Autofurnish Ltd. IPO

Autofurnish

• Autofurnish is coming out with an initial public offering (IPO) of 35,61,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 41 per equity share.
• The issue will open on May 21, 2026 and will close on May 25, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 4.1 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Novus Capital Advisors.
• Compliance Officer for the issue is Srishti Narang.

Profile of the company

Autofurnish operates primarily in the B2B segment and the entire revenue has been derived solely from the B2B segment, engaged in the design, manufacturing, marketing and sale of automobile accessories, with a core product line that includes body covers and foot mats for both cars and two-wheelers. The company’s revenue from manufacturing activities, as disclosed above, is inclusive of revenue generated from its design segment. Mainly its products are marketed under the brand name ‘Autofurnish’, and ‘Mototrance’ catering to a wide range of industries. 

Its team works closely with clients to develop customized products that meet specific design requirements. Its manufacturing facilities are certified under 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 commitment to quality, safety, and sustainability. Over time, it has evolved into a one-stop solution for automotive accessories, offering a diverse product portfolio that combines both manufacturing and trading. 

Its wholly owned subsidiary, Golden Mace is engaged in trading of automotive accessories and focuses on the B2C segment through online platforms such as Flipkart, Amazon, Zepto and its website. Over the years, it has not only maintained strong relationships with its existing customers but also expanded its customer base, increasing from approximately 53 customers in Fiscal 2024 to approximately 106 customers in Fiscal 2025.

Proceed is being used for:

• Purchase and installation of machinery
• Funding the working capital requirements of the company
• General corporate purposes 
• Issue expenses

Industry Overview

The Indian automobile industry has historically been a good indicator of how well the economy is doing, as the automobile sector plays a key role in both macroeconomic expansion and technological advancement. The two-wheelers segment dominates the market in terms of volume, owing to a growing middle class and a huge percentage of India’s population being young. Moreover, the growing interest of companies in exploring the rural markets further aided the growth of the sector. The rising logistics and passenger transportation industries are driving up demand for commercial vehicles. Future market growth is anticipated to be fuelled by new trends including the electrification of vehicles, particularly three-wheelers and small passenger automobiles. 

The automotive components industry experienced a 11% YoY growth, reaching Rs 3.32 lakh crore ($38.4 billion) in the first half of FY25. India has become the fastest-growing economy in the world in recent years. This fast growth, coupled with rising incomes, a boost in infrastructure spending and increased manufacturing incentives, has accelerated the automobile industry. The two-wheeler segment dominated the automobile industry because of the Indian middle class, with automobile sales standing at 23.85 million units in FY24. Significant demand for automobiles also led to the emergence of more original equipment and auto components manufacturers. As a result, India developed expertise in automobiles and auto components, which helped boost international demand for Indian automobiles and auto components. Hence, the Indian automobile industry has a considerable impact on the auto component industry.

The Government has reaffirmed its commitment towards EVs and its mission for 30% electric mobility by 2030. Budget announced customs duty exemption on the import of capital goods and machinery required for the manufacture of lithium-ion batteries that typically power EVs. The Bharat New Car Assessment Program (BNCAP) will not only strengthen the value chain of the auto component sector, but it will also drive the manufacturing of cutting-edge components, encourage innovation, and foster global excellence. The Government of India’s Automotive Mission Plan (AMP) 2006-26 has been instrumental in ensuring growth for the sector. The Indian automobile industry is expected to achieve a turnover of $300 billion by 2026 by expanding at a CAGR of 15% from its current revenue of $74 billion. 

Pros and strengths

Wide range of products: The company is engaged in the design, manufacturing, marketing and sale of automobile accessories, with a core product line that includes body covers and foot mats for both cars and two-wheelers. The company offers plenty of choices for customers under one roof such as interior and exterior accessories to car care items. It manufactures wide range of products for bike and car accessories. Its products are marketed under the brand name ‘Autofurnish’, and ‘Mototrance’ catering to a wide range of industries.

Use of technology: By adding the latest technology in its products, Autofurnish improves quality and performance, attracting modern and tech-savvy buyers. Its manufacturing facilities are certified under 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 commitment to quality, safety, and sustainability.

Customized products: The company provides special, tailor-made accessories that meet specific customer needs, helping it stands out from others.

Risks and concerns

Significant revenue dependence on top customers: Significant proportion of its total revenue comes from its top 10 customers and the loss of any of its customers may adversely affect its sales and consequently on its business and results of operations. For the period ended December 31, 2025 and for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023, its top ten customers accounted for around 48.84%, 66.78%, 94.22% and 95.59% of its total revenue. The loss of one or more of these significant or key customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition and cash flows.

Revenue reliance on Delhi region: It generates its revenue from various states across India; however, a major proportion of its revenue from operations comes from the State of Delhi. In the event of a regional slowdown in the economic activity in Delhi or any other developments including political unrest, disruption or sustained economic downturn or natural calamities in those regions affecting the ability of its merchants to continue their operations within their respective communities, or that make or products in these states less available or attractive and beneficial to the customer, it may experience an adverse effect on its financial condition and results of operations, which are largely dependent on the performance, geo political and other prevailing conditions affecting the economies of the state.

Heavily dependent on the performance of the automobile sector: Its auto-components business is heavily dependent on the performance of the Automobile Sector particularly, passenger vehicle, commercial vehicles and auto parts market in India. Consequently, any fluctuation in the performance of these markets directly impacts the demand for its products. A decline in demand, or developments that make the sale of components in these markets less viable, may adversely affect its revenues and profitability. The automotive market is affected by, amongst other things, changes in government policies, economic conditions, demographic trends, employment and income levels and interest rates, which may negatively affect the demand of its products which may materially adversely affect its business, results of operations and financial condition.

Outlook

Autofurnish is engaged in the design, manufacturing, marketing and sale of automobile accessories, with a core product line that includes body covers and foot mats for both cars and two-wheelers. It offers plenty of choices for customers under one roof such as interior and exterior accessories to car care items. On the concern side, it relies entirely on its distributor network for the sale of its products, and the absence of formal agreements with distributors may adversely affect its business, results of operations, and financial condition. Further, its business depends on the availability and cost of key raw materials such as synthetic fabrics, foams, leatherette, metals, rubber, adhesives, and packaging materials, which are essential for the manufacturing of automobile accessories. The prices of these materials are influenced by factors such as domestic and international demand-supply conditions, foreign exchange fluctuations, inflationary trends, and changes in government policies or environmental regulations.

The company is coming out with an IPO of 35,61,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 41 per equity share to mobilize Rs 14.60 crore. On performance front, its revenue from operations increased by 109.68% to Rs 3,336.01 lakh for FY25 from Rs 1,591.00 lakh for FY24. Profit after tax has increased by 115.22% to Rs 350.49 lakh for FY 2025 from Rs 162.85 lakh for FY 2024.

The company intends to strategically tap into international markets to expand its customer base and enhance its global footprint. As of now, the specific markets for such expansion have not been identified. Going forward, it plans to leverage its in-house R&D capabilities to develop new products that have good growth and profitability potential. In addition to enhancing its existing product offerings, it plans to expand into new segments. Further, the company intends to continue pursuing strategic acquisitions and investments. It selectively evaluates potential targets and partners to complement its existing operations and expand its business.

SBFC Finance has informed that the meeting of the Board of Directors of the Company is scheduled on 25/07/2026, inter alia, to consider and approve Unaudited Financial Results of the Company for the quarter ending 30th June, 2026.

The above information is a part of company’s filings submitted to BSE.

Ashiana Ispat has informed that the meeting of the Board of Directors of the Company is scheduled on 30/06/2026, inter alia, to consider and approve Audited financial results for quarter and financial year ended on 31st March 2026 and other ancillary matters.

The above information is a part of company’s filings submitted to BSE.

Atharva Poly-Plast 

• Atharva Poly-Plast is coming out with an initial public offering (IPO) of 45,00,000 shares in a price band of Rs 55-60 per equity share. 
• The issue will open on June 30, 2026 and will close on July 2, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 5.50 times of its face value on the lower side and 6.00 times on the higher side.
• Book running lead manager to the issue is Horizon Management.
• Compliance officer for the issue is Ankita Ravindra Gandh.

Profile of the company

The company is a manufacturer of precision plastic components with a growing presence across key industrial verticals including furniture, home appliances, and automotive assemblies. Its focus is on injection moulded components, primarily made from polypropylene (PP), ABS, HDPE, and engineering polymers. It supports both B2B manufacturing contracts and co-development projects, providing full-cycle support from mould design and prototyping to final production and QA validation. The company uses its moulding capabilities and know-how to supply customized plastic components to OEMs and Tier-1 suppliers in India. As part of its engagements with OEM customers, it converts raw materials and bought-out parts such as fasteners, hinges or foam components into plastic components based on the customer’s needs.

The company’s manufacturing facility spread over 2,34,614 Sq. Ft. was commissioned in the year 2015 and has a production space of 40,000 Sq. Ft. The facility is equipped with over 17 moulding machines with capacities ranging from 100T to 1000T, enabling the manufacturing of plastic components used in industries such as furniture, home appliances, automotive, and others. The company has an in-house quality control room and a qualified team that monitors the entire production cycle from the procurement of raw materials to the final inspection of finished products. Its quality management systems are certified under ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management), and ISO 45001:2018 (Occupational Health & Safety).

Proceed is being used for:

• Funding capital expenditure towards purchase of Machinery
• Repayment/prepayment, in full or part, of all or certain outstanding borrowings availed by the company
• Funding working capital requirements of the company
• General corporate purposes.

Industry overview 

India’s plastic moulding industry is a vital pillar of its manufacturing ecosystem, contributing significantly to sectors such as automotive, consumer durables, furniture, electronics, and packaging. As one of the fastest growing segments within the polymer value chain, the industry is evolving rapidly through technology adoption, increasing localization, and sustainability-driven innovation. Supported by a robust domestic demand and export opportunities, India is emerging as a global manufacturing hub for precision-moulded plastic components. The plastic moulding sector thrives on its ability to serve a diverse range of applications across critical sectors. From the interior trims and bumper housings in automobiles, to modular office furniture, air conditioner casings and washing machine drums, moulded plastic components are indispensable to modern manufacturing. The industry is marked by a high degree of customization, design flexibility, and cost-effectiveness, enabled through processes like injection moulding, blow moulding, and thermoforming. Its wide application across both durable and disposable product categories allows the sector to maintain relevance through economic cycles.

A major advantage of the industry lies in its strong MSME base--accounting for nearly 90% of the 50,000+ plastic processing units in India. These enterprises cater to OEMs in automotive clusters like Pune, Chennai, and Gurugram, and to consumer goods manufacturers in Noida, Ahmedabad, and Bengaluru. Simultaneously, the industry is witnessing the emergence of large-scale, technology-driven players investing in high-cavitation tooling, robotic moulding, and Industry 4.0 practices, particularly in high-precision applications such as electronics and medical devices. The shift towards lightweighting, modular design, and sustainability has created new growth avenues for plastic moulding. India Plastic Moulding Market was valued at $8.99 Billion in 2024 and is estimated at $9.45 billion in 2025. It is projected to reach $14.12 Billion by 2033 with a CAGR of 5.15% during the forecast period. Plastic moulding is a manufacturing technique that produces components and products from plastic materials by shaping molten or softened plastic into specific forms using Molds. This method is extensively utilized across various industries, including automotive, consumer goods, electronics, packaging, and medical devices, owing to its efficiency, versatility, and cost-effectiveness.

Pros and strengths

Strong relationships with established customer base: The company maintains long-standing relationships with established customers across various industries. These associations have contributed to the development and diversification of its product portfolio and enable it to plan production in line with market demand while maintaining consistent quality standard. The continued association of its customers has been integral to its growth, offering stability to operations and clarity in future planning. Its strong customer base will remain central to sustaining business performance and driving long-term growth. 

Product spectrum & portfolio: The company’s comprehensive range of plastic components is designed to meet the diverse needs of several key industry segments, including furniture, home appliances, automobiles, and others. This extensive product mix enables it to cater to a broad and varied customer base, addressing a wide spectrum of application requirements. By operating across multiple sectors, it significantly reduces dependency on any single industry or client, thereby enhancing business resilience. This strategic diversification contributes to the stability of its operations and adds consistency to its revenue streams, positioning it for sustained growth across economic cycles.

Sustainable and responsible manufacturing: Sustainability is a core pillar of the company’s operational philosophy and long-term business strategy. Its manufacturing facility has been awarded the prestigious GREENCO Gold Rating, a testament to its commitment to environmental responsibility, resource efficiency, and sustainable process management. It also adheres to internationally recognized environmental standards, including ISO 14001:2015 for Environmental Management Systems. It has implemented the 5R principles- Reduce, Reuse, Recycle, Renew, and Respect across various aspects of its operations. These principles guide its approach to energy consumption, waste management, material use, and overall environmental stewardship. 

Risks and concerns

Dependent on certain key customers: The company derives a significant portion of its revenue from relatively a differentiated group of customers. For the period ended January 31, 2026 and for the financial years ended March 31, 2025, 2024, and 2023, its top ten customers contributed 97.43%, 97.9%, 97.8%, and 97.78%, respectively, to its total revenue from operations. The company does not have long-term commitments with all of these customers, and there is no assurance that they will continue to place orders at the same level or on similar terms. Loss of any key customer, reduction or cancellation of orders, non-renewal of existing arrangements or renegotiation of terms may have a material adverse impact on its revenue, cash flows and profitability.

Dependent on few suppliers for purchases of raw materials: The company procures a significant portion of its raw materials, particularly polymers and related chemical inputs, from a limited group of suppliers. For the period ended January 31, 2026 and for the financial years ended March 31, 2025, 2024, and 2023, its top 10 suppliers contributed around 74.18%, 62.77%, 70.39% and 62.82% respectively of its total raw material consumed. The company cannot assure that it will be able to get the same quantum and quality of supplies, or any supplies at all, and the loss of supplies from one or more of them may adversely affect its purchases of stock and ultimately its revenue and results of operations. 

Requires significant working capital: The company’s business is working capital intensive on account of the nature of its industry, procurement cycles, extended trade receivables, and inventory holding period. As per its Restated Financial Statements, its working capital requirements were Rs 724.44 lakh, Rs 268.89 lakh, Rs 223.29 lakh, and Rs 276.81 lakh for Period ended January 31, 2026 and for Fiscals 2025, 2024, and 2023, respectively. For Fiscal 2026 and Fiscal 2027, its working capital requirements are estimated at Rs 841.97 lakh and Rs 1,563.96 lakh respectively. Its working capital requirements may further increase if it undertakes larger or more complex projects, or if there are extended payment cycles or delays in project execution due to client-side or regulatory factors.

Outlook

Atharva Poly-Plast manufactures precision plastic components, serving key industries like furniture, home appliances, and automotive. Its main focus is on injection moulding using materials such as polypropylene (PP), ABS, HDPE, and engineering polymers. The company works with OEMs and Tier-1 suppliers in India, offering both B2B manufacturing and co-development support--from mould design and prototyping to final production and quality checks. It also assembles products using fasteners, hinges, and foam parts as per customer requirements. It has strategically established its presence across key regions including Karnataka, Maharashtra, Gujarat and the United States. This regional and international diversification allows it to optimize its supply chain, maintain close proximity to raw material sources, access a skilled and cost-effective labour pool, and efficiently cater to a broad and diverse customer base. On the concern side, the company is governed by various laws and regulations for its business and operations. It is required, and will continue to be required, to obtain and hold relevant licenses, approvals and permits at state and central government levels for doing its business. Besides, it does not have firm commitment long-term agreements with all its customers and instead rely on purchase orders to govern the volume and other terms of sales of its products.

The company is coming out with a maiden IPO of 45,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 55-60 per equity share. The aggregate size of the offer is around Rs 24.75 crore to Rs 27 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased by 14.58% from Rs 4,148.72 lakh in the fiscal year ended March 31, 2024 to Rs 4,753.56 lakh in the fiscal year ended March 31, 2025. Profit after tax increased by 164.12% from Rs 200.10 lakh in the fiscal year ended March 31, 2024 to Rs 528.55 lakh in the fiscal year ended March 31, 2025.

Meanwhile, the company intends to adopt a comprehensive approach to supply chain management to enhance stability and efficiency. It plans to implement a multi-sourcing strategy to reduce dependence on single suppliers and mitigate risks, with clearly identified primary and secondary sources for critical materials. Besides, the company intends to identify potential risks in the supply chain, including supplier disruptions, price volatility, geopolitical events, and natural disasters. Each identified risk will be assessed in terms of likelihood and potential impact. To mitigate these risks, the company plans to diversify its supplier base, monitor supplier performance and financial stability, and maintain clear communication channels with suppliers. 

ICICI Lombard General Insurance Company has informed that the meeting of the Board of Directors of the Company is scheduled on 15/07/2026, inter alia, to consider and approve Audited Financial Results & Audited Financial Statements of the Company for the quarter ending on June 30, 2026.

The above information is a part of company’s filings submitted to BSE.