Dhoot Transmission IPO: Date, Price, GMP & Review

Dhoot Transmission IPO Details

Dhoot Transmission IPO is a Mainboard IPO with an issue size of Rs. 3,066.89 Cr by Dhoot Transmission Limited, comprising a combination of fresh issue of 1.61 crore shares (Rs. 1400 Cr) and offer for sale of 1.91 crore shares (Rs. 1666.89 Cr).

The Dhoot Transmission IPO date of opening is 10 Aug 2026; its initial public offering will end on 12 Aug, IPO allotment on Aug 13, and refund initiation on Aug 14, 2026, and the listing date (expected) might be on Monday, Aug 17, 2026, on the BSE and NSE. 

The Dhoot Transmission IPO price band is Rs. 829 to Rs. 871.

If you are also looking to apply in this IPO and are confused about whether you should proceed or not, then we have made an analysis in which we will be covering the company’s business, financials, industry trends, valuation, strengths and weaknesses, its current GMP indications, etc that can help you in taking a decision. Keep scrolling.

Dhoot Transmission IPO- Company Analysis 

Dhoot Transmission Ltd. is one of the top electrical and electronics (E&E) firms in India, designing, engineering, producing, and supplying electrical distribution systems and wiring harnesses for both automotive and non-automotive applications. The company provides a wide range of products for both internal combustion engine (ICE) and electric vehicle (EV) platforms, including wiring harnesses, battery packs, sensors and electronic controllers, automotive switches, terminals, connectors, and power supply cords.

With a 41% market share, the firm is one of the top two companies in India's two-wheeler (2W) and three-wheeler (3W) wiring harness industry. In Fiscal 2026, it led the electric 2W and 3W category with a roughly 70% market share. Additionally, its goods are utilized in industrial applications, farming equipment, off-highway vehicles, and commercial vehicles.

IPO Timetable (Tentative) 

Industry Growth and Automotive Industry Outlook

The Indian automotive industry is projected to grow from 28.2 million units in FY26 to about 35-45 million units by FY31, registering a healthy CAGR of around 6-8%.

Click to open demat account and apply for the IPO.

The Objective of the Issue

• Repayment/prepayment, in full or in part, of all or certain outstanding borrowings availed by the Company. ~ Rs. 464.80 Cr.

• 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. ~ Rs. 301.77 Cr.

• 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. ~ Rs. 150 Cr.

• General Corporate Purposes.
  
  

Promoters And Management of Dhoot Transmission Ltd.

• BC Asia Investments XV Ltd. 

• Rahul Radhavallabh Dhoot.

Company Financials

• The Total Assets (everything the company owns, such as land, machines, cash, and materials) have shown strong growth over the last three years, driven by business expansion, increase in inventories, trade receivables, cash balances, property plant & equipment, goodwill and other intangible assets. As per the Restated Consolidated Financial Information, Total Assets stood at ₹41,148.25 million as at March 31, 2026 (up from ₹23,362.34 million as at March 31, 2025, and ₹17,116.98 million as at March 31, 2024).

• The Total Income (money earned from main business plus any other income)  has grown steadily over the last three years on the back of higher sales volumes and improved realisations. As per the Restated Consolidated Financial Information, Total Income stood at ₹45,637.00 million for Fiscal 2026 (up from ₹34,722.36 million in Fiscal 2025 and ₹27,993.15 million in Fiscal 2024).

• The Profit After Tax (final profit left after paying all costs and taxes) has shown consistent growth over the last three years, reflecting improved operational performance and scale benefits. As per the Restated Consolidated Financial Information, Restated Profit for the year stood at ₹3,968.42 million for Fiscal 2026 (up from ₹3,538.87 million in Fiscal 2025 and ₹2,987.48 million in Fiscal 2024).

• The EBITDA (operating profit before deducting interest, taxes, and asset wear-and-tear costs)  has increased over the last three years, supported by higher revenue and operating leverage. As per the Restated Consolidated Financial Information, EBITDA stood at ₹7,109.89 million for Fiscal 2026 (up from ₹5,909.63 million in Fiscal 2025 and ₹5,123.98 million in Fiscal 2024).

• The Net Worth (total value belonging to the owners/shareholders of the company)  has grown significantly over the last three years, mainly due to retained profits and capital infusion. As per the Restated Consolidated Financial Information, Net Worth stood at ₹23,971.51 million as at March 31, 2026 (up from ₹9,781.78 million as at March 31, 2025, and ₹7,410.13 million as at March 31, 2024).

• The Reserves (profits saved and kept inside the company for future use) have increased substantially over the last three years, driven by retained earnings and securities premium arising from share issuances. As per the Restated Consolidated Financial Information, Other Equity stood at ₹23,966.51 million as at March 31, 2026 (up from ₹9,759.82 million as at March 31, 2025, and ₹7,310.45 million as at March 31, 2024).

• The Total Borrowings (total loans and debt taken by the company) have risen over the last three years to support capacity expansion and working capital needs. As per the Restated Consolidated Financial Information, Total Borrowings stood at ₹8,413.92 million as at March 31, 2026 (up from ₹7,760.56 million as at March 31, 2025, and ₹5,548.97 million as at March 31, 2024).
  
  

Financials Snapshot

(Amount in Cr)

Cash Flows

• The Net Cash Flow from Operating Activities (cash generated from the company’s main day-to-day business after adjusting for working capital and taxes)  has shown steady improvement over the last three years. It stood at ₹2,410.86 million for the year ended March 31, 2024, increased to ₹3,202.14 million for the year ended March 31, 2025, and further rose to ₹3,476.57 million for the year ended March 31, 2026. The growth was driven by higher operating profits, partially offset by increases in trade receivables and inventories.

• Net Cash Flow from Investing Activities (cash used for buying/selling long-term assets like machinery, property, or investments)  remained negative over the last three years, reflecting continued capital expenditure and acquisitions. Net cash used in investing activities stood at ₹3,108.58 million for the year ended March 31, 2024, increased to ₹4,428.40 million for the year ended March 31, 2025, and rose sharply to ₹12,616.93 million for the year ended March 31, 2026, primarily due to higher payments for property, plant & equipment and significant outflows on account of business combinations.

• Net Cash Flow from Financing Activities (cash from loans, repayments, share issuance, and interest payments) has varied significantly over the last three years. It stood at ₹634.25 million for the year ended March 31, 2024, increased to ₹1,379.77 million for the year ended March 31, 2025, and surged to ₹19,123.33 million for the year ended March 31, 2026. The sharp rise in Fiscal 2026 was mainly driven by large proceeds from the issue of equity shares.

Cash Flows Snapshot

(Amount in Mn)

Revenue Bifurcation

Dhoot Transmission Limited mainly earns its money by designing, manufacturing and selling wiring harnesses and other electrical & electronic parts used in vehicles. These include sensors, switches, controllers, battery packs and related components for two-wheelers, three-wheelers, commercial vehicles, farm equipment and electric vehicles.  

In simple terms, the company supplies the “nervous system” of vehicles – the complex wiring systems that carry power and signals – mostly to big Indian vehicle makers (OEMs).  

In the financial year ending March 2026, the company earned ₹45,249.55 million from its main business (Revenue from Operations). Out of this:  

• About 77% came from wiring harnesses 

• Roughly 65% came from the two-wheeler segment  

• Around 24% came from electric vehicle (EV) related products  

• Nearly 90% of the total sales happened inside India.  

So, the company earns primarily by selling specialised automotive electrical components, with wiring harnesses for two-wheelers and growing EV products being the biggest contributors.

(Source: RHP)

Listed Peers of Dhoot Transmission Ltd.

Valuation

• The Return on Equity (ROE), which measures the Company’s ability to generate profit from its shareholders’ equity, stood at 16.30% for the year ended March 31, 2026. It was 35.60% for the year ended March 31, 2025 and 39.88% for the year ended March 31, 2024. (Note: The sharp drop in FY26 was mainly due to a large equity infusion of ₹10,225.61 million in March 2026, which significantly increased the equity base.

• The Return on Capital Employed (ROCE), which measures the Company’s efficiency in generating returns from the capital employed in the business, stood at 19.14% for the year ended March 31, 2026. It was 29.66% for the year ended March 31, 2025 and 33.56% for the year ended March 31, 2024.

• The Debt to Equity Ratio, which indicates the proportion of debt used to finance the Company’s assets relative to equity, stood at 0.35 as at March 31, 2026. It was 0.78 as at March 31, 2025 and 0.74 as at March 31, 2024. The ratio improved significantly in FY26 due to the large equity infusion.

• The Return on Net Worth (RoNW), which measures the Company’s ability to generate profit from its net worth, stood at 16.55% for the year ended March 31, 2026. It was 36.18% for the year ended March 31, 2025 and 40.32% for the year ended March 31, 2024.

• The Profit After Tax (PAT) Margin, which indicates the overall profitability of the Company as a percentage of total income, stood at 8.70% for the year ended March 31, 2026. It was 10.19% for the year ended March 31, 2025 and 10.67% for the year ended March 31, 2024.

• The EBITDA Margin, which indicates the operational profitability of the Company as a percentage of total income, stood at 15.71% for the year ended March 31, 2026. It was 17.15% for the year ended March 31, 2025 and 18.31% for the year ended March 31, 2024.
  
  

Valuation Snapshot

Is Valuation Expensive?

The valuation can be viewed in the context of the company’s growth trajectory, market position, EV exposure, and peer multiples. ROE and ROCE have come down after the recent equity infusion, margins have shown some moderation, and customer concentration remains a factor. Investors may evaluate these numbers based on their own risk appetite, growth expectations, and prevailing market conditions.

Evaluation of P/E Ratio

Considering the period ended FY 2026 with an EPS of Rs. 24.40 from the last year, the resulting P/E ratio is 35.69x.

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IPO's Strengths/ Bull Case

• Established leadership in India's 2W and 3W wiring harness market with a comprehensive product portfolio.

• Well-positioned to capitalize on EV adoption, premiumization, automation, and connected vehicle trends.

• Strong business foundation backed by marquee OEM customers and a diversified business mix.

• Consistent financial performance supported by scalable manufacturing operations.

IPO's Weaknesses/ Bear Case

• Heavy Customer Concentration

• No Long-Term Volume Guarantees

• Steep Asking Valuation

• Absence in Passenger Vehicles.
  
  

Future Opportunities

• Rising disposable income and urbanization

• Infrastructure development

• Policy Support and Incentives

• Financing and leasing ecosystem

• Electrification Push.
  
  

Dhoot Transmission IPO GMP

Dhoot Transmission IPO GMP today is Rs. 240 as of 06 Aug 2026, while writing this information. With the upper price band of Rs. 871, Dhoot Transmission IPO's estimated listing price is Rs. 1111. The expected listing gain/loss per share is 27.55%.

Anchor Investors

Details of anchor participation (if any) would be available in filings; pre-IPO investors include entities like Anchorage Capital and Baring PE.

Subscription Status (Live)

Subscription data will be available during/after the issue period on BSE/NSE websites. Check official sources for real-time updates.

Dhoot Transmission IPO Lesser Known Facts

• Bain Capital (through BC Asia Investments XV Limited) became a Promoter and now holds a 55% stake after the Tranche 2 issuance was completed in March 2026. Rahul Dhoot’s stake has come down to 29.87%.

• In 2018, the company acquired Parkinson Harness Technology Limited (UK) for £1.9 million and also set up operations in Thailand, marking its early international expansion.

• The company has a strong backward integration — it manufactures critical components like terminals, connectors, cables and moulded parts in-house, which gives it better cost control and quality.

• Approximately 95% of its auto product portfolio is either EV-focused or powertrain-neutral (can be used in both ICE and EV vehicles).

• It is the leader in the electric 2W and 3W wiring harness segment in India with close to 70% market share (Fiscal 2026).

• Overall market share in 2W + 3W wiring harness stands at 41.03%, making it among the Top 2 players in India.
  
  

Who Should Avoid this IPO? / Who Should Apply?

Every investor has different risk appetite, financial goals, and analysis methods. The blog suggests reviewing the full RHP, latest GMP, subscription trends, and consulting your own SEBI-registered advisor before making any decision. Allotment is not guaranteed, and market conditions on listing day also matter.

Dhoot Transmission IPO Summary

IPO Lot Details

Dhoot Transmission IPO Allotment Status

To check the Dhoot Transmission IPO Allotment Status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

IPO Lead Managers

• Axis Capital Ltd.
  
  

Dividend Policy

The company has paid a Dividend of Rs. 5 per Equity Share in FY24.

Should You Apply for Dhoot Transmission IPO?

Investors are advised to review the full RHP, latest GMP, subscription trends, and consult SEBI-registered professionals before taking any decision. Different investor categories may evaluate scale, valuation, risks, and opportunities differently.

Conclusion

Dhoot Transmission IPO offers strong growth potential due to its leadership in the two-wheeler and three-wheeler wiring harness market and increasing exposure to the EV segment. However, investors should carefully assess its premium valuation, customer concentration, declining margins, and absence in the passenger vehicle segment. Review the RHP, subscription data, market conditions, and personal risk appetite before applying.

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to provide all the required details about the company you should know before applying for the IPO.

You must consult your financial advisor before making any financial decisions.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.