Carver Roboweld IPO
Carver Roboweld shares listed on BSE SME on 4 November 2026 after an IPO priced at ₹76 to ₹80, an issue of ₹28.29 crore.
- Minimum investment
- ₹2,56,0002 lots of 1,600 shares, at the upper price
- Price band
- ₹76 to ₹80
- Lot size
- 1,600 sharesApply for 2 lots minimum
- Issue size
- ₹28.29 croreFresh issue only
- Bidding
- 28 Oct to 30 Oct
- Listing
- 4 NovBSE SME
Dates
Carver Roboweld IPO dates
RHP cover page and Terms of the Issue (p. 392); allotment and listing dates from BSE notice 20261103-32- 27 OctAnchor bidding
- 28 OctBidding opens
- 30 OctBidding closes, UPI by 5 pm
- 2 NovAllotment
- 3 NovDemat credit (expected)
- 2 NovRefunds (expected)
- 4 NovListing
- Today6 Nov
Listed on BSE SME on 4 Nov 2026 (BSE quote page, scrip 545015). Refund and demat dates are the RHP's indicative timetable.
Read before you apply
Carver Roboweld IPO review: read before you apply
Worth checking
- SeriousFew customers give most sales
The top 10 customers gave 80.78% of FY26 revenue and 86.73% in April to June 2026 (Risk factor 1).
- SeriousOne industry
All revenue in the last three years and the June 2026 quarter came from customers in the forging industry (Risk factor 4).
- Cash flow was negative in FY26
Operating cash flow was -₹2.65 crore in FY26 as inventory rose by ₹6.25 crore, even though profit was ₹3.48 crore (RHP, Restated standalone cash flow statement).
- Sales concentrated in a few states
Karnataka gave 48.86% of FY26 revenue and Maharashtra 19.32% (Risk factor 6).
- Low promoter cost
The promoters' average cost per share is ₹7.71, ₹3.06 and ₹0.28. Shares were also issued at ₹60 in November 2025 (Risk factor 38, RHP Basis for Issue Price).
- Robot orders not yet placed
The company has quotations for the 27 robots but has not placed orders (Risk factor 25).
Strengths
- Profit and margins rising
PAT grew from ₹1.01 crore in FY24 to ₹3.48 crore in FY26, and PAT margin from 4.67% to 12.87% (RHP, Basis for Issue Price, KPIs).
- Revenue growing
Revenue grew 11.7% a year from FY24 to FY26 to ₹27.02 crore (our calculation from the restated financial information).
- Debt has come down
Debt to equity fell from 4.30 in FY24 to 0.97 in FY26 and 0.70 in June 2026 (RHP, Basis for Issue Price, KPIs).
- Rental model ties in customers
Customers renting its 12 welding robots must use its welding consumables, giving recurring sales (RHP, Our Business).
What Carver Roboweld does
Carver Roboweld makes welding consumables: metal cored wires, welding rods and gouging electrodes. It also supplies welding spare parts, regenerates forging dies and rents out welding robots to factories.
It was set up in 2009 as Carver Welding Private Limited and is based in Rajkot, Gujarat. Its plant is at Bamanbore, Rajkot, with service units in Pune, Hosur and Ludhiana. In September 2025 it bought Carver Engineering Private Limited, which repairs and refurbishes industrial machinery. Its promoters are Ranjit Chandrabhai Bose, Rajit Chandra Bose and Deval Ranjitbhai Bose.
Listing and subscription
Carver Roboweld IPO subscription status
Listing day
Our calculation: gain vs upper price- Issue price
- ₹80
- Listing price
- ₹90
- Gain at open
- +12.5%
- Day close
- ₹94.5
Subscription
The final category-wise numbers from BSE SME will appear here.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Carver Roboweld IPO price band, lot size and issue size
RHP cover page and The Issue (p. 65). Up to 1,77,600 shares are reserved for the market maker. Post-issue share count is our calculation (95,66,805 plus 35,36,000). Issue size in rupees is our calculation at the upper price of ₹80.| Price band | ₹76 to ₹80 |
| Lot size | 1,600 shares, minimum 2 lots (3,200 shares) |
| Issue size | ₹28.29 crore at the upper price, 35,36,000 shares |
| Fresh issue | ₹28.29 crore |
| Face value | ₹10 per share |
| Issue type | Book built, fresh issue only |
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Issue (p. 111)| Object of the issue | ₹ crore |
|---|---|
| Buy 27 welding robots for the rental fleet | 11.99 |
| Repay or prepay bank and financial institution loans | 8.60 |
| General corporate purposes (amount set after pricing, capped at 15% of the issue or ₹10 crore) |
Minimum and maximum investment
Our calculation: at ₹80 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Individual investor (min and max)Minimum application | 2 | 3,200 | ₹2,56,000 |
| Small NII (min) | 3 | 4,800 | ₹3,84,000 |
| Small NII (max) | 7 | 11,200 | ₹8,96,000 |
| Big NII (min) | 8 | 12,800 | ₹10,24,000 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh. In SME IPOs individual investors apply for the minimum application size only.
Valuation calculator
Our calculation: inputs from RHP, Restated Standalone Financial Information and Basis for Issue Price (p. 122 to 124)Set to the upper end of the band, ₹80. Change it to see what you would be paying for.
- Market cap
- ₹105 cr
- P/E (FY26, diluted, standalone)
- 21.2x
- Price to book
- 5.9x
- Market cap to sales
- 3.9x
- Peer average P/E
- 19.91x
Based on FY26, diluted, standalone EPS of ₹3.78, 1.31 crore shares, net worth of ₹17.62 crore (June 2026, standalone) and revenue of ₹27.02 crore. Shares is the post-issue count, our calculation. The industry average P/E of 19.91x is from the RHP (p. 123), across Royal Arc Electrodes, Diffusion Engineers and Classic Electrodes (India). Consolidated FY26 diluted EPS was ₹5.80.
Financials
Carver Roboweld financials
RHP, Restated Standalone Financial Information and KPIs (p. 71 to 73, 126), ₹ croreRevenue and adjusted EBITDA
Revenue grew 11.7% a year from FY24 to FY26 (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 21.67 | 24.86+14.7% | 27.02+8.7% | 7.71 |
| Adjusted EBITDA | 4.12 | 4.92 | 8.36 | 2.84 |
| Adjusted EBITDA margin | 19.02% | 19.78% | 30.94% | 36.90% |
| Profit after tax | 1.01 | 1.45+43.6% | 3.48+140.0% | 1.49 |
| Diluted EPS (₹) | 1.18 | 1.69 | 3.78 | 1.56 |
| Total equity | 3.11 | 4.56 | 16.13 | 17.62 |
| Cash from operations | 3.69 | 2.69 | -2.65 | 5.01 |
Standalone figures, as consolidated figures exist only for FY26 and Q1 FY27. Consolidated FY26 revenue was ₹32.70 crore and PAT ₹5.34 crore. Q1 FY27 is April to June 2026 and is not annualised. EPS is adjusted for the 8:1 bonus issue of October 2025.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Issue Price (p. 124). Peer prices as of 16 Oct 2026.| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| Carver Roboweld (standalone) | 27.02 | 3.78 | 21.16x at ₹80 (ours) | 21.57% |
| Royal Arc Electrodes | 116.06 | 9.05 | 18.18x | 12.36% |
| Diffusion Engineers | 354.20 | 11.98 | 34.52x | 11.61% |
| Classic Electrodes (India) | 242.97 | 7.04 | 7.03x | 13.28% |
The peer average P/E of 19.91x is our calculation, a simple average of the peers listed.
Key performance indicatorsPAT margin, EBIT margin, Return on equity and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| PAT margin | 4.67% | 5.84% | 12.87% | 19.37% |
| EBIT margin | 12.98% | 15.09% | 25.44% | 32.06% |
| Return on equity | 38.83% | 37.82% | 33.63% | 8.48% |
| Return on capital employed | 17.05% | 13.95% | 21.64% | 8.27% |
| Debt to equity | 4.30 | 4.89 | 0.97 | 0.70 |
| Current ratio | 0.89 | 1.52 | 1.64 | 1.57 |
Standalone KPIs. Q1 FY27 returns are for three months and are not annualised.
RHP, Basis for Issue Price, KPIs (p. 126)
Company
About Carver Roboweld
Business
RHP, Our Business (p. 160 to 176) and Risk factor 14Metal cored wires were 68.04% of FY26 revenue. Installed capacity rose from 500 tonnes to 650 tonnes a year in FY26, with 78.93% used. It has 12 welding robots on rent and plans to add 27.
Revenue by product, FY26 (standalone)
- Installed capacity, FY26
- 650 tonnes
- Capacity used, FY26
- 78.93%
- Welding robots on rent
- 12
- Top 10 customers, FY26
- 80.78%
Key risks
RHP, Risk Factors- Customer concentrationThe top 10 customers give over 80% of revenue.
- Single industryAll customers are in the forging industry.
- Supplier concentrationThe top 10 suppliers give over 90% of purchases.
- Regional concentrationKarnataka and Maharashtra give most of revenue.
- Robot softwareRobot rental depends on reliable robot operating software.
- Working capitalThe business needs large working capital for raw materials and stock.
- Leased premisesIts office, plant and service units are leased, not owned.
- Promoter controlPromoters will keep majority control after the IPO.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter-IPO figures are our calculation on 1,31,02,805 shares.
The three promoters, from the Bose family, own 85.18% before the IPO and sell no shares. After-IPO figures are our calculation on 1,31,02,805 shares.
| Shareholder | Before IPO | Selling (shares) | After IPO (ours) |
|---|---|---|---|
| Ranjit Chandrabhai Bose (promoter) | 59.58% | Nil | 43.50% |
| Rajit Chandra Bose (promoter) | 12.95% | Nil | 9.45% |
| Deval Ranjitbhai Bose (promoter) | 12.65% | Nil | 9.24% |
| Tulsikumari Chandrabhai Bose (promoter group) | 4.89% | Nil | 3.57% |
| Bhavik Kishorbhai Nathavani | 1.27% | Nil | 0.93% |
RHP, Capital Structure (p. 108 to 109)
IndustryIndia welding consumables market 2025: USD 1,322.88 million
- India welding consumables market 2025
- USD 1,322.88 million
- Expected by 2034
- USD 2,220.96 million
- Expected growth
- 5.76% a year (2026 to 2034)
- Global welding electrodes market 2025
- USD 6.00 billion
These figures cover all welding consumables in India, not only metal cored wires. They come from market research websites quoted in the RHP, not from a report commissioned for the IPO.
RHP, Industry overview (p. 151 and p. 154), citing Fortune Business Insights and IMARC Group
LitigationAgainst the company: GST: 1 · Against directors: income tax: 1 · Against group companies and subsidiaries: TDS: 1
| Type | Cases | Amount |
|---|---|---|
| Against the company: GST | 1 | ₹0.11 crore |
| Against directors: income tax | 1 | Under ₹0.01 crore |
| Against group companies and subsidiaries: TDS | 1 | Under ₹0.01 crore |
RHP, Outstanding Litigations and Material Developments (p. 359 to 362)
Company detailsLegal name, registered office, CIN and website
| Legal name | Carver Roboweld Limited |
| Founded | 2009, as Carver Welding Private Limited |
| Promoters | Ranjit Chandrabhai Bose, Rajit Chandra Bose, Deval Ranjitbhai Bose |
| Main product | Metal cored welding wires |
| Subsidiary | Carver Engineering Private Limited |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Carver Roboweld IPO allotment status
Out from 2 Nov 2026- Open the registrar's pageBigshare Services Private Limited is the registrar. Open its allotment page.
- Select Carver Roboweld LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
Carver Roboweld IPO FAQs
When does the Carver Roboweld IPO open and close?
The Carver Roboweld IPO opens on Wednesday, 28 October 2026 and closes on Friday, 30 October 2026. Anchor bidding is on 27 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Carver Roboweld IPO price band and lot size?
The price band is ₹76 to ₹80 per share. The lot size is 1,600 shares, so the minimum application is 3,200 shares, or ₹2,56,000 at the upper price.
What is the Carver Roboweld IPO size?
The Carver Roboweld IPO is of ₹28.29 crore at the upper end of the price band. It is a fresh issue only by None. This is a fresh issue only.
What is the Carver Roboweld IPO allotment date?
Allotment is on Monday, 2 November 2026. Refunds and demat credit are expected on 3 November 2026.
What is the Carver Roboweld IPO listing date?
Carver Roboweld shares are due to list on BSE SME on Wednesday, 4 November 2026.
Who is the registrar of the Carver Roboweld IPO?
Bigshare Services Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Carver Roboweld do?
Carver Roboweld is a Rajkot-based maker of welding wires, rods and gouging electrodes that also rents out welding robots and regenerates forging dies.
What is the price band and lot size of the Carver Roboweld IPO?
The price band is ₹76 to ₹80 a share and the lot is 1,600 shares, as per BSE. The minimum bid is 3,200 shares (2 lots), which costs ₹2,56,000 at ₹80. At ₹80 the P/E on FY26 standalone diluted EPS of ₹3.78 is 21.16 times (our calculations), against an industry average of 19.91 times in the RHP.
When does the Carver Roboweld IPO open and close?
It opened on 28 October 2026 and closed on 30 October 2026. The shares listed on BSE SME on 4 November 2026.
Does Carver Roboweld get money from the IPO?
Yes. It is a fresh issue only, so all the money goes to the company.
What will Carver Roboweld use the IPO money for?
₹11.99 crore to buy 27 welding robots, ₹8.60 crore to repay loans, and the rest for general corporate purposes.
What does Carver Roboweld do?
It makes welding wires, rods and electrodes, and rents welding robots to forging companies. Metal cored wires were 68.04% of FY26 revenue.
Where will Carver Roboweld shares list?
On the SME platform of BSE.
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