Dhoot Transmission IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Dhoot Transmission

Price band

₹829 – ₹871

Lot size

17 shares

Min investment

₹14,807

Issue size

₹3,066.89 Cr

About the company

Dhoot Transmission Limited was started in April 1998. It is one of India's leading electrical and electronics companies. It designs, engineers, manufactures and supplies wiring harnesses and electrical distribution systems. These are used in vehicles as well as in non-automotive applications. The product list is wide. It includes wiring harnesses, battery packs, sensors and electronic controllers, automotive switches, terminals, connectors and power supply cords. The company makes parts for both petrol and diesel vehicles (ICE) and for electric vehicles. The company is among the top two players in India's two-wheeler and three-wheeler wiring harness market, with about 41% market share. In the electric two-wheeler and three-wheeler segment it is the leader with nearly 70% share in FY2026. Its products are also used in commercial vehicles, off-highway vehicles, farming equipment and industrial machines. About 95% of its automotive product range is either EV-focused or works on any type of powertrain. This helps the company benefit from the shift to electric vehicles, premium models, connected vehicles and automation. The company has long-term relationships with big vehicle makers and keeps a mixed customer base. As on 31 March 2026, it had 2,735 full-time employees working in manufacturing, R&D, engineering, sales, finance and corporate roles.

Dhoot Transmission Limited makes wiring harnesses and electrical distribution systems for vehicles. It is among the top two players in India's two-wheeler and three-wheeler wiring harness market with about 41% share, and leads the electric 2W and 3W segment with close to 70% share in FY2026.

IPO details

Issue price: ₹871
Price band: ₹829 – ₹871
Face value: ₹2
Lot size: 17
Min investment: ₹14,807
Issue size: ₹3,066.89 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7873
NSE symbol: DHOOTTRANS.NS
Employee discount: Rs 80.00 per share

Lot size & investment by category

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
B-HNI (Min)	68	1,156	₹10,06,876

Investor reservation

CATEGORY	RESERVED
QIB	1,75,71,097 shares (50.00% of the Offer)
NII	52,71,329 shares (15.00% of the Offer)
Retail	1,22,99,768 shares (35.00% of the Offer)
Employee	75,853 shares (0.22% of the Offer)

Objects of the issue

1Repayment/prepayment, in full or in part, of all or certain outstanding borrowings availed by the Company464.80

2Investment in certain of our Subsidiaries, namely, Dhoot Autocomponents Private Limited, Dhoot Electricals Systems 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 these Subsidiaries.301.77

3Setting up of a new wiring harness manufacturing plant of the Company at (i) Sector 11, Jhajjar, Haryana, India; and (ii) Shoolagiri, Hosur, Tamil Nadu, India150.00

4Funding inorganic growth through unidentified acquisitions and general corporate purposes(1)

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	4,114.83	2,336.23	1,711.70
Total Income	4,563.70	3,472.24	2,799.32
Profit After Tax	396.84	353.89	298.75
EBITDA	710.99	590.96	512.40
NET Worth	2,397.15	978.18	741.01
Reserves and Surplus	2,360.40	961.53	724.74
Total Borrowing	841.39	776.06	554.90

Key performance indicators

P/E Ratio

44.9

EPS (₹)

19.40

RoE

16.30%

RoCE

19.14%

RoNW

16.55%

PAT Margin

8.70%

EBITDA Margin

15.71%

Debt / Equity

0.35

NAV (₹)

149.74

✓ Strengths

• It is among the top two players in India's two-wheeler and three-wheeler wiring harness market with about 41% share. In the electric 2W and 3W segment it is the leader with nearly 70% share in FY2026.

• The company is ready for the EV shift. About 95% of its automotive product range is either EV-focused or works on any type of powertrain, so a move away from petrol and diesel vehicles will not hurt it much.

• Business has grown well. Total income went up from Rs 2,799.32 crore in FY2024 to Rs 4,563.70 crore in FY2026. Profit after tax rose from Rs 298.75 crore to Rs 396.84 crore in the same period.

• Return ratios are strong. RoCE was 29.66% and RoNW was 36.18%. EBITDA for FY2026 was Rs 710.99 crore.

• The product range and the end markets are spread out. Apart from two and three wheelers, the parts go into commercial vehicles, off-highway vehicles, farm equipment and industrial uses.

• Rs 150 crore of the fresh money will build two new wiring harness plants, at Jhajjar in Haryana and Shoolagiri, Hosur in Tamil Nadu. This adds capacity close to customer clusters.

⚠ Risks

• More than half the issue is an offer for sale. Out of Rs 3,066.89 crore, about Rs 1,666.89 crore is OFS and goes to the selling shareholders. The company will receive only about Rs 1,400 crore.

• Profit is growing much slower than sales. Between FY2025 and FY2026 revenue went up 31% but profit after tax rose only 12%. This shows margin pressure.

• The issue is not cheap. At the upper band of Rs 871, the P/E works out to about 44.9 times on an EPS of Rs 19.40.

• Borrowings are high. Total borrowing was Rs 841.39 crore as on 31 March 2026, up from Rs 554.90 crore in FY2024. Rs 464.80 crore of the fresh issue and another Rs 301.77 crore put into subsidiaries will go towards repaying loans.

• The auto parts business is cyclical. Two-wheeler and three-wheeler sales go up and down with the economy, festive demand, financing and fuel prices.

• The company supplies to a few large vehicle makers. Losing any big OEM, or a fall in their production, will directly hit revenue.

• Promoter holding will come down from 100% to 82.77% after the issue. BC Asia Investments XV Ltd, a promoter, is selling shares worth about Rs 1,395.23 crore in this offer.

• Part of the money is kept for buying companies that have not been identified yet. There is no clarity today on where this will be spent.

Promoters & holding

BC Asia Investments XV Ltd. and Rahul Radhavallabh Dhoot

Pre-issue promoter holding

100%

Post-issue promoter holding

82.77%

The promoters hold 100% of the company before the issue. After the IPO their holding will come down to 82.77% and the public will hold 17.23%.

Data refreshed 07 Nov 2026, 05:08 pm IST. GMP is unofficial market sentiment, not investment advice.