LAPL AutomotiveIPO Review — Financials, Valuation & Peers
A data-only look at the LAPL Automotive IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 61.03 | 2.17 | 5.38 | 11.59 | 32.79 | 13.37 | — |
| FY 2025 | 67.07 | 5.03 | 9.94 | 16.63 | 44.34 | 15.79 | — |
| FY 2026 | 94.32 | 8.63 | 15.8 | 25.25 | 62.68 | 7.84 | 9.49 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 9.91x
- P/E (post-issue)
- 13.66x
- RoNW
- 34.16%
- RoE
- 41.2%
- RoCE
- 34.37%
- Debt / Equity
- 0.83
- EPS (pre-issue)
- ₹9.49
- EPS (post-issue)
- ₹6.88
- EBITDA Margin
- 16.75%
- PAT Margin
- 9.25%
- P/BV
- 3.28x
- NAV / share
- ₹28.7
- Market Cap
- ₹117.84 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| LAPL Automotive | 9.8 | 28.7 | — | 34.16% | — |
| Fiem Industries Ltd. | 97.11 | 461.64 | 23.77x | 21.04% | 5.01x |
| Minda Corporation Ltd. | 15.31 | 110.57 | 45.35x | 13.55% | 6.21x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Neeraj Satyaprakash Goyal, Shubham Neeraj Goyal, Anita Neeraj Goyal</p>
- Holding (pre-issue)
- 96.79%
- Holding (post-issue)
- 70.18%
- Dilution
- 26.61%
Analysis in brief
Anchor book
The anchor round of the LAPL Automotive IPO drew 8 institutional investors committing a combined ₹9.15 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to VIKASA INDIA EIF I FUND-INCUBE GLOBAL OPPORTUNITIES (₹2.15 crore), PSEB ALPHA FUND (₹1 crore) and 360 ONE LVF TREASURY SOLUTIONS FUND (₹1 crore). Investor categories represented include FII/FPI and Other. The lock-in on half the anchor shares ends on 12 Sept 2026, with the remainder locked until 11 Nov 2026.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. LAPL Automotive operates at an EBITDA margin of 16.75% and a net (PAT) margin of 9.25% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 34.37% and a return on equity (RoE) of 41.2%. At the upper band, the post-issue market capitalisation works out to about ₹117.84 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding of capital expenditure requirements of the company towards setting up an additional manufacturing unit at auric city, aurangabad, maharashtra. (₹19.56 crore), alongside general corporate purposes (₹4.81 crore). In all, 4 objects are disclosed.
Financials
In FY2026, LAPL Automotive reported revenue of ₹94.32 crore and a net profit of ₹8.63 crore. Revenue grew from ₹61.03 crore in FY2024 to ₹94.32 crore in FY2026 (+55.0%). Net worth stood at ₹25.25 crore at the end of FY2026. At the upper band, that puts the issue at roughly 9.9× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 13.66× post-issue earnings and 3.28× book value, against a return on net worth of 34.16% and a debt-to-equity ratio of 0.83. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Fiem Industries Ltd. and Minda Corporation Ltd., with a median peer P/E of about 34.6×. The issue's own post-issue P/E works out to 13.66×.
Promoters
The promoters of the company are <p>Neeraj Satyaprakash Goyal, Shubham Neeraj Goyal, Anita Neeraj Goyal</p>. Promoter holding stands at 96.79% before the issue and comes down to 70.18% after listing.
Frequently asked questions
- What is the reservation split in the LAPL Automotive IPO?
- Of the total shares offered, retail investors get 35.04%, QIBs 19.94% (plus 29.84% anchor), non-institutional investors 15.18%.
- Who are the promoters of LAPL Automotive and what is their holding?
- The promoters are <p>Neeraj Satyaprakash Goyal, Shubham Neeraj Goyal, Anita Neeraj Goyal</p>. Promoter holding is 96.79% before the issue and 70.18% after listing.
- What is the P/E ratio of the LAPL Automotive IPO?
- At the upper price band, the LAPL Automotive IPO is valued at 9.91× pre-issue earnings and 13.66× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the LAPL Automotive IPO?
- The net proceeds go primarily toward funding of capital expenditure requirements of the company towards setting up an additional manufacturing unit at auric city, aurangabad, maharashtra., among 4 disclosed objects.