Adroit Industries India Ltd IPO
Auto Ancillaries
Price Band
₹126 – ₹134
Lot Size
111
Minimum Bid Quantity
111
Minimum Investment
₹14874
Issue Size
₹150.71Cr
Opens
2026-09-23
Closes
2026-09-25
Listing
30-09-2026
Subscription Status
Qualified Institutional Buyers
1.83 x
Non-Institutional Investor
55.42 x
Retail Individual Investor
33.68 x
Total
29.24 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE505M01015
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Adroit Industries (India) Limited is a manufacturer and supplier of propeller shafts and related torque-transmission components for automotive and non-automotive applications. Its product portfolio includes precision-machined torque-transmission components, complete propeller shaft assemblies and forged components used as intermediate inputs in its manufacturing process. The company’s manufacturing capabilities cover forging, precision machining, heat treatment, assembly, balancing and testing, and it offers more than 5,000 SKUs of torque-transmission components and assemblies as of July 31, 2026. Its products are used mainly in commercial vehicles and, to a limited extent, passenger vehicles such as SUVs, as well as in defence and emergency services, heavy equipment, off-highway machinery and industrial equipment. The company supplies products through distributors, Tier-1 driveline component suppliers and directly to original equipment manufacturers (OEMs). It supplied products to customers in more than 32 countries during FY26, including the United States, Canada, Australia, Mexico, the United Kingdom, and countries across Europe, Latin America, the Middle East, Africa, and Asia-Pacific.
Pros
- • The company offers a broad portfolio of torque-transmission components. As of July 31, 2026, it offered 5,250 SKUs across propeller shaft assemblies, yoke components, shaft components, flange components, joint components and other driveline components. The number of SKUs increased from 3,821 in FY24 to 4,452 in FY25 and then 5,250 as of July 31, 2026.
- • The company has vertically integrated manufacturing operations across key production stages. It operates three manufacturing facilities in Madhya Pradesh covering forging, machining, heat treatment, assembly, finishing, and testing. The company claims that this in-house production setup reduces its reliance on third-party vendors for critical manufacturing processes.
- • The company has a diversified customer base with a high share of repeat business. It served 185 customers in FY26, including 153 distributors, 13 Tier-1 driveline component suppliers, and 22 OEMs. Revenue from repeat customers accounted for 90.26% of revenue from the sale of products in FY26.
Cons
- • The company is significantly dependent on export markets, particularly the US, for its revenue. Revenue from exports contributed Rs 121.24 crore (95.39%), Rs 116.68 crore (96.27%), and Rs 104.47 crore (94.56%) of revenue from the sale of products in FY26, FY25, and FY24, respectively. The US accounted for 53.76% of export sales in FY26, exposing the company to changes in demand, economic conditions, trade policies and customer collections in this market.
- • The company’s exports to the US are exposed to tariffs that could affect its revenue and margins. Its propeller shafts and driveline components exported to the US are subject to an additional 25% tariff under Section 232 of the Trade Expansion Act of 1962. Continuation or increase in tariffs, or failure to operationalise the proposed preferential tariff framework for Indian automotive parts, could affect the competitiveness of its products and its financial performance.
- • The company has substantial unhedged foreign currency exposure. It did not enter into any material derivative, forward, or other hedging contracts during FY26, FY25, or FY24, while its foreign currency exposures remained substantially unhedged. It reported a net foreign exchange loss of Rs 3.81 crore in FY25 and Rs 5.38 crore in FY24, compared with a gain of Rs 0.50 crore in FY26.
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