Minerva Capital Research Solutions

Kheria Autocomp

ListedListed 24 Sep 2026NSE SMENSE: KHERIAAUTO-SMCheck allotment
Current price₹ 101.75+0.74% since issue
Listing day+3.86%
Issue price
₹ 101
Issue size
₹ 46.44 Cr.
Min. investment
₹ 1,21,200
Listing price
₹ 104.9
Subscribed
2.37x
Lot size
1,200 shares
P/E
14.01
RoNW
33.72%
RoCE
26.89%
Debt / Equity
0.89
PAT margin
9.52%
EBITDA margin
19.08%
RoE
33.72%
EPS
₹ 7.21
NAV
₹ 35.13
Promoter stake
70.99%

About

Kheria Autocomp Ltd was started in 2009. It is an auto ancillary company working in plastic injection moulding, which means it melts plastic granules and forms them into vehicle parts, and also carries out sub-assembly work on those parts. It works as a Tier-II supplier. That means it does not sell to the car makers directly but supplies moulded components to Tier-I vendors, who then supply the original equipment manufacturers. Its parts go into passenger vehicles. Its product range covers interior cabin trims, exterior plastic parts, under-hood components and heating, ventilation and air conditioning ducts, and it supplies these for both internal combustion engine vehicles and electric vehicles, so it is not tied to one type of powertrain. Its manufacturing facility is inside the Tata Vendor Park at Sanand in Gujarat, covering about 3 acres, with 30 injection moulding machines ranging from 120 tons to 1,700 tons of clamping force. The company has also put up a 636 kW solar power system and four groundwater recharge wells at the site. As on 31 March 2026 it had about 113 employees.

Timeline

  1. Opens
    17 Sep
    done
  2. Closes
    21 Sep
    done
  3. Allotment
    22 Sep
    done
  4. Refunds
    23 Sep
    done
  5. Demat credit
    23 Sep
    done
  6. Listing
    24 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 10 on 15 Sep 2026
Lowest
₹ 3 on 20 Sep 2026
First quoted
₹ 10 on 15 Sep 2026

Subscription

How many times each investor group bid for its share, as of 24 Sep 2026, 09:00 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,200₹ 1,21,200
Retail (Max)11,200₹ 1,21,200
HNI (Min)22,400₹ 2,42,400

Company overview

Financials

Financials by year
Assets106.2381.7953.14
Total Income120.392.3162.4
Profit After Tax11.428.243.31
EBITDA22.916.189.76
NET Worth39.5228.2420
Reserves and Surplus28.2723.7415.5
Total Borrowing35.0330.918.83

Strengths

  • Profit has more than tripled in two years, from Rs 3.31 crore in FY2024 to Rs 8.24 crore in FY2025 and Rs 11.42 crore in FY2026.
  • Sales have almost doubled over the same period, from Rs 62.40 crore to Rs 120.30 crore.
  • EBITDA has more than doubled, from Rs 9.76 crore in FY2024 to Rs 22.90 crore in FY2026.
  • Return ratios are strong, with RoNW of 33.72% and RoCE of 26.89%, and a PAT margin of 9.52%.
  • The issue is priced moderately at about 14.01 times earnings on an EPS of Rs 7.21.
  • Being located inside the Tata Vendor Park at Sanand puts it right next to its customer base, which cuts logistics cost and helps with just-in-time supply.
  • It supplies parts for both petrol and electric vehicles, so the shift to EVs does not make its products redundant.
  • The plant is well equipped with 30 injection moulding machines from 120 to 1,700 tons, and a 636 kW solar system reduces the power bill.

Risks

  • Being a Tier-II supplier means it sells to Tier-I vendors rather than to the vehicle makers, so it sits one step further from the customer and has less say on price.
  • Having its plant inside the Tata Vendor Park is convenient but also means heavy dependence on one manufacturer ecosystem. Any change in that relationship would be serious.
  • Almost the entire issue goes into one project. Rs 39.96 crore of the Rs 46.44 crore raised goes into a new facility at GIDC Sanand, which brings execution risk and a gap before it earns.
  • Borrowing was Rs 35.03 crore against a net worth of Rs 39.52 crore, a debt to equity ratio of 0.89, and it has nearly doubled in two years.
  • Demand follows the passenger vehicle cycle. A slowdown in car sales passes straight through to a component supplier.
  • The raw material is polymer, which is linked to crude oil prices.
  • The company is small, with about 113 employees and a single facility of roughly 3 acres.
  • Promoter holding will come down from 100% to 70.99% after the issue.
  • This is an SME issue. One lot is 1,200 shares, which is about Rs 1.21 lakh at the upper band of Rs 101, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Part funding of capital expenditure for setting up of new manufacturing facility for plastic moulded auto components at GIDC Sanand Industrial Park39.96
General Corporate Purposes—

Promoters

  • Tara Chand Kheria
  • Vinay Kheria
  • Sushma Kheria
  • Santosh Devi Kheria
Promoter holding100%→70.99%before → after the issue · down 29.01 points

Registrar, lead managers and documents

Listing on
NSE SME
Face value
₹ 10 a share
Registrar
KFin Technologies Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.