Dhoot Transmission logo

Dhoot Transmission

DHOOTTRANS NSE

Key Fundamentals

Smallcap
Market Cap
₹31,678 Cr
Volatility
Moderate
P/E Ratio
80.9
EBITDA
₹750 Cr
Return on Equity
16.3%
Debt to Equity
0.7
Book Value
₹187.48
52W High
₹1,665.2
52W Low
₹871

Tapetide Score

Data-driven rating, 0–100. How it works →

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%

Growth Rate

Revenue Growth
31.44% higher than 3Y
Net Income Growth
12.12% lower than 3Y
Cash Flow Change
8.57% lower than 3Y
ROE
-54.21% lower than 3Y
ROCE
-45.12% higher than 3Y
EBITDA Margin (Avg.)
-7.75% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Dhoot Transmission Ltd is a small-cap company with a market cap of ₹31,678 Cr that has delivered strong historical growth — 44.8% profit CAGR over 5 years and 29% 3-year average ROE — but currently trades at a PE of 80.9x, reflecting elevated valuation multiples. The company pays no dividend and several key financial metrics such as debt-to-equity and EPS are unavailable, limiting full financial visibility.

Bull Case 7
  • Strong 5-year compounded profit growth of 45% CAGR indicates consistent earnings expansion over a meaningful period
  • Robust 3-year ROE of 29% and 5-year ROE of 28% demonstrate efficient capital allocation and high returns on shareholder equity
  • TTM sales growth of 34% shows continued top-line momentum in the most recent period
  • 3-year compounded sales growth of 26% and 5-year of 28% indicate sustained revenue expansion, not a one-off spike
  • Last year ROE of 26% remains well above the typical 15% threshold considered healthy, suggesting the business continues to generate attractive returns
  • TTM profit growth of 25% confirms that earnings expansion is ongoing even in the trailing twelve months
  • 3-year compounded profit growth of 21% provides a secondary confirmation of multi-year earnings strength beyond the 5-year figure
Bear Case 8
  • PE ratio of 80.9x is significantly elevated compared to broader market averages of 20-25x, leaving limited margin of safety if growth decelerates
  • Price-to-book ratio of 8.38x suggests the stock is priced at a steep premium to its book value, which increases downside risk in a correction
  • Zero dividend yield (0%) means shareholders are entirely dependent on capital appreciation with no income cushion
  • Key metrics including debt-to-equity, EPS, and ROCE are unavailable or null, creating significant gaps in fundamental analysis and financial transparency
  • 52-week high and low data are both reported as 0, indicating limited price discovery information and potentially low trading liquidity typical of small-cap stocks
  • TTM profit growth of 25% has decelerated compared to the 5-year CAGR of 45%, suggesting the pace of earnings expansion may be slowing
  • Last year ROE of 26% has declined from the 3-year average of 29%, indicating a modest deterioration in return efficiency
  • No known cons are flagged by screeners, but the absence of reported risks in a small-cap with incomplete financials is itself a data quality concern rather than a positive signal

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 5
  • EBITDA margin compression 240bps Sep 4

    EBITDA margin contracted to 15.1% in Q1FY27 from 17.5% YoY, a 240bps decline driven by elevated copper prices and business mix changes. FY26 full-year margins also declined from 18.31% (FY24) to 15.71%.

  • Extreme customer concentration risk Aug 17

    Top 10 customers contributed 80.93% of FY26 revenue, with Bajaj Auto alone at 31.84% (₹1,441 crore). TVS Motor and Honda added another 19.62% and 10.40% respectively.

  • Working capital cycle deterioration Aug 17

    Net working capital cycle surged from 12 days in FY25 to 102 days in FY26, with inventory at 76 days and receivables at 64 days, tying up significant cash in operations.

  • Stretched post-listing valuation Aug 17

    Post-listing P/E reached 61.85x after the 38% listing premium, significantly above most peers like Minda Corp (46.49x) and Motherson Sumi Wiring (43.24x), demanding exceptional execution.

  • ROCE decline from FY24 peak Aug 17

    Return on capital employed deteriorated sharply from 33.56% in FY24 to 19.14% in FY26, while PAT margins compressed from 10.67% to 8.70% over the same period.

Positives 8
  • Q1FY27 profit surges 38% YoY Sep 4

    Consolidated net profit rose 37.79% YoY to ₹132.66 crore in Q1FY27, with revenue jumping 49.68% to ₹1,446.42 crore, significantly outpacing the broader 2W/3W market expansion of ~20%.

  • EV revenue jumps 79% YoY Sep 4

    EV revenue surged 79.2% YoY and now constitutes 27% of total sales, up from 24% in FY26. EV revenue is expected to exceed 32% of total revenue in 2-3 years.

  • Strong IPO debut at 38% premium Aug 17

    Dhoot Transmission listed at ₹1,200 on Aug 17, a 38% premium over the ₹871 IPO price. The IPO was subscribed 74.21x overall, with QIBs at 212.92x, backed by BlackRock and Abu Dhabi Investment Authority.

  • Stock hits 52-wk high, up 70% Aug 17

    Shares hit ₹1,485 intraday, up 70% from IPO price. Ambit Capital initiated coverage with a Buy rating and ₹1,598 target, expecting 31% PAT CAGR over FY26-29.

  • Multilink acquisition drives diversification Sep 4

    Completed Multilink acquisition on June 11 for ₹499.11 crore, boosting non-wiring harness segment by 67.7% YoY. Integration expected by end of Q3 or early Q4.

  • Subsidiary investments for expansion Aug 28

    Acquired stakes in Dhoot Automotive Systems and Dhoot Autocomponents for ₹210.26 crore, plus UK subsidiary shares for GBP 24 million, to repay borrowings and fund expansion.

  • Capacity expansion underway Sep 4

    Adding 15-20% capacity at Jhajjar and Hosur plants this year, with ₹150 crore earmarked for new manufacturing facilities. Management guides 25-30% full-year revenue growth for FY27.

  • Finance costs down 34% YoY Sep 4

    Finance costs declined 34% YoY to ₹155 million, reflecting improved capital efficiency. Company expects net cash surplus of ~₹1,000 crore post-IPO proceeds by August 2026.

Neutral 3
  • Q1FY27 earnings call hosted Sep 1

    Dhoot Transmission scheduled its Q1FY27 earnings conference call for September 4, 2026 at 3:00 PM IST to discuss unaudited results for the quarter ended June 30, 2026.

  • Co-MD optimistic on growth outlook Sep 4

    Co-MD expressed optimism about another year of robust growth, citing electrification as a key driver benefiting both wiring harness and non-wiring harness segments.

  • 70% EV 2W/3W market share Aug 17

    Dhoot commands ~70% market share in electric 2W/3W wiring harnesses and 41% in overall 2W/3W segment, with 95% of its portfolio either EV-focused or powertrain-neutral.

TL;DR: Dhoot Transmission delivered a strong Q1FY27 with 38% profit growth and 50% revenue growth, powered by surging EV demand (79% YoY) that now represents 27% of sales. The stock has rallied 70% from its IPO price on the back of dominant EV market share and institutional backing from Bain Capital and BlackRock. Key risks include EBITDA margin compression from copper costs, heavy customer concentration (Bajaj Auto at 32% of revenue), and a ballooning working capital cycle. Sustaining the 61.85x P/E valuation will require margin recovery, successful Multilink integration, and continued EV share gains over the next few quarters.

Quarterly Results

Particulars Jun 2025Mar 2026Jun 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 in Rs
204
2.41
3.04
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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 in Rs
143
180
572
1,079
889
9.07
Div. Payout %
7%
0%
0%
0%
0%
0%
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
—
Figures in ₹ Crores

Cash Flow

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
—
Figures in ₹ Crores

Ratios

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others0.92%Promot.82.78%FIIs2.30%DIIs5.84%Public8.16%As ofAug 2026

Documents

Frequently Asked Questions about Dhoot Transmission

What does Dhoot Transmission Ltd do?
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 insu...
Where is Dhoot Transmission Ltd (1286088) listed?
Dhoot Transmission Ltd trades as DHOOTTRANS on the NSE and under code 544867 on the BSE.
Which sector does Dhoot Transmission Ltd belong to?
Dhoot Transmission Ltd is classified under the Consumer Discretionary sector, in the Auto Components industry.
What is the market capitalisation of Dhoot Transmission Ltd?
Dhoot Transmission Ltd has a market capitalisation of ₹31,678 Cr, which places it in the Large Cap band.
What is the PE ratio of Dhoot Transmission Ltd?
Dhoot Transmission Ltd trades at a PE ratio of 80.90, against a book value of ₹187.48 per share.
What is the 52-week high and low of Dhoot Transmission Ltd?
Over the last 52 weeks Dhoot Transmission Ltd has traded between ₹871 and ₹1,665.2.
What is the Return on Equity (ROE) of Dhoot Transmission Ltd?
Dhoot Transmission Ltd reported a return on equity of 16.30%. Its debt-to-equity ratio is 0.70.

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.

Listed 2026-08-17
Face Value ₹ 2

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