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Dhoot Transmission
Mainboard · BSE listed
+37.77%
Listing gain
Price Band
₹829 – ₹871
Issue Size
₹3,067 Cr
1 lot at upper band
₹14,807
Lot Size
17
Open
10 Aug 2026
Close
12 Aug 2026
Allotment
—
Listing
17 Aug 2026
Scheduled dates
- Open10 Aug 2026
- Close12 Aug 2026
- Refund14 Aug 2026
- Demat credit14 Aug 2026
- Listing17 Aug 2026
Listing Performance
Listing Price
₹1,200
Listing Gain
+37.77%
Day Close
—
Current (LTP)
— (—)
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹262 15 sessions
Subscription (times)
Latest per-category subscription · as of 12 Aug, 06:20 pm IST.
QIB 213.00x
NII 53.13x
BHNI 58.07x
SHNI 40.56x
RII 8.10x
Employee 7.96x
Total 75.06x
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 in wiring harnesses for two-wheelers and three-wheelers in India with a 41% market share in Fiscal 2026, and leads the electric 2W and 3W segments with close to 70% market share. The company operates 22 manufacturing facilities, three engineering centers and seven warehouses across India and internationally, serving both ICE and EV platforms with approximately 95% of its auto product portfolio being EV-focused or powertrain-neutral.
www.dhoottransmission.com ↗Strengths
- Established leadership position in India and scaled operations in 2W and 3W wiring harnessesThe 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.
- Positioned to capitalize on key industry trendsThe 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.
- Strong business foundation anchored by marquee customer baseThe 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.
- Strong financial performanceThe company achieved profit after tax growth from ₹2,987.48 million in Fiscal 2024 to ₹3,968.42 million in Fiscal 2026, representing a CAGR of 32.84%, with revenue growth of 31.35% in Fiscal 2026.
- Professional & Experienced Management Team, R&D team and investor supportThe company is led by Managing Director with over 27 years of automotive experience, supported by 237 R&D and engineering staff as of March 31, 2026, and backed by BC Asia XV holding 55% pre-Offer equity share capital.
Risk Factors
- Concentration Risk in 2W and 3W Automotive SectorsThe 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.
- Customer Concentration RiskThe 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.
- Lack of Long-term Volume CommitmentsThe 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.
- Capital Intensive Business and Working Capital RequirementsThe company's business is capital intensive with net capital expenditure of ₹3,281.84 million, ₹3,848.90 million and ₹2,723.34 million in Fiscals 2026, 2025 and 2024 respectively. The company requires significant working capital with net working capital of ₹12,677.86 million as of March 31, 2026, which may require additional financing.
- Geographic Revenue Concentration in IndiaThe company derived 90.14%, 89.80% and 86.92% of revenue from operations within India in Fiscals 2026, 2025 and 2024 respectively. Any adverse changes in economic or regulatory conditions in India could significantly affect the company's results of operations and financial condition.
- High Capacity Utilization and Manufacturing ConstraintsCertain manufacturing facilities including at Hosur, Tamil Nadu and Pithampur, Madhya Pradesh currently operate at high-capacity utilization levels. The company may not be able to meet additional demand until capacity is increased, and inaccurate demand forecasting may result in under-utilization or over-utilization affecting profitability.
- Raw Material Cost and Availability RiskCost of materials consumed accounted for 67.82%, 65.51% and 65.37% of revenue from operations in Fiscals 2026, 2025 and 2024 respectively. The company relies on third-party suppliers for copper, polymers, brass and other components, with pricing and availability subject to volatility due to factors beyond the company's control.
- Supplier Concentration RiskThe company's top ten suppliers contributed 43.66%, 44.95% and 44.13% of raw material purchases in Fiscals 2026, 2025 and 2024 respectively. The company typically does not enter into long-term supply contracts, exposing it to price volatility, supply variability and capacity constraints at suppliers.
- Debt Obligations and Financial CovenantsThe company had total borrowings of ₹8,413.92 million as of March 31, 2026. Loan agreements contain negative covenants and require compliance with financial ratios. Any breach could result in acceleration of payments and enforcement of security over manufacturing facilities, adversely affecting business operations.
- Pricing Pressure and Margin CompressionThe company faces ongoing pricing pressure from customers through competitive bidding processes and expectations of continuous cost reductions. The company's inability to pass on increased input costs to customers or offset price reductions through operational efficiencies may materially adversely impact revenue and profitability.
Objects of the Issue
- Repayment/prepayment of outstanding borrowings availed by the CompanyThe 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.464.80 crores
- Investment in Subsidiaries for repayment of their borrowingsThe 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.301.77 crores
- Setting up new wiring harness manufacturing plantsThe 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.150.00 crores
- Funding inorganic growth through acquisitions and general corporate purposesThe company will utilize funds for inorganic growth through unidentified acquisitions and general corporate purposes including business operations and strategic initiatives.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 4563.70 | +31.4% | 396.84 | +12.1% | 4114.82 | 2434.95 | 347.66 |
| 31/03/2025 | 3472.24 | +24.0% | 353.89 | +18.5% | 2336.23 | 993.98 | 320.21 |
| 31/03/2024 | 2799.32 | — | 298.75 | — | 1711.70 | 749.16 | 241.09 |
Units: crores
Issue Details
- Face Value
- ₹2
- P/E
- 47.30
- ROCE
- 24.00%
- Shares / Lot
- 17
- Minimum Bid
- 17 shares
- Refund
- 14 Aug 2026
- Credit to Demat
- 14 Aug 2026
- ISIN
- INE01NH01023
- CIN
- U31300PN1998PLC131629
- Registrar
- Kfin Technologies Ltd.
- Lead Managers
- Axis Capital Ltd.
- Registered Office
- Gut No 312, Nanekarwadi, Chakan Tq Khed, Dist Pune, NA, Chakan, Pune – 410 501, Maharashtra, India
Management
Ajay SethDirector
Rahul Radhavallabh DhootMD
Dhiren Vinodrai ShethDirector
Saahil Haresh BhatiaDirector
Rishi MandawatDirector
Burjor Kersasp DadachanjiDirector
Tarun Dharampal SharmaDirector
Matangi GowrishankarDirector
Nitinkumar Dagdulal KalaniCFO
Amey Deeliprao JogasDirector
Naveen KumarCEO
Gurpal SinghCOO
Somshekhar Sharnappa PatilCFO
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.