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Autofurnish Ltd. (AL) is engaged within the manufacturing and buying and selling of automotive equipment, the corporate is working primarily within the B2B phase and all the income has been derived solely from the B2B phase, engaged within the design, manufacturing, advertising and marketing and sale of car equipment, with a core product line that features physique covers and foot mats for each automobiles and two-wheelers.
The Company’s income from manufacturing actions, as disclosed above, is inclusive of income generated from its design phase. Mainly its merchandise are marketed below the model title “Autofurnish, and “Mototrance” catering to a variety of industries. AL’s workforce works carefully with purchasers to develop personalized merchandise that meet particular design necessities. Its manufacturing amenities are licensed below ISO 9001:2015, ISO 14001:2015, ISO 50001:2018, ISO 45001:2018, ISO 26262-1:2011, IATF 16949:2016 and Good Manufacturing Practices (GMP), reflecting its dedication to high quality, security, and sustainability.
Over the years, it has not solely maintained sturdy relationships with current clients but in addition expanded its buyer base, growing from roughly 53 clients in Fiscal 2024 to roughly 106 clients in Fiscal 2025. Over time, AL has developed right into a one-stop answer for automotive equipment, providing a various product portfolio that mixes each manufacturing and buying and selling. Its wholly owned subsidiary, Golden Mace Private Limited is engaged in buying and selling of automotive equipment and focuses on the B2C phase by on-line platforms similar to Flipkart, Amazon, Zepto and its web site. As of March 31, 2026, it had 40 workers on its payroll.
The firm is popping out with its maiden IPO of 3561000 fairness shares of Rs. 10 every at a set value of Rs. 41 per share to mobilize Rs. 14.60 cr. The minimal software to be made is for 6000 shares and in multiples of 3000 shares thereon, thereafter. The challenge opens for subscription on May 21, 2026 and can shut on May 25, 2026. The shares might be listed on BSE SME. The IPO represent 26.34% of the post-IPO paid-up capital of the corporate. The firm is spending Rs. 1.45 cr. for this IPO course of. From the online proceeds of the fairness challenge, it should make the most of Rs. 1.89 cr. for capex on new machineries, Rs. 9.30 cr. for working capital, and Rs. 1.96 cr. for basic company functions.
The IPO is solely lead managed by Novus Capital Advisors Pvt. Ltd., and Skyline Financial Services Pvt. Ltd. is the registrar to the problem. NDA Securities Ltd. is the market maker.
After issuing preliminary fairness capital at par worth, it issued additional fairness shares at a set value within the value vary of Rs. 29 – Rs. 41 per share between August 2024 – March 2025. It has additionally issued bonus shares within the ratio of 16 for 1 in June 2024. The common price of acquisition of shares by the promoters is Rs. 45.49 per share.
Post-IPO, firm’s present paid-up fairness capital of Rs. 9.95 cr. will stand enhanced to Rs. 13.52 cr. Based on the higher band of the IPO pricing, the corporate is in search of a market cap of Rs. 55.41 cr.
On the monetary efficiency entrance, for the final three fiscals, the corporate has (on a consolidated foundation) posted complete earnings/ web revenue, of Rs. 10.60 cr. / Rs. 0.16 cr. (FY23), Rs. 15.92 cr. / Rs. 1.63 cr. (FY24), Rs. 33.88 cr. / Rs. 3.50 cr. (FY25). For 9M of FY26 ended on December 31, 2025, it earned a web revenue of Rs. 2.83 cr. on a complete earnings of Rs. 28.32 cr. The firm marked quantum bounce in its backside strains from FY24 onward. Sustainability of such margins going ahead stays concern, as it’s working in a extremely aggressive and fragmented phase.
For the final three fiscals, the corporate has reported a median EPS of Rs. 2.56 and a median RoNW of 18.00%. The challenge is priced at a P/BV of two.32 based mostly on its NAV of Rs. 17.65 per share as of December 31, 2025, and at a P/BV of 1.72 based mostly on its post-IPO NAV of Rs. 23.81 per share.
If we attribute FY26 annualized tremendous earnings to its post-IPO absolutely diluted paid-up fairness capital, then the asking value is at a P/E of 14.70, and based mostly on FY25 earnings, the P/E stands at 15.83. The challenge seems absolutely priced based mostly on its latest earnings.
The firm has posted ROCE Margins of 6.84% (FY23), 28.10% (FY24), 33.74% (FY25), 21.34% (9M-FY26), and PAT margins of 1.49%, 10.24%, 10.51%, 9.99%, respectively for referred durations.
All quantities in Indian Rupees crores
The firm has not paid any dividends for the reported durations of the supply doc. It will undertake a prudent dividend coverage, based mostly on its monetary efficiency and future prospects.
As per the supply doc, the corporate has no listed friends to match with.
This is the thirteenth mandate from Novus Capital within the final 4 fiscals (together with the continued one). Out of the final 10 listings, 4 opened at low cost, 1 at par, and the remainder with premium starting from 2.09% to 31.25% on the date of itemizing. Thus, the lead supervisor has a median file.
AL is engaged within the manufacturing and advertising and marketing of automotive equipment. It operates in B2B and B2C segments. It posted progress in its prime and backside strains for the reported durations. Based on its latest monetary knowledge, the problem seems absolutely priced. It is working in a extremely aggressive and fragmented phase. Only well-informed/money surplus/danger seekers could park average funds for medium time period.
Review By on May 17, 2026
Dilip Davda is a veteran monetary journalist related to the Indian inventory market since 1978. He has been contributing to print and digital media on capital markets, insurance coverage, and finance since 1985.
He is well known for reviewing public points and non-convertible debentures (NCDs) within the main market. Drawing on over three many years of market expertise and shut interplay with service provider bankers, his evaluations deal with detailed basic and monetary evaluation of corporations, with a particular emphasis on SME public points.
Disclaimer: The info supplied herein is solely for instructional and informational functions and doesn’t represent a suggestion, solicitation, or suggestion to purchase or promote any securities. Readers are suggested to seek the advice of a professional monetary advisor earlier than making any funding selections. Investments within the securities market are topic to market dangers. The writer doesn’t intend to spend money on the securities mentioned.
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