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NSE SME Auto Components & Equipments
Kheria Autocomp IPO
₹46.44 Cr · Fresh Issue · Auto Components & Equipments
Price Band
₹96
Lot: 1200 shares (₹115,200)
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹46.44 Cr
Fresh Issue
Market Cap
₹160.07 Cr
At upper band
P/E Ratio
9.95x
Listing Date
24th Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
17th Sep 2026
✓
Closes
21 Sep 2026
📋
Allotment
22 Sep 2026
₹
Refund
23 Sep 2026
📈
Listing
24th Sep 2026
IPO India Hub: Subscribe
Conviction
8/10
The company trades at 0.5× sector midpoint P/E with exceptional 85.7% PAT CAGR and 38.8% revenue growth, backed by 25.21% ROCE and full promoter commitment (70.99% post-issue). Primary risk is execution of ₹39.96 Cr capex for new facility and margin sustainability as scale increases.
Our Analysis — Key Points
✓ Strength
Exceptional profitability growth trajectory
Net profit has grown from ₹3.3 Cr (FY-2) to ₹11.4 Cr (FY0), delivering 85.7% PAT CAGR over two years. This far outpaces revenue CAGR of 38.8%, indicating strong operational leverage and improving unit economics in the auto components segment.
✓ Strength
Deep valuation discount to peers
At 9.95× P/E, the company trades at exactly 0.5× the Auto Components sector midpoint of 20×, placing it in the bottom quartile of sector valuations. Combined with 17.58% EBITDA margin and 25.21% ROCE, this represents genuine value for a profitable, high-return business.
✓ Strength
Strong promoter alignment and capital deployment
Promoter holding remains 70.99% post-issue with zero OFS, ensuring founder skin-in-the-game. The ₹39.96 Cr capex deployment at GIDC Sanand targets plastic moulded auto components, a high-margin segment with clear strategic intent.
⚠ Risk
Capex execution and margin dilution risk
The company must deploy ₹39.96 Cr (86% of issue proceeds) to build a new manufacturing facility. Delays, cost overruns, or ramp-up challenges could compress margins and delay ROI; NPM of 9.5% leaves limited buffer for operational friction.
⚠ Risk
Margin sustainability at scale
While EBITDA margin of 17.58% is healthy, NPM of 9.5% is below the 15% threshold that would justify premium valuations. As the company scales post-capex, fixed cost absorption and competitive pricing pressure in auto components could compress profitability.
⚠ Risk
SME segment liquidity and exit constraints
As an SME IPO, the company faces lower trading liquidity and stricter regulatory oversight than Mainboard peers. Retail investors may face difficulty exiting positions, and the stock could remain illiquid even post-listing.
₹ Valuation
Valuation anchored at sector floor
P/E of 9.95× is 0.5× the Auto Components sector midpoint (15–25×), placing it among the cheapest in the space. At ₹160.07 Cr market cap with ₹120.3 Cr FY0 revenue, the P/S ratio is 1.33×, well below typical auto component multiples of 2–3×.
👁 Watch
Monitor capex progress and facility ramp-up
Investors must track quarterly capex spend, timeline to operational status of the Sanand facility, and early production volumes. Any material delays or cost overruns should trigger a reassessment of the investment thesis.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Kheria Autocomp" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹120.3 Cr
Net Profit
₹11.42 Cr
Industry
Auto Components & Equipments
Issue Type
Fresh Issue
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.5× sector midpoint P/E with exceptional 85.7% PAT CAGR and 38.8% revenue growth, backed by 25.21% ROCE and full promoter commitment (70.99% post-issue). Primary risk is execution of ₹39.96 Cr capex for new facility and margin sustainability as scale increases.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 1200 shares. At the upper band price of ₹96, the minimum investment per retail application is ₹115,200. You can apply for up to 13 lots (₹1,497,600) under the retail category (up to ₹2 lakh).
The IPO opens on 17th Sep 2026. It closes on 21 Sep 2026. Allotment is expected on 22 Sep 2026. Refunds initiate on 23 Sep 2026. Listing on BSE and NSE is on 24th Sep 2026.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 21 Sep 2026. The minimum investment is ₹115,200 for one lot (1200 shares). The company trades at 0.5× sector midpoint P/E with exceptional 85.7% PAT CAGR and 38.8% revenue growth, backed by 25.21% ROCE and full promoter commitment (70.99% post-issue). Primary risk is execution of ₹39.96 Cr capex for new facility and margin sustainability as scale increases.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 21 Sep 2026. The IPO is priced at a P/E of 9.95x. Market cap at issue price is ₹160.07 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 1200 shares at ₹96 each, costing ₹115,200 per application. The issue closes on 21 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Kheria Autocomp'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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