Dhoot Transmission
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 212.92×
- Big non-institutionalbNII · above ₹10 lakh
- 58.07×
- Small non-institutionalsNII · ₹2–10 lakh
- 39.43×
- Retail individualRII · up to ₹2 lakh
- 7.88×
- Employeesreserved quota
- 7.96×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 15 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 17 Aug 2026 | ₹262 | +30.08% | ₹3,400 | ₹1,133 | ₹4,454 |
| 16 Aug 2026 | ₹262 | +30.08% | ₹3,400 | ₹1,133 | ₹4,454 |
| 15 Aug 2026 | ₹255 | +29.28% | ₹3,300 | ₹1,126 | ₹4,335 |
| 14 Aug 2026 | ₹262 | +30.08% | ₹3,400 | ₹1,133 | ₹4,454 |
| 13 Aug 2026 | ₹274 | +31.46% | ₹3,500 | ₹1,145 | ₹4,658 |
| 12 Aug 2026 | ₹276 | +31.69% | ₹3,600 | ₹1,147 | ₹4,692 |
| 11 Aug 2026 | ₹255 | +29.28% | ₹3,300 | ₹1,126 | ₹4,335 |
| 10 Aug 2026 | ₹250 | +28.70% | ₹3,200 | ₹1,121 | ₹4,250 |
| 09 Aug 2026 | ₹259 | +29.74% | ₹3,300 | ₹1,130 | ₹4,403 |
| 08 Aug 2026 | ₹259 | +29.74% | ₹3,300 | ₹1,130 | ₹4,403 |
| 07 Aug 2026 | ₹247 | +28.36% | ₹3,200 | ₹1,118 | ₹4,199 |
| 06 Aug 2026 | ₹259 | +29.74% | ₹3,300 | ₹1,130 | ₹4,403 |
| 05 Aug 2026 | ₹253 | +29.05% | ₹3,300 | ₹1,124 | ₹4,301 |
| 04 Aug 2026 | ₹253 | +29.05% | ₹3,300 | ₹1,124 | ₹4,301 |
| 03 Aug 2026 | ₹146 | 0.00% | ₹0 | ₹146 | ₹2,482 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 10 Aug 2026 – 12 Aug 2026
- Listing date
- 17 Aug 2026
- Face value
- ₹2 per share
- Price band
- ₹829 – ₹871
- Lot size
- 17 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹3,067 Cr
- Fresh issue
- ₹1,400 Cr 1,60,80,445 shares
- Offer for sale
- ₹1,667 Cr 1,91,37,602 shares
- Market cap at offer price
- ₹17,816 Cr
- Promoter holding
- 100.00% → 82.78% pre-issue → post-issue
- ISIN
- INE01NH01023
- CIN
- U31300PN1998PLC131629
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- Gut No 312, Nanekarwadi, Chakan Tq Khed, Dist Pune, NA, Chakan, Pune – 410 501, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 68,99,735 | 27.74% | 27.65% |
| Anchor investor · within QIB | 1,05,42,657 | — | 42.24% |
| NII (HNI) | 53,92,957 | 21.68% | 21.61% |
| bNII > ₹10L · within NII | 35,95,305 | — | 14.41% |
| sNII < ₹10L · within NII | 17,97,652 | — | 7.20% |
| Retail (RII) | 1,25,83,565 | 50.58% | 50.42% |
| Employee | 80,106 | — | 0.32% |
| Market maker | 0 | — | 0.00% |
| Total issue | 2,49,56,363 | — | 100.00% |
Net offer to the public of 2,48,76,257 shares, out of a total issue of 2,49,56,363. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 17 shares per lot, in multiples, at ₹871
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 17 | ₹14,807 |
| Retail (max) | 13 | 221 | ₹1,92,491 |
| S-HNI (min) | 14 | 238 | ₹2,07,298 |
| S-HNI (max) | 67 | 1,139 | ₹9,92,069 |
| B-HNI (min) | 68 | 1,156 | ₹10,06,876 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹871 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 21.06 | 19.40 |
| P/E (×) | 41.36 | 44.90 |
| Price to book (×) | 12.76 | — |
| Market cap | — | ₹17,816 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 36.18%
- ROCE
- 24.00%
- Debt / equity
- 0.78
- PAT margin
- 10.19%
- EBITDA margin
- 17.15%
- NAV per share
- ₹68.25
- Price to book
- 12.76
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 4,563.7 | 3,472.24 | 2,799.32 |
| Revenue from operations | 4,524.96 | 3,444.86 | 2,797.73 |
| Other income | 38.75 | 27.37 | 1.59 |
| Total expenses | 4,027.75 | 3,014.64 | 2,411.18 |
| Operating profit | 535.95 | 457.6 | 388.14 |
| Operating margin | 11.74% | 13.18% | 13.87% |
| Profit before tax | 515.69 | 457.59 | 388.23 |
| Profit after tax | 396.84 | 353.89 | 298.75 |
| PAT margin | 8.70% | 10.19% | 10.67% |
| Balance sheet | |||
| Total assets | 4,114.82 | 2,336.23 | 1,711.7 |
| Current assets | 2,619.9 | 1,140.62 | 880.39 |
| Current liabilities | 1,352.11 | 1,024.45 | 721.45 |
| Total liabilities | 1,679.87 | 1,342.25 | 962.53 |
| Net worth | 2,434.95 | 993.98 | 749.16 |
| Current ratio | 1.94× | 1.11× | 1.22× |
| Return on equity | 16.30% | 35.60% | 39.88% |
| Cash flow | |||
| Operating cash flow | 347.66 | 320.21 | 241.09 |
| Investing cash flow | -1,261.69 | -442.84 | -310.86 |
| Financing cash flow | 1,912.33 | 137.98 | 63.43 |
| Net cash flow | 998.3 | 15.35 | -6.35 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment/prepayment of outstanding borrowings availed by the Company ₹465 Cr
The company proposes to utilize funds towards repayment/prepayment, in full or in part, of certain outstanding borrowings to reduce outstanding indebtedness and debt servicing costs.
2 Investment in Subsidiaries for repayment of their borrowings ₹302 Cr
The company will invest in certain subsidiaries namely Dhoot Autocomponents Private Limited, Dhoot Automotive Systems Private Limited and Dhoot Transmission UK Limited for repayment/prepayment of their outstanding borrowings.
3 Setting up new wiring harness manufacturing plants ₹150 Cr
The company plans to establish new wiring harness manufacturing plants at Sector 11, Jhajjar, Haryana, India and Shoolagiri, Hosur, Tamil Nadu, India to increase production capacity.
4 Funding inorganic growth through acquisitions and general corporate purposes —
The company will utilize funds for inorganic growth through unidentified acquisitions and general corporate purposes including business operations and strategic initiatives.
1 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| BC Asia Investments XV Limited | Promoter Selling Shareholder | 1,60,18,769 | ₹480.34 |
| Mangalam Capital Private Limited (formerly known as Mangalam Coils Private Limited) | Promoter Group Selling Shareholder | 31,18,833 | ₹4.81 |
2 sellers offering 1,91,37,602 shares.
About Dhoot Transmission
Dhoot Transmission Limited is one of India's leading electrical and electronics companies that designs, engineers, manufactures and supplies critical wiring harnesses integrating electronic sensors and controllers, switches, terminals, connectors, junction boxes, high-voltage interconnection systems and data cables. The company serves diverse end-markets spanning two-wheelers, three-wheelers, commercial vehicles, off-highway vehicles, farming and industrial equipment, as well as non-automotive applications including gas boilers and medical equipment. Founded in 1998, the company operates 22 manufacturing facilities (19 in India and 3 internationally) and derives 77.08% of revenue from wiring harnesses. It serves leading OEMs including Bajaj Auto, TVS Motor, Honda Motorcycle and Scooter India, and Royal Enfield, with revenue concentrated in India (90.14% in Fiscal 2026) but also serving international markets including the United Kingdom and other regions.
Management
Ajay Seth
Director
Rahul Radhavallabh Dhoot
MD
Dhiren Vinodrai Sheth
Director
Saahil Haresh Bhatia
Director
Rishi Mandawat
Director
Burjor Kersasp Dadachanji
Director
Tarun Dharampal Sharma
Director
Matangi Gowrishankar
Director
Nitinkumar Dagdulal Kalani
CFO
Amey Deeliprao Jogas
Director
Naveen Kumar
CEO
Gurpal Singh
COO
Somshekhar Sharnappa Patil
CFO
Strengths
As stated in the offer document
Established leadership position in India and scaled operations in 2W and 3W wiring harnesses
The company is one of the largest manufacturers of wiring harnesses for 2W and 3W segments with market shares of 37.58% in 2W, more than 70% in 3W, and 41.03% combined 2W and 3W market share in India for Fiscal 2026.
Positioned to capitalize on key industry trends
The company's wiring harnesses incorporate high-voltage interconnections, sensors/controllers and data cables, with EV revenue share increasing from 16.19% in Fiscal 2024 to 24.18% in Fiscal 2026, aligned with forecasted EV penetration growth from 6.6% to 25-30% by Fiscal 2031.
Strong business foundation anchored by marquee customer base
The company serves leading OEMs with combined 69.37% share of Indian 2W market in Fiscal 2026, maintaining average 13-year relationships with top five customers and achieving 71.56% revenue from top five customers.
Strong financial performance
The company achieved profit after tax growth from ₹2,987.48 million in Fiscal 2024 to ₹3,968.42 million in Fiscal 2026, representing a CAGR of 32.84%, with revenue growth of 31.35% in Fiscal 2026.
Professional & Experienced Management Team, R&D team and investor support
The company is led by Managing Director with over 27 years of automotive experience, supported by 237 R&D and engineering staff as of March 31, 2026, and backed by BC Asia XV holding 55% pre-Offer equity share capital.
Risk factors
As stated in the offer document
Concentration Risk in 2W and 3W Automotive Sectors
The company derived 65.47%, 66.91% and 64.53% of revenue from the two-wheeler automotive sector and 12.86%, 12.50% and 11.71% from the three-wheeler automotive sector in Fiscals 2026, 2025 and 2024 respectively. Any adverse changes in these sectors or in demand for wiring harnesses could adversely impact the company's business and financial condition.
Customer Concentration Risk
The company's top ten customers contributed 80.93%, 81.81% and 77.90% of revenue from operations in Fiscals 2026, 2025 and 2024 respectively, with Bajaj Auto Limited alone contributing 31.84% of total revenue. Any failure to maintain relationships with these key customers will have an adverse effect on the company's business and results of operations.
Lack of Long-term Volume Commitments
The company does not have firm, long-term volume commitments with OEM customers. Contractual arrangements are generally requirement-based with non-binding forecast volumes, and customers retain broad rights to modify, reschedule or cancel orders without compensating for lost profits or capital investments.
Capital Intensive Business and Working Capital Requirements
The company's business is capital intensive with net capital expenditure of ₹3,281.84 million, ₹3,848.90 million and ₹2,723.34 million in Fiscals 2026, 2025 and 2024 respectively. The company requires significant working capital with net working capital of ₹12,677.86 million as of March 31, 2026, which may require additional financing.
Geographic Revenue Concentration in India
The company derived 90.14%, 89.80% and 86.92% of revenue from operations within India in Fiscals 2026, 2025 and 2024 respectively. Any adverse changes in economic or regulatory conditions in India could significantly affect the company's results of operations and financial condition.
High Capacity Utilization and Manufacturing Constraints
Certain manufacturing facilities including at Hosur, Tamil Nadu and Pithampur, Madhya Pradesh currently operate at high-capacity utilization levels. The company may not be able to meet additional demand until capacity is increased, and inaccurate demand forecasting may result in under-utilization or over-utilization affecting profitability.
Raw Material Cost and Availability Risk
Cost of materials consumed accounted for 67.82%, 65.51% and 65.37% of revenue from operations in Fiscals 2026, 2025 and 2024 respectively. The company relies on third-party suppliers for copper, polymers, brass and other components, with pricing and availability subject to volatility due to factors beyond the company's control.
Supplier Concentration Risk
The company's top ten suppliers contributed 43.66%, 44.95% and 44.13% of raw material purchases in Fiscals 2026, 2025 and 2024 respectively. The company typically does not enter into long-term supply contracts, exposing it to price volatility, supply variability and capacity constraints at suppliers.
Debt Obligations and Financial Covenants
The company had total borrowings of ₹8,413.92 million as of March 31, 2026. Loan agreements contain negative covenants and require compliance with financial ratios. Any breach could result in acceleration of payments and enforcement of security over manufacturing facilities, adversely affecting business operations.
Pricing Pressure and Margin Compression
The company faces ongoing pricing pressure from customers through competitive bidding processes and expectations of continuous cost reductions. The company's inability to pass on increased input costs to customers or offset price reductions through operational efficiencies may materially adversely impact revenue and profitability.
Company Analysis
from RHPDhoot Transmission Limited designs, engineers, manufactures and supplies critical wiring harnesses and related electrical/electronics components for automotive and non-automotive applications across India and internationally.
Dhoot Transmission Limited is one of India's leading electrical and electronics companies that designs, engineers, manufactures and supplies critical wiring harnesses integrating electronic sensors and controllers, switches, terminals, connectors, junction boxes, high-voltage interconnection systems and data cables. The company serves diverse end-markets spanning two-wheelers, three-wheelers, commercial vehicles, off-highway vehicles, farming and industrial equipment, as well as non-automotive applications including gas boilers and medical equipment. Founded in 1998, the company operates 22 manufacturing facilities (19 in India and 3 internationally) and derives 77.08% of revenue from wiring harnesses. It serves leading OEMs including Bajaj Auto, TVS Motor, Honda Motorcycle and Scooter India, and Royal Enfield, with revenue concentrated in India (90.14% in Fiscal 2026) but also serving international markets including the United Kingdom and other regions.
Objects of the Issue
- Repayment/prepayment of outstanding borrowings availed by the Company ₹4,648.02 million p.5
- Investment in subsidiaries for repayment/prepayment of outstanding borrowings ₹3,017.73 million p.5
- Setting up of new wiring harness manufacturing plants ₹1,500 million p.5
- Funding inorganic growth through unidentified acquisitions and general corporate purposes p.5
Issue Structure
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹2 each aggregating up to ₹14,000 million
- Offer for Sale
- Up to 19,137,602 Equity Shares of face value of ₹2 each aggregating up to ₹[●] million
- Face Value
- ₹2 per Equity Share
Business Model
The company earns revenue primarily from the sale of products including wiring harnesses (77.08% of revenue in Fiscal 2026), battery packs, sensors and electronic controllers, and automotive switches to automotive OEMs and non-automotive customers. Revenue from operations in Fiscal 2026 was ₹45,249.55 million, with 90.14% derived from within India and 9.86% from outside India. The company also generates ancillary revenue from sale of scrap (0.39% of revenue).
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rahul Radhavallabh Dhoot | Promoter | 29.87% | — |
| BC Asia Investments XV Limited | Promoter | 55.00% | — |
| Mangalam Capital Private Limited | Promoter Group Selling Shareholder | 1.65% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Dhoot Transmission Ltd. THIS ISSUE | 24.40 | 149.74 | 44.90, computed at the offer price | 12.76, computed at the offer price | 16.55% |
| 15.31 | 110.58 | 46.49 | 6.36 | 13.63% | |
| 20.78 | 118.36 | 56.87 | 10.00 | 17.53% | |
| 0.94 | 3.26 | 43.24 | 13.33 | 28.92% | |
| 10.30 | 96.23 | 74.64 | 8.00 | 10.70% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.