LAPL Automotive Ltd. IPO

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with other applicable provisions, Lapl Automotive has informed that the Company has appointed EquiBridgeX Advisors as its Investor/PR Representative (IPR) with effect from today August 24, 2026. EquiBridgeX Advisors will assist the Company in strengthening its investor relations and public relations framework, including managing communication with investors, analysts, and other stakeholders. The firm will also support dissemination of corporate information, handling investor queries, and enhancing the Company’s visibility and engagement with the investor community in line with regulatory requirements and best governance practices. This appointment reflects the Company’s continued commitment towards maintaining high standards of transparency, effective communication, and stakeholder engagement.

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

LAPL Automotive

• LAPL Automotive is coming out with an initial public offering (IPO) of 34,46,400 shares in a price band of Rs 88-94 per equity share.
• The issue will open for subscription on August 06, 2026 and will close on August 10, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 8.80 times of its face value on the lower side and 9.40 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance officer for the issue is Shubhangi Madhukar Rajput.

Profile of the company

The company is an integrated automotive components manufacturer operating across ODM (Original Design Manufacturing) and OBM (Original Brand Manufacturing) models, with a diversified product portfolio spanning automotive lighting systems, mirrors, and plastic moulded components. The company caters to automobile OEMs across passenger vehicles, commercial vehicles, two wheelers, and electric mobility segments. With a diversified product portfolio, the company caters to the products of tail lamps, front and rear indicators, reflex reflectors, head lamp, stop lamp, position lamp, reverse lamp and roof lamp, etc., the motor segments covers starter motor, wiper motor, rotors etc. and other components and accessories segment such as hood, stators, small BLDC fans and many more for various spectrum of vehicles.

It is an IATF 16949:2016 certified company, providing customized lighting solutions for various vehicle segments. Its lighting products are designed using technologies such as light-emitting diode (LED). The Company has an in-house testing facility for quality testing and assurance, where products undergo various environmental testing parameters which includes humidity, tensile strength, heat, freeze, flammability, voltage control tests, endurance and drop test, etc. to cater AIS (Automotive Indian Standards). Some of its products are also certified by other approved certifying agencies such as CIRT, ICAT, VRDEA and ARAI for safety standards and quality assurance as required by few of its customers prior to its supply. It improves quality control, product reliability, faster testing, quicker product development, customization and increased customer satisfaction.

The company operates as an ODM and OBM under its proprietary brand, ‘LAPL.’ Through these complementary business verticals, it leverages its design expertise, manufacturing capabilities, and market understanding to serve a diverse customer base while strengthening its brand presence.

Proceed is being used for:

• Funding Capital Expenditure requirements towards setting-up a new manufacturing facility at Aurangabad, Maharashtra
• Paying or repaying, in full or in part of certain outstanding secured borrowings availed by the company 
• Meeting general corporate purposes

Industry overview

India has emerged as the fastest-growing economy in the world in recent years. Rising incomes, higher infrastructure spending, and supportive manufacturing incentives have together accelerated the automobile sector, making it a critical pillar of India’s growth story. The two-wheeler segment, driven largely by the expanding middle class, continues to dominate the market, with sales reaching 19.6 million units in FY25. This surge in demand has also encouraged the expansion of original equipment and auto component manufacturers, helping India build strong expertise in this space and enhancing global demand for Indian vehicles and components.

India’s auto components industry has significantly expanded its market share, driven by rising automobile demand from the growing middle class and strong global exports. The sector has attracted both Indian and international players and is broadly classified into organised and unorganised segments. While the unorganised sector primarily caters to the aftermarket with low-value items, the organised sector focuses on supplying high-value precision instruments to Original Equipment Manufacturers (OEMs). India’s automobile production further highlights the scale of demand that supports the component industry. In FY26 (AprilSeptember), domestic sales stood at 1,02,36,639 units for two-wheelers, 20,51,082 units for passenger vehicles, 4,63,502 units for commercial vehicles, and 3,94,450 units for three-wheelers. In FY26 (April-September), the total production of Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers and Quadricycle was 1,65,34,997 units.

The rapidly globalising world is creating new opportunities for the transportation industry, particularly with the shift towards electric, electronic, and hybrid vehicles that are seen as more efficient, safe, and reliable. Over the next decade, this transition will open new verticals for auto component manufacturers, supported by strong government policy measures. The Indian government has already introduced production incentives and is investing heavily in electric vehicle (EV) infrastructure, including the exemption of customs duties on capital goods and machinery used for producing lithium-ion cells.

Pros and strengths

Integrated ODM and OBM business model: The company’s dual presence as an ODM and OBM provides a strategic advantage by enabling diversified revenue streams and flexibility in addressing varied customer requirements. While the ODM vertical allows it to partner closely with automotive OEMs and component manufacturers, the OBM vertical under its proprietary brand ‘LAPL’ supports brand building and direct market engagement.

Strong in-house design, engineering and manufacturing capabilities: The company possesses robust in-house capabilities spanning product design, engineering, tooling, prototyping, and manufacturing, which allow it to offer end-to-end solutions. This integrated approach reduces development timelines, enhances cost efficiency, and ensures consistent quality across product offerings.

Well positioned to capitalize on the growing EV opportunity: The rapid growth of the electric vehicle market presents a significant opportunity for the company. Its advanced LED lighting solutions are designed to be platform-agnostic, enabling seamless integration across both internal combustion engine (ICE) and EV platforms. This technological versatility allows us to address evolving customer requirements while supporting the industry's transition toward sustainable mobility. It is actively strengthening its engagement with leading EV OEMs and continuously expanding its innovative product portfolio to align with emerging mobility trends, reinforcing its position as a preferred lighting solutions partner for the next generation of vehicles.

Risks and concerns

Significant revenue concentration in Maharashtra: The company generates its major portion of sales from its operations from Maharashtrian regions. Revenue from customers located in Maharashtra contributed 86.10%, 82.90%, and 82.90% of the company's revenue from operations for the financial years ended March 31, 2026, 2025, and 2024, respectively. Any adverse developments in Maharashtra or western region, including but not limited to regional economic slowdown, disruptions in transportation and logistics, natural calamities, changes in state-level regulations or policies, labour unrest, or other unforeseen events affecting the region, may disrupt its manufacturing activities or impact demand from its customers. Such disruptions could lead to production delays, supply chain constraints, increased operational costs or reduced order inflows.

Dependence on top 10 customers for substantial portion of revenue: The company depends on its top 10 customers for a substantial portion of its total revenue from operations. The company’s top ten customers contributed 95.49%, 96.40%, and 96.93% of its total revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively.  The loss of its any of its top 10 customers for any reason (including due to loss of, or failure of its customers to win orders; limitation to meet any change in quality specification, change in technology, disputes with a customer, adverse changes in the financial condition of its customers, such as possible bankruptcy or liquidation or other financial hardship) could have a material adverse effect on its business, results of operations and financial condition. Additionally, it does not have any formal long-term arrangements with any of its customers which obliges them to maintain their business with the company, relying instead on purchase orders to dictate sales terms and volumes.

Dependence on limited number of suppliers for raw materials: The company is primarily dependent upon few key suppliers within limited geographical location for procurement of raw materials and it does not have any long-term agreements with such suppliers. Purchases made from its top 10 suppliers for the financial year ended March 31, 2026, 2025 and 2024 Rs 4,178.40 lakh, Rs 2,752.00 lakh and Rs 2,470.52 lakh representing 59.66%, 56.17%, and 56.96% of its total purchases. Any disruption in the supply of the raw materials or fluctuations in their prices could have a material adverse effect on its business operations and financial conditions.

Outlook

LAPL Automotive is engaged in the business of manufacturing automobile parts and ancillaries, including the design and production of motors, lighting systems, and mirrors for two-wheelers, three-wheelers, four-wheelers, buses, and utility vehicles. In addition, the Company provides design, testing, and certification support services. On the concern side, its business operations require significant working capital to support procurement of raw materials, manufacturing processes, project implementation cycles, inventory maintenance and receivables management. In addition, certain projects undertaken by it may involve relatively long implementation and payment realisation periods, which may result in a gap between the timing of its expenditures and the receipt of payments from customers. As a result, its operations are dependent on the availability of adequate working capital facilities and other forms of financing.

The company is coming out with a maiden IPO of 34,46,400 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 88-94 per equity share. The aggregate size of the offer is around Rs 30.33 crore to Rs 32.40 crore based on lower and upper price band respectively. On performance front, the total income of the company for fiscal year 2026 was Rs 9,431.54 lakh against Rs 6,707.28 lakh of total income for Fiscal year 2025 with an increase of 40.62% in total income. Profit after tax for the Fiscal 2026 were at Rs 862.69 lakh against profit after tax of Rs 503.45 lakh in fiscal 2025, an increase of 71.36%.

Meanwhile, the company intends to deepen relationships with existing OEM customers by transitioning from part-wise supply to platform level engagement. Instead of entering at the post-design sourcing stage, the company aims to participate during the vehicle development phase through co-development initiatives, integrated assemblies (lighting, mirrors and motors), early design validation including DFMEA support, and faster PPAP readiness cycles. This strategy is expected to enhance switching costs, enable multiyear platform lock-ins and improve revenue visibility, thereby positioning the company as a development partner rather than a transactional supplier.

Bench Mark Infotech Services

• Bench Mark Infotech Services is coming out with an initial public offering (IPO) of 38,58,000 shares in a price band of Rs 104 - 110 per equity share.
• The issue will open for subscription on September 25, 2026 and will close on September 29, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 10.40 times of its face value on the lower side and 11.00 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance officer for the issue is Sucheta Todi.

Profile of the company

Bench Mark Infotech Services is an integrated IT and digital infrastructure solutions company with over 19 years of experience in providing technology infrastructure solution to government departments, public sector undertakings, institutional customers and private sector clients across India. Operating as a single-window partner, it designs, supplies, installs, commissions and maintains the networks, communication systems, surveillance and connectivity backbone on which its customers rely to build, manage and scale their technology ecosystems. Its service offerings include local and wide area networking (LAN & WAN), wireless communication systems, installation of active network devices, Structured cabling, multimedia and audio-visual systems, smart classrooms, e-classrooms and professional AV, Access control solutions, safety and security surveillance, and allied infrastructure services. It has expanded its service offerings by entering the data storage and data centre solutions segment. Its services under this vertical include supply, deployment and integration of servers, storage systems, virtualization, data backup and recovery solutions, cloud-based services such as Infrastructure as a Service (IaaS) and Software as a Service (SaaS), and cloud security solutions. 

It has also initiated its offerings towards Artificial Intelligence (AI) Lab Solutions, including setting up of AI labs and providing edge computing nodes and related infrastructure for AI, machine learning and other computing applications, including AI laboratories, GPU-enabled computing platforms, enterprise storage, high-performance networking, and AI-ready data infrastructure. Further, it has expanded its offerings in the areas of cybersecurity and data security by providing solutions such as Next-Generation Firewalls (NGFW), Unified Threat Management (UTM), endpoint security, identity and access management, and managed security services and NOC (Network Operations center) for centralized monitoring and handling the challenges related to managing, monitoring, and controlling the networks in customer IT ecosystem. In addition to project execution, it provides annual maintenance contracts (AMC) and support services under contractual arrangements, including technical assistance, operational support, and 24x7 support services to help ensure business continuity and timely resolution of customer requirements. It also provides fibre optic solutions as part of its service offerings, including renting and provisioning of fibre optic lines wherever required under project contracts, thereby supporting the connectivity requirements of its customers. It also undertakes fibre optic infrastructure execution activities such as trenching, digging, ducting, laying of fibre cables, integration of fibre networks and restoration work.

Its business model is to provide integrated solutions with on an order-driven project execution framework, wherein it undertakes projects awarded through competitive bidding and tendering processes after providing complete end to end solutions. It procures hardware and software components from original equipment manufacturers (OEMs) and authorized vendors and integrate them to deliver customized, end-to-end solutions in accordance with project specifications. It is committed to maintaining quality standards and operational capabilities. The company holds ISO 9001:2015 certification for quality management systems and ISO/IEC 27001:2022 certification for information security management systems. It is registered as an Infrastructure Provider Category-I (IP-I), which enables it to establish, maintain and lease telecom infrastructure assets such as dark fibre, right of way, duct space and towers to licensed telecom service providers. This registration also supports its capability to undertake fibre optic network development and selective leasing of fibre infrastructure as part of its service offerings.

Proceed is being used for:

• Funding the working capital requirements of the company
• General corporate purposes

Industry overview

India Networking Market size was valued at $114.07 million in 2023 and the total revenue is expected to grow at a CAGR of 18.6% through 2024 to 2030, reaching nearly $376.50 million. The process of integrating computers, cell phones, and Internet of Things (IoT) devices is known as networking. The connection is functional in terms of hardware and software, as well as wired and wireless technology. These gadgets are also capable of connecting to networks such as the Internet. Computer Engineering, Computer Application, Computer Science, IT Engineering, Electrical Engineering, and more subjects are represented. The two types of network connections are a local area network (LAN) and a wide area network (WAN). As India is Asia's IT hub, networking is in high demand. In India, networking has a huge potential. TCS, Infosys, Wipro, HCL, Tech Mahindra, and other companies are continually looking for qualified applicants to join them. 

The India networking market is expected to be driven by the key factors such as the rising networking awareness and the growing need for more agile and efficient networking infrastructure. Moreover, during the forecast period 2024-2030, government efforts such as ‘Digital India’ are expected to have a beneficial impact on the India networking market. The growth of the India networking market is aided by government investment in public infrastructure restoration and company spending in the telecom and banking divisions as part of the digitization process. 

Increased investments in the three segments- Ethernet switches, routers, and WLAN - were seen across enterprise and service provider deployments. In India, the Ethernet Switch market was valued at $148.1 million, representing a remarkable year-over-year increase of 24.2%. Cisco held a 60.7% share of the Ethernet Switch market, followed by Hewlett Packard Enterprise (HPE) and Huawei. To solve the automation and orchestration needs resulting from complex network infrastructures, businesses are turning to next-generation networking technologies. In terms of compound annual growth rate (CAGR), all three segments of the India networking market are expected to rise in the single digits between 2024-2030.

Pros and strengths

Integrated business model with end-to-end service capabilities under one roof: The company operates an integrated business model, providing a comprehensive range of services under one roof across its key verticals, including design, supply, installation and commissioning of IT hardware and networking equipment, annual maintenance contracts (AMCs), and fibre optic infrastructure solutions. Under its IT hardware and networking vertical, it undertakes supply of a wide range of equipment such as switches, routers, CCTV systems, video walls, racks, along with turnkey project execution, system integration, installation, testing, and commissioning. This is complemented by its AMC services, which provide preventive maintenance, troubleshooting, and repair support through customised contracts, thereby ensuring continuity of operations for customers and generating recurring revenue. In addition, the company offers fibre optic infrastructure solutions, including deployment of fibre networks and associated civil works, as well as leasing of fibre infrastructure, enabling clients to access connectivity solutions without significant upfront investment.

Long standing customer relationships with repeat order flow: The company has developed and maintained long-standing relationships with its customers across its business verticals, resulting in a consistent flow of repeat orders. Its customer base includes government departments, public sector undertakings, and institutional clients, with whom the company has engaged across multiple projects over time. A portion of the company revenue is derived from repeat business from existing clients, reflecting continuity in engagements and ongoing participation in projects within similar domains and requirements.

Established track record of execution across diverse project segments: It has an established track record of executing projects across its business verticals, including design, supply, installation and commissioning of IT infrastructure solutions, annual maintenance contracts (AMCs), facility support services, and fibre optic infrastructure solutions. It undertakes projects for government departments, public sector undertakings, institutional clients, and private sector clients across India under an order-driven execution model. Its project execution encompasses procurement, installation, system integration, testing, commissioning, and post-installation maintenance in accordance with customer requirements. Its experience across diverse project segments enables it to execute projects at multiple locations while coordinating with customers, vendors, and implementation teams.

Risks and concerns

Concentration of revenue among top ten customers: It is dependent on certain key customers for a substantial portion of its revenues. Its top ten customers contribute 94.19%, 89.08%, and 91.87% of its total revenue from operations for the financial year ended on March 31, 2026, 2025 and 2024, respectively. Its business operations are highly dependent on its customers and the loss of any of its customers may adversely affect its sales and consequently on its business and results of operations.

Geographic concentration of revenue in Bihar, Odisha and West Bengal: Its business operations span various regions across India. However, a significant percentage of its revenue is contributed by Bihar, Odisha and West Bengal. It derives majority of its revenue from these three states which accounted for 80.04%, 85.39%, and 64.00% of its revenue from operations for the F.Y. ended March 31, 2026, March 31, 2025 and March 31, 2024. As a result, its geographic concentration, its business and financial results are susceptible to economic, social, weather, and regulatory conditions or other circumstances in each of these states. Any deterioration of macroeconomic conditions or decline in cyber security demand in these states could unfavourably impact the volume of its business.

High revenue dependence on government contracts: Its business is substantially dependent on contracts undertaken by various government bodies, government entities, and government institutions of the government of India (Government customers) including, inter alia, various public sector undertakings and other entities funded by the Government. The Government customers contributed 73.10%, 95.01%, and 92.91% of its total revenue from operations for the financial year ended on March 31, 2026, 2025 and 2024, respectively. A vast majority of contract awarded by Government Customers are tender based. It competes with various companies while submitting the tender for these contracts. Its performance could be adversely affected if it is not able to successfully bid for these contracts or required to lower its bid value.

Outlook

Bench Mark Infotech Services provides integrated IT and digital infrastructure solutions, including networking, communication, surveillance, fibre optic, cloud and data centre solutions, with installation, maintenance and managed support services across India. Its project execution encompasses procurement, installation, system integration, testing, commissioning, and post-installation maintenance in accordance with customer requirements. Its experience across diverse project segments enables it to execute projects at multiple locations while coordinating with customers, vendors, and implementation teams. On the concern side, a significant portion of its assets comprises trade receivables. Any delay in realization, inability to recover outstanding dues, or deterioration in the creditworthiness of its customers may adversely affect its liquidity, cash flows, financial condition and results of operations.

The company is coming out with a maiden IPO of 38,58,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 104-110 per equity share. The aggregate size of the offer is around Rs 40.12 crore to Rs 42.44 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 20.96% from Rs 5,003.85 lakh in Fiscal 2025 to Rs 6,052.76 lakh in Fiscal 2026. Profit after tax increased 75.25% from Rs 583.04 lakh in Fiscal 2025 to Rs 1,021.80 lakh in Fiscal 2026.

Meanwhile, it intends to broaden its portfolio of technology infrastructure services, encompassing networking and connectivity solutions, security and surveillance systems, audio-visual and display solutions, data center infrastructure, power and electrical systems, and associated support services. By diversifying and enhancing its service offerings, the company seeks to address the evolving technological and operational requirements of customers across both public and private sectors. Going forward, it intends to expand its presence in the optical fiber infrastructure segment by undertaking projects across multiple geographies in India. Its focus is on strengthening its capabilities in fibre optic network deployment, including cable laying, installation, splicing, testing, commissioning, and associated civil works such as trenching, ducting, and restoration.