Dhoot Transmission
- Issue price
- ₹ 871
- Issue size
- ₹ 3,066.89 Cr.
- Min. investment
- ₹ 14,807
- Listing price
- ₹ 1,200
- Subscribed
- 74.21x
- Lot size
- 17 shares
- P/E
- 44.9
- RoNW
- 16.55%
- RoCE
- 19.14%
- Debt / Equity
- 0.35
- PAT margin
- 8.70%
- EBITDA margin
- 15.71%
- RoE
- 16.30%
- EPS
- ₹ 19.40
- NAV
- ₹ 149.74
- Promoter stake
- 82.77%
About
Dhoot Transmission Limited was started in April 1998. It is one of India's leading electrical and electronics companies. It designs, engineers, manufactures and supplies wiring harnesses and electrical distribution systems. These are used in vehicles as well as in non-automotive applications. The product list is wide. It includes wiring harnesses, battery packs, sensors and electronic controllers, automotive switches, terminals, connectors and power supply cords. The company makes parts for both petrol and diesel vehicles (ICE) and for electric vehicles. The company is among the top two players in India's two-wheeler and three-wheeler wiring harness market, with about 41% market share. In the electric two-wheeler and three-wheeler segment it is the leader with nearly 70% share in FY2026. Its products are also used in commercial vehicles, off-highway vehicles, farming equipment and industrial machines. About 95% of its automotive product range is either EV-focused or works on any type of powertrain. This helps the company benefit from the shift to electric vehicles, premium models, connected vehicles and automation. The company has long-term relationships with big vehicle makers and keeps a mixed customer base. As on 31 March 2026, it had 2,735 full-time employees working in manufacturing, R&D, engineering, sales, finance and corporate roles.
Timeline
- doneOpens10 Aug
- doneCloses12 Aug
- doneAllotment13 Aug
- doneRefunds14 Aug
- doneDemat credit14 Aug
- doneListing17 Aug
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 276 on 12 Aug 2026
- Lowest
- ₹ 247 on 7 Aug 2026
- First quoted
- ₹ 253 on 4 Aug 2026
Subscription
How many times each investor group bid for its share, as of 17 Aug 2026, 06:30 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 17 | ₹ 14,807 |
| Retail (Max) | 13 | 221 | ₹ 1,92,491 |
| S-HNI (Min) | 14 | 238 | ₹ 2,07,298 |
| B-HNI (Min) | 68 | 1,156 | ₹ 10,06,876 |
Company overview
Financials
| Assets | 4,114.83 | 2,336.23 | 1,711.7 |
| Total Income | 4,563.7 | 3,472.24 | 2,799.32 |
| Profit After Tax | 396.84 | 353.89 | 298.75 |
| EBITDA | 710.99 | 590.96 | 512.4 |
| NET Worth | 2,397.15 | 978.18 | 741.01 |
| Reserves and Surplus | 2,360.4 | 961.53 | 724.74 |
| Total Borrowing | 841.39 | 776.06 | 554.9 |
Strengths
- It is among the top two players in India's two-wheeler and three-wheeler wiring harness market with about 41% share. In the electric 2W and 3W segment it is the leader with nearly 70% share in FY2026.
- The company is ready for the EV shift. About 95% of its automotive product range is either EV-focused or works on any type of powertrain, so a move away from petrol and diesel vehicles will not hurt it much.
- Business has grown well. Total income went up from Rs 2,799.32 crore in FY2024 to Rs 4,563.70 crore in FY2026. Profit after tax rose from Rs 298.75 crore to Rs 396.84 crore in the same period.
- Return ratios are strong. RoCE was 29.66% and RoNW was 36.18%. EBITDA for FY2026 was Rs 710.99 crore.
- The product range and the end markets are spread out. Apart from two and three wheelers, the parts go into commercial vehicles, off-highway vehicles, farm equipment and industrial uses.
- Rs 150 crore of the fresh money will build two new wiring harness plants, at Jhajjar in Haryana and Shoolagiri, Hosur in Tamil Nadu. This adds capacity close to customer clusters.
Risks
- More than half the issue is an offer for sale. Out of Rs 3,066.89 crore, about Rs 1,666.89 crore is OFS and goes to the selling shareholders. The company will receive only about Rs 1,400 crore.
- Profit is growing much slower than sales. Between FY2025 and FY2026 revenue went up 31% but profit after tax rose only 12%. This shows margin pressure.
- The issue is not cheap. At the upper band of Rs 871, the P/E works out to about 44.9 times on an EPS of Rs 19.40.
- Borrowings are high. Total borrowing was Rs 841.39 crore as on 31 March 2026, up from Rs 554.90 crore in FY2024. Rs 464.80 crore of the fresh issue and another Rs 301.77 crore put into subsidiaries will go towards repaying loans.
- The auto parts business is cyclical. Two-wheeler and three-wheeler sales go up and down with the economy, festive demand, financing and fuel prices.
- The company supplies to a few large vehicle makers. Losing any big OEM, or a fall in their production, will directly hit revenue.
- Promoter holding will come down from 100% to 82.77% after the issue. BC Asia Investments XV Ltd, a promoter, is selling shares worth about Rs 1,395.23 crore in this offer.
- Part of the money is kept for buying companies that have not been identified yet. There is no clarity today on where this will be spent.
What the money is for
| Repayment/prepayment, in full or in part, of all or certain outstanding borrowings availed by the Company | 464.8 |
| Investment in certain of our Subsidiaries, namely, Dhoot Autocomponents Private Limited, Dhoot Electricals Systems Private Limited, Dhoot Automotive Systems Private Limited and Dhoot Transmission UK Limited, for repayment/prepayment, in full or part, of all or certain of the outstanding borrowings availed by these Subsidiaries. | 301.77 |
| Setting up of a new wiring harness manufacturing plant of the Company at (i) Sector 11, Jhajjar, Haryana, India; and (ii) Shoolagiri, Hosur, Tamil Nadu, India | 150 |
| Funding inorganic growth through unidentified acquisitions and general corporate purposes(1) | — |
Promoters
- BC Asia Investments XV Ltd
- Rahul Radhavallabh Dhoot
Anchor investors
72 anchors put in ₹ 918.28 Cr., including 46 mutual funds.
| SBI MULTICAP FUND | 6,31,465 | 55 | 5.99% |
| SBI AUTOMOTIVE OPPORTUNITIES FUND | 2,87,028 | 25 | 2.72% |
| ICICI PRUDENTIAL SMALLCAP FUND | 8,23,480 | 71.73 | 7.81% |
| ISIF EQUITY LONG-SHORT FUND | 31,671 | 2.76 | 0.3% |
| ISIF EQUITY EX-TOP 100 LONG-SHORT FUND | 63,342 | 5.52 | 0.6% |
| HDFC MANUFACTURING FUND | 2,29,619 | 20 | 2.18% |
| HDFC BUSINESS CYCLE FUND | 2,29,619 | 20 | 2.18% |
| HDFC INNOVATION FUND | 1,10,211 | 9.6 | 1.05% |
| HDFC TRANSPORTATION & LOGISTICS FUND | 3,03,110 | 26.4 | 2.88% |
| HDFC CONSUMPTION FUND | 45,934 | 4 | 0.44% |
| BLACKROCK GLOBAL FUNDS-INDIA FUND | 3,66,945 | 31.96 | 3.48% |
| BLACKROCK EMERGING FRONTIERS MASTER FUND LTD. | 3,21,929 | 28.04 | 3.05% |
| ASHOKA WHITEOAK ICAV-ASHOKA WHITEOAK EMERGING MARKETS EQUITY FUND | 5,16,664 | 45 | 4.9% |
| ABU DHABI INVESTMENT AUTHORITY-STABLE | 4,01,846 | 35 | 3.81% |
| ABU DHABI INVESTMENT AUTHORITY-MONSOON | 1,72,227 | 15 | 1.63% |
| AXIS MULTICAP FUND | 89,539 | 7.8 | 0.85% |
| AXIS INDIA MANUFACTURING FUND | 44,761 | 3.9 | 0.42% |
| AXIS INNOVATION FUND | 10,319 | 0.9 | 0.1% |
| AXIS MULTI ASSET ALLOCATION FUND | 20,655 | 1.8 | 0.2% |
| AXIS SMALL CAP FUND | 2,44,613 | 21.31 | 2.32% |
| AXIS FLEXI CAP FUND | 1,06,777 | 9.3 | 1.01% |
| MIRAE ASSET FOCUSED FUND | 5,16,664 | 45 | 4.9% |
| NIPPON INDIA POWER & INFRA FUND | 1,72,210 | 15 | 1.63% |
| NIPPON INDIA VALUE FUND | 1,72,227 | 15 | 1.63% |
| GOVERNMENT PENSION FUND GLOBAL | 1,72,227 | 15 | 1.63% |
| PICTET-INDIAN EQUITIES | 2,29,636 | 20 | 2.18% |
| AMUNDI FUNDS NEW SILK ROAD | 1,72,227 | 15 | 1.63% |
| AMUNDI FUNDS ASIA EQUITY FOCUS | 57,409 | 5 | 0.54% |
| ALLIANZ GLOBAL INVESTORS FUND-ALLIANZ INDIA EQUITY | 2,29,636 | 20 | 2.18% |
| FRANKLIN INDIA BALANCED ADVANTAGE FUND | 2,29,636 | 20 | 2.18% |
| TATA FLEXI CAP FUND | 96,679 | 8.42 | 0.92% |
| TITANIUM HYBRID LONG-SHORT FUND | 12,070 | 1.05 | 0.11% |
| TATA DIVIDEND YIELD FUND | 24,208 | 2.11 | 0.23% |
| TATA ELSS FUND | 96,679 | 8.42 | 0.92% |
| INVESCO INDIA MANUFACTURING FUND | 1,72,227 | 15 | 1.63% |
| SUMMIT EQUITY LONG-SHORT FUND | 57,409 | 5 | 0.54% |
| CANARA ROBECO MULTI CAP FUND | 2,29,636 | 20 | 2.18% |
| UTI MULTI CAP FUND | 91,851 | 8 | 0.87% |
| UTI TRANSPORTATION & LOGISTICS FUND | 1,37,785 | 12 | 1.31% |
| PGIM INDIA MULTI CAP FUND | 34,459 | 3 | 0.33% |
| PGIM INDIA RETIREMENT FUND | 8,109 | 0.71 | 0.08% |
| PGIM INDIA SMALL CAP FUND | 1,29,659 | 11.29 | 1.23% |
| HSBC FLEXI CAP FUND | 54,502 | 4.75 | 0.52% |
| HSBC SMALL CAP FUND | 54,502 | 4.75 | 0.52% |
| HSBC AGGRESSIVE HYBRID FUND | 43,605 | 3.8 | 0.41% |
| HSBC CONSUMPTION FUND | 19,618 | 1.71 | 0.19% |
| SUNDARAM SMALL CAP FUND | 1,72,227 | 15 | 1.63% |
| SBI LIFE INSURANCE CO.LTD. | 2,29,636 | 20 | 2.18% |
| HDFC LIFE INSURANCE CO.LTD. | 2,29,636 | 20 | 2.18% |
| ICICI PRUDENTIAL LIFE INSURANCE CO.LTD. | 2,29,636 | 20 | 2.18% |
| MAX LIFE INSURANCE CO.LTD.-ULIF 01815/02/13 PENSPRESER 104-PENSION PRESERVER FUND | 1,139 | 0.1 | 0.01% |
| MAX LIFE INSURANCE CO.LTD.-ULIF 00625/11/05 PENSBALANC 104-PENSION BALANCED FUND | 1,139 | 0.1 | 0.01% |
| AXIS MAX LIFE INSURANCE LTD.-ULGF 00217/04/06 GRATBALANC 104-GROUP GRATUITY BALANCED FUND | 2,295 | 0.2 | 0.02% |
| AXIS MAX LIFE INSURANCE LIMITED A/C UMFPH - HIGH GROWTH PENSION FUND | 3,434 | 0.3 | 0.03% |
| AXIS MAX LIFE INSURANCE LIMITED A/C UHG2S - INDIA CONSUMPTION OPPORTUNITIES FUND | 3,434 | 0.3 | 0.03% |
| AXIS MAX LIFE INSURANCE LTD.-UEGFH-HIGH GROWTH FUND II | 36,144 | 3.15 | 0.34% |
| AXIS MAX LIFE INSURANCE CO.LTD.-ULIF00225/06/04 LIFEBALANC 104-BALANCED FUND | 36,142 | 3.15 | 0.34% |
| AXIS MAX LIFE INSURANCE LTD.-SUSTAINABLE EQUITY FUND-ULIF02505/10/21 SUSTAINEQU104 | 34,442 | 3 | 0.33% |
| MOTILAL OSWAL LARGE CAP FUND | 1,37,785 | 12 | 1.31% |
| MOTILAL OSWAL INNOVATION OPPORTUNITIES FUND | 91,851 | 8 | 0.87% |
| BANDHAN TRANSPORTATION & LOGISTICS FUND | 57,409 | 5 | 0.54% |
| BANDHAN MIDCAP FUND | 57,409 | 5 | 0.54% |
| BANDHAN LARGE CAP FUND | 57,409 | 5 | 0.54% |
| EDELWEISS EQUITY SAVINGS FUND | 28,713 | 2.5 | 0.27% |
| EDELWEISS RECENTLY LISTED IPO FUND | 28,696 | 2.5 | 0.27% |
| EDELWEISS BUSINESS CYCLE FUND | 1,14,818 | 10 | 1.09% |
| 3P INDIA EQUITY FUND I M | 2,29,636 | 20 | 2.18% |
| BAJAJ LIFE INSURANCE LTD. | 1,14,818 | 10 | 1.09% |
| 360 ONE LVF TREASURY SOLUTIONS FUND | 1,14,818 | 10 | 1.09% |
| BAJAJ FINSERV CONSUMPTION FUND | 87,789 | 7.65 | 0.83% |
| TAKSH INDIA ENTERPRISING FUND | 87,789 | 7.65 | 0.83% |
| CHARTERED FINANCE & LEASING LTD. | 87,789 | 7.65 | 0.83% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 2 a share
- Registrar
- KFin Technologies Limited
- Lead managers
- SBI Capital Markets Ltd., Axis Capital, Kotak Mahindra Capital Company Limited, Jefferies India Private Limited
- Red herring prospectus (RHP)
- Open
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.