K. V. Toys India Limited IPO

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K. V. Toys India Limited was incorporated on April 4, 2023, engaged in the contract manufacturing and sale of plastic-moulded and metal-based toys catering to both educational and recreational segments. Beginning as an importer and trader under KV Impex, the business transitioned to a contract manufacturing model in alignment with India’s “Make in India” initiative. Over the years, the Company has expanded from 20 initial SKUs to 700+ active SKUs, serving children across varied age groups.

Manufacturing Model

K. V. Toys India operates an asset-light, OEM-based manufacturing model through 11 exclusive OEM partners located across India. These partners operate under the Company’s technical guidance, using proprietary moulds, standardized processes, and quality specifications provided by the Company. Semi-finished goods from OEM units undergo final assembly, packaging, and quality checks at the Company’s in-house facility in Kalher, Bhiwandi, spread across 100,000 sq. ft. This centralized assembly and warehousing hub supports efficient inventory management and countrywide distribution.

Distribution Network

The Company has built a strong multi-channel Pan-India distribution network, comprising 2,000+ general trade customers, 30+ modern retail chains and Growing presence on e-commerce and quick-commerce platforms This distribution strength ensures deep penetration across metros, Tier II, and Tier III cities while enabling rapid last-mile delivery.

Product Categories

Its product portfolio includes friction-powered toys, soft bullet guns, ABS toys, pull-back toys, battery-operated and electronic toys, press-and-go toys, die-cast metal vehicles, bubble toys, dolls, and several other play-based offerings. The Company markets multiple proprietary brands such as Alia & Olivia, Yes Motors, Funny Bubbles, and Thunder Strike, which enjoy strong acceptance in the Indian toy market and early traction in international markets, including exports to Germany.

Competitive Strengths

1. Diverse Product Portfolio: A wide range of 700+ SKUs catering to multiple play categories and age segments.
2. Localized OEM-Based Manufacturing: India-wide OEM partnerships ensure cost efficiency, faster turnaround, and reduced dependence on imports.
3. Strong In-House Design & Packaging: Dedicated design and mould development capabilities driven by a 50-member team ensure consistent quality and brand identity.
4. Asset-Light Model With Supply Chain Control: Exclusive OEM ties combined with centralized assembly and warehousing provide scalability with minimal capital intensity.
5. Superior Quality at Competitive Prices: Bulk procurement, standardized manufacturing, and rigorous quality checks enable high-quality products at affordable price points.
6. Extensive Multi-Channel Distribution: Deep general trade presence, partnerships with modern retail chains, and scaling digital channels ensure widespread market reach.

Objects of the K. V. Toys India Limited IPO:

Company proposes to utilize the Net Proceeds towards funding the following objects: 1. Working capital requirements (₹20.92 cr) 2. Repayment/prepayment of certain borrowings (₹11.70 cr) 3. General corporate purposes.

K. V. Toys India Limited IPO Details:

Open Date: Dec 08 2025
Close Date: Dec 10 2025
Total Shares: 16,80,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 40.15 Cr.
Lot Size: 600 Shares
Issue Price: ₹ 227 - 239 Per Equity Share
Listing At: BSE SME
Listing Date: Dec 15 2025

Promoters And Management:

1. Mr. Karan Narang (32) – Promoter and CMD, associated since inception, with over 10 years of experience in the toy manufacturing industry. A Higher Secondary graduate, he leads the Company’s expansion into modern trade, sales growth, brand visibility and distribution development, including select international markets. 2. Mr. Vishal Narang (54) – Founder, Promoter and Whole-Time Director with 15+ years of industry experience. A CBSE Secondary graduate, he oversees product development, production, process improvement and quality control, driving operational efficiency and large-scale manufacturing standards. 3. Mr. Ayush Jain (24) – Promoter and Executive Director, focused on international expansion, operational processes and strategic planning. A BBA graduate, he contributes to new market development and organisational growth. He supports the Company’s efforts toward global brand positioning.

Financials of K. V. Toys India Limited IPO:

Particulars For period ended September 30, 2025 For the period February 01, 2025 to March 31, 2025 For the period ended January 31, 2025 For the year ended March 31, 2024
Revenue from Operations (Cr) 80.80 22.70 62.85 -
EBITDA (Cr) 6.09 1.91 4.44 -
EBITDA Margins 7.54% 8.42% 7.07% -
PAT (Cr) 4.05 1.30 3.28 -0.10
PAT Margins 5.02% 5.76% 5.23% -
ROCE 15.30% 5.69% 15.89% -1.56%
OPerating Cash Flow -1.50 -3.50 -15.63 -0.13
Debt to Equity Ratio(In Times) 1.95 2.63 2.59 -
Note : There was no business activity in FY 2024 under KV Toy; hence, the data for the said period has not been presented.

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
K.V Toys Limited 85.60 7.50% 5.36% - 2.61 150.09 23.94
OK Play India Limited 165 17% -1% 4.68% 0.78 237 -
NOTE:Forward P/E 18.483 is According to FY 2026 PAT

Lead Manager of K. V. Toys India Limited IPO:

  1. GYR CAPITAL ADVISORS PRIVATE LIMITED

Registrar of K. V. Toys India Limited IPO:

  1. Purva Sharegistry India Private Limited

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