Adroit Industries IPO Day 3: Subscribed 46.88x; NII demand hits 115.31x
- Adroit Industries IPO subscribed 46.88x overall by Day 3 close.
- sHNI category led demand with 115.31x subscription.
- Retail investors subscribed 47.31x; QIB participation remained low at 1.91x.
- Issue price band: ₹126.00000 - ₹134.00000 per share.
*this image is generated using AI for illustrative purposes only.
Adroit Industries IPO closed Day 3 with a robust 46.88x overall subscription. The sHNI category surged to 115.31x, leading the demand charge.
Subscription Status
The issue witnessed escalating interest throughout the three-day window. Total subscription jumped from 5.17x on Day 1 to 18.07x on Day 2, before settling at 46.88x by the close of Day 3. Intra-day momentum on the final day was particularly strong, with total demand rising from 34.07x at 11:15 IST to 46.88x by 12:15 IST.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 23-09-2026 | 0.05x | 10.28x | 5.66x | 7.23x | 5.17x |
| Day 2 | 24-09-2026 | 1.82x | 36.51x | 22.55x | 23.43x | 18.07x |
| Day 3 | 25-09-2026 | 1.91x | 101.12x | 115.31x | 47.31x | 46.88x |
Category-wise Breakdown
Non-Institutional Investors (NII) dominated the subscription landscape. The Super High Net Individuals (sHNI) segment recorded the highest multiple at 115.31x, significantly outpacing other categories. Big High Net Individuals (bHNI) followed closely with 101.12x. Retail investors also showed strong conviction, subscribing 47.31x times the offered portion. Qualified Institutional Buyers (QIB) remained relatively muted compared to retail and HNI segments, ending at 1.91x. Employee participation stood at 0x.
Intra-day Timeline on 25-09-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.87x | 79.82x | 37.27x | 34.07x |
| 12:15 | 1.91x | 115.31x | 47.31x | 46.88x |
Offer Details
The Adroit Industries IPO opened on September 23, 2026, and closed on September 25, 2026. The price band was set between ₹126.00000 and ₹134.00000 per share. The minimum bid quantity was fixed at 111 shares.
| Parameter | Details |
|---|---|
| Price Band | ₹126.00000 - ₹134.00000 |
| Issue Size | ₹14,874 crore - ₹5,00,000 crore |
| Min Bid Qty | 111 shares |
| Opening Date | 2026-09-23 |
| Closing Date | 2026-09-25 |
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 and derives approximately 95% of its revenue from exports to over 32 countries. The company serves automotive and non-automotive sectors, including defence and heavy equipment.
Financial Highlights
The company demonstrated consistent growth in revenue and profitability over the last three fiscal years.
| Metric (₹ crore) | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from Operations | 139.94 | 133.89 | 124.53 |
| Profit Before Tax | 32.90 | 22.82 | 17.96 |
| Net Profit | 26.16 | 18.14 | 14.53 |
| Total Equity | 128.62 | 103.49 | 87.76 |
Objects of the Issue
The proceeds from the fresh issue are earmarked for:
- Funding capital expenditure at the Dewas Facility (₹19.91 crore).
- Investment in subsidiary Adroit Driveshafts Private Limited for capital expenditure at the Pithampur Facility (₹43.96 crore).
- Investment in subsidiary for loan repayment (₹24.12 crore).
- General corporate purposes.
Risk Factors
Key risks disclosed include heavy dependence on export sales, particularly the U.S. market which accounts for 53.76% of export revenue, exposing the company to tariff risks. Significant customer concentration is another factor, with the top 10 customers contributing over 60% of revenue. The company also faces unhedged foreign currency exposure and regulatory non-compliances related to statutory filings.
How might the disparity between muted QIB interest and surging HNI demand impact Adroit Industries' post-listing price stability and institutional support?
What specific hedging strategies or tariff mitigation plans will the company implement to address the significant exposure to U.S. trade policies given its 53.76% export concentration?
How will the allocated capital expenditure for the Dewas and Pithampur facilities translate into measurable revenue growth or margin expansion in upcoming fiscal quarters?
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