- Price band
- ₹88 – ₹94
- Issue size
- ₹32.40 Cr
- Lot size
- 1200 sh
- Bidding
- 6 – 10 Aug
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 13 Aug 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
LAPL Automotive makes automotive lighting, mirrors and plastic moulded components at three plants in Chhatrapati Sambhajinagar, Maharashtra, and listed on BSE SME on 13 August 2026 after a Rs 32.4 Cr issue priced at Rs 88-94 a share, entirely fresh with an offer for sale of Rs 0. Revenue was Rs 60.73 Cr in FY24, Rs 65.98 Cr in FY25 and Rs 93.25 Cr in FY26; profit after tax over the same three years was Rs 2.17 Cr, Rs 5.03 Cr and Rs 8.63 Cr. The record states that one customer supplied 77.18% of FY26 revenue from operations and the top ten supplied 95.49%. The issue was subscribed 344.31 times overall on day three; it listed at Rs 135 against a band top of Rs 94 and last traded at Rs 115.15 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 LAPL Automotive, 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 2004 · Plot No. 90, Sector No. 05, Auric City, Shendra Industrial Area, Chikalthana Industrial Area, Aurangabad (Chhatrapati Sambhajinagar), Maharashtra 431006 · 73 employees
LAPL Automotive makes automotive lighting and related components at three plants in Chhatrapati Sambhajinagar (formerly Aurangabad), Maharashtra. Its range covers tail lamps, head lamps, front and rear indicators, reflex reflectors, stop, position, reverse and roof lamps, plus rear-view mirrors, starter and wiper motors, rotors, stators, small BLDC fans and plastic moulded parts. Customers are vehicle makers and component suppliers across passenger vehicles, commercial vehicles, two-wheelers and electric mobility. The company sells two ways: as an original design manufacturer, building parts customers badge as their own, and as an original brand manufacturer under its own LAPL mark. It is IATF 16949:2016 certified and runs an in-house lab for heat, humidity, flammability, endurance and drop tests. It employed 73 permanent staff and 135 contract workers at 30 June 2026.
Revenue is the sale of manufactured components, split 77.94% original design manufacturing and 22.06% own-brand in FY26. Production is material-heavy: cost of materials consumed was Rs 65.18 Cr against Rs 93.25 Cr of revenue from operations in FY26, close to 70%, with a further Rs 7.72 Cr of direct expenses; own payroll is small at Rs 3.98 Cr because much of the labour is contract. The structural constraint is customer concentration — one customer supplied 77.18% of FY26 revenue from operations and the top ten supplied 95.49%. Issue proceeds were earmarked for a new plant at Auric City Shendra (Rs 19.56 Cr) and repaying Rs 4.79 Cr of secured borrowings.
The company on paper
- Legal name
- LAPL Automotive Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 30 Nov 2004
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U34300MH2004PLC149728
- Sector
- Consumer Discretionary · Automotive lighting, mirrors and plastic moulded components for vehicle OEMs
- Employees
- 73
- Registered office
- Plot No. 90, Sector No. 05, Auric City, Shendra Industrial Area, Chikalthana Industrial Area, Aurangabad (Chhatrapati Sambhajinagar), Maharashtra 431006
- Promoters
- Neeraj Satyaprakash Goyal, Shubham Neeraj Goyal, Anita Neeraj Goyal
- Promoter holding, pre-issue
- 96.8%
- Promoter holding, post-issue
- 70.2%
- Website
- laplautomotive.com
The numbers
Financial performance
Revenue has compounded at 23.9% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. 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
- ₹32.40 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹32.40 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
- 1,72,800
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 26.6% 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
- ₹94.00
- Listed at
- ₹135.00
- Listing gain
- up 43.6%
- Since listing
- down 17.0%
- Against the issue price
- up 19.2%
Trading at ₹112.05 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
- ₹94.00
- Amount blocked
- ₹2,25,600
One lot is 1200 shares at ₹1,12,800. This issue requires a minimum of 2 lots, so the smallest application is ₹2,25,600. 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.
~0.3%
chance of one lot, per application
- Retail subscription
- 387.66×
- Applicants per share available
- 387.7× 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.
₹135.00
listed at, 43.6% against the issue price
- Issue price
- ₹94.00
- Premium said
- —
- If allotted 1200 shares
- ₹49,200
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 was Rs 60.73 Cr in FY24, Rs 65.98 Cr in FY25 and Rs 93.25 Cr in FY26 — a rise of 8.64% from FY24 to FY25 (5.25 on 60.73) and 41.33% from FY25 to FY26 (27.27 on 65.98).
- EBITDA was Rs 5.38 Cr on FY24 revenue of Rs 60.73 Cr, a margin of 8.86%; Rs 9.94 Cr on Rs 65.98 Cr in FY25, 15.06%; and Rs 15.80 Cr on Rs 93.25 Cr in FY26, 16.94%. Profit after tax of Rs 2.17 Cr, Rs 5.03 Cr and Rs 8.63 Cr works out to 3.57%, 7.62% and 9.25% of revenue across the same three years.
- Total borrowings rose in each year on record, from Rs 13.37 Cr in FY24 to Rs 15.79 Cr in FY25 and Rs 20.99 Cr in FY26, while net worth went from Rs 11.59 Cr to Rs 16.63 Cr and Rs 25.25 Cr. Borrowings as a multiple of net worth were therefore 1.15x in FY24, 0.95x in FY25 and 0.83x in FY26.
- The issue raised Rs 32.4 Cr entirely as a fresh issue, with an offer for sale of Rs 0, against FY26 net worth of Rs 25.25 Cr. Promoter holding is recorded at 96.79% pre-issue and 70.18% post-issue.
What to weigh against it
- The record states that one customer supplied 77.18% of FY26 revenue from operations and the top ten supplied 95.49%. The record's key-customer list is empty, so no customer is named in it.
- Production is material-heavy on the record's own figures: cost of materials consumed was Rs 65.18 Cr against Rs 93.25 Cr of FY26 revenue from operations, 69.90%, with a further Rs 7.72 Cr of direct expenses — Rs 72.90 Cr, or 78.18% of revenue, between the two. Own payroll was Rs 3.98 Cr, and the company counted 73 permanent staff against 135 contract workers at 30 June 2026.
- The shares listed at Rs 135 on 13 August 2026 against a band top of Rs 94, a listing gain of 43.62%, closed day one at Rs 128.29, and stood at Rs 115.15 on 23 October 2026 — 14.70% below the Rs 135 listing price and 22.50% above the Rs 94 band top.
- The record carries no cash flow from operations, no total assets, no valuation block, no allocation split, no peer set and no grey-market series for any period, so profit quality and issue pricing cannot be tested against it.
Easy to miss in the prospectus
- The concentration figures — 77.18% from one customer and 95.49% from the top ten — are stated for FY26 only; the record carries no equivalent figure for FY24, FY25 or any period after FY26.
- The record states that Rs 19.56 Cr of the Rs 32.4 Cr raised was earmarked for a new plant at Auric City Shendra and Rs 4.79 Cr for repaying secured borrowings. That Rs 4.79 Cr is 22.82% of FY26 total borrowings of Rs 20.99 Cr, and the record holds no post-issue balance sheet to set against either item.
- The revenue split of 77.94% original design manufacturing and 22.06% own-brand is given for FY26 only; the record carries no comparable split for FY24 or FY25.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- GYR Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Maashitla Securities Private Limited
How these figures were checked
Reconciled to LAPL Automotive's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- LAPL Automotive Limited — final Prospectus dated August 11, 2026 (GYR Capital Advisors) · read 16 Oct 2026
- BSE official bhavcopy, 2026-08-13 (listing day) — ISIN, scrip code 544863, open/high/low/close, NewBrdLotQty · read 16 Oct 2026
- BSE official bhavcopy, 2026-10-15 — confirms ISIN INE0X9I01023 still active, lot 1200 · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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