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Dhoot Transmission Ltd IPO
Dhoot Transmission Ltd
₹14,093 /17 sharesMinimum investment
IPO details
Minimum investment
₹14,093
Price range
₹829 - ₹871
Lot size
17
Issue size
3,066.89 Cr
Face value
2
IPO document
Subscription rate
Qualified Institutional Buyers212.92x
Non-Institutional Investor51.88x
Retail Individual Investor7.93x
Employees8.00x
Total74.10x
As of 12 Aug'26, 04:50 PM
Schedule
10 Aug 2026
IPO open date
12 Aug 2026
IPO close date
13 Aug 2026
Allotment date
13 Aug 2026
Funds unblock or debit
17 Aug 2026
Tentative listing date
About
Founded in
1998
MD/CEO
Mr Rahul R. Dhoot
Parent organisation
Dhoot Transmission Ltd
Dhoot Transmission Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
Strong position in 2W and 3W wiring harnesses: The company is among the top two wiring harness manufacturers for two-wheelers and three-wheelers in India. In Fiscal 2026, it had a 37.58% market share in 2W wiring harnesses and more than 70% in 3W wiring harnesses, according to the CRISIL Report.
Growing exposure to electric vehicles: The company’s revenue from EV-related products increased from 16.19% of revenue from operations in FY24 to 24.18% in FY26. Its products cover both ICE and EV platforms, including wiring harnesses, battery packs, sensors, and electronic controllers.
Diversified customer and end-market base: The company supplies to OEMs across 2W, 3W, commercial vehicles, off-highway vehicles, and farming and industrial equipment. Its top five customers had an average relationship of 13 years as of March 31, 2026, while the top 10 customers accounted for 80.93% of revenue from operations in FY26.
The company claims to have in-house capabilities covering product design, simulation, prototyping, tooling, manufacturing, and final assembly. It also claims to undertake backward integration of critical components such as terminals, connectors, cables, and moulded parts.
As of the date of the Red Herring Prospectus, the company had 23 operational manufacturing units across India and outside India and two plants under construction in India. As of March 31, 2026, it had three engineering and design support centres, and seven warehouses.
The company’s Managing Director, Rahul Radhavallabh Dhoot, has over 27 years of experience in the automotive sector. As of March 31, 2026, its design, engineering, and R&D team comprised 237 employees, up from 155 in FY24.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 2,797.73 crore in FY24 to Rs 3,444.86 crore in FY25 and Rs 4,524.95 crore in FY26. PAT increased from Rs 298.75 crore to Rs 353.89 crore to Rs 396.84 crore during the same period.
The company derives a significant portion of its revenue from the 2W and 3W automotive sectors in India, with revenue from the 2W sector contributing Rs 2,962.70 crore (65.47%), Rs 2,304.91 crore (66.91%), and Rs 1,805.28 crore (64.53%) in FY26, FY25, and FY24, respectively, while the 3W sector contributed Rs 581.78 crore (12.86%), Rs 430.50 crore (12.50%), and Rs 327.57 crore (11.71%), respectively. Further, wiring harnesses contributed Rs 3,487.72 crore (77.08%), Rs 2,687.01 crore (78.00%), and Rs 2,292.04 crore (81.93%) to revenue from operations in FY26, FY25, and FY24, respectively. Any adverse changes in the 2W or 3W automotive sectors, demand or pricing for wiring harnesses, availability or prices of key raw materials, or technological changes affecting wiring harnesses could adversely impact the company’s business, results of operations, cash flows, and financial condition.
The company derives a significant portion of its revenue from its top five and top 10 customers. The top five customers contributed Rs 3,237.93 crore (71.56%), Rs 2,452.13 crore (71.18%), and Rs 1,851.20 crore (66.17%) to revenue from operations in FY26, FY25, and FY24, respectively. Further, Bajaj Auto Limited, the company’s largest customer, contributed Rs 1,440.83 crore (31.84%) of revenue from operations in FY26. Failure to retain these key customers due to loss of orders, disputes, declines in customer sales, or plant shutdowns could hurt the company’s business, results of operations, cash flows, and financial condition.
The company derives a significant portion of its revenue from customers within India, with revenue from contracts with customers in India contributing Rs 4,078.99 crore (90.14%), Rs 3,093.46 crore (89.80%), and Rs 2,431.68 crore (86.92%) of revenue from operations in FY26, FY25, and FY24, respectively. The company also has substantial sales, manufacturing, engineering, and technical operations in India. Any adverse economic, regulatory, social, or political developments in India, including changes in interest rates, inflation, trade policies, tariffs, or import and export restrictions, could adversely affect demand for its products, input and financing costs, business, results of operations, and financial condition.
Certain manufacturing facilities of the company operate at high capacity utilisation levels. Facilities at Hosur, Tamil Nadu, and Pithampur, Madhya Pradesh, operating at 93.24% and 90.03%, respectively, in FY26. At the same time, certain overseas facilities operated at lower utilisation levels, including DT Thailand Chonburi at 14.36% and TFC Cable Assemblies, Slovakia, at 36.67%. If the company is unable to accurately forecast demand, experiences delays or cost overruns in capacity expansion, or prolonged under-utilisation of manufacturing facilities, it could adversely affect the company’s production schedules, profitability, cash flows, and financial condition.
The company faces competition from domestic and multinational automotive, non-automotive and industrial component manufacturers and distributors. Some competitors may have longer operating histories, greater market penetration, more diversified product portfolios, and greater financial resources, while certain competitors may also benefit from lower labour costs or subsidies for exports or raw materials. Any inability to develop products at competitive costs, keep pace with technological changes, or meet evolving customer requirements could result in loss of customers or market share and adversely affect the company’s business, results of operations, cash flows, and financial condition
The company depends on a limited number of suppliers for raw materials and components, with purchases from its top ten suppliers accounting for Rs 1,399.92 crore (43.66%), Rs 1,045.31 crore (44.95%), and Rs 827.64 crore (44.13%) of raw material purchases in FY26, FY25, and FY24, respectively. The company typically does not enter into long-term, fixed-commitment supply contracts with its suppliers and procures materials through purchase orders based on prevailing prices and availability. Any disruption in the supply of key materials or components, or failure by suppliers to meet required specifications, quality, or volumes, could increase costs, delay production, and adversely affect the company’s business and financial condition.
The company has significant trade receivables, which stood at Rs 793.67 crore, Rs 600.34 crore, and Rs 420.81 crore in FY26, FY25, and FY24, respectively, representing 17.54%, 17.43%, and 15.04% of revenue from operations, respectively. The company’s receivable days stood at 64 days in FY26 and FY25 and 55 days in FY24. If, for any reason, such as deterioration in customers’ financial condition or defaults in payment, the company is unable to collect these receivables on time or at all, it could adversely affect the company’s working capital, cash flows, results of operations, and financial condition.
The company’s manufacturing capacity is geographically concentrated in four states, with Maharashtra, Tamil Nadu, Haryana and Madhya Pradesh accounting for 50.52%, 28.26%, 14.12% and 5.26%, respectively, of its installed wiring harness production capacity as of March 31, 2026. Further, 100% of its installed capacity for other products, including sensors, controllers, automotive switches, and power cords, is located in Maharashtra. Any adverse economic, weather, political, or regulatory developments, natural disasters, or other disruptions affecting these states could adversely impact the company’s manufacturing operations, cash flows, results of operations and financial condition.
The company, its subsidiaries, promoters, directors, key managerial personnel and senior management personnel are involved in outstanding litigation proceedings before various courts, tribunals, and authorities. Any adverse rulings or consequent penalties in these proceedings could require the company or the concerned parties to make payments or provisions for future payments, which may increase expenses or current or contingent liabilities and adversely affect the company’s business, cash flows, financial condition and results of operations.
The company had total borrowings of Rs 841.39 crore, Rs 776.06 crore and Rs 554.90 crore as of March 31, 2026, 2025 and 2024, respectively. Its secured borrowings are backed by mortgages and charges over certain manufacturing facilities and fixed assets across Maharashtra, Tamil Nadu, Madhya Pradesh and Haryana. Any failure to service its debt, comply with financial or other covenants, or obtain required lender consents could result in acceleration of outstanding loans or enforcement of security, which could adversely affect the company’s business, financial condition, cash flows, and results of operations.
Application details
For Dhoot Transmission IPO, eligible investors can apply as Regular & Employee.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹829 - ₹871 | Upto ₹2 Lakhs | 17 |
| Employee | ₹749 - ₹791 | Upto ₹5 Lakhs | 17 |
| High Networth Individual | ₹829 - ₹871 | ₹2 - ₹5 Lakhs | 17 |
About
Objectives of Dhoot Transmission IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Repayment/prepayment, in full or in part, of all or certain outstanding borrowings availed by the company |
464.80 |
|
Investment in certain of its subsidiaries, namely, Dhoot Autocomponents Private Limited, Dhoot Automotive Systems Private Limited and Dhoot Transmission UK Limited, for repayment/prepayment, in full or part, of all or certain of the outstanding borrowings availed by Dhoot Autocomponents Private Limited, Dhoot Automotive Systems Private Limited and Dhoot Transmission UK Limited |
301.77 |
|
Setting up of a new wiring harness manufacturing plant by the company at (i) Sector 11, Jhajjar, Haryana, India (“Jhajjar Wiring Harness Plant”), and (ii) Shoolagiri, Hosur, Tamil Nadu, India (“Hosur Wiring Harness Plant”) |
150.00 |
|
Funding inorganic growth through acquisitions |
[.] |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of Dhoot Transmission IPO
|
Book Running Lead Manager |
Axis Capital Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited and 360 ONE WAM Limited |
|
Registrar to the Issue |
Kfin Technologies Limited |
Key Performance Indicators (KPIs) of Dhoot Transmission Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
16.30 |
|
ROCE (%) |
19.14 |
|
EBITDA Margin (%) |
15.71 |
|
Debt/Equity Ratio |
0.35 |
|
PAT Margin (%) |
8.70 |
|
Return on Net Worth (RoNW) (%) |
16.55 |
|
Net Asset Value (NAV) per Equity Share (₹) |
149.74 |
|
EPS (Pre-IPO) (₹) |
21.06 |
Dhoot Transmission IPO Contact Details
|
Company Name |
Dhoot Transmission Limited |
|
Registered Office |
Gut No. 312, Nanekarwadi, Chakan, Taluka Khed, Pune – 410501, Maharashtra, India |
|
Phone |
+91-2431662600 |
|
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|
|
Website |
Dhoot Transmission IPO Registrar Contact Details
|
Company Name |
Kfin Technologies Limited |
|
Phone |
+91 40 6716 2222 /18003 094001 |
|
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Website |