Kheria Autocomp IPO Day 2: Subscribed 0.34x; Retail leads at 0.45x
- Kheria Autocomp IPO subscribed 0.34x on Day 2.
- Retail category leads with 0.45x subscription.
- QIB segment remains at 0.00x.
- NII (bHNI) jumped 24% intraday to 0.31x.
*this image is generated using AI for illustrative purposes only.
Kheria Autocomp IPO subscription stands at 0.34x on Day 2, with the Retail category leading demand at 0.45x. Qualified Institutional Buyers (QIB) remain at 0.00x, reflecting cautious institutional participation in the current market cycle.
Subscription Status
The issue has seen a gradual uptick in subscription from Day 1 to Day 2. While the total subscription multiple increased from 0.20x to 0.34x, the QIB segment has yet to register any bids. The Non-Institutional Individual (NII) segment shows mixed performance, with bHNI subscribers contributing 0.60x and sHNI at 0.31x.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 17-09-2026 | 0.00x | 0.10x | 0.58x | 0.23x | 0.20x |
| Day 2 | 18-09-2026 | 0.00x | 0.31x | 0.60x | 0.45x | 0.34x |
Intra-day Timeline
On Day 2, the subscription figures picked up pace after midday. NII (bHNI) jumped +24.0% today (from 0.25x to 0.31x), while Retail saw a strong increase of +18.4% (from 0.38x to 0.45x).
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.25x | 0.38x | 0.29x |
| 12:15 | 0.00x | 0.26x | 0.42x | 0.31x |
| 13:15 | 0.00x | 0.31x | 0.45x | 0.34x |
Offer Details
- Price Band: ₹96.00000 - ₹101.00000
- Issue Size: ₹345600 - ₹500000 lakhs
- Min Bid Qty: 2400 shares
- Open Date: 2026-09-17
- Close Date: 2026-09-21
About the Company
Kheria Autocomp is an auto ancillary unit engaged in plastic injection moulding, specializing in manufacturing sub-assembly operations for the automotive sector. Operating as a Tier-II supplier, the company produces moulded plastic components according to Tier-I vendor specifications, supplying to original equipment manufacturers (OEMs) in passenger vehicle categories.
The company’s product range includes interior cabin trims, exterior plastic parts, under-hood components, and HVAC ducts for both internal combustion engine and electric vehicles. Its manufacturing facility is situated within the Tata Vendor Park at Sanand, Gujarat, covering approximately 3 acres and equipped with 30 injection moulding machines with capacities ranging from 120 tons to 1,700 tons.
Financial Highlights
The company has demonstrated consistent revenue growth over the past three years. Revenue from operations rose from ₹62.32 crores in FY2024 to ₹120.01 crores in FY2026. Profit after tax also increased from ₹3.31 crores in FY2024 to ₹11.42 crores in FY2026.
| Metric | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 120.01 | 92.07 | 62.32 |
| Profit After Tax (₹ crores) | 11.42 | 8.24 | 3.31 |
| Total Assets (₹ crores) | 106.23 | 81.79 | 53.14 |
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 Park (₹39.96 crores).
- General Corporate Purposes including working capital requirements and strategic initiatives.
Risk Factors
- Dependence on Tier-I vendors: Top 5 customers contribute 97-98% of revenue; any reduction in demand could materially impact operations.
- Geographic concentration: 99.88-99.96% of revenue is derived from customers located in Gujarat state.
- Automotive sector dependency: Revenues are substantially linked to automobile production and sales cycles.
- Raw material volatility: Raw material costs account for 63-68% of revenue, with limited supplier flexibility.
What's Next
- IPO Closing Date: 2026-09-21
- Allotment Date: 2026-09-22
- Listing Date: 2026-09-24
Will the complete lack of QIB participation signal a likely price band revision or under-subscription risk by the closing date?
How might Kheria Autocomp's heavy reliance on Gujarat-based customers impact its resilience against regional economic slowdowns or policy changes?
Could the high concentration of revenue from just five Tier-I vendors expose the company to significant supply chain disruptions if key partners shift strategies?
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