Adroit Industries (India) IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Adroit Industries (India)

Price band

₹126 – ₹134

Lot size

111 shares

Min investment

₹14,874

Issue size

₹150.71 Cr

About the company

Adroit Industries (India) Ltd was incorporated in 1966. It manufactures propeller shafts and torque transmission components. A propeller shaft is the rotating tube that carries power from the gearbox to the wheels, so these parts sit in the drive line of a vehicle or in industrial machinery. The company runs a fully integrated setup, handling forging, machining, assembly and testing in house. Doing all of it under one roof helps it control both quality and cost rather than depending on outside job workers for the critical steps. It offers more than 5,000 products and sells to distributors, to large component manufacturers and directly to original equipment makers. Its parts go mainly into commercial vehicles, defence, heavy equipment and industrial machinery. Its manufacturing facilities are in Madhya Pradesh. Its customers include Godrej & Boyce Manufacturing, BEML, VE Commercial Vehicles, Sandvik Mining and Rock Technology India and Oilgear India. It exports to more than 25 countries across North America, Europe and the Asia Pacific region.

Adroit Industries (India) Ltd makes propeller shafts and torque-transmission components for vehicles and industrial machinery, with over 5,000 products and fully integrated forging, machining, assembly and testing. Running since 1966, it supplies Godrej & Boyce, BEML, VE Commercial Vehicles and Sandvik, and exports to more than 25 countries.

IPO details

Issue price: ₹134
Price band: ₹126 – ₹134
Face value: ₹10
Lot size: 111
Min investment: ₹14,874
Issue size: ₹150.71 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7993
NSE symbol: ADROITIND.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	111	₹14,874
Retail (Max)	13	1,443	₹1,93,362
S-HNI (Min)	14	1,554	₹2,08,236
B-HNI (Min)	68	7,548	₹10,11,432

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50.00% of the Offer
Retail	Not less than 35.00% of the Offer.
NII	Not less than 15.00% of the Offer

Objects of the issue

1Funding capital expenditure by the Company towards procurement of; (i) machinery and equipment for enhancement of operations at Dewas Facility; and (ii) transportation vehicle for local transportation of goods between the Manufacturing Facilities16.77

2Investment in the Subsidiary, Adroit Driveshafts Private Limited, in the form of debt or equity or a combination thereof, for funding capital expenditure towards procurement of; (i) machinery and equipment for enhancement of operations at Pithampur Facility; and (ii) transportation vehicle for local transportation of goods between the Manufacturing Facilities36.96

3Investment in the Subsidiary, Adroit Driveshafts Private Limited, in the form of debt or equity or a combination thereof, for re-payment or pre-payment, in full or in part, of certain borrowings availed by the Subsidiary20.27

4General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	205.69	187.01	199.39	185.15
Total Income	71.45	136.61	125.10	104.49
Profit After Tax	10.64	18.14	14.53	6.42
EBITDA	15.24	31.02	29.69	14.17
NET Worth	114.96	103.53	87.82	65.35
Reserves and Surplus	97.50	86.07	70.37	47.89
Total Borrowing	5.11	8.32	16.29	30.44

Key performance indicators

P/E Ratio

22.95

EPS (₹)

5.84

RoE

18.97%

RoCE

17.06%

RoNW

18.94%

PAT Margin

13.55%

EBITDA Margin

23.17%

Debt / Equity

0.63

NAV (₹)

29.65

✓ Strengths

• The company has a very long record, having been incorporated in 1966, which is about 60 years.

• Profit has grown strongly, from Rs 6.42 crore in FY2023 to Rs 14.53 crore in FY2024 and Rs 18.14 crore in FY2025.

• Sales have grown steadily over the same period, from Rs 104.49 crore to Rs 136.61 crore.

• The margin is good for an auto component maker, with a PAT margin of 13.55% and an EBITDA margin of 23.17%.

• The company has cut its debt sharply, from Rs 30.44 crore in FY2023 to Rs 8.32 crore in FY2025 and Rs 5.11 crore as on 30 September 2025.

• Being fully integrated from forging through to testing is a real advantage in drive line parts, where quality failures are costly.

• The customer list is reputed and spread across sectors, including Godrej & Boyce, BEML, VE Commercial Vehicles and Sandvik Mining and Rock Technology.

• It exports to more than 25 countries and supplies defence and heavy equipment alongside commercial vehicles, so it is not tied to one end market.

⚠ Risks

• The issue is priced at about 22.95 times earnings on an EPS of Rs 5.84, which is full for an auto component maker.

• Promoter holding will come down from 96.1% to 71.86% after the issue.

• The latest column in the offer document is a half year ending 30 September 2025, so the most recent data is about a year old.

• Total assets have barely moved in three years, from Rs 185.15 crore in FY2023 to Rs 205.69 crore as on 30 September 2025, so capacity has not grown much.

• Demand follows the commercial vehicle and capital goods cycle, and a slowdown in truck or equipment sales passes straight through to a component supplier.

• Steel and forging input costs move sharply and cannot always be passed on where OEM prices are fixed annually.

• The manufacturing is concentrated in Madhya Pradesh, so there is location risk.

• This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

Promoters & holding

Saurabh Sangla, Mukesh Sangla, Monika Sangla, Shubhangi Trust, Shreya Trust and Swan Irrigation

Pre-issue promoter holding

96.1%

Post-issue promoter holding

71.86%

Data refreshed 07 Nov 2026, 04:52 pm IST. GMP is unofficial market sentiment, not investment advice.