# Carver Roboweld Limited: IPO analysis > Carver Roboweld Limited (CIN U28939GJ2009PLC057707) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 35,36,000 shares, priced at ₹76.00 to ₹80.00 per share. In FY26 it reported revenue of ₹33 Cr and a net profit of ₹5.3 Cr. Promoters hold 85.2% before the IPO. Our earlier look-up of its claims found 3 medium or high concerns across 36 claims looked up. - Page: https://ipo.innerkore.com/in/company/U28939GJ2009PLC057707/carver-roboweld-limited/ - CIN: U28939GJ2009PLC057707 - Last updated: 27 Oct 2026 ## Key facts - **Company:** Carver Roboweld Limited - **CIN:** U28939GJ2009PLC057707 - **Filing stage:** RHP - **Latest SEBI filing:** 27 Oct 2026 - **Price band:** ₹76.00 to ₹80.00 per share - **Bidding opens:** 28 Oct 2026 - **Bidding closes:** 30 Oct 2026 - **Listing on:** BSE - **Revenue FY26:** ₹33 Cr - **Net profit FY26:** ₹5.3 Cr - **Promoter holding (pre-IPO):** 85.2% - **Lead managers:** Smart Horizon Capital Advisors Private Limited - **Registrar:** Bigshare Services Private Limited - **Earlier look-up flags:** 3 high, 0 medium, 5 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 19.6x P/E. From BSE's price band, on FY26 profit; 1.4x book value. - **Profitability** (looks fine): 16.3% net margin. FY26. - **Debt** (looks fine): 0.31x equity. ₹23.8 crore borrowed at the end of FY26. - **Profit into cash** (concern): -60% of profit. Operations brought in ₹-3.2 crore against ₹5.3 crore of profit in FY26. - **One-off income** (look closer): 2% of profit. Other and one-off income is 2% of pre-tax profit; management describes 3 one-off items. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. 42% of the new money repays debt. (converted using BSE's price band) - **Red flags** (concern): 3 to review. 36 claims looked up earlier: 3 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY26 | 3M Jun-26 | |---|---:|---:| | Sales | 33 | 8.1 | | Operating profit | 12 | 2.9 | | Operating margin | 35.9% | 35.3% | | Net profit | 5.3 | 1.2 | | Net margin | 16.3% | 14.9% | | Net worth | 78 | 78 | | Borrowings | 24 | 22 | | Return on equity | 6.9% | – | ## Non-recurring items (as described by management) - The company recorded a loss on sale of property, plant & equipment of ₹0.25 lakhs. (p.346) - Cost of Goods Sold decreased by 10.94% from 63.19% to 52.25% in Fiscal 2026. (p.347) - The company recorded a profit on sale of property, plant and equipment of ₹2.92 lakhs for the period ended June 30, 2026. (p.353) ## Use of proceeds (fresh issue) - Funding the capital expenditure requirements of our Company towards the purchase of Welding: ₹12 crore - Repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by our Company from banks and financial institutions;: ₹8.6 crore ## Claims looked up earlier - **HIGH** (SubsidiaryPerformance): India's foreign exchange reserves stood at Rs. 65,20,745 crore as of March 27, 2026, supporting its improving bond market attractiveness.. The search results indicate that no information was found regarding India's foreign exchange reserves as of March 27, 2026. Since the claim references a future date (2026) that is not in the search results, the results do not corroborate, contradict, or update the claim. The claim appears to be a fabricated or hallucinated statement not supported by available data. - **HIGH** (LitigationStatus): The Company is not involved in any pending criminal litigation, statutory or regulatory actions, or tax liabilities.. The search results indicate that Carver Roboweld Limited has outstanding litigation against them, which directly contradicts the claim that the company is not involved in any pending criminal litigation or statutory actions. While the search results do not explicitly mention tax liabilities, the presence of pending litigation creates a significant contradiction regarding the accuracy of the claim. - **HIGH** (SubsidiaryPerformance): The company changed its name from 'Carver Roboweld Private Limited' to 'Carver Roboweld Limited' upon conversion to a public limited company, with a fresh certificate of incorporation issued on June 16, 2025.. The search results indicate that Carver Roboweld Limited's IPO concluded on October 30, 2026, with a subscription rate of 2.76x, contradicting the claim that the company converted to a public limited company and received a fresh certificate on June 16, 2025. The document also incorrectly states the IPO price band as ₹76–80, whereas the official listing is ₹0 (GMP). - **LOW** (LitigationStatus): SEBI permits submission of applications via broker networks starting January 1, 2013, and via ETAs/DPs starting January 1, 2016.. The search results do not contain information regarding SEBI's submission rules for broker networks or ETAs/DPs. While the document mentions these specific dates (January 1, 2013 and 2016), the provided search results only confirm the company's incorporation date, product portfolio, and financial structure, offering no details on regulatory submission timelines. - **LOW** (PromoterBackground): No sum has been paid or agreed to be paid to any promoter or firm in which any promoter is interested.. The provided search results contain no information regarding the payment status of promoters to Carver Roboweld Limited, meaning the claim that no sum has been paid or agreed to be paid remains unverified by available data. Since no relevant documents or news were found to contradict or update the statement, the assessment relies solely on the absence of evidence in the search results. The lack of corroborating or contradictory information in the search results limits the ability to confirm the accuracy of the claim, resulting in a low confidence level. - **LOW** (LitigationStatus): The Issue is structured through the Book Building Process in compliance with SEBI ICDR Regulations 2018.. The search results do not contain specific details regarding the Book Building Process or compliance with SEBI ICDR Regulations 2018 for Carver Roboweld Limited's IPO. While the document mentions the issuance of the prospectus, the provided search snippets focus on financial profiles, litigation risks, and general listing details without addressing the specific underwriting methodology. - **LOW** (PromoterBackground): Deval Ranjit Bose serves as Executive Director and holds 12.65% of the equity shares.. The search results indicate that no information was found regarding Deval Ranjit Bose or his role as Executive Director or shareholding percentage for Carver Roboweld Limited. This absence of data suggests the claim may be inaccurate or the entity is not publicly listed in the search index, leading to a low confidence level. - **LOW** (SubsidiaryPerformance): The company was originally incorporated as 'Carver Welding Private Limited' under the Companies Act, 1956, with a certificate of incorporation dated August 04, 2009.. The search results do not contain information regarding the company's original incorporation name or the specific date of its incorporation under the Companies Act, 1956. While the document claims the company was originally 'Carver Welding Private Limited' with a 2009 incorporation date, the provided search snippets focus on IPO details, financial performance, and operational capacity, offering no data on the company's historical registration history. - **NONE** (PromoterBackground): Deval Ranjitbhai Bose was appointed as a Non-Executive Independent Director on December 02, 2025.. The search results indicate that no information was found regarding the appointment of Deval Ranjitbhai Bose as a Non-Executive Independent Director on December 02, 2025. Since the claim refers to a future date (2025) and no search results exist to verify or contradict this, the search results provide no new information relative to the claim. - **NONE** (PromoterBackground): There are no conflicts of interest between suppliers of raw materials and lessors of immovable properties and the promoters.. The provided search results contain no information regarding conflicts of interest between suppliers of raw materials and lessors of immovable properties for Carver Roboweld Limited. Consequently, the claim that there are no such conflicts cannot be verified or contradicted by available data. - **NONE** (PromoterBackground): The promoters are not interested as a member in any firm or company which has any interest in the company.. The provided search results contain no information regarding the promoters' interests in other firms or companies, nor do they mention any specific clauses or conditions related to promoter disqualification. Since the claim is not supported by any available data, the search results do not corroborate, contradict, or update the claim. - **NONE** (PromoterBackground): None of the directors has any interest in any property acquired or proposed to be acquired by the company.. The provided search results contain no information regarding the directors' interests in any property acquired or proposed to be acquired by Carver Roboweld Limited. Consequently, the claim that none of the directors has any such interest cannot be verified or contradicted by the available data, and no new information regarding this specific matter was found. ## Common questions ### How big is the Carver Roboweld Limited IPO? Carver Roboweld Limited's IPO comprises a fresh issue of 35,36,000 shares, according to its Red Herring Prospectus. The price band is ₹76.00 to ₹80.00 per share. ### What are Carver Roboweld Limited's revenue and profit? Carver Roboweld Limited reported revenue from operations of ₹33 Cr in FY26. Net profit was ₹5.3 Cr. Figures are read from the RHP, as printed there. ### How much do promoters own in Carver Roboweld Limited? Promoters hold 85.2% of Carver Roboweld Limited before the IPO. ### How will Carver Roboweld Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding the capital expenditure requirements of our Company towards the purchase of Welding (₹12 Cr); Repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by our Company from banks and financial institutions; (₹8.6 Cr). ### What are the red flags in Carver Roboweld Limited's RHP? Earlier, we looked up 36 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 3 raised a high concern, 0 medium and 5 low. The most notable: The search results indicate that no information was found regarding India's foreign exchange reserves as of March 27, 2026. Since the claim references a… The search results indicate that Carver Roboweld Limited has outstanding litigation against them, which directly contradicts the claim that the company is not… The search results indicate that Carver Roboweld Limited's IPO concluded on October 30, 2026, with a subscription rate of 2.76x, contradicting the claim that… This is an automated screen, not a verdict; each finding links to its sources. ### What does Carver Roboweld Limited do? You might think Carver Roboweld Limited is just another tech startup, but the real story doesn't start with their code—it starts with a bizarre fact: the search results say there is literally no data on their foreign exchange reserves as of March 27, 2026. ### Who manages the Carver Roboweld Limited IPO? Book running lead managers: Smart Horizon Capital Advisors Private Limited. Registrar to the offer: Bigshare Services Private Limited. Shares are proposed to list on BSE. ### Where can I read the original Carver Roboweld Limited IPO documents? All 1 filing for Carver Roboweld Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [CARVER ROBOWELD LIMITED](https://www.bseindia.com/downloads/ipo/RHP&GID_271020261926.zip) (Red Herring Prospectus, filed 27 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.