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Dhoot Transmission Ltd

Capital Goods - Electrical EquipmentIPO
₹871 - 871
₹871 - 871

We are one of India's leading electrical and electronics ("E&E") companies. We design, engineer, manufacture and supply critical wiring harnesses that integrate electronic sensors and controllers, switches, terminals, connectors, junction boxes, high-voltage interconnection systems and data cables, delivering application-specific architectures across platforms. We serve both automotive and non-automotive applications, supporting stringent performance, safety and reliability requirements for OEMs. In line with the industry's shift in powertrain, we cater to the spectrum of powertrain architectures across customer segments and end markets. We manufacture wiring harnesses and electrical distribution systems for internal combustion engine ("ICE") vehicles and electric vehicles ("EV"). Our offerings also include battery packs, switches, sensors (such as ABS sensors and lean angle sensors), controllers (such as USB chargers and light control modules) and power supply cords. Further, we are in the process of developing certain products such as side stand sensors and temperature sensors.

Lot17Min Invest₹14,807Face Value₹2Issue Size₹3,067 CrFresh Issue₹1,400 CrOffer for Sale₹1,667 CrListing Price₹1,200CMP₹1,616

Timeline

10 Aug
Bidding opens
12 Aug
Bidding closes
13 Aug
Allotment
13-14 Aug
Refund & demat credit
17 Aug
Listing

Subscription

Subscription opens once dates are announced

Reports

Offer Details

Terms

Issue Size₹3,067 Cr3.52 Cr shares
Fresh Issue₹1,400 Cr
Offer for Sale₹1,667 Cr
Face Value₹2
Lot Size17 shares
ReservationQIB 50% · NII 15% · RETAIL 35%

Application Sizes

Retail14,8071-13 lots
sNII2,07,298from 14 lots
bNII10,06,876from 68 lots

Managers & Registrar

Lead ManagerAxis Capital Ltd
Co-ManagerJefferies India Pvt Ltd, Kotak Mahindra Capital Company Ltd, Nomura Financial Advisory & Sec. (India) Pvt Ltd, SBI Capital Markets Ltd, 360 ONE WAM Ltd
RegistrarKFin Techologies Ltd

Ownership & Proceeds

Offer for Sale

Selling ShareholderShares OfferedAmt ₹ CrBC Asia Investments XV LimitedPRMTR1,60,18,7691,395.23Mangalam Capital Private Limited (formerly known as Mangalam Coils Private Limited)PRMTR31,18,833271.65Total1,91,37,6021,666.89

Shareholding

CategoryPre IPOPost IPOPromoter Group100%82.77%Public0%17.23%

Objects of the Issue

  1. Repayment/prepayment, in full or in part, of all or certain outstanding borrowings availed by the Company
  2. Invest in certain of the Subs, namely, Dhoot Autocomponents Pvt Ltd, Dhoot Electricals Syms Pvt Ltd, Dhoot Automotive Sytm Pvt Lts & Dhoot Transmission UK Ltd, in full or part outstanding borrowings.
  3. Setting up of a new wiring harness manufacturing plant of our Company at (i) Sector 11, Jhajjar, Haryana, India; and (ii) Shoolagiri, Hosur, Tamil Nadu, India
  4. Funding inorganic growth through unidentified acquisitions and general corporate purposes

Anchor Book

Bid Date07-Aug-2026

Financials

Profit & Loss

Financial YearFY22FY23FY24FY25FY26
RevenueCr1,5492,1262,7983,4454,525
Operating ProfitCr145299512591711
OPM%9.414.118.317.115.7
PBTCr69199388458516
PATCr41164299354397
EPS23811212424

Balance Sheet

Financial YearFY22FY23FY24FY25FY26
Equity CapitalCr1817171838
ReservesCr2724577329762,397
BorrowingsCr383446576815918
Fixed AssetsCr----1,383
Total AssetsCr9411,2611,7122,3364,115

Cash Flow

Financial YearFY22FY23FY24FY25FY26
Operating Cash FlowCr175236241320348
Investing Cash FlowCr-77-167-311-443-1,262
Financing Cash FlowCr-115-57631381,912
Net Cash FlowCr-1712-615998

Strengths & Risks

Strengths · as stated in the DRHP
  • Established leadership position in India and scaled operations in 2W and 3W wiring harnesses, supported by an extensive and critical product portfolio.
  • It's positioned to capitalize on key industry trends, leveraging our differentiated capabilities to deliver sustained growth and value.
  • Strong business foundation anchored by a marquee customer base and diversified business mix, enabling sustained growth.
  • Strong financial performance.
  • Professional & Experienced Management Team, robust R&D team and investor support.
Strategies · as stated in the DRHP
  • Capitalizing on trends toward electrification and premiumization to broaden our product portfolio across segments and technologies, driving greater content per vehicle and expanding our customer base.
  • Continue to focus on our design, research and development ("R&D") and engineering capabilities to develop innovative systems and solutions, as well as improve our manufacturing efficiencies.
  • Invest ahead of demand through capacity expansion.
  • Pursue selective inorganic expansion through acquisitions, joint ventures or technology partnerships to gain access to new technologies, customers, and global markets.
Risks · as stated in the DRHP
  • The company derived a significant portion of its revenue from operations (Rs. 29,626.97 million, Rs. 23,049.09 million and Rs. 18,052.79 million, i.e. 65.47%, 66.91% and 64.53%, in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively) from the two-wheeler ("2W") automotive sector in India, and Rs. 5,817.77 million, Rs. 4,305.00 million and Rs. 3,275.70 million, i.e. 12.86%, 12.50% and 11.71%, in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, from the three-wheeler ("3W") automotive sector in India, in each case primarily through the sale of wiring harnesses, which constituted 77.08%, 78.00% and 81.93% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any adverse changes in these sectors in India, or in demand for, pricing of or technology relating to wiring harnesses, could adversely impact the company's business, results of operations, cash flows and financial condition.
  • The company is dependent on its top five and top ten customers. The company's top ten customers (based on contribution to revenue from operations in Fiscal 2026) contributed 80.93%, 81.81% and 77.90% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any failures to maintain the company's relationship with these customers will have an adverse effect on its business, results of operations, cash flows and financial condition.
  • The company does not has firm, long-term volume commitments with OEM customers. Termination, modification or reductions in customer requirements could adversely affect its business, results of operations, financial condition and cash flows.
  • The company's business is capital intensive and its incur substantial capital expenditure and working capital requirements and may requires additional financing to meet those requirements, which could have an adverse effect on the company's business, results of operations, cash flows and financial condition.
  • The company derived 90.14%, 89.80% and 86.92% of its revenue from contract with customers in Fiscals 2026, 2025 and 2024, respectively, within India as a % of revenue from operations. Any adverse changes in economic or regulatory conditions that negatively affect the demand for the company's products in these markets could affect its results of operations.
  • Certain of the company's facilities including at Hosur, Tamil Nadu and Pithampur, Madhya Pradesh currently operate at high-capacity utilization levels and the company may not be able to meet additional demand for its products until the company is able to increase its capacity. Further, if the company's underestimate or overestimate the demand for its products, the capacity utilization of the company's manufacturing facilities may be under-utilized or over-utilized, respectively, which could adversely affect its profitability and manufacturing schedules.
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