Adroit Industries IPO crossed the 10x mark on Day 2, with total subscription reaching 10.08x driven by a sharp surge in retail and small HNI demand.

Subscription Status

The issue witnessed significant acceleration on Day 2, jumping from 5.17x on Day 1 to 10.08x. The primary driver was the Non-Institutional (sHNI) category, which saw demand nearly triple from the previous day's close. Retail investors also showed strong conviction, pushing their subscription level up by over 6 points compared to Day 1. Institutional participation remained flat at 0.06x.

Category-wise Breakdown

Retail Investors: The retail segment was the standout performer in terms of volume growth, climbing from 7.23x on Day 1 to 14.18x on Day 2. This indicates robust confidence from individual investors as the issue progressed.

Non-Institutional Buyers (NII):

• Small HNI (sHNI): Demand from small HNIs was the strongest driver, surging from 5.66x on Day 1 to 19.69x on Day 2. This substantial increase highlights high conviction among this category.
• Big HNI (bHNI): bHNI subscription rose from 10.28x to 19.69x, reflecting growing institutional-grade interest among wealthy individuals.

Qualified Institutional Buyers (QIB): Institutional participation remained negligible, ticking up slightly from 0.05x to 0.06x. This lack of anchor-like institutional support contrasts sharply with the retail enthusiasm.

Intra-day Timeline on 24-09-2026

Offer Details

• Company: Adroit Industries
• Price Band: ₹126.00 - ₹134.00
• Issue Size: ₹14,874 crore - ₹500,000 crore
• Min Bid Qty: 111 shares
• Open Date: 23-09-2026
• Close Date: 25-09-2026

About the Company

Adroit Industries (India) Limited is a vertically integrated manufacturer of propeller shafts and torque-transmission components. Founded in 1966 and incorporated in 1995, the company operates three manufacturing facilities in Madhya Pradesh. It offers over 5,000 SKUs across forging, precision machining, heat treatment, assembly, balancing, and testing operations.

The company derives approximately 95% of its revenue from exports to over 32 countries, including North America, Europe, and Asia-Pacific. In Fiscal 2026, it reported revenue from operations of ₹1,399.43 million, with an EBITDA margin of 27.66% and a PAT margin of 18.69%.

Financial Highlights

Objects of the Issue

• Capital Expenditure at Dewas Facility: ₹19.91 crore for machinery procurement and transportation vehicles.
• Investment in Subsidiary (Pithampur Facility): ₹43.96 crore for capital expenditure at Adroit Driveshafts Private Limited.
• Loan Repayment: ₹24.12 crore for repayment or pre-payment of subsidiary borrowings.
• General Corporate Purposes: Deployment for marketing, business development, and employee welfare.

Risk Factors

• Export Dependence: ~95% of revenue comes from exports, with significant exposure to the U.S. market and potential tariff risks.
• Customer Concentration: Top 10 customers accounted for ~60% of revenue in FY2026.
• Unhedged Currency Exposure: No hedging policy is in place, leaving foreign currency fluctuations to directly impact profitability.
• Regulatory Compliance: History of delayed statutory filings and pending legal proceedings against promoters.

What's Next

The issue closes on 25-09-2026. Allotment is expected on 28-09-2026, with listing scheduled for 30-09-2026.