Dhoot Transmission

Dhoot Transmission IPO

IPO Open Now

₹14,093

3.86 xOver-subscribed

Bidding Dates 10 Aug, 26 -12 Aug, 26

Min Investment ₹14,093

Lot Size17

Price Range ₹829 – ₹871

Issue Size ₹3,067.49 Cr.

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DRHP

IPO Subscription Details

Retail Subscription Details

2.94 x

Non-Institutional Buyers (sHNI)

10.93 x

Non-Institutional Buyers (bHNI)

10.06 x

Qualified Institutional Buyers (QIB)

0.49 x

Employees

3.44 x

Total

3.86 x

IPO Timeline

IPO Analysis

Strengths

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.

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.

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.

Risks

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.

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.

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.

Objectives

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.

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.

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.

The company will utilize funds for inorganic growth through unidentified acquisitions and general corporate purposes including business operations and strategic initiatives.

Yearly Financial Results

Annual Financials	Mar 2024	Mar 2025	Mar 2026
Revenue	2797.73	3444.86	4524.96
Expenses	2411.18	3014.64	4027.75
Other Income	1.59	27.37	38.75
Total Revenue	2799.32	3472.24	4563.70
Profit Before Tax	388.23	457.59	515.69
Net Profit	298.75	353.89	396.84

Show % Change

Above figures are in Rs. Crores

Balance Sheet

Balance Sheet	Mar 2024	Mar 2025	Mar 2026
Total Assets	1711.70	2336.23	4114.82
Current Assets	880.39	1140.62	2619.90
Fixed Assets	831.30	1195.61	1494.93
Total Equity & Liabilities	1711.70	2336.23	4114.82
Total Liabilities	962.53	1342.25	1679.87
Current Liabilities	721.45	1024.45	1352.11
Non Current Liabilities	241.08	317.80	327.76
Total Equity	749.16	993.98	2434.95

Show % Change

Above figures are in Rs. Crores

Cash Flow

Cash Flow	Mar 2024	Mar 2025	Mar 2026
Net Cash Flow	-6.35	15.35	998.30
Investing Activities	-310.86	-442.84	-1261.69
Operating Activities	241.09	320.21	347.66
Financing Activities	63.43	137.98	1912.33

Show % Change

Above figures are in Rs. Crores

About Dhoot Transmission

Dhoot Transmission Limited is one of India's leading electrical and electronics (E&E) companies that designs, engineers, manufactures and supplies critical wiring harnesses integrating electronic sensors, controllers, switches, terminals, connectors, junction boxes, high-voltage interconnection systems and data cables for automotive and non-automotive applications. The company is amongst the top two players...more

Website

www.dhoottransmission.com

Managing DirectorRahul Radhavallabh Dhoot

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Part of Raise Financial Services

SEBI Stock Broker Registration No: INZ000006031 | Depository Participant (CDSL) ID: IN-DP-289-2016 | SEBI Research Analyst Registration No: INH000023357 Exchange Membership No. : NSE: 90133 | BSE: 6593 | MCX: 56320

Registered Office: Unit No. 2201, 22nd Floor, Gold Medal Avenue, S.V. Road, Beside Patel Petrol Pump, Piramal Nagar, Goregaon West, Mumbai - 400104