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K V Toys India IPO
K. V. Toys India Ltd
₹2,72,400 /600 sharesMinimum Investment
K V Toys India IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 8 Dec ‘25 - 10 Dec ‘25 | ₹2,72,400 | 600 | ₹227 - ₹239 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 40.15 Cr | RHP PDF | 11 Dec ‘25 | 15 Dec ‘25 |
| Face value |
|---|
| 10 |
About K V Toys India
Founded in
2023
MD/CEO
Mr Karan Narang
Parent organisation
K. V. Toys India Ltd
Strengths & Risks of K V Toys India
Strengths
Risks
The company has developed proprietary brands such as Alia, Yes Motors, Thunder Strike, and Funny Bubbles that target specific toy categories. It claims these brands have gained market recognition and retailer acceptance, supporting repeat purchases. Having owned brands gives it greater control over product development, pricing strategy, and differentiation from unbranded imports.
The company claims to have established localised manufacturing for categories such as PVC animal toys and die-cast products by developing proprietary moulds and working with OEM partners. It asserts adherence to stringent quality and child-safety standards, including Bureau of Indian Standards (BIS) compliance. This approach reduces dependency on imports and enables faster product turnaround in response to market demand.
The company claims to have in-house capabilities for product design, mould development, and packaging, supported by a dedicated team. This internal capacity allows it to manage product aesthetics, SKU development, and packaging execution without external reliance. By controlling these activities internally, it can respond quickly to market trends and safeguard proprietary designs.
The company claims to have built a distribution network comprising over 2,000 general trade customers and more than 30 modern retail chains. It also has presence across e-commerce and quick-commerce platforms, enabling access to both urban and tier-II/III markets. This multi-channel reach allows it to distribute products across diverse retail environments and consumer bases.
K. V. Toys India was incorporated on April 4, 2023, and took over the operations of the proprietorship business "KV Impex" on January 31, 2025. Due to this recent corporate transition, investors may find it difficult to assess historical performance or predict prospects. The company’s financial metrics post-incorporation may not be directly comparable with the erstwhile proprietorship, leading to uncertainty in evaluating long-term business viability.
The company competes with domestic and international travel operators, online travel agencies, and platform aggregators. Many competitors have larger customer bases or stronger financial resources, which may force the company to reduce prices, increase marketing expenses, or lose market share.
The company operates in the toys industry through modern trade, general trade, and electronic commerce channels, where demand is influenced by frequent shifts in consumer preferences and spending patterns. Product popularity can vary due to demographic changes, local preferences, lifestyle trends, consumer confidence levels, and broader macroeconomic conditions such as economic growth and per capita income, making demand difficult to predict. If the company is unable to anticipate and respond to these changes on time, or if competitors introduce new products or pricing strategies that reduce the competitiveness of the company’s offerings, it could adversely affect the company’s business operations, financial condition, and cash flows.
A significant portion of the company’s revenue is derived from the vehicles category, making its performance dependent on demand for this segment. It accounted for Rs 20.73 crore (25.65 percent) of the company’s total sales for the period ended September 30, 2025; Rs 23.44 crore (27.40 percent) in FY25; Rs 28.09 crore (34.42 percent) (KV Impex) in FY24; and Rs 27.49 crore (37.17 percent) (KV Impex) in FY23. Any decline in demand for vehicle toys, inability to anticipate shifts in consumer preferences in this category, or product quality issues affecting this segment could adversely affect the company’s business and finances.
The cost of raw materials accounted for Rs 64.48 crore (79.80 percent) of the company’s revenue for the period ended September 30, 2025; Rs 89.24 crore in FY25; Rs 68.10 crore (83.42 percent) (KV Impex) in FY24; and Rs 61.37 crore (82.98 percent) (KV Impex) in FY23. Any delay, disruption, price volatility, quality issues, or regulatory and logistical challenges affecting the supply of these raw materials could adversely affect the company’s production timelines, costs, business operations, financial condition, and cash flows.
The company has significant revenue concentration in Maharashtra. It accounted for Rs 22.49 crore (27.83 percent) of the company’s revenue for the period ended September 30, 2025; Rs 20.95 crore (24.48 percent) in FY25; Rs 29.80 crore (36.51 percent) (KV Impex) in FY24; and Rs 23.04 crore (31.15 percent) (KV Impex) in FY23. This dependence exposes the business to state-specific risks such as economic downturns, policy changes, and competition.
The company recorded negative cash flows from operating activities amounting to Rs 1.51 crore for the period ended September 30, 2025, Rs 19.19 crore in FY25, and Rs 0.13 crore in FY24. Sustained negative operating cash flows could strain liquidity, impact working capital availability, and require external financing to sustain operations and growth.
As of the six months ended September 30, 2025, the company had trade receivables of Rs 23.39 crore. In FY25, the company’s trade receivables stood at Rs 30.36 crore. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition. Investors should track the company’s full-year trade receivables levels and collection trends to assess whether receivables are building up over time.
The company and its promoters are involved in certain ongoing legal proceedings, including tax disputes and criminal proceedings. Any adverse judgment in these cases can be detrimental to the company’s business prospects.
As of September 30, 2025, the company had outstanding financial indebtedness of Rs 25.57 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
K V Toys India Financials
*All values are in Rs. Cr
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Application Details of K V Toys India IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹227 - 239 | ₹2 - 5 Lakh | 600 |
For K V Toys India IPO, eligible investors can apply as Individual investor.