A welding-consumables maker and engineering solutions provider to the forging industry opens its Rs 28.29 crore BSE SME issue on October 28: metal cored wires, welding rods, gouging electrodes, forging die regeneration and welding robot rental.
Carver Roboweld Ltd (CRL) makes welding consumables, including metal cored wires, welding rods and gouging electrodes, for a range of industrial applications.
Over the years it has moved beyond manufacturing into value-added engineering services and now positions itself as a solution provider to the forging industry. It also supplies welding spare parts and accessories used in welding operations and equipment maintenance.
Its services include forging die regeneration and welding robot rental. The main manufacturing facility is at Bamanbore near Rajkot, Gujarat. Service units in Pune, Hosur and Ludhiana keep it close to major industrial customers across the country.
In September 2025, CRL acquired Carver Engineering Pvt Ltd. The subsidiary reconditions and refurbishes plant and machinery for forging and casting units, cement and steel plants, sugar mills, power plants, petroleum facilities, auto manufacturers and fabrication industries.
Its work covers hammer repair, heavy platform and structural fabrication, heavy-duty machining and turnkey engineering projects, including assignments at offshore and remote sites.
CRL is ISO 9001:2015 certified and is a Sustaining Corporate Member of the American Welding Society (AWS). As of June 30, 2026, it had 68 employees on its payroll plus 75 contract workers.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | October 28, 2026 |
| Issue Closes | October 30, 2026 |
| Listing | BSE SME |
| Listing Date | November 4, 2026 |
| Issue Type | Book Building |
| Price Band | Rs 76 – Rs 80 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 28.29 crore (35,36,000 shares) |
| Fresh Issue | Rs 28.29 crore (35,36,000 shares) |
| Offer for Sale | Nil |
| Lot Size | 1,600 shares (min 2 lots = 3,200 shares / Rs 2,56,000) |
| QIB / NII / Retail | 50% / 15% / 35% |
| Lead Manager | Smart Horizon Capital Advisors Pvt. Ltd. |
| Market Maker | Shreni Shares Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 | Q1-FY27 |
|---|---|---|---|---|
| Total Income | 21.67 | 24.97 | 27.12 | 7.71 |
| Net Profit (PAT) | 1.01 | 1.45 | 3.48 | 1.49 |
| PAT Margin (%) | 4.67 | 5.84 | 12.87 | 19.37 |
| RoCE (%) | 17.05 | 13.95 | 21.64 | 8.27 |
On a standalone basis, total income grew from Rs 21.67 crore in FY24 to Rs 27.12 crore in FY26, and PAT rose from Rs 1.01 crore to Rs 3.48 crore. Q1-FY27 PAT was Rs 1.49 crore.
On a consolidated basis, FY26 total income was Rs 32.82 crore with PAT of Rs 5.34 crore, a 16.32% margin. The sudden margin jump from FY26 onward, just before the IPO, raises questions about how sustainable it is, and trade receivables are rising. There is no dividend history.
The issue is 26.99% of post-IPO capital, and the implied market cap at the upper band is about Rs 104.82 crore. The company issued 8:1 bonus shares in October 2025.
Price Band Analysis
At the upper band of Rs 80, the issue is valued at:
- P/E of about 21.74x on FY27-annualised consolidated earnings
- P/E of 19.66x on FY26 earnings
- P/BV of 3.99 on the June 30, 2026 consolidated NAV of Rs 20.06
The post-IPO NAV is not disclosed in the offer documents. Average EPS was Rs 2.65 and average RoNW 26.81% over three fiscals. Listed peers Royal Arc (P/E ~16.4x), Diffusion Engineers (~26.7x) and Classic Electrodes (~6.32x) trade on a wide range and are not strictly comparable.
GMP Watch
The Carver Roboweld IPO GMP is flat at Rs 0 (0% premium) ahead of opening, unchanged since grey market activity began on October 22. That implies an estimated listing near the Rs 80 upper band. GMP is unofficial and unregulated, and it can move before listing.
Carver Roboweld brings a niche welding-consumables and engineering-services business to the SME board. Its strengths are products and services built around the forging industry, a pan-India service network, a refurbishment subsidiary that widens its customer base, and fresh capital going into welding robots.
