Karbonsteel EngineeringShare price, financial results, shareholding and management
- Market cap
- ₹138 cr
- Stock P/E
- 13.2peers 9.9
- Book value
- ₹81.3
- Price to book
- 1.20
- EV / operating profit
- -
- Market cap to sales
- 0.46
- ROCE · FY26
- 19.8%
- ROE · FY26
- 12.0%
- ROE, 3-year average
- 21.4%
- Operating margin · FY26
- 10.9%peers 11.8%
- Sales growth, 3 years
- 24.5%
- Profit growth, 3 years
- 28.1%
- Debt to equity
- 0.48peers 0.71
- Borrowings
- ₹55 cr
- Interest cover
- 1.9×
- Cash from business / op. profit
- 70%
- Debtor days
- 61
- Pledged
- 0.00%
- Promoter holding
- 51.78%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 566
- 52-week high / low
- ₹199 / ₹90
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Karbonsteel Engineering share price chart
Close on 6 Nov 2026 · -0.26% on the day · Vol 50,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -12.6%
- 3 months
- +4.2%
- 6 months
- -26.7%
- 1 year
- -46.5%
- Traded a day, 20 days
- ₹0.24 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +10% | -25% |
| 3 years, a year | +25% | +28% |
| Latest half, H2 FY26 | -3% | -61% |
About Karbonsteel Engineering: business, products and customers
Karbonsteel Engineering cuts, welds and paints large made to order steel structures for steel plants, refineries, rail bridges and data centres at its works in Umbergaon, Gujarat. Its shares trade on BSE SME.
Karbonsteel Engineering, founded in Mumbai in 2011 as Karbon Steelmart, makes heavy steel structures to each client's drawings: columns, beams, crane girders, pipe racks, furnace supports and the open web girders used in bridges. It purchases the steel for an order, cuts, drills, welds, blasts and paints it, trial assembles the parts and ships them to site. Heavy structures were about three quarters of FY26 revenue and precision or technological structures most of the rest; it stopped trading in plain steel and booked no pre-engineered building sales in FY26.
The way it works shapes the numbers. Steel is passed on to clients through price variation clauses, so revenue rises and falls with steel prices while the company earns a conversion charge for the work; gas, paint, transport and labour are not covered and squeezed margins in FY26. When a client supplies its own steel the job is booked as job work at a fraction of the price per kilo, which the company says cut FY26 revenue by about ₹40 crore. Each order takes months to source, fabricate and paint, and clients hold back retention money for six months to a year, so much of the company's money sits in steel being worked on and in bills not yet paid.
Read more about the business
Everything is now made at Umbergaon, after the company left the smaller rented Khopoli unit in Maharashtra during FY26. The Umbergaon works holds RDSO approval for railway bridge girders and ran above nine tenths of capacity; two new sheds are being built to raise capacity by about four fifths, now expected in October 2026 after delays from a gas shortage and labour migration. The September 2025 IPO paid for the sheds, repaid loans and funded working capital.
The offer document names Goodluck India, Salasar Techno Engineering and Atmastco as organised competitors, all listed steel structure makers, alongside many small regional fabricators; on the June 2026 call the company named Salasar, Goodluck and Zetwerk as the other workshops on the high speed rail bridge work.
From the offer document (RHP, August 2025), the FY26 annual report, the June 2026 investor presentation and earnings call, and the Crisil and Infomerics rating notes of November 2025.
Read the deeper study ↓In its favour
- Sales have grown fast: 25% a year over three years.
- It brings in more cash than it shows as profit: ₹23 cr against ₹10.5 cr in FY26.
To watch
- Whether the Umbergaon expansion to 54,000 tonnes a year starts in October 2026 as now promised, after slipping from March (investor presentation, June 2026, p.12).
- Conversion of the ₹150.0 cr of orders under negotiation and the data centre MOU into firm orders (investor presentation, June 2026, p.27; earnings call, 12 June 2026, p.10).
- The Infomerics rating moved to Issuer Not Cooperating with a negative outlook in November 2025, and the auditor's emphasis of matter that receivable and creditor balances could not be confirmed (Infomerics rating note, 14 November 2025, p.1; annual report FY26, p.67).
- Compliance: the internal auditor resigned two months after appointment, and the secretarial auditor found board resolutions on the managing director's pay rise and bank borrowings not filed with the Registrar (annual report FY26, p.54 and p.64).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Karbonsteel Engineering revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were lower than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Karbonsteel Engineering half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 106 | 167 | 139.70 | 161.18 |
| Expenses | 90 | 147 | 120.25 | 147.95 |
| Operating profit | 16 | 21 | 19.45 | 13.22 |
| OPM | 15.0% | 12.0% | 13.9% | 8.2% |
| Interest | 7 | 9 | 8.06 | 7.25 |
| Depreciation | 1 | 2 | 1.75 | 1.88 |
| Profit before tax | 8 | 11 | 9.83 | 4.72 |
| Net profit | 5 | 9 | 7.03 | 3.48 |
Karbonsteel Engineering profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 79 | 101 | 156 | 218 | 273 | 300.88 |
| Expenses | 71 | 92 | 139 | 192 | 235 | 268.21 |
| Operating profit | 7 | 9 | 17 | 27 | 38 | 32.67 |
| OPM | 9.0% | 9.0% | 11.0% | 12.0% | 14.0% | 10.9% |
| Other income | 0 | 1 | 0 | 0 | 1 | 0.82 |
| Interest | 5 | 5 | 9 | 12 | 16 | 15.31 |
| Depreciation | 2 | 2 | 2 | 2 | 3 | 3.64 |
| Exceptional and other items | 1 | · | 1 | · | -1 | · |
| Profit before tax | 1 | 3 | 7 | 13 | 19 | 14.54 |
| Tax rate | 0.0% | 33.3% | 28.6% | 30.8% | 26.3% | 27.7% |
| Net profit | 1 | 2 | 5 | 9 | 14 | 10.51 |
| EPS ₹ | 2.16 | 4.10 | 10.23 | 17.49 | 12.75 | · |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share is left blank where the source shows zero against a profit.
Karbonsteel Engineering profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 9.0% | 9.0% | 11.0% | 12.0% | 14.0% | 10.9% |
| Tax rate | 0.0% | 33.3% | 28.6% | 30.8% | 26.3% | 27.7% |
| ROCE | · | 12.8% | 22.4% | 27.6% | 29.8% | 19.8% |
| ROE | · | 8.7% | 18.9% | 25.0% | 27.2% | 12.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Karbonsteel Engineering debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Karbonsteel Engineering balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 5 | 5 | 5 | 5 | 11 | 14 |
| Reserves | 17 | 19 | 24 | 38 | 49 | 101 |
| Net worth | 22 | 24 | 29 | 43 | 60 | 115 |
| Borrowings | 38 | 41 | 49 | 60 | 72 | 55 |
| Other liabilities | 27 | 35 | 66 | 73 | 101 | 87 |
| Total liabilities | 87 | 100 | 144 | 176 | 233 | 257 |
| Fixed assets | 15 | 16 | 18 | 27 | 36 | 38 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 23 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 72 | 84 | 126 | 149 | 197 | 196 |
Karbonsteel Engineering cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | -5 | 3 | 13 | 6 | 9 | 23 |
| Cash from investing | -2 | -2 | -5 | -16 | -11 | -39 |
| Cash from financing | 7 | -1 | 0 | 6 | 1 | 12 |
| Net cash flow | 0 | 0 | 8 | -4 | -1 | -4 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 117 | 93 | 51 | 78 | 81 | 61 |
| Inventory days | 268 | 240 | 272 | 187 | 217 | 183 |
| Days payable | 177 | 163 | 211 | 153 | 137 | 127 |
| Cash conversion cycle | 207 | 169 | 112 | 113 | 161 | 117 |
| Working capital days | 113 | 90 | 40 | 33 | 33 | 51 |
Karbonsteel Engineering peers and competitors
Listed SME companies in the same industryBy sales, Karbonsteel Engineering is number 11 of the 58 listed SME companies in construction.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| E To E Transportation Infrastructure | 524 | 30.8 | 380 | 17 | 10.0% | 0.80 |
| Solarium Green Energy | 247 | 12.4 | 368 | 20 | 8.0% | 0.96 |
| Chavda Infra | 330 | 19.4 | 321 | 17 | 18.0% | 0.63 |
| Giriraj Civil Developers | 115 | 7.6 | 309 | 15.1 | 7.7% | 0.15 |
| Karbonsteel Engineering | 138 | 13.2 | 301 | 10.5 | 10.9% | 0.48 |
| Atmastco | 283 | 14.9 | 293 | 19.1 | 16.2% | 0.71 |
| Konstelec Engineers | 73 | 10.0 | 210 | 7.3 | 9.3% | 0.85 |
| Mayasheel Ventures | 74 | 6.5 | 206 | 11.3 | 14.5% | 0.69 |
| Sonu Infratech | 52 | 4.0 | 194 | 13 | 15.2% | 0.57 |
| K2 Infragen | 51 | 3.8 | 185 | 13.3 | 12.4% | 1.16 |
| Lakshya Powertech | 98 | 9.8 | 180 | 10 | 11.1% | 0.71 |
| Median of the 10 others | 107 | 9.9 | 252 | 14.2 | 11.8% | 0.71 |
Karbonsteel Engineering shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Karbonsteel Engineering shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 25 | Mar 26 | |
|---|---|---|
| Promoters | 51.78% | 51.78% |
| Foreign investors (FIIs) | 2.75% | - |
| Indian institutions (DIIs) | 4.27% | - |
| Number of shareholders | 720 | 566 |
Karbonsteel Engineering study: the business from its own documents
Read from 7 of the company's own documentsKarbonsteel Engineering key facts from the filings
Each figure with the document it comes from
- Order book
- ₹353.0 cr
- Work in hand in May 2026, up from ₹198.0 cr in March 2025, plus a further ₹150.0 cr of orders under negotiation.Investor presentation, June 2026, p.18 and p.27; annual report FY26, p.40
- Capacity in tonnes a year
- 30,000 → 54,000
- The Umbergaon expansion, first aimed at March 2026, is now expected in October 2026.Annual report FY26, p.35; investor presentation, June 2026, p.12
- Biggest customer
- 53.87%
- Share of FY25 revenue from one customer; the top ten gave 99.30%, so a few clients carry the business.Offer document, p.30 and p.168
- FY26 revenue
- ₹300.9 cr
- Up from ₹273.1 cr in FY25, while profit after tax fell to ₹10.5 cr from ₹14.2 cr.Annual report FY26, p.37 and p.38
- EBITDA margin
- 10.86%
- In FY26, down from 13.41% in FY25 on dearer gas, consumables and paint and disrupted work.Annual report FY26, p.38
Show 5 more facts
- Revenue lost to job work
- About ₹40.0 cr
- A key client supplied its own steel, so the work was billed as labour only.Investor presentation, June 2026, p.12
- Costs the company calls one time
- ₹5.9 cr
- A ₹1.65 cr bad debt, ₹2.40 cr of rent for the delayed expansion and ₹1.84 cr to close Khopoli, in FY26.Annual report FY26, p.38; our arithmetic
- IPO fresh money
- ₹48.3 cr
- Raised at ₹159 a share in September 2025; ₹7.4 cr of the ₹12.3 cr for new sheds was spent by March 2026.Annual report FY26, p.44 to p.46
- Debt to equity
- 1.19 → 0.48
- March 2025 to March 2026, after loans were repaid and IPO money came in.Annual report FY26, p.39
- Credit ratings
- Crisil BBB
- Stable, assigned 28 November 2025; two weeks earlier Infomerics cut its rating to IVR BB+ with a negative outlook as Issuer Not Cooperating.Crisil rating note, 28 November 2025, p.1; Infomerics rating note, 14 November 2025, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says the Umbergaon expansion to 54,000 tonnes a year will be complete by October 2026, that its order book stood at ₹353 crore in May 2026 with another ₹150 crore under negotiation, and that it has signed an MOU for steel work on data centres. Management told the June 2026 call it sees a normal EBITDA margin of 12 to 13% once the one time costs pass, and the presentation says automation and solar power should add about one point to operating margin from FY28.
| What management said | When | What happened |
|---|---|---|
| Umbergaon expansion complete by March 2026 | Initial target, as stated on the June 2026 call | Deferred to October 2026 |
| About 30% revenue growth in the second half of FY26 | H1 FY26 results press release, as quoted on the June 2026 call | Second half revenue of ₹161.2 cr against ₹167.0 cr a year earlier |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Karbonsteel earns a charge for turning steel into heavy, made to order structures, and passes the price of steel on to its clients.
Its weak spots are how few clients it depends on and how much money is tied up while each order is made.
AverageCan it set its own prices?Partly. Steel price changes go to the client, but gas, paint, transport and labour costs do not, and those hurt margins in FY26.
AverageHow strong is it against rivals?It holds approvals and can make very heavy parts that few small workshops can, but the industry is crowded and competes on price.
WatchWho are its customers?Large steel makers and contractors that order again and again, but one or two of them make up most of the sales.
WatchDoes it need a lot of money?Yes. Steel is bought and worked on for months before billing, and clients hold back part of the payment for months after.
StrongCan it keep finding new work?So far, yes. Its order book has grown well ahead of its current capacity.
WatchDo good and bad years swing a lot?They can. Demand follows spending on plants and infrastructure, and a single disruption can hit a half year.
Who runs Karbonsteel Engineering?
Promoters, directors and officers; tap a name for the background
SKShrenik Kirit ShahPromoter, Chairman and Managing Director · holds 35.30%
B.Com from Narsee Monjee College, Mumbai, and an international MBA from the University of South Columbia, USA; 19 years in steel trading and fabrication, earlier a senior manager at Hariyana International handling steel supply chains from 2005 to 2010. On the board since 2011 and runs production, business development and finance. Paid ₹0.75 cr in FY26 against ₹0.36 cr in FY25; the company also pays office rent to and has borrowed from Shrenik Kirit Shah, and promoters give personal guarantees for bank loans.
Offer document, p.191 and p.193; annual report FY26, p.89 and p.102MSMittal Shrenik ShahPromoter and Whole-Time Director · holds 12.94%
Bachelor of Management Studies from the University of Mumbai and a postgraduate e-management programme from the MET League of Colleges; NRI sales and wealth manager at HSBC Financial Services from 2006 to 2009. On the board since 2022 and looks after administration. The offer document states Mittal Shrenik Shah is the wife of Shrenik Kirit Shah.
Offer document, p.191, p.193 and p.204; annual report FY26, p.88GSGanesh Shripati BhandaryChief Financial Officer
M.Com from the University of Mumbai with 14 years in finance; joined the company in 2015 as accounts manager and became CFO on 1 February 2025, when Samridhi Bhansali resigned from the post.
Offer document, p.202 and p.204SBSiddhi Bharatbhai ParmarCompany Secretary and Compliance Officer
Associate member of the Institute of Company Secretaries of India with more than five years in secretarial work, earlier at Imaginarium (India) and Parekhplast India; appointed 1 July 2025 after Jankhana Vasanji Gala resigned.
Offer document, p.203; annual report FY26, p.47SBSaurabh BhansaliNon-Executive Director
Chartered accountant with 8 years in internal audit, risk and compliance; founder of Desai Bhansali and Associates LLP, which the company appointed internal auditor in September 2025 and which resigned in November 2025. Attended six of thirteen board meetings in FY26.
Offer document, p.192 and p.193; annual report FY26, p.48 and p.54SKSunil KathariyaIndependent Director
Bachelor of Engineering from Gulbarga University; joined JSW Steel in 1995 and retired in 2022 as senior executive vice president after heading structural works such as blast furnaces and steel making shops. Chairs the CSR committee.
Offer document, p.193; annual report FY26, p.50MJMihen Jyotindra HalaniIndependent Director
Company secretary and founding partner of Mihen Halani and Associates, with 11 years in governance, secretarial audit and transaction advice; chairs the audit committee.
Offer document, p.192 and p.193; annual report FY26, p.49Karbonsteel Engineering latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹161 cr (-3%), net profit ₹3.5 cr (-61%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 51.78%.
Karbonsteel Engineering announcements
7 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Reg 74(5) of SEBI (DP) Regulations, 2018PDF ↗
- AGM/EGMSubmission of AGM results and consolidated Scrutinizer''s report for 15th Annual General Meeting of the CompanyPDF ↗
- AGM/EGMProceedings of the 15th Annual General Meeting of the Company held on September 23, 2026PDF ↗
- Company UpdateIntimation of schedule of Analyst / Investors meet on September 30, 2026PDF ↗
- Company UpdateIntimation of schedule of Analyst / Investors meetPDF ↗
- Company UpdateClarification letter to BSE on significant movement in pricePDF ↗
- Company UpdateThe Exchange has sought clarification from Karbonsteel Engineering Ltd on September 17, 2026 with reference to significant movement in price, in order to ensure
Karbonsteel Engineering annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2026 ↗read
Karbonsteel Engineering share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Karbonsteel Engineering's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,41,41,822 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 13 Oct 2026, from the exchange's daily figures.
Questions people ask about Karbonsteel Engineering
What does Karbonsteel Engineering do?
Karbonsteel Engineering cuts, welds and paints large made to order steel structures for steel plants, refineries, rail bridges and data centres at its works in Umbergaon, Gujarat. Its shares trade on BSE SME.
What is the share price of Karbonsteel Engineering?
₹97.9 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Karbonsteel Engineering?
₹138 cr at the close on 6 Nov 2026, on 1,41,41,822 shares.
What is the P/E of Karbonsteel Engineering?
13.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Karbonsteel Engineering's revenue and profit?
Revenue ₹301 cr and profit after tax ₹11 cr in FY26.
Who are the promoters of Karbonsteel Engineering?
Shrenik Kirit Shah, Mittal Shrenik Shah; promoters held 51.78% at 31 March 2026.
What is Karbonsteel Engineering's website?
www.karbonsteel.com
More SME companies like Karbonsteel Engineering
Other listed SME companies in construction, the closest in size first, each read from its own documents.
- Safety Controls & DevicesSCDL · BSE SME · ConstructionMarket cap ₹140 cr
- Oneindig TechnologiesONEINDIG · BSE SME · ConstructionMarket cap ₹142 cr
- AVP InfraconAVPINFRA · NSE Emerge · Construction · listed 2024Market cap ₹145 cr
- Giriraj Civil DevelopersGIRIRAJ · NSE Emerge · Construction · listed 2018Market cap ₹131 cr
- Winsol EngineersWINSOL · NSE Emerge · Construction · listed 2024Market cap ₹129 cr
- Mahendra Realtors & InfrastructureMRIL · NSE Emerge · Construction · listed 2025Market cap ₹128 cr
Built from 2 annual reports, 2 credit rating notes, 1 offer document, 1 earnings call transcript, 1 investor presentation, 7 exchange announcements, 2 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.