Kheria Autocomp IPO Day 1: Subscribed 0.07x; Retail leads at 0.12x
- Kheria Autocomp IPO is subscribed 0.07x on Day 1.
- Retail investors lead the demand with a subscription of 0.12x.
- Qualified Institutional Buyers (QIBs) have not participated.
- The issue price band is ₹96.00000 - ₹101.00000.
- Listing is scheduled for September 24, 2026.
*this image is generated using AI for illustrative purposes only.
Kheria Autocomp IPO is subscribed 0.07 times on Day 1, with Retail investors leading at 0.12x. Qualified Institutional Buyers (QIBs) have not participated in the opening session.
Subscription Status
The issue opened on September 17, 2026, and saw limited demand in the initial hours. The total subscription stands at 0.07x as of the end of the day.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 17-09-2026 | 0.00x | 0.07x | 0.02x | 0.12x | 0.07x |
Category-wise Breakdown
Retail investors provided the primary support, accounting for 0.12x of the subscription. Non-Institutional Buyers (NII) contributed minimally, with bHNI at 0.07x and sHNI at 0.02x. QIBs remained inactive throughout the day.
Intra-day Timeline
Demand picked up pace after the initial slot on Day 1.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.02x | 0.05x | 0.03x |
| 12:15 | 0.00x | 0.03x | 0.09x | 0.05x |
| 13:15 | 0.00x | 0.07x | 0.12x | 0.07x |
Offer Details
Kheria Autocomp has priced its IPO between ₹96.00000 and ₹101.00000. The issue size ranges from ₹345600 to ₹500000. Investors can apply for a minimum bid quantity of 2400 shares. The book opens on September 17, 2026, and closes on September 21, 2026.
About the Company
Kheria Autocomp is an auto ancillary unit specializing in plastic injection moulding sub-assembly operations. Operating as a Tier-II supplier from its facility in Tata Vendor Park, Sanand, Gujarat, it supplies components to Tier-I vendors who serve OEMs in the passenger vehicle sector. Its product portfolio includes interior cabin trims, exterior plastic parts, under-hood components, and HVAC ducts for both internal combustion engine and electric vehicles.
Financial Highlights
The company reported a standalone revenue from operations of ₹120.01 crores for the year ended March 31, 2026, up from ₹92.07 crores in FY2025. Profit before tax stood at ₹15.63 crores in FY2026.
| Metric | FY2026 (₹ crores) | FY2025 (₹ crores) | FY2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 120.01 | 92.07 | 62.32 |
| Profit Before Tax | 15.63 | 10.44 | 5.13 |
| Total Profit | 11.42 | 8.24 | 3.31 |
| Total Assets | 106.23 | 81.79 | 53.14 |
Objects of the Issue
The company intends to utilize the net proceeds for:
- Part funding of capital expenditure for setting up a new manufacturing facility for plastic moulded auto components at GIDC Sanand Industrial Park (₹39.96 crores).
- General Corporate Purposes, including working capital requirements and strategic initiatives.
Risk Factors
Investors should note several material risks associated with the company’s operations:
- Customer Concentration: Top 5 customers contribute 97-98% of revenue, with the top customer accounting for 31-50%. Dependence on Tier-I vendors poses significant business risk.
- Geographic Concentration: 99.88-99.96% of revenue is derived from customers in Gujarat state, exposing the company to regional economic or regulatory shifts.
- Sector Dependency: Performance is intrinsically linked to automotive production cycles. Downturns in OEM demand or technological shifts like EV adoption could impact revenues.
- Supply Chain Constraints: Raw material costs account for 63-68% of revenue. Procurement is restricted to customer-approved vendors, limiting flexibility.
- Debt Obligations: The company holds outstanding secured debt of ₹3,102.38 lakhs as of March 31, 2026, with lenders having charges over assets.
What's Next
The IPO closes on September 21, 2026. Allotment is expected on September 22, 2026, followed by listing on September 24, 2026.
Will the lack of QIB participation on Day 1 signal a potential price band revision or delisting risk if subscription remains weak by Day 3?
How might Kheria Autocomp's heavy reliance on Gujarat-based customers impact its resilience against regional regulatory changes or economic slowdowns?
Given that raw materials constitute nearly 70% of revenue, how exposed is the company's margin to volatility in plastic resin prices?
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