Carver Roboweld Ltd (SME)

The Rajkot company makes welding wires, rods and electrodes, and rents out welding robots, all to forging companies in India. FY26 revenue was INR 32.7 cr. Carver sells standardised welding products in a crowded market, with little pricing power and one customer giving 43.4% of recent revenue. Its margins rose in FY26 as inventory piled up, and operating cash flow turned negative. The valuation is in line with peers, but given the business quality and weak cash generation, we would skip the issue at the IPO and for both the short and long term.