What the company does
Dhoot designs and manufactures wiring harnesses, battery packs, electronic sensors and controllers, automotive switches, connectors and other electrical systems for two-wheelers, three-wheelers, commercial vehicles, off-road equipment and selected non-automotive applications.
The company operated 22 manufacturing facilities across India and overseas as of December 2025. Plants located near customer factories support just-in-time supply, but they also increase execution complexity and fixed-cost exposure when individual vehicle programmes slow.
Issuer disclosures describe Dhoot as one of the two largest suppliers in India's two- and three-wheeler wiring-harness market. EV-related revenue reached 24.17% in FY26, slightly below 25.22% in FY25; market-share and industry-growth figures remain issuer-commissioned claims.
Two- and three-wheelers generated 78.33% of FY26 revenue, while 90.14% of revenue was earned within India. The business therefore combines high OEM and vehicle-category concentration with more limited geographic diversification than a global auto-component peer.
Where the IPO money goes
Three-year financial snapshot
| Year | Revenue | EBITDA | PAT | Net worth | Borrowings | Assets |
|---|---|---|---|---|---|---|
| FY24 | ₹2,797.73 Cr | ₹512.4 Cr | ₹298.75 Cr | ₹749.16 Cr | ₹554.9 Cr | ₹1,711.7 Cr |
| FY25 | ₹3,444.86 Cr | ₹590.96 Cr | ₹353.89 Cr | ₹993.98 Cr | ₹776.06 Cr | ₹2,336.23 Cr |
| FY26 | ₹4,524.96 Cr | ₹710.99 Cr | ₹396.84 Cr | ₹2,434.95 Cr | ₹841.39 Cr | ₹4,114.83 Cr |
Restated financial information from IPO source materials; rounding may create small differences.
FY26 revenue growth
31.4%
Revenue increased to ₹4,524.96 crore from ₹3,444.86 crore.
FY26 EBITDA margin
15.7%
Down from 17.2% in FY25 and 18.3% in FY24 despite higher scale.
FY26 operating cash flow
₹347.66 Cr
Positive, while investing outflow was ₹1,261.69 crore following acquisitions and capex.
FY26 trade working capital
₹830.64 Cr
Receivable days were 64, inventory days 76 and payable days 69; working-capital growth consumed a meaningful share of operating profit.
FY26 acquisition cash outflow
₹937.51 Cr
Business combinations drove most of the ₹1,261.69 crore investing outflow; PPE and intangible purchases were another ₹349.97 crore.
FY26 capacity utilisation
74.3%
Up from 64.2% in FY25 across the disclosed manufacturing base.
Largest-customer share
31.84%
Bajaj Auto was Dhoot's largest customer in FY26; the top ten customers contributed 80.93%.
FY26 employee attrition
15.20%
Permanent-employee attrition improved from 19.10% in FY24; the group reported 2,735 permanent employees.
Upper-band FY26 P/E
35.7×
Based on ₹871 and RHP FY26 EPS of ₹24.40, before fresh-issue dilution.
Post-issue market cap
₹17,816.14 Cr
Derived from the BSE-confirmed 20,45,48,057 post-issue shares at the ₹871 final issue price; this equals about 44.9× FY26 PAT.
Borrowings at 20 July
₹914.78 Cr
Consolidated outstanding debt was mostly secured; disclosed term-loan rates generally ranged from 7.75% to 8.90%.
FY26 contingent liabilities
₹60.05 Cr
Primarily ₹48.04 crore of disputed advisory and consultancy fees plus tax and other legal matters.
Final issue price
₹871
BSE notice 20260814-32 confirms 20,45,48,057 post-issue shares and trading from 17 August under scrip 544867.
NSE listing open
₹1,200 (+37.77%)
NSE's archived 17 August file records the opening print and a ₹1,131–₹1,205 first-day range.
NSE first-day close
₹1,187.05 (+36.29%)
The 17 August NSE file records 3,04,20,204 shares traded; exchange-specific BSE prints are not added or averaged.
NSE 18 August close
₹1,305.75 (+49.91%)
The second-session close equalled the day's high; this is dated market context versus the ₹871 issue price, not a recommendation.
Opening market cap / FY26 PAT
₹24,545.77 Cr / 61.9×
Derived from the BSE-confirmed 20,45,48,057 post-issue shares and ₹1,200 NSE opening price, divided by FY26 PAT of ₹396.84 crore.
What stands out
- Revenue grew 31.4% in FY26 and PAT reached ₹396.84 crore, while capacity utilisation improved to 74.3%.
- Long OEM relationships, embedded vehicle programmes and manufacturing proximity can create switching friction after a component is validated.
- EV-related revenue was 24.17% in FY26, giving Dhoot meaningful exposure to higher electrical content per vehicle.
- Approximately ₹766.58 crore of identified fresh proceeds is directed to parent and subsidiary debt repayment, which should reduce finance costs if deployed as filed.
- The Jhajjar and Hosur facilities expand capacity near important northern and southern automotive clusters.
Key concerns
- The top five customers contributed 72.49% of revenue in the nine months ended December 2025. In FY26, Bajaj Auto alone contributed 31.84% and the top ten customers contributed 80.93%; programme loss, insourcing or weaker production at a major OEM could materially affect results.
- Two- and three-wheelers represented 78.3% of FY26 revenue, leaving the business exposed to category volumes and model cycles.
- Borrowings increased to ₹841.39 crore in FY26. The March balance sheet also held ₹1,084.28 crore of cash and equivalents after a ₹1,022.56 crore promoter capital infusion not yet fully deployed.
- Cash generation did not fund the expansion cycle on its own: ₹347.66 crore of FY26 operating cash flow sat against ₹937.51 crore paid for business combinations and ₹349.97 crore of PPE and intangible purchases. The ₹1,912.33 crore financing inflow was dominated by equity issuance.
- Trade working capital was ₹830.64 crore in FY26. Receivables and inventories increased by ₹184.73 crore and ₹205.24 crore respectively during the cash-flow bridge, partly offset by a ₹166.93 crore increase in payables.
- EBITDA margin fell to 15.7% in FY26 from 18.3% in FY24, so strong revenue growth has not translated into stable operating spreads.
- Copper, polymers, connectors and electronic inputs create commodity, foreign-exchange and supply-chain risk; pass-through arrangements may operate with a lag.
- The group has expanded through acquisitions and internal restructuring. Integration, related-party history, goodwill and cross-border subsidiary controls need continued scrutiny.
- At 20 July, consolidated outstanding borrowings were ₹914.78 crore, with security over fixed assets, current assets and corporate guarantees. Much of the cash-credit and working-capital debt is repayable on demand, while interest rates are benchmark-linked.
- Contingent liabilities were ₹60.05 crore at March 2026, including ₹48.04 crore of disputed advisory and consultancy fees. These are exposures rather than booked debt, and the eventual outcome is uncertain.
- The FY26 auditor reported that the core accounting software's audit trail did not operate throughout the year, another software lacked an audit-trail feature, evidence was inadequate for a third system and prior-year logs were not fully preserved. These are governance and financial-reporting control signals even though the restated financial statements were filed.
- Bain Capital affiliate BC Asia Investments XV is both a promoter and a major OFS seller. The sale is a partial liquidity event alongside primary capital raising.
What to monitor after listing
- Actual consolidated debt and finance-cost reduction after deployment of the IPO proceeds.
- Customer and vehicle-platform concentration, particularly revenue from the top five OEM relationships.
- Ramp-up cost, utilisation and customer nominations at the Jhajjar and Hosur plants.
- EV revenue mix and profitability rather than market-share claims alone.
- Operating cash flow, working-capital days and capex after the recent expansion cycle.
- Acquisition integration, goodwill and the cash returns generated on the ₹937.51 crore FY26 business-combination outflow.
- Closure of the disclosed audit-trail gaps, alongside post-listing promoter shareholding, related-party transactions and acquisition discipline.
Valuation context
At ₹871, the RHP multiple is approximately 35.7× FY26 EPS of ₹24.40 on a pre-offer basis. The BSE-confirmed 20,45,48,057 post-issue shares instead imply approximately ₹17,816.14 crore market capitalisation and 44.9× FY26 PAT. Fresh-issue dilution and interest savings from debt repayment move in opposite directions and should be modelled separately.
At the ₹1,200 NSE opening print, the same post-offer share count implies approximately ₹24,545.77 crore market capitalisation and 61.9× FY26 PAT. At the ₹1,305.75 NSE close on 18 August, the corresponding figures were approximately ₹26,708.86 crore and 67.3×. These are point-in-time market calculations, not normalised earnings estimates.
The UDRHP peer set includes Minda Corporation, Uno Minda, Motherson Sumi Wiring India and Sona BLW Precision Forgings. Their product mix, end markets, global exposure and capital intensity differ, so the peer range is context rather than a direct valuation verdict.
The central valuation test is whether Dhoot can sustain mid-to-high-teen EBITDA margins and strong returns while funding new plants, managing customer concentration and normalising leverage. Post-listing cash conversion will be more informative than revenue growth alone.
Dhoot Transmission IPO FAQs
What is the Dhoot Transmission IPO price band?
The stated price band is ₹829–₹871; issue price ₹871. Offer terms should be checked against the final prospectus and exchange notices.
When does the Dhoot Transmission IPO open and close?
The IPO is scheduled to open on 10 August 2026 and close on 12 August 2026. The stated listing date is Listed 17 August 2026.
What is the Dhoot Transmission IPO issue size?
The stated total issue size is ₹3,066.89 Cr, comprising ₹1,400 Cr of fresh issue and ₹1,666.89 Cr of offer for sale.
What is the minimum lot for the Dhoot Transmission IPO?
The stated minimum lot is 17 shares.
What do the latest Dhoot Transmission financials show?
For FY26, the offer documents report revenue of ₹4,524.96 Cr, EBITDA of ₹710.99 Cr and PAT of ₹396.84 Cr. Read these figures with the cash-flow, leverage and working-capital analysis on this page.
What is a key risk in the Dhoot Transmission IPO analysis?
The top five customers contributed 72.49% of revenue in the nine months ended December 2025. In FY26, Bajaj Auto alone contributed 31.84% and the top ten customers contributed 80.93%; programme loss, insourcing or weaker production at a major OEM could materially affect results.
How is the Dhoot Transmission IPO valued?
At ₹871, the RHP multiple is approximately 35.7× FY26 EPS of ₹24.40 on a pre-offer basis. The BSE-confirmed 20,45,48,057 post-issue shares instead imply approximately ₹17,816.14 crore market capitalisation and 44.9× FY26 PAT. Fresh-issue dilution and interest savings from debt repayment move in opposite directions and should be modelled separately.