IPO Overview
Autofurnish Limited, incorporated in May 2015, is engaged in the manufacturing and trading of automotive accessories for cars and two-wheelers. The company primarily operates in the B2B segment with a focus on designing, manufacturing, marketing, and selling automobile utility and rider products. Its product portfolio includes car body covers, foot mats, motorcycle utility accessories, towel cloths, polishing pads, riding gear, and related automotive products marketed under the “Autofurnish” and “Mototrance” brands. Its wholly owned subsidiary, Golden Mace Private Limited, caters to the B2C segment through online platforms such as Flipkart, Amazon, Zepto, and its own website.
Autofurnish IPO is an SME fixed price issue of ₹14.60 crore, comprising entirely a fresh issue of 35.61 lakh shares, with no offer-for-sale component. The IPO opens for subscription on 21 May 2026 and closes on 25 May 2026, with the company proposed to be listed on the BSE SME platform on 29 May 2026. The issue price is fixed at ₹41 per share.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Fixed Price Issue – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 21 May 2026 |
| IPO Close Date | 25 May 2026 |
| Allotment Date | 26 May 2026 (Expected) |
| Refund Initiation | 27 May 2026 |
| Credit to Demat | 27 May 2026 |
| Listing Date | 29 May 2026 (Tentative) |
| Issue Price | ₹41 per share (Fixed) |
| Face Value | ₹10 per share |
| Lot Size | 3,000 shares |
| Minimum Investment (Retail) | ₹1,23,000 (1 lot = 3,000 shares) |
| Minimum Investment (NII/HNI) | ₹2,46,000 (2 lots = 6,000 shares) |
| Issue Size | ₹14.60 crore |
| Fresh Issue | 35,61,000 shares (₹14.60 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a 100% fresh issue of 35.61 lakh equity shares — no offer-for-sale component. All proceeds go directly to the company. The IPO constitutes 26.34% of the post-IPO paid-up capital of the company.
Issue Break-up
| Category | Allocation |
| Non-Institutional Investors (NII/HNI) | 50% |
| Retail Individual Investors (RII) | 50% |
| Market Maker Reservation | 1,80,000 shares |
Note: This is a Fixed Price SME Issue — no QIB category applicable.
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. Before the IPO, the promoters held around a 93.10% stake in the company, which will be slightly diluted after the IPO as the offering includes only a fresh issue of shares with no OFS component.
Objects of the Issue (Fund Utilization)
The company intends to use the IPO proceeds for the following purposes:
- General corporate purposes and business expansion
- Working capital requirements
- Meeting IPO-related expenses — the company is spending ₹1.45 crore for the IPO process
Lead Managers & Registrar
- Book Running Lead Manager: Novus Capital Advisors Pvt. Ltd.
- Registrar to the Issue: Skyline Financial Services Pvt. Ltd.
- Market Maker: Novus Capital Advisors Pvt. Ltd.
Promoters & Management
The promoters of Autofurnish Limited are Mr. Puneet Arora and Mr. Ruppal Wadhwa, who have been instrumental in the company’s entrepreneurial journey since its early stages.
As of March 31, 2026, the company had a total of 40 employees on its payroll.
Company Details
Autofurnish Limited is engaged in the manufacturing and trading of automotive accessories and operates mainly through two business segments — manufacturing and trading. The company has built an integrated business model that combines manufacturing and trading operations and provides customised products based on client requirements.
Sectors Served:
- Passenger Vehicles (Cars)
- Two-Wheelers
- B2B Distributors & Dealers
- B2C E-commerce (via subsidiary Golden Mace Pvt. Ltd.)
Key Products:
- Car Body Covers
- Car Foot Mats & Seat Covers
- Bike Body Covers
- Riding Accessories & Gear
- Sun Shades, Display Protectors, Organizers
- Interior & Exterior Automotive Accessories
Key Brands: “Autofurnish” and “Mototrance”
Key Capabilities:
- The company operates a manufacturing facility in Delhi equipped with CNC cutting and advanced stitching machines, with an installed annual production capacity of 18.8 lakh units and capacity utilization improving to 86.4% in FY2025.
- The company has expanded its customer base from approximately 53 customers in FY2024 to approximately 106 customers in FY2025, reflecting strong B2B traction.
Certifications:
- Manufacturing facilities are certified under ISO 9001:2015, ISO 14001:2015, ISO 50001:2018, ISO 45001:2018, ISO 26262-1:2011, IATF 16949:2016, and Good Manufacturing Practices (GMP) — reflecting commitment to quality, safety, and sustainability.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | PAT Margin |
| FY24 | ₹15.92 | ₹1.63 | 16.92% |
| FY25 | ₹33.88 | ₹3.50 | 8.97% |
Key Financial Metrics
- Revenue grew from ₹15.92 crore in FY24 to ₹33.88 crore in FY25 — a growth of ~113% YoY. PAT grew from ₹1.63 crore to ₹3.50 crore — a growth of ~115% YoY.
- Average EPS for the last two fiscals: ₹25.00. Average RoNW: 23.17%. The issue is priced at a P/BV of 2.44 based on NAV of ₹140.81 per share as of December 31, 2025. Based on FY25 earnings, P/E stands at 28.44x.
- RoCE margins for FY23, FY24, FY25, and 9M FY26 stood at 22.14%, 19.25%, 17.66%, and 13.32% respectively — showing a declining trend worth monitoring.
Company Strengths
- Operates in the automotive accessories segment where demand is supported by rising vehicle ownership, replacement demand, and growing e-commerce penetration in aftermarket auto products.
- Rapidly expanding customer base — doubled from 53 customers in FY24 to 106 customers in FY25, reflecting strong B2B execution.
- Dual business model — B2B manufacturing sales combined with B2C e-commerce through subsidiary Golden Mace Pvt. Ltd. on Amazon, Flipkart, and Zepto
- Multiple premium certifications including IATF 16949:2016 and ISO 9001:2015 — strengthening credibility with large automotive clients
- Strong revenue growth of ~113% YoY in FY25, demonstrating rapid scale-up
- Entire IPO is fresh issue — no promoter exit, all funds go towards business growth
Key Risks & Challenges
- High competition from unorganised players in the automotive accessories market, which puts pressure on pricing and margins.
- Potential for trademark disputes and the absence of documentary evidence for the initial acquisition of the proprietorship concern “M/s. Autofurnish” — a key legal risk disclosed in offer documents.
- PAT margin dropped sharply from 16.92% in FY24 to 8.97% in FY25 — despite revenue doubling, profitability margins halved in the same period, raising concerns about cost management during growth phase.
- Very small issue size of ₹14.60 crore — limited institutional interest and SME liquidity risk on BSE SME platform
- As of March 31, 2026, the company has only 40 employees — a very lean workforce for a manufacturing and trading company targeting rapid expansion.
- Single manufacturing facility in Delhi creates geographic and operational concentration risk
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
