Kheria Autocomp Limited IPO: price band, dates, issue structure, financials, subscription and key risks

Kheria Autocomp Limited’s SME IPO is open from 17 September 2026 to 21 September 2026, with a price band of ₹96 to ₹101 and a total issue size of ₹46.44 crore. The issue comprises a fresh issue of ₹44.00 crore and an offer for sale (OFS) of ₹0.00 crore, meaning IPO proceeds are intended to go to the company rather than selling shareholders. The allotment date is scheduled for 22 September 2026 and the listing date for 24 September 2026. The lot size is 1,200 shares.

What the company does and where it sits in the automotive supply chain

Kheria Autocomp Limited is an Indian auto-ancillary manufacturer focused on plastic injection moulded components and sub-assemblies supplied mainly to the automotive passenger-vehicle supply chain as a Tier-II vendor. Its product mix includes interior trims, exterior parts, under-hood components and heating, ventilation and air-conditioning (HVAC) ducts.

The company supplies components for both internal combustion engine (ICE) and electric vehicle (EV) platforms. Manufacturing is centred at its facility in Sanand, Gujarat, supported by injection moulding machines, automation/robots, and in-house quality control systems. The company also highlights its IATF/ISO certifications and sustainability initiatives, including rooftop solar power.

In the offer narrative, Kheria Autocomp describes plans to scale its plastic injection moulding operations, including capacity expansion near its existing plant, technology upgradation, and moving toward higher-value integrated modules to increase content per vehicle. It also highlights customer diversification and participation in EV-related component opportunities as part of its stated strategy.

Milestones and operating evolution

Kheria Autocomp was incorporated in 2009. Over time, it has reported milestones linked to quality systems and automation. It received ISO/TS 16499:2009 certification in 2012 and an IATF 16949 certification in 2018. In 2020, it introduced automation into the manufacturing plant through installation of a robot.

In 2024, the company reported installing solar rooftop on-grid systems and achieving turnover of ₹50.00 crore. In 2026, it reported that turnover crossed ₹100.00 crore. These milestones are presented as markers of operating scale alongside the company’s plan to add capacity.

IPO structure, proceeds flow, and proposed use of funds

The IPO is structured with no OFS component. This determines how proceeds flow: fresh issue proceeds go to Kheria Autocomp Limited, while OFS proceeds (if any) would have gone to selling shareholders.

The stated objects of the issue include part funding of capital expenditure for setting up a new manufacturing facility for plastic moulded auto components at GIDC Sanand Industrial Park, and general corporate purposes. The proposed allocation for the new facility capex is ₹39.96 crore, as disclosed in the use-of-funds break-up; general corporate purposes are also included as an objective, with the balance of net proceeds intended for such uses.

The plan to set up a new facility near the existing Sanand operations is positioned as an expansion of manufacturing capability for automotive customers. As with any proposed capex, the objects describe intended deployment of funds and are not completed spending at the time of the IPO.

For applicants, the lot size of 1,200 shares determines the minimum application size in this SME issue. At the upper end of the price band, this translates into a minimum application amount of ₹1,21,200.

Financial trajectory and scale

Across FY2024 to FY2026, the company has reported increases in revenue, profit after tax (PAT) and total assets, along with an improvement in PAT margin over the same period.

In FY2026, Kheria Autocomp reported total revenue of ₹120.30 crore and PAT of ₹11.42 crore, with a PAT margin of 9.50% and total assets of ₹106.23 crore. In FY2025, it reported total revenue of ₹92.31 crore and PAT of ₹8.24 crore, and in FY2024 it reported total revenue of ₹62.40 crore and PAT of ₹3.31 crore.

These reported numbers provide context for the company’s stated capacity expansion plans at GIDC Sanand, including how the proposed capex compares with the existing business scale and asset base as disclosed.

Valuation and key metrics disclosed for the IPO

The offer data includes valuation and operating metrics, including profitability and return ratios. The disclosed earnings per share (EPS) is ₹10.15, return on equity (ROE) is 33.72%, and return on capital employed (ROCE) is 26.89%. Return on net worth (RoNW) is shown at 33.72%.

On operating profitability, the disclosed EBITDA margin is 19.08% (EBITDA presented as a margin percentage). The reported PAT margin is 9.52%, as disclosed in the key performance indicators.

Leverage is disclosed through a debt-to-equity ratio of 0.89 times. On valuation, the pre-IPO price-to-earnings (P/E) multiple is disclosed at 9.95 times and the price-to-book multiple at 4.02 times.

The IPO also provides for category-wise reservation in line with SME issue structure. The disclosed split indicates 50% for qualified institutional buyers (QIB), 35% for retail individual investors, and 15% for non-institutional investors (NII). The anchor portion is disclosed as 60% of the QIB portion, with 33.33% of the anchor allocation reserved for domestic mutual funds.

Subscription trend during the open issue, GMP observations, and key risks to track

With the IPO open, subscription figures can change through the bidding period. As of 19 September 2026, the issue was subscribed 0.41 times overall. By category at that time, QIB subscription was 0.23 times, NII subscription was 0.26 times, and retail subscription was 0.58 times.

Grey market premium (GMP) observations available for the latest 10 data points show GMP ranging between ₹0 and ₹10 per share against a referenced issue price of ₹101. The latest observation in the set (dated 19 September 2026) shows a GMP of ₹7. GMP is an unofficial indicator and can change during the issue period.

Key risks highlighted in the offer context include customer concentration, execution dependencies for the proposed new facility, and geographic concentration. The context explicitly flags extreme customer concentration, indicating that changes in ordering by a large Tier-I customer can affect revenue, utilisation and margins. It also highlights that the new facility needs multiple pending approvals, and that delays could push back production start and raise costs. Nearly all revenue is stated to come from Gujarat, implying exposure to local disruptions affecting operations and deliveries. People-related risks noted include talent retention and a skills gap, and execution dependence on entry-level talent.

Monitoring points investors commonly track from the issue period through the period after listing, based on the disclosed plan and risk factors, include the following statements:

Progress on approvals, installation and the commercial start timeline for the proposed GIDC Sanand Industrial Park facility will matter for the capex objective.

Any shift in customer concentration, including additions that diversify the customer base, will be observable through the company’s customer and program mix over time.

Changes in geographic concentration, given the stated Gujarat-heavy revenue profile, will affect how operational disruption risk is distributed.

Stability of disclosed profitability indicators such as EBITDA margin and PAT margin will be trackable as the expansion plan moves from proposal to execution.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (19 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.