Dhoot Transmission
Dhoot Transmission (DHOOTTRANS) share price was ₹1,530.60 at the 28 Oct 2026 close; market capitalisation ₹31,308 Cr; P/E (TTM) 81.85; sector Consumer Discretionary. In the Jun 2026 quarter, revenue rose 46.0% year on year to ₹1,077.4 Cr and net profit rose 40.5% year on year to ₹57.2 Cr (compared with Jun 2025). Promoters held 82.78% of Dhoot Transmission in Sep 2026.
Key Fundamentals
SmallcapPrice-based figures as of 29 Oct 2026, 10:46 IST · TTM
Peer Comparison
Consumer Discretionary › Auto Components › Auto Components & Equipments
| ₹158.36 | 38.16 | 1,67,140 Cr | 3.95 | 0.38% | 9.36% | 11.82% | 1,30,935 Cr | 4,556 Cr | |
| ₹47,170.00 | 58.87 | 1,39,133 Cr | 9.37 | 0.59% | 18.66% | 24.28% | 21,880 Cr | 2,363 Cr | |
| ₹1,735.90 | 117.53 | 84,828 Cr | 7.33 | 0.48% | 11.40% | 15.70% | 17,749 Cr | 715 Cr | |
| ₹1,097.90 | 52.73 | 63,410 Cr | 9.29 | 0.24% | 17.69% | 20.72% | 21,003 Cr | 1,291 Cr | |
| ₹3,551.80 | 43.01 | 55,516 Cr | 9.03 | 0.95% | 19.02% | 25.68% | 11,315 Cr | 1,292 Cr | |
| ₹872.30 | 72.69 | 54,443 Cr | 8.49 | 0.40% | 10.26% | 13.26% | 5,430 Cr | 746 Cr | |
| ₹2,120.00 | 67.65 | 41,037 Cr | 5.29 | 0.17% | 7.86% | 12.81% | 23,518 Cr | 1,109 Cr | |
| Dhoot Transmission (this company) | ₹1,542.30 | 82.48 | 31,547 Cr | 8.23 | 0.00% | 16.30% | 21.97% | 3,719 Cr | 324 Cr |
| Median 8 companies | ₹1,639.10 | 63.26 | 59,463 Cr | 8.36 | 0.39% | 13.85% | 18.21% | 19,376 Cr | 1,200 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.
Tapetide Score
Data-driven rating, 0–100. How it works →
No Tapetide Score has been computed for this stock yet.
Key Insights
Strengths
2- Company has delivered good profit growth of 44.8% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 29.3%
Technical Indicators
Oscillators
Neutral
Overall
Bullish
Moving Averages
Bullish
Analyst Rating
5 of 7 analysts rate Buy, 0 Hold, 2 Sell.
Updated 29 Oct 2026
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year Operating margin 10% · Jun 2026
Analyst Forecasts
AI Analysis — Bull vs Bear
Dhoot Transmission Ltd trades at ₹1,469.80 as of 2026-10-27 with a market cap of ₹30,064 cr and a P/E (TTM) of 78.6x. The company has demonstrated strong compounded profit growth of 45% CAGR over five years and a 3-year average ROE of 29%, though current valuations are elevated relative to trailing earnings and the stock carries a P/B of 7.84x.
- Strong 5-year compounded profit CAGR of 45%, indicating sustained earnings momentum over a meaningful period
- Robust 3-year average ROE of 29% and 5-year average ROE of 28%, reflecting efficient capital deployment well above typical cost of equity
- ROCE of 21.97% as of 2026-10-27 suggests the business generates healthy returns on total capital employed, including debt
- TTM compounded sales growth of 34% signals continued top-line acceleration, outpacing the 3-year sales CAGR of 26%
- TTM compounded profit growth of 25% demonstrates that earnings expansion is continuing alongside revenue growth
- 5-year compounded sales CAGR of 28% shows the company has sustained double-digit revenue growth over a longer horizon
- Debt-to-equity ratio of 0.70 as of 2026-10-27 is moderate, indicating the company has not overleveraged its balance sheet to fund growth
- Stock is trading approximately 15.3% below its 52-week high of ₹1,735.30, potentially offering a more favourable entry relative to its recent peak
- P/E (TTM) of 78.6x as of 2026-10-27 is significantly elevated, implying the market has priced in substantial future growth that must be delivered to justify the multiple
- P/B ratio of 7.84x as of 2026-10-27 is high, meaning investors are paying nearly 8 times book value, which leaves limited margin of safety
- Zero dividend yield — the company pays no dividend, offering no income cushion to investors during potential price declines
- EPS (TTM) of ₹18.70 against a share price of ₹1,469.80 reflects a steep earnings yield of just ~1.27%, well below risk-free rates
- Last-year ROE of 26% has declined from the 3-year average of 29%, suggesting a possible moderation in return efficiency
- TTM profit growth of 25% has decelerated compared to the 5-year CAGR of 45%, raising questions about whether peak growth rates are behind the company
- Debt-to-equity of 0.70 is non-trivial — in a rising interest rate environment, servicing costs could compress margins
- The stock has already appreciated approximately 30% from its 52-week low of ₹1,131, which may limit near-term upside relative to the risk embedded in current valuations
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Kotak initiates with Sell Sep 23
Kotak Institutional Equities initiated coverage with a Sell rating and ₹1,400 price target, implying 10% downside from the last closing price.
- Four-day stock decline Sep 23
Dhoot Transmission shares fell for the fourth consecutive session on Sep 28, reflecting investor concerns about premium valuation.
- Stretched valuation at 73x PE Sep 23
The stock trades at 73x earnings, significantly above peers Samvardhana Motherson (38x), Uno Minda (61x), and Sona BLW (65x).
- High customer concentration risk Sep 23
Top five customers account for 71% of Q1FY27 revenue, with Bajaj Auto alone at 32% and TVS Motor at 20% of FY26 revenue.
- Heavy domestic market dependence Sep 23
Domestic market contributed 92% of revenue in Q1FY27, leaving the company exposed to Indian demand cycles with limited geographic diversification.
- ICE revenue still dominant Sep 23
Internal combustion engine-related revenue still accounts for 63% of total revenue, creating transition risk as the market shifts toward EVs.
- Strong Q1FY27 revenue growth Sep 23
Revenue from operations rose 49.7% YoY to ₹1,446.4 crore in Q1FY27, with net profit up 37.8% to ₹132.7 crore and EBITDA up 29% to ₹218.4 crore.
- Rapid EV revenue expansion Sep 23
EV revenue grew 79.2% YoY to ₹390.5 crore in Q1FY27, now 27% of total revenue, up from 24% in FY26. Battery pack sales grew 81% YoY.
- Non-wiring products surging Sep 23
Revenue from non-wiring products rose 67.7% YoY to ₹358 crore, spanning battery packs, electronic controllers, sensors, chargers, and connectors.
- Multilink acquisition adds scale Sep 23
Multilink brings ~₹450 crore annual revenue run rate at ~20% EBITDA margin, adding relays, fuel sensors, and vendor access to Hero MotoCorp, Ola Electric, and others.
- Dominant wiring harness position Sep 23
Dhoot holds 41% domestic 2W/3W wiring harness market share and ~70% of the electric 2W/3W wiring business, with 95% of its auto portfolio EV-focused or powertrain-neutral.
- EV content multiplier tailwind Sep 23
Wiring harness content is estimated to rise from ₹1,800-1,900 in BS-VI models to ₹4,000-5,000 in electric two-wheelers, a 2-3x increase per vehicle.
- Capacity expansion underway Sep 23
Wiring harness utilisation rose to 74% in FY26 from 64% in FY25, with new units expected to add 15-20% capacity in FY27. Management targets 25-30% revenue growth.
- Two-wheeler revenue mix dominance Sep 23
Two-wheelers accounted for 65% of FY26 revenue, three-wheelers 13%, and commercial vehicles, off-highway, and non-auto the remaining 22%.
- Multilink integration timeline Sep 23
Management expects Multilink operational integration within 3-4 months, with margin convergence by end of Q3 or early Q4 FY27.
- Kotak projects 23% CAGR Sep 23
Kotak estimates revenue and EBITDA to grow at 23% CAGR over FY26-29E, driven by 17% wiring harness growth and 50% EV component growth.
TL;DR: Dhoot Transmission is delivering strong execution with 49.7% YoY revenue growth, rapidly scaling EV components (now 27% of revenue), and holds a dominant 70% share in electric 2W/3W wiring. However, the stock's 73x PE valuation is well above peers and Kotak's Sell initiation with 10% downside signals the market may have priced in most of the growth story. The trajectory depends on whether EV volumes, battery packs, and the Multilink integration can scale fast enough to justify the premium — execution in the next 2-3 quarters will be decisive.
Quarterly Results
| Particulars | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Sales | 738 | 988 | 1,077 |
| Expenses | 655 | 895 | 974 |
| Operating Profit | 83 | 93 | 104 |
| OPM % | 11% | 9% | 10% |
| Other Income | 2 | 2 | 3 |
| Interest | 16 | 16 | 9 |
| Depreciation | 15 | 20 | 21 |
| PBT | 55 | 59 | 77 |
| Tax % | 25% | 23% | 26% |
| Net Profit | 41 | 45 | 57 |
| EPS (₹) | 204 | 2.41 | 3.04 |
Profit & Loss
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Sales | 1,034 | 1,212 | 1,746 | 2,273 | 2,593 | 3,486 |
| Expenses | 926 | 1,084 | 1,534 | 1,934 | 2,288 | 3,136 |
| Operating Profit | 108 | 128 | 213 | 339 | 305 | 350 |
| OPM % | 10% | 11% | 12% | 15% | 12% | 10% |
| Other Income | 2 | 2 | 4 | 8 | 14 | 10 |
| Interest | 41 | 37 | 40 | 39 | 46 | 64 |
| Depreciation | 36 | 38 | 49 | 54 | 56 | 68 |
| PBT | 34 | 54 | 128 | 253 | 216 | 228 |
| Tax % | 25% | 41% | 21% | 25% | 28% | 25% |
| Net Profit | 25 | 32 | 101 | 190 | 156 | 171 |
| EPS (₹) | 143 | 180 | 572 | 1,079 | 889 | 9.07 |
| Div. Payout % | 7% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 18 | 18 | 18 | 18 | 18 | — |
| Reserves | 198 | 230 | 324 | 513 | 667 | — |
| Borrowings | 444 | 371 | 319 | 356 | 482 | — |
| Other Liabilities | 209 | 225 | 281 | 283 | 430 | — |
| Total Liabilities | 869 | 843 | 941 | 1,170 | 1,596 | — |
| Fixed Assets | 337 | 349 | 386 | 390 | 513 | — |
| CWIP | 11 | 15 | 1 | 26 | 82 | — |
| Investments | 75 | 89 | 89 | 126 | 210 | — |
| Other Assets | 446 | 391 | 466 | 628 | 791 | — |
| Total Assets | 869 | 843 | 941 | 1,170 | 1,596 | — |
Cash Flow
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | 20 | 174 | 182 | 121 | 224 | — |
| Investing | -33 | -74 | -72 | -107 | -287 | — |
| Financing | 13 | -109 | -99 | -28 | 58 | — |
| Net Cash Flow | 0 | -9 | 11 | -14 | -4 | — |
| Free Cash Flow | -21 | 119 | 122 | 52 | 12 | — |
| CFO/OP | 24 | 147 | 101 | 54 | 96 | — |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 62 | 53 | 41 | 53 | 61 | — |
| Inventory Days | 80 | 63 | 51 | 43 | 47 | — |
| Days Payable | 74 | 68 | 59 | 52 | 68 | — |
| Cash Conversion Cycle | 67 | 48 | 33 | 44 | 40 | — |
| Working Capital Days | -8 | -9 | -6 | 5 | -4 | — |
| ROCE % | — | 14% | 26% | 37% | 25% | — |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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47 extracted metrics + investor summaries across FY21–FY27.
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Company Information
Dhoot Transmission Limited is a global Tier-1 manufacturer of integrated electrical systems, specialising across eight product families: wiring and cable systems, interconnect components, mechanical control systems, electronics and sensors, EV systems, switches and interfaces, protection and insulation, and power solutions.[1]From a single facility to a global network of manufacturing and engineering operations, the company delivers integrated electrical systems across automotive, electric vehicles, industrial equipment, agriculture, marine, railways, medical devices, and consumer applications.
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