K. V. Toys India
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 15 Dec 2025 | ₹129 | +53.97% | ₹58,800 | ₹368 | ₹77,400 |
| 14 Dec 2025 | ₹129 | +53.97% | ₹58,800 | ₹368 | ₹77,400 |
| 13 Dec 2025 | ₹130 | +54.39% | ₹59,300 | ₹369 | ₹78,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 08 Dec 2025 – 10 Dec 2025
- Listing date
- 15 Dec 2025
- Face value
- ₹1 per share
- Issue price
- ₹239 per share
- Lot size
- 600 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹40.15 Cr
- Market cap at offer price
- ₹150 Cr
- Promoter holding
- 79.65% → 58.35% pre-issue → post-issue
- ISIN
- INE1IE301018
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- Office No.1508, 15th Floor, Solus Business Park, Building Hiranandani Estate, Ghodbunder Road, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 4,68,000 | — | — |
| Market maker | 1,00,800 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹239
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,43,400 |
| S-HNI (min) | 2 | 1,200 | ₹2,86,800 |
| S-HNI (max) | 6 | 3,600 | ₹8,60,400 |
| B-HNI (min) | 7 | 4,200 | ₹10,03,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹239 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.98 | 12.91 |
| P/E (×) | 23.95 | 18.51 |
| Price to book (×) | 12.14 | — |
| Market cap | — | ₹150 Cr |
Key performance indicators
Latest reported period
- PAT margin
- −0.50%
- Price to book
- 12.14
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About K. V. Toys India
K. V. Toys India Limited was incorporated on April 04, 2023 and took over the running business of M/s KV Impex (a proprietorship owned by promoter Ms. Namita Narang) on January 31, 2025. The company is engaged in contract manufacturing and sale of plastic-moulded and metal-based toys for children, covering both educational and recreational segments. The company's diversified product portfolio includes friction-powered toys, soft bullet guns, ABS toys, pull-back toys, battery-operated and electronic toys, press-and-go toys, die-cast metal vehicles, bubble toys, dolls, and other play-based products. It markets proprietary brands such as Alia & Olivia (doll range), Yes Motors (die-cast car range), Funny Bubbles (bubble toys), and Thunder Strike (soft bullet guns). The company operates through modern trade, general trade and e-commerce channels. As on September 30, 2025, the company reported revenue from operations of ₹8,080.30 lakh and profit after tax of ₹405.50 lakh.
Company Analysis
from RHPK. V. Toys India Limited manufactures and sells plastic-moulded and metal-based toys for children through contract manufacturing, spanning educational and recreational toy segments in India.
K. V. Toys India Limited was incorporated on April 04, 2023 and took over the running business of M/s KV Impex (a proprietorship owned by promoter Ms. Namita Narang) on January 31, 2025. The company is engaged in contract manufacturing and sale of plastic-moulded and metal-based toys for children, covering both educational and recreational segments. The company's diversified product portfolio includes friction-powered toys, soft bullet guns, ABS toys, pull-back toys, battery-operated and electronic toys, press-and-go toys, die-cast metal vehicles, bubble toys, dolls, and other play-based products. It markets proprietary brands such as Alia & Olivia (doll range), Yes Motors (die-cast car range), Funny Bubbles (bubble toys), and Thunder Strike (soft bullet guns). The company operates through modern trade, general trade and e-commerce channels. As on September 30, 2025, the company reported revenue from operations of ₹8,080.30 lakh and profit after tax of ₹405.50 lakh.
Objects of the Issue
- Funding working capital requirements of our company ₹2,091.80 lakhs p.26
- Repayment/prepayment of all or certain of our borrowings availed of by our Company ₹1,169.82 lakhs p.26
- General corporate purposes p.26
- Funding working capital requirements of our company ₹2,091.80 Lakhs p.87
- Repayment/prepayment of all or certain of our borrowings availed by our Company ₹1,169.82 Lakhs p.87
- General corporate purposes p.87
- Working capital requirement - to offer better credit terms to customers, support higher sales and expand customer base across domestic and global markets p.136
- Not specified in this part of the document
Issue Structure
- Total Issue
- Upto 16,80,000 Equity Shares of face value of ₹10 each aggregating upto ₹[●] Lakhs
- Fresh Issue
- Upto 16,80,000 Equity Shares of face value of ₹10 each aggregating upto ₹[●] Lakhs
- Offer for Sale
- NIL (not applicable as the entire issue constitutes fresh issue of equity shares)
- Price Band
- [●] per Equity Share (Floor Price of ₹[●] and Cap Price of ₹[●])
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company operates an asset-light contract manufacturing model. All manufacturing processes are carried out through exclusive contractual manufacturing partners rather than owned facilities. The company focuses on design, innovation, marketing and distribution while outsourcing production. Revenue is derived from the sale of various toy categories including animals, bubbles, dolls, fishing toys, guns, puzzles & blocks, vehicles, windup toys and others across modern trade, general trade and e-commerce channels.
Business Segments
SWOT Analysis
- • Established business history through proprietorship(p.34)
- • Diversified product portfolio across multiple categories(p.25)
- • Multiple proprietary brands with market presence(p.25)
- • Asset-light contract manufacturing model enabling flexibility(p.35)
- • Robust quality assurance and control systems(p.42)
- • Growing India toy market with demographic advantage(p.25)
- • Aligned promoter interests supporting unified growth strategy(p.35)
- • Experienced promoters with deep domain knowledge in toy manufacturing and distribution(p.97)
- • Diversified product portfolio across multiple toy segments(p.89)
- • Multiple proprietary brands with market recognition(p.89)
- • Strong return on equity and profitability metrics post-integration(p.100)
- • Diverse product portfolio across 700+ SKUs catering to all age groups(p.120)
- • Established proprietary brands with market recognition(p.120)
- • Asset-light OEM-based manufacturing model with quality control(p.134)
- • Pan-India distribution network across 2,000+ general trade buyers and 30+ modern retail chains(p.134)
- • In-house design, packaging, and quality control capabilities with 50-person team(p.133)
- • BIS-compliant quality standards and international safety certifications(p.150)
- • Experienced leadership team with 10-15+ years in toy manufacturing(p.135)
- • Export capabilities demonstrated with first shipment to Germany(p.135)
- • Established management team with industry experience(p.176)
- • Promoter commitment secured through personal guarantees(p.177)
- • Successful business takeover of established proprietorship(p.190)
- • Growing revenue trajectory post-acquisition(p.204)
- • Limited independent operating history as a corporate entity(p.34)
- • No direct manufacturing capacity ownership(p.35)
- • Inability to measure capacity utilization(p.36)
- • Heavy reliance on working capital management(p.42)
- • Significant geographical revenue concentration in Maharashtra(p.39)
- • Negative operating cash flows in recent periods(p.42)
- • Pending trademark registrations leaving protection gaps(p.45)
- • Past statutory compliance delays with penalties(p.44)
- • Directors' personal guarantees securing borrowings(p.44)
- • High leverage with debt-to-equity ratio of 1.95 as of September 30, 2025(p.100)
- • Dependence on third-party logistics providers with no in-house infrastructure(p.49)
- • Reliance on vendor relationships that may be strained by payment delays(p.48)
- • Limited operational history as a company with recent business takeover(p.91)
- • High customer concentration with top 5 customers representing 43.4% of sales(p.123)
- • Negative PAT margin of -2.79% in period ended September 30, 2025(p.101)
- • Debt-equity ratio increased to 0.78 from 0.65 in prior year(p.101)
- • Revenue decline of 9.09% in FY2025 from FY2024(p.101)
- • Dependence on 11 OEM partners for manufacturing with no direct production facilities(p.134)
- • Significant debt concentration with related parties(p.199)
- • High debt-to-equity ratio indicating leverage risk(p.220)
- • Limited operating history as a corporate entity(p.190)
- • No provision for Provident Fund and ESIC compliance(p.222)
- • Concentration of trade receivables aging(p.201)
- • Expansion into pan-India markets beyond Maharashtra concentration(p.41)
- • Growing e-commerce and digital distribution channels(p.41)
- • Adult consumer segment (kidults) growth in toy market(p.25)
- • Organized sector growth in fragmented Indian market(p.25)
- • International export market entry(p.46)
- • Expansion of modern trade channel presence(p.41)
- • Tier-II and Tier-III city penetration in general trade(p.41)
- • Expansion into new product segments including stationery and impulse products(p.89)
- • Growth in export market with positive international enquiries(p.89)
- • Multi-channel distribution expansion across Modern Trade, General Trade, e-commerce and quick commerce(p.90)
- • Benefits of public listing for brand visibility and market access(p.87)
- • Indian toy market projected to grow at ~10% CAGR to $4.7 billion by 2033(p.115)
- • Educational toys segment experiencing fastest growth with STEM focus(p.115)
- • Government support through Make in India, Atmanirbhar Bharat, and PLI schemes(p.118)
- • Rising digital commerce with e-commerce contributing 25-30% of urban toy sales(p.115)
- • Expansion into stationery and gifting products to complement toy portfolio(p.136)
- • International market entry with export potential valued at $2.3 billion by 2025(p.119)
- • Tier II and Tier III city penetration in underpenetrated market with only $10-12 annual toy spending per child vs $300 in US(p.115)
- • Expansion through SME IPO on BSE platform(p.167)
- • Growing toy industry with manufacturing capability(p.190)
- • Import capability and raw material sourcing diversification(p.204)
- • Established distribution and customer relationships from proprietorship(p.201)
- • Highly dynamic and unpredictable consumer preferences(p.36)
- • Intense competition and pricing pressures(p.36)
- • Supply chain disruptions and raw material volatility(p.38)
- • Raw material price and currency exchange fluctuations(p.38)
- • Export market risks including tariffs and geopolitical instability(p.46)
- • Regulatory compliance and licensing requirements(p.45)
- • Customer order cancellations and modifications(p.46)
- • Labor law compliance risks from proprietorship period(p.37)
- • First public issue market reception uncertainty(p.25)
- • Intense competition from established multinational corporations and local players(p.48)
- • Rising pressure to adopt eco-friendly production processes and materials(p.48)
- • Volatility in Indian economic conditions and market sentiment(p.51)
- • Risk of natural calamities and epidemics disrupting operations(p.49)
- • Inflation and inability to pass increased costs to customers(p.51)
- • Volatility in Indian stock markets and equity share price risk(p.49)
- • Highly fragmented toy industry dominated by unorganized sector with 90% market share(p.115)
- • Intense competition from international brands and imported toys from China(p.151)
- • Increased import duties at 70% could trigger retaliatory measures affecting exports(p.118)
- • Global economic growth deceleration with world growth projected at 2.4% for 2025(p.107)
- • Dependence on discretionary consumer spending for toys market vulnerable to economic cycles(p.116)
- • Supply chain vulnerabilities and logistics cost pressures in India(p.101)
- • Dependence on bank credit facilities subject to demand repayment(p.210)
- • Foreign exchange exposure in raw material imports(p.204)
- • Significant finance costs impacting profitability(p.206)
- • Exposure to toy industry cyclicality and market competition(p.190)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Karan Narang | Promoter | 26.85% | — |
| Vishal Narang | Promoter | 15.00% | — |
| Ms. Namita Narang | Promoter | 13.15% | — |
| Ayush Jain | Promoter | 7.41% | — |
| Yash Jain | Promoter | 7.41% | — |
| Tanu Jain | Promoter Group | 4.91% | — |
| Neetu Jain | Promoter Group | 4.93% | — |
| Karan Narang | Promoter | 26.85% | — |
| Vishal Narang | Promoter | 15.00% | — |
| Namita Narang | Promoter | 13.15% | — |
| Ayush Jain | Promoter | 7.41% | — |
| Yash Jain | Promoter | 7.41% | — |
| Tanu Jain | Promoter Group | 4.91% | — |
| Neetu Jain | Promoter Group | 4.93% | — |
| Mr. Karan Narang | Promoter/Chairman & Managing Director | 26.85% | — |
| Mr. Vishal Narang | Promoter/Whole Time Director | 15.00% | — |
| Mr. Ayush Jain | Promoter/Executive Director | 7.41% | — |
| Ms. Namita Narang | Promoter/Non-Executive Director | 13.15% | — |
| Karan Narang | Promoter | 26.85% | — |
| Vishal Narang | Promoter | 15.00% | — |
| Ayush Jain | Promoter | 7.41% | — |
| Namita Narang | Promoter | 13.15% | — |
| Yash Jain | Promoter | 7.41% | — |
| Namita Narang | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.