IPO Overview
Incorporated in 2009, Kheria Autocomp Limited is an auto ancillary unit engaged in the business of plastic injection moulding, specialising in the manufacture and sub-assembly operations of plastic components, primarily for the automotive sector. It operates as a Tier-II supplier, manufacturing products as per specifications provided by Tier-I automotive component suppliers, which subsequently supply passenger vehicle OEMs. Its product portfolio covers interior trims, exterior plastic components, under-hood parts, and HVAC and ventilation components, catering to both internal combustion engine (ICE) and electric vehicles (EVs). The company operates a manufacturing facility spread across approximately 3 acres at Tata Vendor Park, Sanand, Gujarat, equipped with 30 injection moulding machines ranging from 120 to 1,700 tonnes.
The company is launching its SME IPO on the NSE SME platform with a price band of ₹96–₹101 per share. The total issue size is approximately ₹46 crore, with fresh capital of about ₹44 crore forming the bulk of the issue. The IPO opens on 17 September 2026 and closes on 21 September 2026, with listing expected on 24 September 2026 on NSE SME.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME |
| IPO Open Date | 17 September 2026 |
| IPO Close Date | 21 September 2026 |
| Allotment Date | 22 September 2026 (Expected) |
| Refund Initiation | 23 September 2026 |
| Credit to Demat | 23 September 2026 |
| Listing Date | 24 September 2026 (Tentative) |
| Price Band | ₹96 – ₹101 per share |
| Face Value | ₹10 per share |
| Lot Size | 2,400 shares |
| Minimum Investment (Retail) | ₹2,42,400 (1 lot = 2,400 shares) |
| Issue Size | ~₹46 crore |
| Fresh Issue | ~₹44 crore (~95.7% of issue) |
| Offer For Sale (OFS) | ~4.3% of total issue |
Note: The issue is predominantly a fresh issue, with only a small OFS component of ~4.3%, indicating minimal promoter exit.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
| Anchor Investors | Up to 13,10,400 shares |
OFS / Selling Shareholders
The Kheria Autocomp IPO details show a 4.3% OFS component, meaning promoters are selling only a thin slice of their holdings. Fresh capital still dominates the issue — indicating this is primarily growth capital and not a large promoter exit.
Objects of the Issue (Fund Utilization)
₹39.96 crore will part-finance a new Sanand facility, with the balance allocated towards general corporate purposes.
- Capital expenditure for setting up a new manufacturing facility at GIDC Sanand-II — ₹39.96 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: SMC Capitals Limited
- Registrar to the Issue: Kfin Technologies Ltd.
Promoters & Management
The promoters of the company are Tara Chand Kheria, Vinay Kheria, Sushma Kheria, and Santosh Devi Kheria. The promoter family brings over a decade of experience in the auto-ancillary and plastic injection moulding space, with deep expertise in Tier-II automotive component manufacturing.
Company Details
Kheria Autocomp is an auto ancillary manufacturer specialising in plastic injection moulding and sub-assembly operations, with a primary focus on supplying components to the automotive industry. It operates as a Tier-II supplier, manufacturing products as per specifications provided by Tier-I automotive component suppliers, which subsequently supply passenger vehicle OEMs. The company operates a manufacturing facility spread across approximately 3 acres at Tata Vendor Park, Sanand, Gujarat, equipped with 30 injection moulding machines ranging from 120 to 1,700 tonnes and an installed capacity of 5,400 MTPA as of FY26.
Sectors Served:
- Passenger Vehicle OEMs (via Tier-I suppliers)
- Internal Combustion Engine (ICE) Vehicles
- Electric Vehicles (EVs)
Key Products Manufactured:
- Interior Cabin Trims
- Exterior Plastic Parts
- Under-Hood Components
- HVAC & Ventilation Ducts
- Sub-assemblies for automotive clients
Key Capabilities:
- Growth strategy centres on capacity expansion through a new GIDC facility, increasing content per vehicle through higher-value integrated assemblies, customer diversification, EV-focused products, and further automation.
Manufacturing Facility:
- 3-acre facility inside Tata Vendor Park, Sanand, Gujarat — housing 30 injection-moulding machines with capacities ranging from 120 to 1,700 tonnes. The company has installed a 636-kW solar power system and four groundwater-recharge wells.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹62.40 | ₹3.31 |
| FY25 | ₹92.31 | ₹8.24 |
| FY26 | ₹120.30 | ₹11.42 |
Key Financial Metrics
Revenue increased 30% to ₹120.30 crore in FY26, while profit after tax rose 39% to ₹11.42 crore. The company reported a healthy ROCE of 26.89%, ROE of 33.72%, and improved EBITDA margin of 19.08%. At the upper price of ₹101, the post-issue P/E is 14.01 times.
- Revenue CAGR (FY24–FY26): ~39%
- PAT CAGR (FY24–FY26): ~86%
- Post-issue P/E: 14.01x — reasonable compared to SME auto-ancillary peers
Company Strengths
- Location inside Tata Vendor Park at Sanand provides meaningful business advantages, including proximity to major OEMs and Tier-I suppliers.
- Strong and consistent revenue and profit growth — revenue CAGR of ~39% and PAT CAGR of ~86% over FY24–FY26
- Diversified product portfolio serving both ICE and EV segments — provides resilience as the industry transitions
- Healthy return ratios with ROCE of 26.89% and ROE of 33.72%, along with an improved EBITDA margin of 19.08%.
- Predominantly fresh issue with only 4.3% OFS — reflects promoter confidence and ensures most capital goes to business expansion
- Installed solar power system of 636 kW reflects commitment to sustainable and cost-efficient manufacturing
Key Risks & Challenges
- Total borrowings increased to ₹35.03 crore from ₹30.90 crore, and the debt-equity ratio stands at 0.89 — indicating a moderately leveraged balance sheet.
- The company operates as a Tier-II supplier, which creates dependence on Tier-I customers. Any loss of a key Tier-I client could significantly impact revenue.
- High customer concentration — a significant portion of revenue is linked to a limited number of Tier-I clients with no long-term supply guarantees
- SME IPO liquidity risk — limited secondary market trading volumes on NSE SME platform
- New GIDC Sanand-II facility expansion carries execution risk — cost overruns or delays could impact financials
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.
