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Autofurnish Ltd IPO
Autofurnish Ltd
₹2,46,000 /6000 sharesMinimum investment
IPO listing details
Listed on
29 May '26
Issue price
₹41.00
Listing price
₹43.00
Listing gains
₹2.00 (4.88%)
Exchange
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IPO details
Minimum investment
₹2,46,000
Price range
₹41 - ₹41
Lot size
3,000
Issue size
14.60 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
21 May 2026
IPO open date
25 May 2026
IPO close date
26 May 2026
Allotment date
26 May 2026
Funds unblock or debit
29 May 2026
Tentative listing date
About
Founded in
2015
MD/CEO
Mr. Puneet Arora
Parent organisation
Autofurnish Ltd
Autofurnish Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company is led by first-generation promoters, Puneet Arora and Ruppal Wadhwa, each with over 12 years of experience in the automotive accessories industry. Puneet Arora serves as Managing Director and Ruppal Wadhwa as Chief Executive Officer, collectively overseeing marketing and production functions.
The company operates across both B2B and B2C segments directly through its manufacturing and design operations and through its wholly owned subsidiary Golden Mace Private Limited via online platforms, including Amazon, Flipkart, and Zepto. This structure allows the company to address two distinct customer channels under a single consolidated entity.
The company's customer base doubled from approximately 53 customers in FY24 to approximately 106 customers in FY25. Revenue from operations grew from Rs 10.59 crore in FY23 to Rs 15.91 crore in FY24 and further to Rs 33.36 crore in FY25.
The company's manufacturing facilities hold several certifications including ISO 9001:2015 for quality management systems, ISO 14001:2015 for environmental management systems, ISO 45001:2018 for occupational health and safety management, ISO 50001:2018 for energy management systems, IATF 16949:2016 for automotive quality management, and Good Manufacturing Practices (GMP).
The company claims to offer tailor-made automotive accessories developed in close coordination with clients to meet specific design requirements. This customisation capability, combined with a product portfolio spanning interior accessories, exterior accessories, body covers, and foot mats, allows it to serve a range of client needs within the B2B segment.
The company has reported consistent growth in revenue from operations and profit after tax (PAT) over the last three financial years. Revenue from operations increased from Rs 10.58 crore in FY23 to Rs 15.91 crore in FY24 to Rs 33.36 crore in FY25. PAT increased from Rs 0.16 crore in FY23 to Rs 1.63 crore in FY24 and Rs 3.50 crore in FY25.
The company's manufacturing operations remained discontinued from November 2022 until March 31, 2024, following the termination of an exclusive supply arrangement with Scale Luxura India Private Limited and a subsequent manufacturing agreement with Sahaprut Corporation. During this period, the company was engaged only in trading activities, which adversely impacted its revenues, profitability, capacity utilisation, and market share. Any recurrence of similar commercial disputes or operational discontinuities could impair the company's ability to meet customer demand and maintain supplier and customer relationships.
The top five customers contributed 55.77%, 71.97%, and 89.91% in FY25, FY24, and FY23, respectively. Any failure to retain these key customers or a loss of business from them can adversely affect the company's business and financial standing.
A major portion of the company's revenue from operations is derived from Delhi. Any adverse political, social, or economic developments in this region, including regional slowdowns, natural calamities, or regulatory changes specific to Delhi, could negatively impact the company's financial condition and results of operations.
The company operates primarily on a purchase order basis and has not entered into long-term contracts with its customers. Customers may reduce, delay, or cancel orders at any time without prior notice, exposing the company to revenue variability and the risk of sudden shifts in customer buying patterns.
The company recorded negative cash flows from operating activities amounting to Rs 4.35 crore for the period ended December 31, 2025, due to higher working capital requirements arising from business growth, a rise in trade receivables (up by Rs 0.83 crore), and a rise in inventories (up by Rs 5.48 crore). For FY25, the negative cash flow was Rs 3.23 crore, for the same reasons. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
The company, its promoters, directors, and key managerial personnel are involved in certain ongoing legal and regulatory proceedings pending at different levels of adjudication before various courts, tribunals, and authorities. Any adverse judgments in any of these cases could be detrimental to the company's reputation, business prospects, and financial condition.
The company has reflected the acquisition of the business of Autofurnish, a proprietorship firm, in its financial statements, but has not been able to trace or obtain documentary evidence, such as an agreement or deed, in support of this acquisition. This absence of documentation may expose the company to potential risks relating to historical financial performance, regulatory compliance, and undisclosed liabilities.
The company recorded an attrition rate of 240% in FY23 and described the rate in FY24 as "very high," with all employees leaving during that year. While the attrition rate has since reduced to 30% in FY25 and 18% for the period ended December 31, 2025, the historical pattern indicates significant workforce instability. Given that the company's manufacturing operations are manpower-intensive, any recurrence of high attrition could disrupt production continuity and operational efficiency.
As of December 31, 2025, the company had total outstanding borrowings of Rs 10.63 crore, comprising secured loans of Rs 0.41 crore and unsecured loans of Rs 10.22 crore. Any failure to service or repay these borrowings on time, or any increase in financing costs, could adversely affect the company’s cash flows, liquidity position, and overall financial condition.
Application details
For Autofurnish IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹41 - ₹41 | ₹2 - ₹5 Lakhs | 3000 |
About
Objective of Autofurnish Ltd IPO
| Objective | Purpose | Amount (₹ Cr) |
|---|---|---|
| Purchase & Installation of Machinery | Buying new machinery to expand manufacturing capabilities | 1.89 |
| Working Capital Requirements | Funding inventory, receivables, and operational growth | 9.50 |
| General Corporate Purposes | Miscellaneous business and strategic requirements | 1.96 |
| Issue Expenses | IPO-related expenses | 1.45 |
Book Running Lead Managers & Registrar of Autofurnish Ltd IPO
| Role | Name |
|---|---|
| Book Running Lead Manager (BRLM) | Novus Capital Advisors Pvt. Ltd. |
| Registrar to the Issue | Skyline Financial Services Pvt. Ltd. |
Key Performance Indicators (KPIs) of Autofurnish Ltd IPO
| KPI | Value |
|---|---|
| ROE | 23.50% |
| ROCE | 33.74% |
| EBITDA Margin | 15.30% |
| PAT Margin | 10.51% |
| Debt-to-Equity Ratio | 0.36 |
| EPS (Basic) | ₹3.83 |
| P/E Ratio | 10.70 |
| Return on Net Worth (RoNW) | 23.50% |
| NAV Per Share | ₹14.78 |
Autofurnish Ltd IPO Contact Details
| Particulars | Details |
|---|---|
| Company Name | Autofurnish Ltd |
| Registered Office | K-55, Udyog Nagar, Peeragarhi, Nangloi, West Delhi, New Delhi – 110041 |
| Phone | +91-8375818888 |
| [email protected] | |
| Website | www.autofurnish.com |
Autofurnish Ltd IPO's Registrar Contact Details
| Particulars | Details |
|---|---|
| Registrar Name | Skyline Financial Services Pvt. Ltd. |
| Phone | 022-28511022 |
| [email protected] | |
| Website | www.skylinerta.com/ipo.php |