Our Business
was incorporated as “Karamtara Engineering Limited”, on May 8, 1996 We are a backward integrated manufacturer of products for renewable energy and transmission lines sectors.
Product Portfolio Detail : –
- Solar Module Mounting Structures
- Solar Torque Tubes
- Tracker Piles & Piers
- Wind Towers
- Transmission Line Towers
- Profiles
- Fasteners
- Hardware Fittings & Accessories
Set out below is a brief description of our products across the solar energy and transmission power sectors.
(a) Solar energy products :- According to the F&S Report, we are the largest manufacturer in India in terms of installed capacity to produce major products in the solar energy sector, i.e., Solar MMS, and tracker components in Fiscal 2024 and in the six months ended September 30, 2024.
Our solar energy products primarily include fixed-tilt structures (comprising Solar MMS, solar C piles and hat purlins) and tracker components (comprising solar tracker piles and piers, solar torque tubes, Z-posts, post couplers and 90-degree hat purlins).
As of September 30, 2024, we operate one of the largest solar tracker piles and piers manufacturing facilities in India in terms of installed capacity .
We produced an aggregate of 196,635 MT (approximately 6.51 GW) and 114,365 MT (approximately 3.97 GW) of solar energy products in Fiscal 2024 and the six months ended September 30, 2024, respectively.
(b) Lattice towers for transmission lines :- We manufacture a wide range of transmission towers used in power transmission through our advanced manufacturing facility, which according to the F&S Report, is one of India’s most advanced manufacturing facilities, featuring advanced automation and mechanization capabilities, including the latest computer numerical control (“CNC”) machines as of September 30, 2024.
We supplied over 0.5 million MT of lattice towers for transmission lines to our customers in India as well outside India as of September 30, 2024.
(c) Fasteners :- We manufacture a wide range of fasteners used in the solar, wind, transmission and automobile industries, including bolts, nuts, anti-theft bolts and nuts, studs, U-bolts, plain washers and spring washers. In Fiscal 2024 and the six months ended September 30, 2024,
we manufactured an aggregate of 13,535 MT and 8,764 MT fasteners, respectively.
(d) OHTL hardware fittings and accessories :- Our product range includes insulator string fittings, jumper tubes, suspension clamps, vibration dampers, fittings and accessories for substations and fittings for power distribution lines. In Fiscal 2024 and the six months ended September 30, 2024.
we manufactured an aggregate of 268 MT and 347 MT of OHTL hardware fittings and accessories, respectively, from Unit OHTL Fittings. Further.
we manufactured an aggregate of 105,500 pieces and 218,200 pieces, respectively, from Unit Iselfa during the same periods.
We are the largest and a leading manufacturer of solar mounting structures and tracker components in India in terms of installed capacity in Fiscal 2024.
We offer a diverse product portfolio which enables us to serve as a one-stop shop for solar
structures (fixed-tilt and trackers).
We offer structures and fasteners in the solar energy and transmission sectors, and overhead transmission line (“OHTL”) hardware fittings and accessories.
We were one of the largest exporters of solar products from India to North America in Fiscal 2024 ).
We are also foraying into the wind energy sector by setting up a manufacturing facility to produce tubular towers for wind turbines, which is expected to commence operations during the first quarter of Fiscal 2026.
We have a wide geographical footprint with a global delivery model, with exports to over 50 countries cumulatively as of September 30, 2024, across North America, Europe, Asia, Africa, Australia and Latin America.
We have built a strong customer base of international customers, including original equipment manufacturers (“OEMs”) and engineering, procurement and construction (“EPC”) companies and independent power producers (“IPPs”).
Our extensive product portfolio includes structures in the solar energy sector (such as solar module mounting structures (“Solar MMS”), solar tracker piles and piers and solar torque tubes) and the transmission sector (such as lattice towers for transmission line).
we manufacture fasteners (such as bolts, nuts, studs and washers) and OHTL hardwarefittings and accessories (such as insulator string fittings, jumper tubes, suspension clamps and vibration dampers).
We place key focus on our backward integration capabilities. We are one of the few product manufacturers to operate in-house galvanizing facilities which is also the largest installed capacity in the solar energy sector in India with a capacity of 258,000 MTPA as of September 30, 2024.
We also have two in-house rolling mill furnaces to manufacture various grades of structural steel for a wide range of products, including angles, channels and beams used across the solar energy and transmission industries.
These in-house facilities provide us with significant competitive advantages in our manufacturing processes, including supply chain advantages, time efficiency and cost benefits.
51 customers for our solar products, respectively. Our customer base primarily comprises OEMs, EPCs and IPPs. We are an approved supplier and critical partner to many of the leading solar energy companies in the world as of September 30, 2024.
We have also been successful in getting repeat business from certain customers, including domestic customers such as :-
- Gamechange Solar Services India Pvt Ltd
- Waaree Renewable Technologies Limited, and international customers such as Soltec Energias Renovables, SLU, Elecnor Servicios Y
Proyectos S.A.U. and Al Babtain Power & Telecommunication Co.
OBJECTS OF THE OFFER
1. Funding prepayment, repayment and/ or payment obligations to our lenders towards borrowings and Acceptances, in part or full.
2. General corporate purposes.
Qualitative Factors
• We are a backward integrated manufacturer of products for renewable energy and transmission lines sectors.
• We offer a diverse product portfolio which enables us to serve as a one-stop shop for mounting structures in the solar energy sector. We also offer structures and fasteners in the solar energy and transmission sectors, and overhead transmission line (“OHTL”) hardware fittings and accessories.
• We have a wide geographical footprint with a global delivery model, with exports to over 50 countries cumulatively as of September 30, 2024, across North America, Europe, Asia, Africa, Australia and Latin America. We are recognized as a Four Star Export House by the Directorate General of Foreign Trade, Ministry of Commerce & Industry, Government of India, establishing our contribution to foreign trade. Our revenue from exports grew at a CAGR of 35.10% from ₹7,647.96
million in Fiscal 2022 to ₹13,958.32 million in Fiscal 2024, representing 61.44% and 57.56% of our total revenue from operations during the corresponding periods, respectively.
• We operate eight manufacturing facilities in India and internationally with an aggregate installed capacity of 567,000 MTPA as of September 30, 2024. Seven of our manufacturing facilities are located in Maharashtra, India and one manufacturing facility is in Italy as of the same date. We are also foraying into the wind energy sector by setting up a manufacturing facility with a capacity to produce tubular towers for wind turbines, which is expected to be operational by
the first quarter of Fiscal 2026.
• We place key focus on our backward integration capabilities. We operate in-house galvanizing facilities and we also have two in-house rolling mill furnaces to manufacture various grades of structural steel for a wide range of products including angles, channels, beams and others used across the solar energy and transmission industries. These in-house facilities provide us with competitive advantages in our manufacturing processes including supply chain advantages, time efficiency and cost benefits.
• We have a robust sales and marketing team in India and have engaged on-the-ground sales personnel outside India that market our products to customers as of September 30, 2024. Our customer base primarily comprises IPPs, OEMs and EPC players. In Fiscals 2022, 2023, 2024 and in the six months ended September 30, 2024, we served a total of 24, 36, 48 and 51 customers, respectively. Our extensive product portfolio enables us to capture a higher wallet share from our customers as we are able to provide convenience and efficiency to our customers by serving as a one-shop stop. This in turn rewards us with increased customer loyalty and revenue.
• We place key focus on sustainability and continuously implement energy-efficient manufacturing processes and technology innovations. We have implemented stringent procedures for data collection and reporting in relation to Carbon Border Adjustment Mechanism (“CBAM”).
• We are led by our promoters with extensive experience and we also have a Board comprising Directors with diverse backgrounds. Our CEO has 32 years of industry experience. This is supplemented by a strong senior management team.
Comparison of accounting ratios with listed industry peers
- Karamtara Engineering Limited
Peer Group** - Inox Wind Limited
- KP Green Engineering Limited
- Premier Energies Limited
- Waaree Energies Limited
- Suzlon Energy Ltd
