- Price band
- ₹96 – ₹101
- Issue size
- ₹46.44 Cr
- Lot size
- 1200 sh
- Bidding
- 17 – 21 Sep
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 24 Sep 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Kheria Autocomp is described in the record as a Sanand, Gujarat moulder of plastic interior trims, exterior garnishes, under-hood parts and HVAC ducts for passenger vehicles, selling to Tier-I vendors on customer-owned moulds, with about 113 employees. Revenue was Rs 62.40 Cr in FY24, Rs 92.31 Cr in FY25 and Rs 120.30 Cr in FY26; profit after tax over the same three years was Rs 3.31 Cr, Rs 8.24 Cr and Rs 11.42 Cr. The issue was Rs 46.44 Cr, all of it fresh with no offer for sale, priced in a Rs 96 to Rs 101 band, and was subscribed 2.48 times in total on day three (QIB 1.05x, NII 2.97x, retail 3.08x). It listed on NSE Emerge on 24 September 2026 at Rs 104.90 against the Rs 101 band top, closed day one at Rs 103.05, and last traded at Rs 94.45 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Kheria Autocomp, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2009 · Sanand, Ahmedabad, Gujarat · 113 employees
Kheria Autocomp moulds plastic parts for cars. From a single plant inside Tata Vendor Park at Sanand, Gujarat, it makes interior cabin trims, exterior garnishes, under-hood components and HVAC ducts, plus simple sub-assembly work such as bolt fitment. It sells to Tier-I vendors rather than to carmakers directly: the Tier-I customer supplies the mould and the specification, and Kheria converts plastic granules into the finished component. Parts go onto both internal-combustion and electric platforms. At 31 March 2026 the plant ran 30 injection moulding machines of 120 to 1,700 tonnes with more than 20 robots, and the company had about 113 employees. Customers are clustered: 99.96% of FY26 revenue came from buyers in Gujarat.
Revenue is conversion work priced per part. Customers own the moulds, so Kheria earns on moulding and sub-assembly, not on design or tooling IP. FY26 total income was Rs 120.30 crore with EBITDA of Rs 22.90 crore and PAT of Rs 11.42 crore, against Rs 62.40 crore and Rs 3.31 crore in FY24. The structural constraints are concentration and physical capacity: the top five customers were 97.32% of FY26 revenue, and the existing plant is consented for 5,400 MT a year and ran at 93.7% utilisation in FY26. That is why Rs 39.96 crore of the issue funds a second plant at GIDC Sanand-II, with commercial production targeted for January 2027.
The company on paper
- Legal name
- Kheria Autocomp Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 12 Nov 2009
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U35923GJ2009PLC058554
- Sector
- Consumer Discretionary · Plastic injection-moulded components and sub-assemblies for passenger vehicles (Tier-II auto ancillary)
- Employees
- 113
- Registered office
- Sanand, Ahmedabad, Gujarat
- Promoters
- Tara Chand Kheria, Vinay Kheria, Sushma Kheria, Santosh Devi Kheria
- Promoter holding, pre-issue
- 100.0%
- Promoter holding, post-issue
- 71.0%
- Website
- kheria.com
The numbers
Financial performance
Revenue has compounded at 38.8% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹46.44 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹46.44 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 2,30,400
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 29.0% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹101.00
- Listed at
- ₹104.90
- Listing gain
- up 3.9%
- Since listing
- down 11.2%
- Against the issue price
- down 7.7%
Trading at ₹93.20 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 2,400
- At cut-off price
- ₹101.00
- Amount blocked
- ₹2,42,400
One lot is 1200 shares at ₹1,21,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,42,400. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~32%
chance of one lot, per application
- Retail subscription
- 3.08×
- Applicants per share available
- 3.1× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹104.90
listed at, 3.9% against the issue price
- Issue price
- ₹101.00
- Premium said
- —
- If allotted 1200 shares
- ₹4,680
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue rose 47.93% from Rs 62.40 Cr in FY24 to Rs 92.31 Cr in FY25, and a further 30.32% to Rs 120.30 Cr in FY26.
- EBITDA margin was 15.64% in FY24 (Rs 9.76 Cr on Rs 62.40 Cr), 17.53% in FY25 (Rs 16.18 Cr on Rs 92.31 Cr) and 19.04% in FY26 (Rs 22.90 Cr on Rs 120.30 Cr), higher at each of the two steps on record.
- Net worth was Rs 20.00 Cr in FY24, Rs 28.24 Cr in FY25 and Rs 39.52 Cr in FY26. Against total borrowings of Rs 18.83 Cr, Rs 30.90 Cr and Rs 35.03 Cr, borrowings stood at 0.94x, 1.09x and 0.89x net worth in those three years.
- The entire Rs 46.44 Cr issue was fresh capital, with the offer-for-sale component recorded as Rs 0 Cr. Promoter holding is recorded at 100% before the issue and 70.99% after.
What to weigh against it
- The record's business description states that the top five customers were 97.32% of FY26 revenue and that 99.96% of FY26 revenue came from buyers in Gujarat.
- The record describes the model as conversion work priced per part, with customers owning the moulds and supplying the specification, so that the company earns on moulding and sub-assembly rather than on design or tooling.
- Total borrowings were Rs 18.83 Cr in FY24, Rs 30.90 Cr in FY25 and Rs 35.03 Cr in FY26, higher at each step and 86.03% above the FY24 level by FY26, against FY26 net worth of Rs 39.52 Cr.
- At Rs 94.45 on 23 October 2026 the share was 6.49% below the Rs 101 band top and 9.96% below the Rs 104.90 listing price.
Easy to miss in the prospectus
- Capacity as disclosed: the business description states the existing plant is consented for 5,400 MT a year and ran at 93.7% utilisation in FY26, on 30 injection moulding machines of 120 to 1,700 tonnes.
- Profit margin: PAT was 5.30% of revenue in FY24 (Rs 3.31 Cr on Rs 62.40 Cr), 8.93% in FY25 (Rs 8.24 Cr on Rs 92.31 Cr) and 9.49% in FY26 (Rs 11.42 Cr on Rs 120.30 Cr); PAT rose 148.94% at the first step and 38.59% at the second.
Straight from the filing
Read it yourself
The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.
The paperwork
Who is running the issue
- Lead managers
- SMC Capitals Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Built from 12 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.
- Kheria Autocomp — Investor Relations page (registered office, Plant II at GIDC Sanand-II, registrar, company secretary) · read 16 Oct 2026
- Kheria Autocomp — Nomination and Remuneration Policy PDF (CIN U35923GJ2009PLC058554 in document header) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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