Kheria Autocomp IPO

SME • NSE SME • Fresh capital only

LISTEDSMENSE SME

Kheria Autocomp

Price band

₹96 – ₹101

Lot size

1200 shares

Min investment

₹1,21,200

Issue size

₹46.44 Cr

About the company

Kheria Autocomp Ltd was started in 2009. It is an auto ancillary company working in plastic injection moulding, which means it melts plastic granules and forms them into vehicle parts, and also carries out sub-assembly work on those parts. It works as a Tier-II supplier. That means it does not sell to the car makers directly but supplies moulded components to Tier-I vendors, who then supply the original equipment manufacturers. Its parts go into passenger vehicles. Its product range covers interior cabin trims, exterior plastic parts, under-hood components and heating, ventilation and air conditioning ducts, and it supplies these for both internal combustion engine vehicles and electric vehicles, so it is not tied to one type of powertrain. Its manufacturing facility is inside the Tata Vendor Park at Sanand in Gujarat, covering about 3 acres, with 30 injection moulding machines ranging from 120 tons to 1,700 tons of clamping force. The company has also put up a 636 kW solar power system and four groundwater recharge wells at the site. As on 31 March 2026 it had about 113 employees.

Kheria Autocomp Ltd is a Tier-II auto ancillary making plastic injection moulded components and sub-assemblies for passenger vehicles, covering interior trims, exterior parts, under-hood components and HVAC ducts for both petrol and electric models. Its plant sits inside the Tata Vendor Park at Sanand, Gujarat with 30 moulding machines.

IPO details

Issue price: ₹101
Price band: ₹96 – ₹101
Face value: ₹10
Lot size: 1200
Min investment: ₹1,21,200
Issue size: ₹46.44 Cr
Sale type: Fresh capital only
Listing on: NSE SME
BSE scrip code: KHERIAAUTO
NSE symbol: KHERIAAUTO-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,21,200
Retail (Max)	1	1,200	₹1,21,200
HNI (Min)	2	2,400	₹2,42,400

Investor reservation

CATEGORY	RESERVED
QIB	21,84,000 shares (50.00% of the Offer)
NII	6,55,200 shares (15.00% of the Offer)
Retail	15,28,800 shares (35.00% of the Offer)

Objects of the issue

1Part funding of capital expenditure for setting up of new manufacturing facility for plastic moulded auto components at GIDC Sanand Industrial Park39.96

2General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	106.23	81.79	53.14
Total Income	120.30	92.31	62.40
Profit After Tax	11.42	8.24	3.31
EBITDA	22.90	16.18	9.76
NET Worth	39.52	28.24	20.00
Reserves and Surplus	28.27	23.74	15.50
Total Borrowing	35.03	30.90	18.83

Key performance indicators

P/E Ratio

14.01

EPS (₹)

7.21

RoE

33.72%

RoCE

26.89%

RoNW

33.72%

PAT Margin

9.52%

EBITDA Margin

19.08%

Debt / Equity

0.89

NAV (₹)

35.13

✓ Strengths

• Profit has more than tripled in two years, from Rs 3.31 crore in FY2024 to Rs 8.24 crore in FY2025 and Rs 11.42 crore in FY2026.

• Sales have almost doubled over the same period, from Rs 62.40 crore to Rs 120.30 crore.

• EBITDA has more than doubled, from Rs 9.76 crore in FY2024 to Rs 22.90 crore in FY2026.

• Return ratios are strong, with RoNW of 33.72% and RoCE of 26.89%, and a PAT margin of 9.52%.

• The issue is priced moderately at about 14.01 times earnings on an EPS of Rs 7.21.

• Being located inside the Tata Vendor Park at Sanand puts it right next to its customer base, which cuts logistics cost and helps with just-in-time supply.

• It supplies parts for both petrol and electric vehicles, so the shift to EVs does not make its products redundant.

• The plant is well equipped with 30 injection moulding machines from 120 to 1,700 tons, and a 636 kW solar system reduces the power bill.

⚠ Risks

• Being a Tier-II supplier means it sells to Tier-I vendors rather than to the vehicle makers, so it sits one step further from the customer and has less say on price.

• Having its plant inside the Tata Vendor Park is convenient but also means heavy dependence on one manufacturer ecosystem. Any change in that relationship would be serious.

• Almost the entire issue goes into one project. Rs 39.96 crore of the Rs 46.44 crore raised goes into a new facility at GIDC Sanand, which brings execution risk and a gap before it earns.

• Borrowing was Rs 35.03 crore against a net worth of Rs 39.52 crore, a debt to equity ratio of 0.89, and it has nearly doubled in two years.

• Demand follows the passenger vehicle cycle. A slowdown in car sales passes straight through to a component supplier.

• The raw material is polymer, which is linked to crude oil prices.

• The company is small, with about 113 employees and a single facility of roughly 3 acres.

• Promoter holding will come down from 100% to 70.99% after the issue.

• This is an SME issue. One lot is 1,200 shares, which is about Rs 1.21 lakh at the upper band of Rs 101, and SME shares usually trade in low volume after listing.

Promoters & holding

Tara Chand Kheria, Vinay Kheria, Sushma Kheria and Santosh Devi Kheria

Pre-issue promoter holding

100%

Post-issue promoter holding

70.99%

Data refreshed 07 Nov 2026, 04:56 pm IST. GMP is unofficial market sentiment, not investment advice.