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Adroit Industries India Ltd
Auto AncillariesIPO
₹126 - 134
Incorporated in 1995, Adroit Industries India Ltd manufactures propeller shaft assemblies (driveshafts that transfer engine power to vehicle axles) and over 5,000 precision torque-transmission driveline components, operating an export-heavy business anchored in integrated in-house forging, machining, and dynamic balancing. The company builds custom mechanical components and complete driveshafts for international distributors and Tier-1 driveline suppliers (manufacturers that supply directly to vehicle makers), relying on captive forging to maintain tight metallurgical control and protect manuf
Lot111Min Invest₹14,874Face Value₹10Issue Size₹151 CrFresh Issue₹133 CrOffer for Sale₹18 Cr
Timeline
23 Sept
Bidding opens
25 Sept
Bidding closes
28 Sept
Allotment
29 Sept
Refund & demat credit
30 Sept
Listing
Subscription
Subscription opens 23 Sept
Reports
Offer Details
Terms
Issue Size₹151 Cr
Fresh Issue₹133 Cr
Offer for Sale₹18 Cr
Face Value₹10
Lot Size111 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,8741-13 lots
sNII₹2,08,236from 14 lots
bNII₹10,11,432from 68 lots
Managers & Registrar
Lead ManagerChoice Capital Advisors Private Limited
RegistrarBigshare Services Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrMukesh Sangla HUFPRMTR13,50,00018.09Total13,50,00018.09
Shareholding
CategoryPre IPOPost IPOPromoter Group96.09%71.87%Public3.91%28.13%
Objects of the Issue
- Funding capital expenditure by the company towards procurement of; i) machinery and equipment for enhancement of operations at Dewas Facility; ii) transportation vehicle for local transportation of goods between the Manufacturing Facilities
- Investment in its Subsidiary, Adroit Driveshafts Pvt Ltd, in the form of equity, for funding capital expenditure towards procurement of; i) machinery & equipment ii) transportation vehicle for local transportation of goods
- Investment in th company Subsidiary, Adroit Driveshafts Private Limited, in the form of debt or equity or a combination thereof, for re-payment or pre-payment, in full or in part, of certain borrowings availed by the company Subsidiary
- General corporate purposes
Anchor Book
Bid Date22-Sep-202630-day lock-in27-Oct-202690-day lock-in26-Dec-2026
Strengths & Risks
Strengths · as stated in the DRHP
- Offering over 5,000 SKUs of torque-transmission components and assemblies forming part of driveline systems
- Vertically integrated manufacturing operations with end-to-end control across forging, machining and assembly operations.
- Established relationships with diversified customer base and high degree of repeat business.
- Entry barriers supported by established validation and advanced engineering capabilities.
- Strong export presence with diversified international customer base.
- Experienced Promoters and competent management team.
Strategies · as stated in the DRHP
- Expansion of manufacturing capabilities and product portfolio, testing capabilities and automation.
- Strengthen our presence in international markets.
- Strengthening engagement with domestic OEM customers through direct sales.
- Digital transformation to enhance operational efficiency and manufacturing traceability.
- Leverage integrated manufacturing capabilities to support future growth.
Risks · as stated in the DRHP
- Major portion of our revenue from Sale of Products is derived from export sales and a significant portion of such export sales is concentrated in the United States. Revenue from outside India aggregated to Rs.1,212.44 million, Rs.1,166.83 million and Rs.1,044.75 million for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively, representing 95.39%, 96.27% and 94.56% of our revenue from Sale of Products for the respective periods. Any adverse developments affecting our export markets, particularly the United States, including recessionary conditions, tariff revisions, changes in trade policy, trade remedy actions, foreign exchange fluctuations or delays in collection of export receivables, could materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.
- Our revenue from operations is significantly concentrated among a limited number of customers. Revenue from our top 10 customers aggregated to Rs.773.60 miilion, Rs.798.84 million and Rs.758.00 million for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively, representing 60.86%, 65.91% and 68.61% of our revenue from Sale of Products for the respective periods. We are dependent on such customers for a substantial portion of our revenue and any reduction, modification or termination of business by such customers could materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.
- Our manufacturing operations are concentrated at facilities located in the state of Madhya Pradesh, India. Any disruption, slowdown or shutdown at any of such facilities may materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.
- Our downstream operational activities are undertaken through our Subsidiary, Adroit Driveshafts Private Limited ("ADPL"), and we are dependent on the operating income, manufacturing operations and cash flows generated by our Subsidiary.
- Our business is significantly exposed to foreign currency exchange rate fluctuations, and our Company does not have a hedging policy in place and hence, we may not be able to hedge our risk exposures particularly during volatile foreign currency exchange rates, which may adversely affect our results of operations, cash flows and financial condition.
- There have been mulitple instances of delays in statutory filings and non-compliances with respect to corporate and regulatory reporting obligations in the past, which may reflect certain weaknesses in our compliance monitoring and internal control processes and may expose us to regulatory actions, penalties and reputational risk.