Jajoo Rashmi Refractories 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.

Pursuant to the provisions of Regulation 29(1) (a) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, MT Educare has informed that the Resolution Professional of the Company shall, to consider and take on record the Audited Financial Results on standalone and consolidated basis for the fourth quarter and the financial year ended on March 31, 2026 at the meeting to be held on Thursday, the 28th May, 2026. Further, as intimated earlier vide announcement dated 30th March, 2026, the trading window for dealing in securities of the Company which is closed from Wednesday, April 01, 2026 shall reopen after 48 hours from the declaration of the aforesaid Financial Results. 

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