Carver Roboweld Ltd. IPO

Carver Roboweld

• Carver Roboweld is coming out with an initial public offering (IPO) of 35,36,000 shares in a price band of Rs 76-80 per equity share.
• The issue will open for subscription on October 28, 2026 and will close on October 30, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 7.60 times of its face value on the lower side and 8.00 times on the higher side.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance officer for the issue is Karishma Damodarbhai Dhanak.

Profile of the company

Carver Roboweld is engaged in the manufacturing of welding consumables, including Metal Cored Wires, Welding Rods and Gauging electrodes, catering to diverse industrial applications. Over the years, it has expanded its capabilities beyond manufacturing to offer a broad portfolio of value-added engineering services, as a solution provider to the forging industry. In addition to consumable manufacturing, the company also supplies welding spare parts and accessories used for welding operations and maintenance of welding equipment. Further the company provides services such as forging die regeneration and welding robot rental services. 

Its primary manufacturing facility is located at Survey No. 98P, Near Gidc Bamanbore Estate Phase-1, Taluka Chotila, Bamanbore, Rajkot, Gujarat, India, strategically positioned to support efficient production, logistics, and access to key industrial markets. To ensure proximity to customers and timely service delivery, the company operates additional service units in Pune, Hosur, and Ludhiana, allowing it to serve major industrial companies across the country. The company focuses on delivering engineered, solutions designed to meet the increasing requirements of modern industry. Its strength lies in a team of skilled engineers and technical professionals who bring expertise, innovation, and a customer centric approach to every project.

It is ISO 9001:2015 certified for sales of welding consumables, including welding electrodes and metal cored wires, as well as for the manufacturing and supply of welding electrodes. These certifications show its commitment to using quality management systems to maintain consistency, reliability, and customer satisfaction in all its processes. Additionally, it is a Sustaining Corporate Member of the American Welding Society (AWS). This membership highlights its commitment to following international welding standards, keeping up with technological advancements, and improving its technical skills. 

Proceed is being used for:

• Funding the capital expenditure requirements of the company towards the purchase of Welding Robots.
• Repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by the company from banks and financial institutions.
• Meeting general corporate purposes.

Industry overview

The India welding consumables market is positioned for consistent and broad-based growth throughout the forecast period (2026-2034), supported by sustained government investment in physical infrastructure, expanding industrial manufacturing, and growing clean energy fabrication requirements. Ongoing programs such as PM Gati Shakti, Bharatmala Pariyojana, and the National Infrastructure Pipeline will continue to provide a high-volume demand base for construction-segment consumables, while PLI-backed automotive and electronic manufacturing facilities deepen the requirement for precision welding materials. The market generated a revenue of $1,322.88 million in 2025 and is projected to reach a revenue of $2,220.96 million by 2034, growing at a compound annual growth rate of 5.76% from 2026-2034.

Government-led infrastructure expansion in India is a major structural driver of demand for welding consumables. Large scale national development initiatives are accelerating the construction of transportation networks, including roads, railways, ports, airports, and inland waterways. These coordinated infrastructure programs encourage integrated planning and faster project execution across multiple regions and sectors. Steel-intensive projects such as highways, bridges, flyovers, metro rail systems, and port facilities require extensive structural fabrication and metal joining. As welding plays a crucial role in assembling and reinforcing these structures, the ongoing development of infrastructure continues to generate steady and high-volume demand for welding electrodes, filler metals, and related consumables.

The India welding consumables market exhibits moderate competitive intensity, characterized by the coexistence of established multinational companies with strong technology portfolios and well-entrenched domestic manufacturers with deep distribution reach. The competitive field spans a broad product range including stick electrodes, solid wires, flux cored wires, and submerged arc welding materials, with players differentiating through application-specific product formulations, certification credentials, and nationwide dealer and distributor networks. The market has witnessed growing emphasis on digital welding solutions and sustainability-compliant product lines, reflecting the broader industry evolution toward energy-efficient and low-emission consumable technologies. Local manufacturers are gaining market share by offering competitive pricing and benefiting from shorter, more efficient supply chains. In contrast, multinational companies rely on their advanced metallurgical capabilities and strong global research and development networks to serve high specification applications in sectors such as automotive, aerospace, and energy infrastructure.

Pros and strengths

Strategically located manufacturing facility and service units: Its manufacturing facility located at Survey No. 98P, Near Gidc Bamanbore Estate Phase-1, Taluka Chotila, Bamanbore, Rajkot, Gujarat, India, positions it at a central and accessible point within India, offering significant logistical and operational advantages. Complementing this hub, it operates three service units in Pune, Ludhiana, and Hosur, strategically placed to serve regional markets efficiently. This network allows it to function as a seamless supply chain partner, ensuring quick procurement, reduced transit times, and timely delivery to customers across urban and remote locations. Its geographic presence enhances operational efficiency, supports faster response times, and contributes to cost-effective logistics, ultimately strengthening its ability to serve diverse industries across the country with reliability and agility. 

Strategic market coverage across the domestic markets: Whether supplying products or delivering services, its customer base spans across India, including states such as Karnataka, Maharashtra, Tamil Nadu, Punjab, Gujarat, Haryana, Uttarakhand, Uttar Pradesh, Himachal Pradesh, Rajasthan, Madhya Pradesh, West Bengal, Pondicherry and Telangana. Its operations cover the western, southern, northern, and central regions of the country. This geographical presence has enabled it to cater to the growing demand from its customers. 

Focus on consistently meeting customer specifications and quality standards: The company intends to focus on adhering to the customers’ specifications and quality standards. Continuous review of products at different stages to identify any deviations from the specifications and timely corrective measures in case of quality diversion are keys for maintaining quality standards of the products. Providing the desired customer specifications and good quality products help it in enhancing customer trust and maintaining long term relationships with customers. Also, continuously meeting the customer specifications and quality standards is essential to obtain repeat orders. 

Risks and concerns

Significant revenue reliance on top ten customers: The company is dependent on limited number of customers for majority of its revenue from operations, which expose it to a high risk of customer concentration. It derived 86.73%, 80.78%, 84.77% and 73.34% of its revenue from its top ten customers for the period ended June 30, 2026 and for the Fiscals 2026, 2025 and 2024, respectively. The loss of any of these customers or reduction in business from such will have a material adverse effect on its business, financial condition, results of operations and cash flows.

Geographical concentration of revenue in key states: A substantial portion of its revenue from operations is geographically concentrated in Karnataka, Maharashtra and Tamil Nadu, which collectively contributed 85.08%, 82.33%, 86.20% and 80.33% of its revenue from operations for the Period ended June 30, 2026 and for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any adverse developments affecting these geographies could materially and adversely affect its business, financial condition, results of operations and cash flows.

High dependence on limited number of suppliers: Its purchases are substantially concentrated among a limited number of manufacturers and suppliers, with its top ten suppliers accounting for 90.82%, 92.43%, 94.26% and 87.15% of its total purchases for the period ended June 30, 2026 and for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any disruption in its relationships with such manufacturers and suppliers could materially and adversely affect its business, financial condition, results of operations and cash flows. 

Outlook

Carver Roboweld is engaged in the manufacturing of welding consumables, including Metal Cored Wires, Welding Rods and Gauging electrodes, catering to diverse industrial applications. It owns a total of 12 welding robots, which are provided to customers on a rental basis. Customers use robots in welding operations as part of their regular business activities. Under this arrangement, it offers robot rental services that create a stable and recurring revenue stream for the company. Its robot leasing model is integrated with its manufacturing operations. Customers who lease robots from it are required to use the welding consumables manufactured by the company, including metal-cored wires. As a result, these customers become long-term and captive customers for its consumable products. On the concern side, its existing manufacturing facility is concentrated in a single region i.e., Rajkot, Gujarat and the inability to operate and grow its business in this particular region may have an adverse effect on its business, financial condition, results of operations, cash flows and future business prospects.

The company is coming out with a maiden IPO of 35,36,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 76-80 per equity share. The aggregate size of the offer is around Rs 26.87 crore to Rs 28.29 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 8.70% from Rs 2,485.98 lakh in Fiscal 2025 to Rs 2,702.20 lakh in Fiscal 2026. Profit after tax increased 139.70% from Rs 145.13 lakh in Fiscal 2025 to Rs 347.87 lakh in Fiscal 2026.

Meanwhile, it intends to strengthen its market position by deepening its relationships with existing customers, expanding its customer base, and increasing its business across the forging and allied manufacturing industries, including automotive, engineering, heavy equipment, construction equipment, chemical, steel, and general manufacturing sectors. Its strategy is centred on providing integrated solutions comprising welding consumables, forging die regeneration services and welding robot rental services, enabling it to address multiple customer requirements through a single platform. Going forward, it intends to expand its customer base by continuously adding new customers across multiple industries that have significant welding and engineering requirements, including steel, chemical, automotive, engineering, infrastructure, heavy fabrication, capital goods and industrial manufacturing.

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The above information is a part of company’s filings submitted to BSE.

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Jyoti Structures has informed that the Company has received a Notification of Award from Power Grid Corporation of India as per details enclosed. None of the promoter/promoter group/group companies have any interest in the entity that awarded the order. Further, the said order would not fall within the purview of the related party transactions.

The above information is a part of company’s filings submitted to BSE.

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The above information is a part of company’s filings submitted to BSE.