cost.
- Plant refurbishment (via subsidiary): Carver Engineering Private Limited, acquired in September 2025, does re-conditioning and refurbishment of plant and machinery, heavy-duty machining and structural fabrication.
Sectors Served: forging, casting, cement, steel, sugar, power, petroleum, automotive and fabrication.
Facilities: The main plant is at Bamanbore, Rajkot, with service units in Pune, Hosur and Ludhiana.
Capacity: 650 tonnes per annum for metal cored wires and welding rods as of 11 July 2026, with capacity growing about 30% between FY25 and FY26.
Certifications: ISO 9001:2015 and Sustaining Corporate Member of the American Welding Society (AWS).
Financial Snapshot
Restated consolidated figures, ₹ crore. EBITDA is the adjusted figure. Latest period: Q1 FY27 (quarter ended 30 June 2026). Margins are computed on total income.
| Period | Total Income | EBITDA | PAT |
| FY24 (Mar-24) | 21.67 | 4.12 | 1.01 |
| FY25 (Mar-25) | 24.97 | 4.92 | 1.45 |
| FY26 (Mar-26) | 27.12 | 8.36 | 3.48 |
| Q1 FY27 (Jun-26) | 7.71 | 2.84 | 1.49 |
Analysis
- FY26 profit jumped about 140% (₹1.45 crore to ₹3.48 crore) on revenue growth of only about 9%, so margin expansion drove almost all of it.
- EBITDA margin rose from about 19% in FY24–FY25 to about 31% in FY26 and 37% in Q1 FY27. The company needs to show this is sustainable.
- Q1 FY27 revenue annualises to about ₹31 crore, only modestly above FY26. Growth is steady, not explosive.
- Borrowings fell from ₹22.32 crore (Mar-25) to ₹12.27 crore (Jun-26), a healthy trend.
- Net worth rose from ₹4.56 crore to ₹16.13 crore in FY26, far more than the ₹3.48 crore profit. Reserves rose only about ₹4.8 crore, so the rest looks like new equity capital. The RHP should explain it.
Company Strengths
- Integrated offering: consumables, spare parts, die regeneration, robot rental and refurbishment under one company.
- Recurring-income angle: the welding robot rental model supports long customer relationships and repeat revenue.
- Sharp profit and margin improvement: PAT up about 140% in FY26, with EBITDA margin above 30%.
- Falling debt: borrowings down from ₹22.32 crore to ₹12.27 crore in 15 months, with another ₹8.60 crore to be repaid from the IPO.
- Capacity growth: about 30% capacity growth in FY26, now at 650 tonnes per annum.
- Quality credentials: ISO 9001:2015 and AWS corporate membership.
- Multi-location presence: plant in Rajkot with service units in Pune, Hosur and Ludhiana.
- Experienced promoters with welding industry expertise.
Key Risks & Challenges
- Very small business: FY26 total income was only ₹27.12 crore, so a single customer or contract change can swing results.
- Slow revenue growth: about 9% in FY26 against 140% profit growth. Margin gains may not repeat.
- Unexplained net worth jump: net worth rose far more than profit in FY26, so check the RHP for the source.
- Acquisition effect: the subsidiary was acquired in September 2025, so FY26 numbers may not be fully comparable with FY24–FY25.
- Raw material price risk: steel strip and alloy powders move with commodity prices, and small makers have limited pricing power.
- Leverage: debt/equity was 0.97 at March 2026, though it fell to 0.70 by June 2026.
- Valuation: about 22x on FY26 earnings pre-IPO, and about 30x on FY26 earnings on post-issue shares.
- SME liquidity risk: thin trading after listing can make exit difficult. The minimum application is ₹2.56 lakh.
Disclaimer
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
