LAPL Automotive IPO
LAPL Automotive IPO is an SME IPO raising ₹32 Cr at ₹88 – ₹94 a share. It listed on 13 Aug 2026 at ₹135, +43.6% against its issue price of ₹94, and trades at ₹127 today (+35.2% since issue). It was subscribed 320× in total.
320.2 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Integrated automotive components manufacturer based in Aurangabad (Chhatrapati Sambhajinagar), Maharashtra, making lighting systems (headlamps, tail lamps, indicators, DRLs, blinkers, roof lamps), motors (starter motors, wiper motors, rotors, stators), rear-view mirrors, hoods/soft canopies and small BLDC fans. They serve automobile OEMs across passenger vehicles, commercial vehicles, two-wheelers and electric mobility, working both as an ODM (manufacturing for customers' brands) and as an OBM under their proprietary 'LAPL' brand.
How it earns
Revenue comes from designing, manufacturing and supplying automotive components to vehicle OEMs and component makers under the ODM model, and from selling components under their proprietary 'LAPL' brand through the OBM model (including aftermarket).
Who buys
Specific customer names are not disclosed in this section. Concentration is very high: Top 1 customer = 77.18% of revenue from operations in FY2026 (₹71.71 crore, converted from ₹7,171.39 lakhs); Top 3 customers = 86.72%; Top 5 = 91.58%; Top 10 = 95.49%. Revenue is almost entirely domestic - 100% in FY2026 and FY2025, 99.96% in FY2024 (only Nepal export of 0.04% in FY2024). The company states it does not typically operate under long-term supply agreements.
Scale
Three manufacturing units, all in Aurangabad, Maharashtra (Unit-I MIDC Waluj for mirror assembly/storage, Unit-II MIDC Waluj for lighting, Unit-III Auric City Shendra for registered office and motor manufacturing); revenue from operations ₹93.25 crore in FY2026 (up 41.34% YoY, converted from ₹9,325.17 lakhs); company incorporated 2004.
What it says sets it apart
- Dual ODM and OBM business model with proprietary 'LAPL' brand providing two distinct revenue streams
- End-to-end in-house capabilities spanning product design, engineering, tooling, prototyping and manufacturing
- IATF 16949:2016 certified with in-house testing facility covering humidity, tensile strength, heat, freeze, flammability, voltage control, endurance and drop tests; products also certified by CIRT, ICAT, VRDEA and ARAI
- LED lighting products designed to be platform-agnostic, usable across both ICE and EV vehicles, with active engagement with EV OEMs
- Three manufacturing units clustered in Aurangabad providing operational proximity to automotive hubs in Maharashtra
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs94 / stated EPS Rs9.8 (FY26 (year ended March 31, 2026) Basic and Diluted EPS, both stated as equal at ₹9.80; restated consolidated basis). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹93 Cr+41% | ₹9 Cr+71% | 9.3% | ₹25 Cr | ₹21 Cr |
| FY2025 | ₹66 Cr+9% | ₹5 Cr+132% | 7.6% | ₹17 Cr | ₹16 Cr |
| FY2024 | ₹61 Cr | ₹2 Cr | 3.6% | ₹12 Cr | ₹13 Cr |
How its cohort has done
131 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Demand is spread fairly evenly across investor categories.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What happens when
Next: the UPI mandate expires on 21 Sept 2026.
What to watch
- Priced at 9.6× earnings — 72% below the median of the peers the issuer itself names.
- Its cohort's record: median +8.4% since issue price, 46.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track LAPL AUTOMOTIVE LIMITED
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