K. V. Toys India IPO

About K.V. Toys India IPO

The offer consists of only a fresh issue of 0.17 crore shares of ₹40.15 crore. The total number of shares and aggregate amount is 16,80,000 shares (aggregating up to ₹40.15 crores).

The K. V. Toys India IPO opens on Monday, Dec 8, 2025 and closes on Wednesday, Dec 10, 2025. The allotment of shares will take place on Thursday, Dec 11, 2025. The credit of shares to the demat account will take place on Friday, Dec 12, 2025. The initiation of refunds will take place on Friday, Dec 12, 2025. The tentative listing of shares will take place on Monday, Dec 15, 2025.

K.V. Toys India price band is set at ₹227 to ₹239 per share. The lot size for an application is 600. The minimum amount of investment required by an individual investor (retail) is ₹2,86,800.00 (1,200 shares) (based on upper price). The minimum lot size investment for HNI is 3 lots (1,800 shares), amounting to ₹4,30,200.

K.V. Toys India is engaged in the business of contract manufacturing and sale of plastic-moulded and metal-based toys for children, covering both educational and recreational segments. Incorporated in 2009 as KV Impex, the company initially operated as an importer and trader of toys. They are in alignment with the Government of India’s “Make in India” initiative and recognize the growing demand for domestically produced quality toys and have transitioned to a contract manufacturing model by engaging OEM partners.

Objectives of K.V. Toys India

The company proposes to utilize the net proceeds from the fresh issue towards funding the following objects:

• Funding working capital requirements of the company.
• Repayment/prepayment of all or certain of the borrowings availed by the company.
• General corporate purposes.

Industry Outlook

The global toy industry is undergoing a transformative phase, influenced by evolving consumer preferences and strategic industry initiatives. A notable trend is the resurgence of classic toys and games, driven by a blend of nostalgia and the desire for tangible play experiences amidst digital proliferation. Additionally, the integration of popular media franchises into toy lines has become a significant growth driver. Collaborations between toy manufacturers and entertainment companies have led to products that resonate deeply with both children and adult collectors, creating a diversified consumer base and revitalizing interest in physical toys. In response to these market dynamics, governments are implementing policies to bolster domestic toy production and reduce reliance on imports. For instance, the Indian government has introduced initiatives aimed at enhancing local manufacturing capabilities. These measures include the development of toy production clusters, skill enhancement programs, and the enforcement of quality control standards to ensure the production of safe and high-quality toys. Such policies not only aim to position India as a global hub for toy manufacturing but also seek to stimulate innovation and sustainability within the industry. The Indian toy market is valued at US$ 190 crores in 2024 and is expected to increase at a CAGR of ~10% to US$ 470 crores in 2033.

K.V. Toys India Company Information

Incorporated in 2009, K. V. Toys India Ltd. is engaged in the business of contract manufacturing and sale of plastic-moulded and metal-based toys for children, covering both educational and recreational segments. The company's diversified product portfolio includes friction-powered toys, soft bullet guns, ABS (Acrylonitrile Butadiene Styrene) toys, pullback toys, battery-operated and electronic toys, press-and-go toys, die-cast metal vehicles, bubble toys, dolls, and other play-based products.

The company market several proprietary brands such as Alia & Olivia (doll range), Yes Motors (die-cast car range), Funny Bubbles (bubble toys), and Thunder Strike (soft bullet guns), each catering to specific segments of the children’s toy market.

The company was originally incorporated as a limited company under the Companies Act, 2013 in the name and style of ‘K. V. Toys India Limited’ vide certificate of incorporation dated April, 04, 2023, bearing Corporate Identification Number U32409MH 2023PLC400074 issued by the Central Registration Centre on behalf of the jurisdictional Registrar of Companies. As a part of the business integration strategy, the company has taken over the ongoing business of a sole proprietorship named M/s KV Impex of one of their Promoters, Ms. Namita Narang, through vide a Business Transfer Agreement dated February 12, 2025, wherein assets and liabilities have been taken on a going concern basis with effect from January 31, 2025. M/s KV Impex was engaged in the business of contract manufacturing and sale of plastic moulded kid’s toys since 2009.

The company commenced operations with an initial portfolio of 20 SKUs and have since expanded their product range to 700+ active SKUs across multiple categories, catering to children of varying age groups.

Their diversified product portfolio includes friction-powered toys, soft bullet guns, ABS (Acrylonitrile Butadiene Styrene) toys, pullback toys, battery-operated and electronic toys, press-and-go toys, die-cast metal vehicles, bubble toys, dolls, and other play-based products. They market several proprietary brands such as Alia & Olivia (doll range), Yes Motors (die-cast car range), Funny Bubbles (bubble toys), and Thunder Strike (soft bullet guns), each catering to specific segments of the children’s toy market. These brands have gained significant recognition and acceptance in India’s toy market. Their product reach spans across India, with recent international expansion through exports to Germany.

Strengths o f K.V. Toys India

• Diverse product portfolio catering to all age groups of children.
• Localized OEM-based manufacturing with quality compliance.
• Strong in-house design and packaging capabilities.
• Extensive pan-India and multi-channel distribution network.
• Export-ready operations and global expansion focus.
• Aligned with “Make in India” and import substitution initiatives.

Risks of K.V. Toys India

• Limited operating history as a company making it difficult for investors to evaluate the historical performance or future prospects.
• Manufacturing facilities are not owned by the company.
• Dependence on revenue from a specific geographical region majorly Maharashtra.
• Sustainability and environmental concerns may affect the business and financial conditions.
• Reliance on third-party logistics service providers may impact the supply chain and operational efficiency.

#For the Period from February 01, 2025 to March 31, 2025. ^ For the period ended March 31, 2025.

Source: 1. Closing market price as on November 26, 2025 of OK Play India Limited is considered as CMP.

2. Basic and Diluted EPS refers to the Basic and Diluted EPS sourced from the annual report for FY 2024-25 of the listed peer companies.

3. P/E ratio can not be calculated as EPS of the peer company is negative.

4. Return on Net Worth (%) for listed industry peers has been computed based on the Net Profit After Tax for the year ended March 31, 2025 divided by Total Equity as on March 31, 2025.

5. NAV per share for listed peers is computed as the Total Equity as on March 31, 2025 divided by the outstanding number of equity shares as on March 31, 2025.

6. The financial figures of K.V. Toys India have been derived from the Restated Financial Statements.

7. The Profit figures for the calculation of EPS & RoNW and Total revenue of K.V. Toys India have been considered by combining the results for the period ended January 31, 2025, and the period from February 1, 2025 to March 31, 2025. *The details shall be provided post the fixing of the price band by K.V. Toys India at the stage of the red herring prospectus or the filing of the price band advertisement.

Anchor Investor Bidding Date: Friday, December 05, 2025

*The Company may, in consultation with the Book Running Lead Manager, consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bid/Issue Period shall be one Working Day prior to the Bid/Issue Opening Date.

Registrar: Purva Sharegistry (India) Pvt. Ltd
Book Running Lead Managers: GYR Capital Advisors Private Limited

Business Model

The company earns its revenue through the following:

• Contract manufacturing and sale of plastic-moulded and metal-based toys for children, for both educational and recreational segments.

K. V. Toys India Company Growth Trajectory

Revenue from operations for the periods ended on September 30, 2025, Fiscal 2025 and Fiscal 2024 amounted to ₹ 80.803, ₹ 85.560 crores and Nil respectively, while for the erstwhile proprietorship KV Impex for the period from April 1, 2024 to January 31, 2025, and Fiscal 2024 and Fiscal 2023, it was ₹ 77.642 crores, ₹ 81.628 crores, and ₹ 73.951 crores respectively.

EBITDA for period September 30, 2025, Fiscal 2025 and Fiscal 2024 was ₹ 6.096 crores, ₹ 6.359 crores and (0.1438 crores) respectively, and for KV Impex for the period from April 1, 2024 to January 31, 2025, and Fiscal 2024 and Fiscal 2023, it was ₹ 2.321 crores, ₹ 5.321 crores, and ₹ 3.949 crores respectively.

The restated profit after tax for the period ended on September 30, 2025, Fiscal 2025 and Fiscal 2024 was ₹ 4.055, ₹ 4.593 crores and ₹ (0.107) crores respectively, and for KV Impex for the period from April 1, 2024 to January 31, 2025, and Fiscal 2024 and Fiscal 2023, it was ₹ 1.051 crores, ₹ 3.191 crores, and ₹ 2.011 crores respectively.

K. V. Toys India Market Position

K.V. Toys India commenced their operations with an initial portfolio of 20 SKUs and have since expanded their product range to 700+ active SKUs across multiple categories, catering to children of varying age groups.

Their product reach spans across India, with recent international expansion through exports to Germany.

They operate on a contract manufacturing model through exclusive partnerships with 11 OEM’s facilities strategically located across India.

They have established a wide-reaching multi-channel distribution network comprising over 2,000 general trade customers and more than 30 modern retail chains. They also maintain a growing presence on e-commerce platforms and have begun leveraging 115 commerce channels to enhance last-mile delivery. Their distribution capabilities ensure that their products are accessible to a broad consumer base, including Tier II and Tier III cities.

How to apply for K.V. Toys India IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.