All IPOs

LAPL Automotive

SME · BSE listed
+43.62%
Listing gain
Price Band
₹88 – ₹94
Issue Size
₹32.4 Cr
1 lot at upper band
₹1,12,800
Lot Size
1,200
Open
06 Aug 2026
Close
10 Aug 2026
Allotment
—
Listing
13 Aug 2026

Scheduled dates

  1. Open
    06 Aug 2026
  2. Close
    10 Aug 2026
  3. Refund
    12 Aug 2026
  4. Demat credit
    12 Aug 2026
  5. Listing
    13 Aug 2026

Listing Performance

Listing Price
₹135
Listing Gain
+43.62%
Day Close
—
Current (LTP)
— (—)

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹50 14 sessions

Subscription (times)

Latest per-category subscription · as of 10 Aug, 06:56 pm IST.

QIB 200.23x
NII 433.26x
BHNI 477.05x
SHNI 345.67x
RII 388.00x
Total 344.31x

About LAPL Automotive

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. The company operates three manufacturing units located in Aurangabad, Maharashtra, and is IATF 16949:2016 certified, providing customized lighting solutions using LED technologies with in-house testing facilities for quality assurance.

https://www.laplautomotive.com/ ↗

Strengths

  • Integrated ODM and OBM Business Model
    The company's dual presence as Original Design Manufacturer (ODM) and Original Brand Manufacturer (OBM) provides strategic advantage by enabling diversified revenue streams and flexibility in addressing varied customer requirements.
  • 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 end-to-end solutions with reduced development timelines and enhanced cost efficiency.
  • Stable Customer Base and Strong Customer Relationships
    The company caters to diverse manufacturers with stable customer base supported by long-standing relationships. Top 10 customers contribute 95.49% of revenue in Fiscal 2026, reflecting strong customer confidence.
  • Well Positioned to Capitalize on the Growing EV Opportunity
    The company's advanced LED lighting solutions are platform-agnostic, enabling seamless integration across both ICE and EV platforms while actively strengthening engagement with leading EV OEMs.
  • Strategically Located Manufacturing Facilities
    The company's three manufacturing units located in Chhatrapati Sambhajinagar, Maharashtra, provide operational efficiencies through proximity to key automotive hubs while ensuring quality standards adherence.
  • Experienced Promoter and Management Team
    The company's promoters have combined experience of over 37 years, 22 years and 5 years respectively in automotive business, providing technical expertise and long-standing industry relationships.
  • Diversified Product Portfolio
    The company offers diversified range of automotive components across lighting systems, rear-view mirrors, and plastic moulded components, reducing dependency on single product category or customer segment.
  • Focus on Quality and Customer-Specific Solutions
    The company's manufacturing processes ensure consistent quality and compliance with customer specifications through IATF 16949:2016 certification and ability to deliver customized solutions under ODM and OBM models.
  • Scalable and Flexible Operations
    The company's manufacturing and operational framework is scalable, enabling production ramp-up to meet growing demand and adapt to evolving industry requirements for new vehicle platforms.
  • Brand Recognition under 'LAPL'
    The company has established 'LAPL' as recognized brand in automotive components segment through OBM operations, enabling better margin potential, market visibility, and long-term value creation.

Risk Factors

  • High Customer Concentration Risk
    The company derives over 90% of its total revenue from top 10 customers, with the top customer alone contributing 77.18% in Fiscal 2026. The company has no formal long-term arrangements with customers and relies on purchase orders, creating significant revenue vulnerability if any major customer is lost.
  • Geographic Concentration in Maharashtra
    The company generates 86.10% of revenue from Maharashtra-based customers in Fiscal 2026, and all three manufacturing facilities are located in Maharashtra. Any adverse developments affecting this region could severely disrupt operations and customer demand.
  • Supplier Dependency and Raw Material Risks
    The company depends on few key suppliers without long-term agreements, with top 10 suppliers representing 59.66% of total purchases in Fiscal 2026. Raw material costs constitute 78.87% of total expenses, creating significant exposure to supply disruptions and price volatility.
  • Manufacturing and Operational Risks
    The company's operations are subject to equipment failures, fire hazards, and other manufacturing risks. A fire incident in 2021-22 caused significant damage to machinery and raw materials, resulting in production halts and insurance claims of ₹159.41 lakhs.
  • Regulatory Compliance and Statutory Filing Issues
    The company has experienced delays in statutory filings and compliance lapses, including contraventions under the Companies Act 2013. Multiple forms were filed beyond specified timelines with additional fees, exposing the company to potential penalties and regulatory actions.
  • Working Capital Intensive Business Model
    The company's business requires substantial working capital with total secured loans of ₹1,930.80 lakhs as of March 31, 2026. The working capital intensive nature with long implementation periods creates financing dependency and cash flow pressures.
  • Capacity Utilization and Production Planning Risks
    The company operated at 81.24% capacity utilization as of March 31, 2026. Inability to accurately forecast demand or optimize production schedules may lead to under or over-utilization, affecting manufacturing costs and operational efficiency.
  • High Employee Attrition and Labor Dependency
    The company experienced employee attrition rates of 17.78%, 13.33%, and 35.09% in fiscals 2024, 2025, and 2026 respectively. The company depends on 151 contractual laborers for manufacturing operations, creating operational risks from labor shortages or disputes.
  • Promoter Guarantees and Financial Covenants
    The company's borrowings are secured by personal guarantees from promoters Mr. Neeraj Goyal, Mrs. Anita Goyal, and Mr. Shubham Goyal. Any revocation of these guarantees may require alternative security arrangements or loan repayment, potentially affecting operations.
  • IPO Proceeds Deployment Risks
    The company has not yet placed orders for plant and machinery to be funded from IPO proceeds. Delays in vendor finalization, equipment delivery, or cost escalations could result in time and cost overruns, affecting the expansion plans and business prospects.

Objects of the Issue

  • Funding of Capital Expenditure requirements towards setting up a new manufacturing facility
    The company intends to establish a new manufacturing facility at Plot No-68-1, Sector No.5, Auric City Shendra, Aurangabad, Maharashtra for manufacturing automotive lighting systems, electrical accessories, and electronic components. The facility will help address current capacity constraints and enable in-house production of components currently outsourced.
    19.56 crores
  • Repayment and/or prepayment of certain outstanding secured borrowings
    The company proposes to utilize proceeds for full or partial repayment or pre-payment of certain borrowings availed from lenders including Canara Bank. This will help reduce outstanding indebtedness, maintain favorable debt-equity ratio and enable additional investment in business growth.
    4.79 crores
  • General Corporate Purposes
    The company intends to utilize a portion of the proceeds for general corporate purposes in accordance with applicable regulations. The amount shall not exceed 15% of gross proceeds or 10 crores whichever is lower.

Financial Snapshot

Annual values as reported in the offer document.

Year endRevenueRev. growthProfitProfit growthAssetsEquityOperating cash flow
31/03/202694.32+40.6%8.63+71.6%62.6825.251.95
31/03/202567.07+9.9%5.03+131.8%44.3416.632.64
31/03/202461.03—2.17—32.7911.593.50
Units: crores

Issue Details

Face Value
₹10
P/E
13.70
ROCE
34.00%
Shares / Lot
1,200
Minimum Bid
2,400 shares
Refund
12 Aug 2026
Credit to Demat
12 Aug 2026
ISIN
INE0X9I01023
CIN
U34300MH2004PLC149728
Registrar
Maashitla Securities Pvt.Ltd.
Lead Managers
GYR Capital Advisors Pvt.Ltd.
Registered Office
Plot No. 90, Sector No. 05, Auric City, Shendra Industrial Area, Chikalthana Industrial Area, Aurangabad, Maharashtra, India, 431006
RHP ↗DRHP ↗

Management

Neeraj Satyaprakash GoyalMD
Shubham Neeraj GoyalCEO
Anita Neeraj GoyalDirector

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.