Dhoot Transmission Ltd IPO

Capital Goods - Electrical Equipment

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Price Band

₹829 – ₹871

Lot Size

17

Minimum Bid Quantity

17

Minimum Investment

₹14807

Issue Size

₹3066.89Cr

Opens

2026-08-10

Closes

2026-08-12

Listing

17-08-2026

Subscription Status

Qualified Institutional Buyers

212.92 x

Non-Institutional Investor

51.88 x

Retail Individual Investor

7.93 x

Employees

8 x

Total

74.1 x

IPO Details

Issue Type

EQUITY

Face Value

₹2

Tick Size

1

ISIN

INE01NH01023

Pre-Apply Available

No

Daily Bidding Time

10:00:00 - 17:00:00

About the Company

Dhoot Transmission Limited is an electrical and electronics company that designs, engineers, manufactures, and supplies components for automotive and non-automotive applications. Its product portfolio includes wiring harnesses and electrical distribution systems for internal combustion engine, and electric vehicles, along with battery packs, automotive switches, sensors, electronic controllers, and power supply cords. Its wiring harnesses integrate components such as electronic sensors and controllers, switches, terminals, connectors, junction boxes, high-voltage interconnection systems, and data cables. The company serves two-wheelers, three-wheelers, commercial vehicles, off-highway vehicles, and farming and industrial equipment. As of the date of the Red Herring Prospectus, the company had 23 operational manufacturing units across India and outside India, along with two manufacturing plants under construction in India. As of March 31, 2026, it also had three engineering and design support centres and seven warehouses across India and international locations. The company also undertakes product design and development, prototyping, tooling, manufacturing, and final assembly.

Pros

  • • Strong position in 2W and 3W wiring harnesses: The company is among the top two wiring harness manufacturers for two-wheelers and three-wheelers in India. In Fiscal 2026, it had a 37.58% market share in 2W wiring harnesses and more than 70% in 3W wiring harnesses, according to the CRISIL Report.
  • • Growing exposure to electric vehicles: The company’s revenue from EV-related products increased from 16.19% of revenue from operations in FY24 to 24.18% in FY26. Its products cover both ICE and EV platforms, including wiring harnesses, battery packs, sensors, and electronic controllers.
  • • Diversified customer and end-market base: The company supplies to OEMs across 2W, 3W, commercial vehicles, off-highway vehicles, and farming and industrial equipment. Its top five customers had an average relationship of 13 years as of March 31, 2026, while the top 10 customers accounted for 80.93% of revenue from operations in FY26.

Cons

  • • The company derives a significant portion of its revenue from the 2W and 3W automotive sectors in India, with revenue from the 2W sector contributing Rs 2,962.70 crore (65.47%), Rs 2,304.91 crore (66.91%), and Rs 1,805.28 crore (64.53%) in FY26, FY25, and FY24, respectively, while the 3W sector contributed Rs 581.78 crore (12.86%), Rs 430.50 crore (12.50%), and Rs 327.57 crore (11.71%), respectively. Further, wiring harnesses contributed Rs 3,487.72 crore (77.08%), Rs 2,687.01 crore (78.00%), and Rs 2,292.04 crore (81.93%) to revenue from operations in FY26, FY25, and FY24, respectively. Any adverse changes in the 2W or 3W automotive sectors, demand or pricing for wiring harnesses, availability or prices of key raw materials, or technological changes affecting wiring harnesses could adversely impact the company’s business, results of operations, cash flows, and financial condition.
  • • The company derives a significant portion of its revenue from its top five and top 10 customers. The top five customers contributed Rs 3,237.93 crore (71.56%), Rs 2,452.13 crore (71.18%), and Rs 1,851.20 crore (66.17%) to revenue from operations in FY26, FY25, and FY24, respectively. Further, Bajaj Auto Limited, the company’s largest customer, contributed Rs 1,440.83 crore (31.84%) of revenue from operations in FY26. Failure to retain these key customers due to loss of orders, disputes, declines in customer sales, or plant shutdowns could hurt the company’s business, results of operations, cash flows, and financial condition.
  • • The company derives a significant portion of its revenue from customers within India, with revenue from contracts with customers in India contributing Rs 4,078.99 crore (90.14%), Rs 3,093.46 crore (89.80%), and Rs 2,431.68 crore (86.92%) of revenue from operations in FY26, FY25, and FY24, respectively. The company also has substantial sales, manufacturing, engineering, and technical operations in India. Any adverse economic, regulatory, social, or political developments in India, including changes in interest rates, inflation, trade policies, tariffs, or import and export restrictions, could adversely affect demand for its products, input and financing costs, business, results of operations, and financial condition.

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