Karamtara Engineering Ltd.: Domestic Sales Double, Export Mix Falls

Karamtara Engineering Ltd.’s domestic sales more than doubled in two years, reaching Rs 2,564.484 crore in Fiscal 2026 from Rs 1,029.318 crore in Fiscal 2024. The increase shifted Karamtara Engineering to a domestic-majority revenue mix: domestic revenue represented 59.48% of revenue from operations, while export revenue represented 40.52%, down from 57.56% in Fiscal 2024.

How did Karamtara Engineering’s domestic sales change its revenue mix?

Karamtara Engineering’s domestic sales changed its revenue mix because domestic revenue grew at a 57.84% compound annual growth rate, or CAGR, from Fiscal 2024 to Fiscal 2026, compared with 11.89% for exports. Revenue from operations rose 77.80% over the two fiscal years, from Rs 2,425.150 crore in Fiscal 2024 to Rs 4,311.976 crore in Fiscal 2026; domestic revenue accounted for Rs 1,535.166 crore of that Rs 1,886.826 crore increase.

Karamtara Engineering moved from an export-majority mix in Fiscal 2024 to a domestic-majority mix in Fiscal 2026, with each fiscal year ending on March 31. Domestic revenue, defined in the financial metrics as domestic sales including products, services and other operating revenue, gained 17.04 percentage points of total revenue over the period. Its share rose by 6.25 percentage points in Fiscal 2025 and by a further 10.79 percentage points in Fiscal 2026.

Why did Karamtara Engineering’s export mix fall when exports increased?

Karamtara Engineering’s export mix fell because export revenue grew in absolute terms but much more slowly than domestic revenue. Exports increased by Rs 351.660 crore between Fiscal 2024 and Fiscal 2026, from Rs 1,395.832 crore to Rs 1,747.492 crore, but domestic revenue rose by more than four times that amount. Export revenue includes deemed exports and export of services, not solely physical product shipments outside India.

The sharper mix change occurred in Fiscal 2026. Karamtara Engineering added Rs 1,026.758 crore in domestic revenue during Fiscal 2026, compared with Rs 126.773 crore in export revenue, taking domestic sales to 59.48% of total operating revenue. Exports nevertheless increased for a second consecutive year, after rising Rs 224.887 crore in Fiscal 2025 from the Fiscal 2024 level.

Karamtara Engineering retained a substantial international business despite the lower export share. As of March 31, 2026, it had supplied products to more than 50 countries cumulatively across North America, Europe, Asia, Africa, Australia and Latin America, and it served 42 international customers. The Frost & Sullivan report cited in the prospectus also described Karamtara Engineering as one of the largest exporters of solar products from India to North America in Fiscal 2025.

Which product categories contributed to Karamtara Engineering’s growth?

Karamtara Engineering’s solar energy products remained its largest reported product category, producing Rs 3,406.146 crore of revenue in Fiscal 2026, or 78.99% of revenue from operations. Solar-product revenue increased from Rs 1,982.644 crore in Fiscal 2024, although its share eased from 81.75% as other product lines expanded. The category includes solar module mounting structures, solar tracker piles and piers, and solar torque tubes.

Transmission and wind products accounted for part of the change in category mix during Fiscal 2026. Revenue from lattice towers for transmission lines increased to Rs 273.706 crore from Rs 101.235 crore in Fiscal 2024, lifting its revenue share to 6.35% from 4.17%. Angular towers for wind turbines generated Rs 88.429 crore after production started in March 2025, while tubular wind towers generated Rs 46.406 crore after production began in June 2025.

Karamtara Engineering separately reported revenue from the sale of renewable products of Rs 3,540.981 crore, or 82.12% of Fiscal 2026 revenue from operations, compared with 81.75% in Fiscal 2024. This broader measure includes torque tubes, solar module mounting structures, solar piles and piers, wind towers and angular towers; it excludes revenue from scrap, services and other items. That definition makes the renewable-products measure larger than the solar-energy-products category, which accounted for Rs 3,406.146 crore in Fiscal 2026.

What manufacturing scale underpins Karamtara Engineering’s domestic sales growth?

Karamtara Engineering had aggregate installed capacity of 889,200 metric tonnes per annum, or MTPA, as of March 31, 2026, compared with 491,100 MTPA in Fiscal 2024. The stated capacity excludes galvanising capacity and the capacity of its Jelfa unit, which has capacity of 480,000 pieces annually. Capacity utilisation on the stated basis was 59.05% in Fiscal 2026, compared with 67.91% in Fiscal 2024.

The production network comprised 13 facilities as of March 31, 2026: eight in Maharashtra, four in Gujarat and one in Italy. Karamtara Engineering manufactured 332,729 metric tonnes of solar energy products in Fiscal 2026, while the solar category generated 78.99% of revenue from operations. It also had in-house galvanising capacity of 276,800 MTPA, used for captive consumption rather than reported as part of the 889,200 MTPA aggregate capacity.

Karamtara Engineering’s capacity expansion coincided with new wind products and an expanded solar manufacturing base, but capacity alone does not determine revenue mix. For exports to regain revenue share, overseas revenue would need to grow faster than domestic revenue, which rose 66.77% in Fiscal 2026. The company’s customer base for solar products changed from 48 customers in Fiscal 2024 to 73 in Fiscal 2025 and 65 in Fiscal 2026, while average annual solar revenue per customer increased to Rs 52.402 crore from Rs 41.305 crore.

What could affect Karamtara Engineering’s future export share?

Karamtara Engineering has disclosed an overseas manufacturing plan alongside its India-led Fiscal 2026 revenue mix. It has on-ground sales personnel in the United States, Europe and the Kingdom of Saudi Arabia, and is setting up a manufacturing facility in the Kingdom of Saudi Arabia. The proposed facility is intended to manufacture solar torque tubes, solar tracker piles and piers, and fittings for transmission lines.

Karamtara Engineering also operates one manufacturing facility in Italy for overhead transmission line, or OHTL, hardware fittings and accessories. The company reported a customer rejection rate of 0.14% of total sales in Fiscal 2026, compared with 0.25% in Fiscal 2025 and 0.05% in Fiscal 2024. Its ability to increase export revenue relative to domestic sales will depend on the pace at which international orders and the Saudi Arabia facility develop, neither of which is quantified in the disclosed plan.

Conclusion

Karamtara Engineering’s revenue mix changed primarily because domestic sales grew 2.49 times from Fiscal 2024 to Fiscal 2026, rather than because exports declined. Export revenue rose to Rs 1,747.492 crore, but domestic revenue reached Rs 2,564.484 crore and became 59.48% of operating revenue. Solar energy products remained the largest category at 78.99%, while transmission and newly introduced wind products broadened the reported revenue base.

The next disclosed development to watch is the planned manufacturing facility in the Kingdom of Saudi Arabia, which is intended to add production of solar and transmission-line components. Karamtara Engineering’s future domestic and export mix will depend on whether revenue from that overseas plan and its existing presence in more than 50 countries grows faster than Indian sales after Fiscal 2026.