{"id":14806,"date":"2026-09-08T07:04:35","date_gmt":"2026-09-08T07:04:35","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=14806"},"modified":"2026-09-09T07:10:03","modified_gmt":"2026-09-09T07:10:03","slug":"the-karamtara-engineering-ipo","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/","title":{"rendered":"Solar Sector Syndicate: The Karamtara Engineering IPO"},"content":{"rendered":"<p><em>Karamtara Engineering is opening a \u20b9875 Cr IPO on September 9, 2026. Most of its product lines run out of a single dedicated factory and it is India\u2019s largest integrated manufacturer of solar mounting structures and tracker components by installed capacity.<\/em><\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"ipo-summary\">IPO Summary<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!PDj7!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba22064b-f9d8-4499-ad10-c679750c01a4_1680x1284.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PDj7!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba22064b-f9d8-4499-ad10-c679750c01a4_1680x1284.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PDj7!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba22064b-f9d8-4499-ad10-c679750c01a4_1680x1284.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PDj7!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba22064b-f9d8-4499-ad10-c679750c01a4_1680x1284.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!PDj7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba22064b-f9d8-4499-ad10-c679750c01a4_1680x1284.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!PDj7!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba22064b-f9d8-4499-ad10-c679750c01a4_1680x1284.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PDj7!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba22064b-f9d8-4499-ad10-c679750c01a4_1680x1284.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PDj7!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba22064b-f9d8-4499-ad10-c679750c01a4_1680x1284.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PDj7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba22064b-f9d8-4499-ad10-c679750c01a4_1680x1284.png 1456w\" alt=\"\" width=\"586\" height=\"447.9519230769231\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/ba22064b-f9d8-4499-ad10-c679750c01a4_1680x1284.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1113,&quot;width&quot;:1456,&quot;resizeWidth&quot;:586,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"industry-overview\">Industry Overview<\/h2>\n<p><mark data-color=\"#ffe599\">India\u2019s power sector is shifting from coal to renewables<\/mark>.<\/p>\n<p>As of March 31, 2026, renewable and non-fossil fuel sources\u00a0<mark data-color=\"#ffe599\">crossed 53%<\/mark>\u00a0of the country\u2019s installed generation capacity as India pursues 500 GW of renewable capacity by 2030.<\/p>\n<p>Karamtara Engineering is a backward-integrated manufacturer of solar structures, transmission towers, wind towers, and fasteners for domestic and export markets.<mark data-color=\"#ffe599\">\u00a0In short, it makes products and structures that support solar panels, transmission cables, and wind turbines.<\/mark><\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"business-model-explained\">Business Model Explained<\/h2>\n<p>Karamtara Engineering is the largest manufacturer (by installed capacity) of solar mounting structures and tracker components in India in FY26.<\/p>\n<p><strong>The product range spans four categories:<\/strong><\/p>\n<ol>\n<li><strong><mark data-color=\"#ffe599\">Solar energy products<\/mark><\/strong>, comprising fixed-tilt module mounting structures and tracker piles, piers and torque tubes, made up 79% of FY26 revenue.<\/li>\n<\/ol>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!mQx2!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ab81d2f-d108-4246-b4cd-49ba2a8954ed_323x194.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!mQx2!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ab81d2f-d108-4246-b4cd-49ba2a8954ed_323x194.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!mQx2!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ab81d2f-d108-4246-b4cd-49ba2a8954ed_323x194.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!mQx2!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ab81d2f-d108-4246-b4cd-49ba2a8954ed_323x194.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img fetchpriority=\"high\" decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!mQx2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ab81d2f-d108-4246-b4cd-49ba2a8954ed_323x194.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!mQx2!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ab81d2f-d108-4246-b4cd-49ba2a8954ed_323x194.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!mQx2!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ab81d2f-d108-4246-b4cd-49ba2a8954ed_323x194.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!mQx2!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ab81d2f-d108-4246-b4cd-49ba2a8954ed_323x194.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!mQx2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ab81d2f-d108-4246-b4cd-49ba2a8954ed_323x194.png 1456w\" alt=\"\" width=\"323\" height=\"194\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/2ab81d2f-d108-4246-b4cd-49ba2a8954ed_323x194.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:194,&quot;width&quot;:323,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<p>2. Revenue from transmission<mark data-color=\"#ffe599\">\u00a0<\/mark><strong><mark data-color=\"#ffe599\">lattice towers<\/mark><\/strong>\u00a0has nearly tripled as India\u2019s transmission capacity gets built out.<\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ZDoX!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8a4fbb3-f9f2-4ad9-8f08-3b9510b63c8f_399x213.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZDoX!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8a4fbb3-f9f2-4ad9-8f08-3b9510b63c8f_399x213.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZDoX!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8a4fbb3-f9f2-4ad9-8f08-3b9510b63c8f_399x213.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZDoX!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8a4fbb3-f9f2-4ad9-8f08-3b9510b63c8f_399x213.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ZDoX!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8a4fbb3-f9f2-4ad9-8f08-3b9510b63c8f_399x213.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ZDoX!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8a4fbb3-f9f2-4ad9-8f08-3b9510b63c8f_399x213.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZDoX!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8a4fbb3-f9f2-4ad9-8f08-3b9510b63c8f_399x213.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZDoX!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8a4fbb3-f9f2-4ad9-8f08-3b9510b63c8f_399x213.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZDoX!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8a4fbb3-f9f2-4ad9-8f08-3b9510b63c8f_399x213.png 1456w\" alt=\"\" width=\"371\" height=\"198.05263157894737\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/b8a4fbb3-f9f2-4ad9-8f08-3b9510b63c8f_399x213.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:213,&quot;width&quot;:399,&quot;resizeWidth&quot;:371,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<ol start=\"3\">\n<li><strong><mark data-color=\"#ffe599\">Fasteners<\/mark><\/strong>\u00a0used across solar, wind, transmission, and automotive applications.<\/li>\n<\/ol>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!51xz!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6aaf301c-4d7b-4396-a358-ec71b7c828eb_316x227.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!51xz!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6aaf301c-4d7b-4396-a358-ec71b7c828eb_316x227.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!51xz!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6aaf301c-4d7b-4396-a358-ec71b7c828eb_316x227.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!51xz!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6aaf301c-4d7b-4396-a358-ec71b7c828eb_316x227.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!51xz!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6aaf301c-4d7b-4396-a358-ec71b7c828eb_316x227.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!51xz!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6aaf301c-4d7b-4396-a358-ec71b7c828eb_316x227.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!51xz!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6aaf301c-4d7b-4396-a358-ec71b7c828eb_316x227.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!51xz!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6aaf301c-4d7b-4396-a358-ec71b7c828eb_316x227.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!51xz!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6aaf301c-4d7b-4396-a358-ec71b7c828eb_316x227.png 1456w\" alt=\"\" width=\"308\" height=\"221.25316455696202\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/6aaf301c-4d7b-4396-a358-ec71b7c828eb_316x227.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:227,&quot;width&quot;:316,&quot;resizeWidth&quot;:308,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<ol start=\"4\">\n<li>The remainder came from\u00a0<mark data-color=\"#ffe599\">wind-turbine towers<\/mark>, a business the company entered in FY25.<\/li>\n<\/ol>\n<p>As of March 31, 2026, the company operated 13 manufacturing facilities: eight in Maharashtra, four in Gujarat, and one in\u00a0<mark data-color=\"#ffe599\">Italy<\/mark>, with one upcoming facility in\u00a0<mark data-color=\"#ffe599\">Saudi Arabia<\/mark>.<\/p>\n<p><mark data-color=\"#ffe599\">Backward integration is an important pillar of their model:<\/mark>\u00a0in-house facilities let the company convert raw steel into finished, coated structural components without relying on third-party processors.<\/p>\n<blockquote><p><em>However the share of raw material produced in-house actually declined from 40% in FY24 to 24% in FY26, as purchased volumes grew faster than in house capacity.<\/em><\/p><\/blockquote>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Ud5G!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f81f5df-4d19-45ef-a0e7-e1ce2934af8a_540x250.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ud5G!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f81f5df-4d19-45ef-a0e7-e1ce2934af8a_540x250.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ud5G!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f81f5df-4d19-45ef-a0e7-e1ce2934af8a_540x250.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ud5G!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f81f5df-4d19-45ef-a0e7-e1ce2934af8a_540x250.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Ud5G!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f81f5df-4d19-45ef-a0e7-e1ce2934af8a_540x250.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Ud5G!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f81f5df-4d19-45ef-a0e7-e1ce2934af8a_540x250.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ud5G!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f81f5df-4d19-45ef-a0e7-e1ce2934af8a_540x250.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ud5G!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f81f5df-4d19-45ef-a0e7-e1ce2934af8a_540x250.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Ud5G!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f81f5df-4d19-45ef-a0e7-e1ce2934af8a_540x250.png 1456w\" alt=\"\" width=\"442\" height=\"204.62962962962962\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/7f81f5df-4d19-45ef-a0e7-e1ce2934af8a_540x250.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:250,&quot;width&quot;:540,&quot;resizeWidth&quot;:442,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<p>Customers are original equipment manufacturers (OEMs), engineering, procurement and construction (EPC) firms, and independent power producers (IPPs).<\/p>\n<p>The company says it serves 16 of the top 24 EPC companies in the United States by installed capacity, and\u00a0<mark data-color=\"#ffe599\">exported to over 50 countries as of March 31, 2026.<\/mark><\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!DDCL!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbd6635b-1e6d-40fe-97af-c5cff58d4a15_425x263.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!DDCL!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbd6635b-1e6d-40fe-97af-c5cff58d4a15_425x263.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!DDCL!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbd6635b-1e6d-40fe-97af-c5cff58d4a15_425x263.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!DDCL!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbd6635b-1e6d-40fe-97af-c5cff58d4a15_425x263.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!DDCL!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbd6635b-1e6d-40fe-97af-c5cff58d4a15_425x263.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!DDCL!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbd6635b-1e6d-40fe-97af-c5cff58d4a15_425x263.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!DDCL!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbd6635b-1e6d-40fe-97af-c5cff58d4a15_425x263.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!DDCL!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbd6635b-1e6d-40fe-97af-c5cff58d4a15_425x263.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!DDCL!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbd6635b-1e6d-40fe-97af-c5cff58d4a15_425x263.png 1456w\" alt=\"\" width=\"425\" height=\"263\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/bbd6635b-1e6d-40fe-97af-c5cff58d4a15_425x263.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:263,&quot;width&quot;:425,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"unit-economics-per-tonne\">Unit Economics Per-Tonne<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!cDP1!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7ed4b128-05b8-49af-a357-69aa234d7bc2_2048x917.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!cDP1!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7ed4b128-05b8-49af-a357-69aa234d7bc2_2048x917.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!cDP1!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7ed4b128-05b8-49af-a357-69aa234d7bc2_2048x917.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!cDP1!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7ed4b128-05b8-49af-a357-69aa234d7bc2_2048x917.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!cDP1!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7ed4b128-05b8-49af-a357-69aa234d7bc2_2048x917.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!cDP1!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7ed4b128-05b8-49af-a357-69aa234d7bc2_2048x917.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!cDP1!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7ed4b128-05b8-49af-a357-69aa234d7bc2_2048x917.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!cDP1!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7ed4b128-05b8-49af-a357-69aa234d7bc2_2048x917.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!cDP1!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7ed4b128-05b8-49af-a357-69aa234d7bc2_2048x917.png 1456w\" alt=\"\" width=\"600\" height=\"268.68131868131866\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/7ed4b128-05b8-49af-a357-69aa234d7bc2_2048x917.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:652,&quot;width&quot;:1456,&quot;resizeWidth&quot;:600,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<p>Revenue per tonne rose 13% between FY25 and FY26, but part of that gain is optical:<br \/>\nIt contains pass-through US tariff recoveries into revenue from operations, and these recoveries jumped from \u20b948 Cr in FY25 to \u20b9577 Cr in FY26. This is a cost neutral entry as explained in financials section.<\/p>\n<p>EBITDA per tonne, which is not affected by this entry, rose by 12% over the same period which gives a clear read on underlying pricing and cost control.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"operating-metrics\">Operating Metrics<\/h2>\n<ul>\n<li><strong><mark data-color=\"#ffe599\">Revenue by Product Category:\u00a0<\/mark><\/strong>Solar products still dominate at 79% of FY26 revenue, but wind towers which started this year contributed \u20b9135 Cr in FY26. Lattice tower revenue nearly tripled from FY24 to FY26, as India\u2019s transmission capacity gets build-out.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!94Bf!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13f2272f-6797-4de2-a9ed-5a01d19e9d65_795x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!94Bf!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13f2272f-6797-4de2-a9ed-5a01d19e9d65_795x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!94Bf!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13f2272f-6797-4de2-a9ed-5a01d19e9d65_795x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!94Bf!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13f2272f-6797-4de2-a9ed-5a01d19e9d65_795x371.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!94Bf!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13f2272f-6797-4de2-a9ed-5a01d19e9d65_795x371.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!94Bf!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13f2272f-6797-4de2-a9ed-5a01d19e9d65_795x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!94Bf!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13f2272f-6797-4de2-a9ed-5a01d19e9d65_795x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!94Bf!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13f2272f-6797-4de2-a9ed-5a01d19e9d65_795x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!94Bf!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13f2272f-6797-4de2-a9ed-5a01d19e9d65_795x371.png 1456w\" alt=\"\" width=\"622\" height=\"290.26666666666665\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/13f2272f-6797-4de2-a9ed-5a01d19e9d65_795x371.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:371,&quot;width&quot;:795,&quot;resizeWidth&quot;:622,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<h6><em>*Others includes OHTL hardware fittings, engineering and service fees, job work, sale of raw materials and scrap, and export incentives.<\/em><\/h6>\n<ul>\n<li><strong><mark data-color=\"#ffe599\">Revenue by Geography<\/mark><\/strong><mark data-color=\"#ffe599\">:<\/mark>\u00a0Domestic revenue grew faster than exports in every year shown, more than doubling from FY24 to FY26. While US revenue grew a slower 27% over the same period it still accounted for 34% of FY26 revenue.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!MVYd!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15141b05-1368-471b-b11a-a9fc031ad6e7_789x382.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!MVYd!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15141b05-1368-471b-b11a-a9fc031ad6e7_789x382.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!MVYd!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15141b05-1368-471b-b11a-a9fc031ad6e7_789x382.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!MVYd!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15141b05-1368-471b-b11a-a9fc031ad6e7_789x382.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!MVYd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15141b05-1368-471b-b11a-a9fc031ad6e7_789x382.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!MVYd!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15141b05-1368-471b-b11a-a9fc031ad6e7_789x382.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!MVYd!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15141b05-1368-471b-b11a-a9fc031ad6e7_789x382.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!MVYd!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15141b05-1368-471b-b11a-a9fc031ad6e7_789x382.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!MVYd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15141b05-1368-471b-b11a-a9fc031ad6e7_789x382.png 1456w\" alt=\"\" width=\"608\" height=\"294.3675538656527\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/15141b05-1368-471b-b11a-a9fc031ad6e7_789x382.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:382,&quot;width&quot;:789,&quot;resizeWidth&quot;:608,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-financial-stuff-revenue-to-pat\">The Financial Stuff: Revenue to PAT<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!IyW5!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f13ab6f-b1ef-4981-80b1-f4389c860709_2048x1269.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!IyW5!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f13ab6f-b1ef-4981-80b1-f4389c860709_2048x1269.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!IyW5!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f13ab6f-b1ef-4981-80b1-f4389c860709_2048x1269.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!IyW5!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f13ab6f-b1ef-4981-80b1-f4389c860709_2048x1269.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!IyW5!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f13ab6f-b1ef-4981-80b1-f4389c860709_2048x1269.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!IyW5!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f13ab6f-b1ef-4981-80b1-f4389c860709_2048x1269.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!IyW5!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f13ab6f-b1ef-4981-80b1-f4389c860709_2048x1269.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!IyW5!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f13ab6f-b1ef-4981-80b1-f4389c860709_2048x1269.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!IyW5!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f13ab6f-b1ef-4981-80b1-f4389c860709_2048x1269.png 1456w\" alt=\"\" width=\"600\" height=\"371.7032967032967\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/0f13ab6f-b1ef-4981-80b1-f4389c860709_2048x1269.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:902,&quot;width&quot;:1456,&quot;resizeWidth&quot;:600,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>Revenue grew 33% a year on average between FY24 and FY26, and PAT grew faster at 49% a year, so margins widened as the company scaled.<\/li>\n<\/ul>\n<blockquote><p><em>The one anomaly worth flagging is the sudden increase in the expenses and revenue lines.<\/em><\/p><\/blockquote>\n<div class=\"callout-block\" data-callout=\"true\">\n<p><strong>Most of that jump is a pass-through:<\/strong><br \/>\nThe US tariffs introduced in the fourth quarter of FY25 generated \u20b9577 Cr of tariff-related expenditure in FY26 which is recognised under other expenses, with a matching recovery (gain) recognised as revenue. This optically inflates the revenue &amp; cost as well. However, these cost-neutral entries do not affect PAT and EBITDA.<\/p>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"karamtaras-peers-fy26\">Karamtara\u2019s Peers \u2014 FY26<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!PitP!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c335bfd-9bff-460c-a493-4d3e05059e93_2040x1792.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PitP!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c335bfd-9bff-460c-a493-4d3e05059e93_2040x1792.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PitP!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c335bfd-9bff-460c-a493-4d3e05059e93_2040x1792.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PitP!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c335bfd-9bff-460c-a493-4d3e05059e93_2040x1792.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!PitP!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c335bfd-9bff-460c-a493-4d3e05059e93_2040x1792.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!PitP!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c335bfd-9bff-460c-a493-4d3e05059e93_2040x1792.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PitP!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c335bfd-9bff-460c-a493-4d3e05059e93_2040x1792.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PitP!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c335bfd-9bff-460c-a493-4d3e05059e93_2040x1792.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PitP!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c335bfd-9bff-460c-a493-4d3e05059e93_2040x1792.png 1456w\" alt=\"\" width=\"598\" height=\"525.3035714285714\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/5c335bfd-9bff-460c-a493-4d3e05059e93_2040x1792.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1279,&quot;width&quot;:1456,&quot;resizeWidth&quot;:598,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>At \u20b94,312 Cr,\u00a0<mark data-color=\"#ffe599\">Karamtara\u2019s FY26 revenue sits in the middle of this peer set<\/mark>, larger than KP Green Engineering but smaller than Waaree, Suzlon or Premier Energies.<\/li>\n<li><mark data-color=\"#ffe599\">Its return on net worth of 21% beats only Inox Wind\u2019s 8%<\/mark>\u00a0among the eight peers; the rest post RoNW above 30%.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"key-risks\">Key Risks<\/h2>\n<ul>\n<li><strong>Export and US tariff exposure.<br \/>\n<\/strong>Exports made up 41% of FY26 revenue, with the United States alone at 34%. Any changes in international trade policy, tariffs or export controls can materially affect the company\u2019s financials.<\/li>\n<li><strong>Manufacturing concentration in Maharashtra.<br \/>\n<\/strong>Facilities in Maharashtra generated 91% of FY26 revenue. So any unscheduled slowdown or shutdown at one site could materially affect that entire product category.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"conclusion\">Conclusion<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<p>Karamtara Engineering has grown its revenue alongside the booming renewable infrastructure sector. While Its backward-integrated model and market leadership in solar mounting structures provide a clear operational foundation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karamtara Engineering is opening a \u20b9875 Cr IPO on September 9, 2026. Most of its product lines run out of a single dedicated factory and it is India\u2019s largest integrated manufacturer of solar mounting structures and tracker components by installed capacity. IPO Summary Industry Overview India\u2019s power sector is shifting from coal to renewables. As [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":14807,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-14806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Karamtara Engineering IPO: Review, Financials, Business &amp; Risks | InCred Money<\/title>\n<meta name=\"description\" content=\"Explore the Karamtara Engineering IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Karamtara Engineering IPO: Review, Financials, Business &amp; Risks | InCred Money\" \/>\n<meta property=\"og:description\" content=\"Explore the Karamtara Engineering IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/\" \/>\n<meta property=\"og:site_name\" content=\"InCred Money\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-08T07:04:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-09T07:10:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/764dfbae-46f8-48a8-8cc7-4ce333a70852_1299x726.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1299\" \/>\n\t<meta property=\"og:image:height\" content=\"726\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"InCred Money\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"InCred Money\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-karamtara-engineering-ipo\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-karamtara-engineering-ipo\\\/\"},\"author\":{\"name\":\"InCred Money\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/91d1ca8413938f5afdb8971df15afacc\"},\"headline\":\"Solar Sector Syndicate: The Karamtara Engineering IPO\",\"datePublished\":\"2026-09-08T07:04:35+00:00\",\"dateModified\":\"2026-09-09T07:10:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-karamtara-engineering-ipo\\\/\"},\"wordCount\":761,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-karamtara-engineering-ipo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/764dfbae-46f8-48a8-8cc7-4ce333a70852_1299x726.webp\",\"keywords\":[\"Blogs\"],\"articleSection\":[\"IPO\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-karamtara-engineering-ipo\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-karamtara-engineering-ipo\\\/\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-karamtara-engineering-ipo\\\/\",\"name\":\"The Karamtara Engineering IPO: Review, Financials, Business & Risks | InCred Money\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-karamtara-engineering-ipo\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-karamtara-engineering-ipo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/764dfbae-46f8-48a8-8cc7-4ce333a70852_1299x726.webp\",\"datePublished\":\"2026-09-08T07:04:35+00:00\",\"dateModified\":\"2026-09-09T07:10:03+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/91d1ca8413938f5afdb8971df15afacc\"},\"description\":\"Explore the Karamtara Engineering IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-karamtara-engineering-ipo\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-karamtara-engineering-ipo\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-karamtara-engineering-ipo\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/764dfbae-46f8-48a8-8cc7-4ce333a70852_1299x726.webp\",\"contentUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/764dfbae-46f8-48a8-8cc7-4ce333a70852_1299x726.webp\",\"width\":1299,\"height\":726},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-karamtara-engineering-ipo\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Solar Sector Syndicate: The Karamtara Engineering IPO\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/\",\"name\":\"InCred Money\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/91d1ca8413938f5afdb8971df15afacc\",\"name\":\"InCred Money\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g\",\"caption\":\"InCred Money\"},\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/author\\\/incred-money-team\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Karamtara Engineering IPO: Review, Financials, Business & Risks | InCred Money","description":"Explore the Karamtara Engineering IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/","og_locale":"en_US","og_type":"article","og_title":"The Karamtara Engineering IPO: Review, Financials, Business & Risks | InCred Money","og_description":"Explore the Karamtara Engineering IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money","og_url":"https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/","og_site_name":"InCred Money","article_published_time":"2026-09-08T07:04:35+00:00","article_modified_time":"2026-09-09T07:10:03+00:00","og_image":[{"width":1299,"height":726,"url":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/764dfbae-46f8-48a8-8cc7-4ce333a70852_1299x726.webp","type":"image\/webp"}],"author":"InCred Money","twitter_card":"summary_large_image","twitter_misc":{"Written by":"InCred Money","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/#article","isPartOf":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/"},"author":{"name":"InCred Money","@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/91d1ca8413938f5afdb8971df15afacc"},"headline":"Solar Sector Syndicate: The Karamtara Engineering IPO","datePublished":"2026-09-08T07:04:35+00:00","dateModified":"2026-09-09T07:10:03+00:00","mainEntityOfPage":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/"},"wordCount":761,"commentCount":0,"image":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/764dfbae-46f8-48a8-8cc7-4ce333a70852_1299x726.webp","keywords":["Blogs"],"articleSection":["IPO"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/","url":"https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/","name":"The Karamtara Engineering IPO: Review, Financials, Business & Risks | InCred Money","isPartOf":{"@id":"https:\/\/www.incredmoney.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/#primaryimage"},"image":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/764dfbae-46f8-48a8-8cc7-4ce333a70852_1299x726.webp","datePublished":"2026-09-08T07:04:35+00:00","dateModified":"2026-09-09T07:10:03+00:00","author":{"@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/91d1ca8413938f5afdb8971df15afacc"},"description":"Explore the Karamtara Engineering IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money","breadcrumb":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/#primaryimage","url":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/764dfbae-46f8-48a8-8cc7-4ce333a70852_1299x726.webp","contentUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/764dfbae-46f8-48a8-8cc7-4ce333a70852_1299x726.webp","width":1299,"height":726},{"@type":"BreadcrumbList","@id":"https:\/\/www.incredmoney.com\/blog\/the-karamtara-engineering-ipo\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.incredmoney.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Solar Sector Syndicate: The Karamtara Engineering IPO"}]},{"@type":"WebSite","@id":"https:\/\/www.incredmoney.com\/blog\/#website","url":"https:\/\/www.incredmoney.com\/blog\/","name":"InCred Money","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.incredmoney.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/91d1ca8413938f5afdb8971df15afacc","name":"InCred Money","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g","caption":"InCred Money"},"url":"https:\/\/www.incredmoney.com\/blog\/author\/incred-money-team\/"}]}},"_links":{"self":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14806","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/comments?post=14806"}],"version-history":[{"count":1,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14806\/revisions"}],"predecessor-version":[{"id":14808,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14806\/revisions\/14808"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/media\/14807"}],"wp:attachment":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/media?parent=14806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/categories?post=14806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/tags?post=14806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}