Kheria Autocomp IPO: Price Band, Retail Quota and Financial Performance Analysis

Written by Jainam Resources

Last Updated on: September 25, 2026

Summary: Kheria Autocomp Limited is making a fresh issue of up to 45,98,400 equity shares of face value ₹10 each on NSE EMERGE, bidding from 17 to 21 September 2026. The issue constitutes 29.02% of post-issue capital. FY26 revenue was ₹12,001.47 lakh with profit after tax of ₹1,142.33 lakh.

Key Highlights

1. A pure fresh issue: Offer for sale disclosures are marked as not applicable. No selling shareholder participates, and no promoter realises cash.
2. Revenue compounding at 38.77%: Revenue rose from ₹6,231.93 lakh in FY24 to ₹12,001.47 lakh in FY26, with PAT more than tripling to ₹1,142.33 lakh.
3. Return ratios above both listed peers: RoE of 33.72% and RoCE of 26.89% against 1.32 and 6.78% for Machino Plastics.
4. Concentration is the governing risk: Five customers supplied 97.32% of FY26 revenue, and Gujarat 99.96%.

At a Glance: Issue Size, Fresh Issue, Face Value and Listing Platform

Kheria Autocomp Limited is a Gujarat-based auto ancillary maker of plastic injection moulded parts. It works as a Tier-II supplier, moulding components to the designs of Tier-I vendors who sell directly to passenger vehicle makers. It operates one plant at Sanand and booked ₹12,001.47 lakh of revenue in FY26.

Note: The shares are listed on NSE EMERGE only, under Chapter IX. This is not a mainboard issue, and there is no BSE listing. Second, this RHP predates pricing, so floor price, cap price, and bid lot are placeholders, advertised two working days before bidding opens.

Promoter Shareholding: Pre-issue versus Post-issue

No public shareholders exist before the issue. The four key promoters listed below hold 89.92% of pre-issue equity, with the remaining shares held by other members of the promoter group. Total promoter and promoter group holding dilutes from 100% to roughly 70.98% post-issue.

Anchor Investor Allocation and Lock-in

Up to 13,10,400 shares, or 60% of the QIB portion, may go to anchor investors, with a third of that reserved for mutual funds. Lock-in runs for 30 days on half and 90 days on the rest.

Kheria Autocomp IPO Subscription Schedule and Important Dates

Price Band, Market Lot and Retail Quota Allocation

The price band is ₹96 to ₹101 per share. The minimum retail application under Regulation 267(2) is two lots of 1,200 shares each, totalling 2,400 shares at ₹2,42,400 at the cap price.

The HNI category splits one third to bids up to ₹10,00,000 and two thirds above. No employee reservation or discount applies.

Company Overview and Business Model

Incorporated in November 2009, the company moulds components and carries out sub-assembly work, having shifted away from an earlier white goods business.

Manufacturing Facilities and Footprint

The plant occupies three acres inside the Tata Vendor Park at Sanand, with 30 moulding machines from 120 to 1,700 tons. Capacity reached 5,400 MTPA in FY26 against production of 5,061.45 MT. It holds IATF 16949, ISO 14001 and ISO 45001 certifications.

Product Portfolio and Client Base

The range covers cabin trims, exterior parts, under-hood components and HVAC ducts for both combustion and electric platforms. Resins include polypropylene, ABS and polycarbonate, and material costs ran at 67.70% of revenue.

Growth Drivers

The prospectus points to moulded housings for charging stations, casings for power electronics, and sub-assemblies that lift content per vehicle.

Financial Performance and Growth Analysis

Balance Sheet and Asset Health

Total assets grew from ₹5,313.87 lakh to ₹10,623.17 lakh. Net worth reached ₹3,952.48 lakh against borrowings of ₹3,502.59 lakh, a debt-to-equity ratio near 0.89 times.

Valuation Indicators and Key Ratios

Weighted average EPS is ₹8.01. P/E is blank pending pricing. Industry P/E is recorded at 104.31 highest, 5.79 lowest, 55.05 average.

Peer Comparison

Kheria Autocomp is the smallest but leads on margin, at 19.08% EBITDA against 7.36 and 9.08%.

Objectives of the Public Issue

• Capacity expansion and capital expenditure: ₹3,995.69 lakh part funds a new unit at GIDC Sanand-II. Total cost is ₹6,516.85 lakh, of which ₹2,521.16 lakh was deployed by September 2026. Operations start in January 2027.
• General corporate purposes: Capped at the lower of 15% of gross proceeds or ₹10 crore.
• Issue expenses: Borne by the company.
• Working capital: No working capital objective appears in the RHP.

Investment Analysis and Review

Key Strengths

• Cluster location: The Tata Vendor Park site places suppliers and customers nearby.
• Equipment range: thirty machines across a wide tonnage band, with robotic handling.
• Certification: IATF 16949, ISO 14001 and ISO 45001.
• Margin record: EBITDA margin widened every year, from 15.66% to 19.08%.
• Promoter continuity: The managing director has been associated since incorporation.

Key Risks and Vulnerabilities

• Customer concentration: The top one and five customers gave 30.99 and 97.32% of FY26 revenue.
• Geographic concentration: Gujarat contributed 99.96% of revenue.
• Supplier concentration: Only five suppliers gave 58.51% of the materials consumed.
• Raw material exposure: Resin supply tracks petroleum prices.
• Execution risk: Approvals for the new unit were still ongoing.
• Leverage: Borrowings sit close to net worth, with covenants restricting control changes.

Final Verdict: Short-term Gains or Long-term Investment

With the price band blank, no valuation verdict follows from this document. The business record is strong: accelerating revenue, tripling profit, and return ratios ahead of both comparables. Against that, earnings rest on five customers in one state and the proceeds fund a plant months from commissioning. Investors comfortable with that concentration may participate; others should wait for Sanand-II.