Dhoot Transmission IPO was a Mainboard Book Built public issue by Dhoot Transmission Limited. The public issue comprised a fresh issue of equity shares along with an Offer for Sale (OFS) by existing shareholders. The equity shares were listed on both the BSE and NSE on August 17, 2026. The company’s RHP was filed in August 2026 and the final Prospectus was filed with SEBI on August 18, 2026.
The IPO comprised a fresh issue aggregating up to ₹1,400 crore and an Offer for Sale of 1,91,37,602 equity shares aggregating up to ₹1,666.89 crore at the upper price band. The company received the proceeds from the fresh issue, while the proceeds from the OFS were received by the respective selling shareholders.
Dhoot Transmission Limited is an automotive electrical and electronics components manufacturer engaged in the design, engineering, manufacturing, and supply of wiring harnesses and related electrical and electronic products. Its product portfolio includes wiring harnesses, automotive switches, sensors and controllers, connection systems, terminals and connectors, automotive cables, power cords, and products used in electric vehicles.
The company serves automotive original equipment manufacturers and has exposure to two-wheelers, three-wheelers, commercial vehicles, off-highway vehicles and other applications. As of March 31, 2026, the company had 23 operational manufacturing units across India and overseas, along with manufacturing plants under construction, engineering and design support centres, and warehouses.
Dhoot Transmission has also been expanding its product portfolio beyond conventional wiring harnesses. Its operations include EV-related products such as battery packs and battery management systems, charging solutions and other electrical and electronic components. The company’s official website highlights its focus on engineered EV systems and cleaner mobility solutions.
India’s automotive components industry is supported by vehicle production, increasing electronics content, vehicle premiumisation, electrification, localisation of component manufacturing, and growing demand for advanced electrical and electronic systems. These trends can create opportunities for established component manufacturers with strong OEM relationships, manufacturing capabilities and engineering expertise. Investors should nevertheless evaluate customer concentration, competitive pressure, raw-material costs, capital expenditure requirements, execution risks and valuation before making an investment decision.
IPO Details
| Information | Details |
| IPO Name | Dhoot Transmission IPO |
| Company Name | Dhoot Transmission Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹2 Per Equity Share |
| Price Band | ₹829 to ₹871 Per Share |
| Issue Size | ₹3,066.89 Crore |
| Fresh Issue | ₹1,400 Crore |
| Offer for Sale | ₹1,666.89 Crore |
| IPO Open Date | 10 August 2026 |
| IPO Close Date | 12 August 2026 |
| Anchor Investor Bidding | 7 August 2026 |
| Basis of Allotment | 13 August 2026 |
| Refund Initiation | 14 August 2026 |
| Shares Credited to Demat Account | 14 August 2026 |
| Listing Date | 17 August 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 17 Equity Shares |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | Axis Capital Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited and 360 ONE WAM Limited |
The fresh issue proceeds were proposed to be used for repayment or prepayment of borrowings, investment in specified subsidiaries for repayment or prepayment of their borrowings, establishment of new wiring harness manufacturing plants at Jhajjar in Haryana and Shoolagiri in Hosur, Tamil Nadu, and funding inorganic growth through acquisitions and general corporate purposes.
Dhoot Transmission IPO Dates
| IPO Event | Date |
| Anchor Investor Bidding | 7 August 2026 |
| IPO Opening Date | 10 August 2026 |
| IPO Closing Date | 12 August 2026 |
| Basis of Allotment | 13 August 2026 |
| Refund Initiation | 14 August 2026 |
| Shares Credited to Demat Account | 14 August 2026 |
| Listing Date | 17 August 2026 |
The IPO opened for subscription on August 10, 2026 and closed on August 12, 2026. The basis of allotment was finalised on August 13, refunds and demat credit were scheduled for August 14, and the shares were listed on August 17, 2026.
Dhoot Transmission IPO Reservation
| Investor Category | Reservation |
| Qualified Institutional Buyers (QIB) | Not More Than 50% of the Net Offer |
| Non-Institutional Investors (NII) | Not Less Than 15% of the Net Offer |
| Retail Individual Investors (RII) | Not Less Than 35% of the Net Offer |
| Eligible Employees | Up to ₹6 Crore, subject to applicable limits |
Up to 60% of the QIB portion could be available for allocation to Anchor Investors on a discretionary basis. The offer documents also provided a reservation for eligible employees.
Dhoot Transmission IPO Lot Size
| Application | Shares | Amount |
| Retail Minimum | 1 Lot (17 Shares) | ₹14,807 |
| Retail Maximum | 13 Lots (221 Shares) | ₹1,92,491 |
| S-HNI Minimum | 14 Lots (238 Shares) | ₹2,07,298 |
| S-HNI Maximum | 67 Lots (1,139 Shares) | ₹9,92,069 |
| B-HNI Minimum | 68 Lots (1,156 Shares) | ₹10,06,876 |
The application values shown above are calculated using the upper price band of ₹871 per equity share. The minimum retail application was 17 shares, requiring ₹14,807 at the upper price band.
About Dhoot Transmission Limited
Dhoot Transmission Limited is an Indian electrical and electronics components manufacturer serving automotive and other applications. The company was originally incorporated as Dhoot Transmission Private Limited in 1998 and was subsequently converted into a public limited company in 2025. Its registered office is located at Chakan, Pune, Maharashtra, while its corporate office is located at Chhatrapati Sambhajinagar, Maharashtra.
The company is primarily engaged in the design, engineering, manufacture and supply of wiring harnesses and electrical and electronic products. Its product portfolio covers wiring harnesses, switches, sensors, controllers, connectors, terminals, cables, power cords and EV-related electrical systems.
Dhoot Transmission has built relationships with automotive OEM customers and has expanded its manufacturing and engineering footprint in India and overseas. Its operations serve multiple vehicle and application segments, reducing dependence on a single product category while also providing exposure to the increasing electrical and electronic content of modern vehicles.
The company is also expanding into EV-oriented products and technologies. Its official website highlights battery packs, battery management systems and charging solutions as part of its cleaner-mobility strategy.
Business Operations
Dhoot Transmission Limited operates across automotive electrical and electronics components with a focus on manufacturing, engineering and supply to OEM customers.
- Wiring Harnesses – The company designs and manufactures wiring harnesses used for electrical distribution and connectivity in vehicles and other applications.
- Automotive Electrical Components – Its portfolio includes automotive switches, connectors, terminals, cables, sensors and controllers.
- Two-Wheeler Products – The company has significant exposure to the two-wheeler segment, which accounted for a substantial portion of revenue from operations in FY2026.
- Three-Wheeler Components – Dhoot Transmission supplies electrical and wiring solutions for three-wheeler applications.
- Commercial Vehicle & Off-Highway Applications – Its products are used across commercial vehicles, off-highway vehicles and related applications.
- EV Products – The company is developing products for electric mobility, including battery packs, battery management systems, charging solutions and related electrical systems.
- Sensors and Controllers – The company manufactures electronic sensors and controllers used in automotive electrical systems.
- Connection Systems – Its product range includes connectors, terminals and related connection systems.
- Automotive Cables & Power Cords – The company manufactures cables and power cords for automotive and other applications.
- Engineering and R&D – Dhoot Transmission operates engineering and design support centres and has an engineering and R&D team supporting product development and customer requirements.
- International Operations – The company has manufacturing and business operations outside India and serves OEM customers across international markets.
Industry Overview
India’s automotive components industry is undergoing structural changes driven by increasing vehicle production, greater electronic content in vehicles, localisation, electrification and technological advancement. Wiring harnesses and electrical distribution systems remain important components of both conventional internal-combustion vehicles and electric vehicles.
The shift towards electric mobility is also increasing demand for battery systems, charging equipment, high-voltage wiring harnesses, electronic controllers, sensors and other electrical components. Automotive manufacturers are increasingly integrating more electronic features into vehicles, creating opportunities for component suppliers with engineering capabilities and established OEM relationships.
India’s position as a major automotive manufacturing base also provides opportunities for component manufacturers to expand domestic and export operations. However, the industry remains competitive and exposed to changes in vehicle production, raw-material prices, customer concentration, technology requirements and OEM procurement practices.
Business Strategy
Dhoot Transmission Limited is focused on expanding its manufacturing capacity, broadening its product portfolio and increasing its presence in emerging automotive electrical and electronic applications.
The company is investing in new wiring harness manufacturing capacity at Jhajjar in Haryana and Shoolagiri in Hosur, Tamil Nadu. It is also developing EV-related products and seeking opportunities to expand its business through inorganic growth and acquisitions.
The company’s strategy includes increasing manufacturing capacity, strengthening customer relationships, expanding into new product categories, developing EV systems, improving engineering capabilities and expanding its international operations.
The company also aims to benefit from increasing electrical and electronic content in vehicles and the transition towards electric mobility. Investors should consider the execution of these expansion plans, capital requirements and the competitive environment when assessing the strategy.
Dhoot Transmission IPO Financial Information
A company’s financial performance provides important information about revenue growth, profitability, operating efficiency, capital structure and financial stability. Reviewing multiple years of financial data helps investors assess the consistency of business performance.
Dhoot Transmission Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
| Revenue from Operations | ₹2,799.32 Crore | ₹3,472.24 Crore | ₹4,563.70 Crore |
| EBITDA | ₹512.40 Crore | ₹590.96 Crore | ₹710.99 Crore |
| Profit Before Tax (PBT) | ₹388.22 Crore | ₹457.59 Crore | ₹515.68 Crore |
| Profit After Tax (PAT) | ₹298.75 Crore | ₹353.89 Crore | ₹396.84 Crore |
| Net Worth | ₹741.01 Crore | ₹978.18 Crore | ₹2,397.15 Crore |
| Total Assets | ₹1,711.70 Crore | ₹2,336.23 Crore | ₹4,114.83 Crore |
| Total Borrowings | ₹554.90 Crore | ₹776.06 Crore | ₹841.39 Crore |
The company reported strong revenue growth during the period, with revenue from operations increasing from ₹2,799.32 crore in FY2024 to ₹3,472.24 crore in FY2025 and ₹4,563.70 crore in FY2026. PAT increased from ₹298.75 crore in FY2024 to ₹353.89 crore in FY2025 and ₹396.84 crore in FY2026.
EBITDA also increased from ₹512.40 crore in FY2024 to ₹590.96 crore in FY2025 and ₹710.99 crore in FY2026. Net worth increased substantially in FY2026, while borrowings also increased as the company continued investing in its business and expansion.
Dhoot Transmission IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess profitability, capital efficiency, leverage and valuation.
| KPI | Value |
| Return on Equity (ROE) | 16.30% |
| Return on Capital Employed (ROCE) | 19.14% |
| Return on Net Worth (RONW) | 16.55% |
| EBITDA Margin | 15.71% |
| PAT Margin | 8.70% |
| Debt-to-Equity Ratio | 0.35 |
| Earnings Per Share (EPS) | ₹21.06 |
| Net Asset Value (NAV) Per Share | ₹149.74 |
| Price to Earnings (P/E) | Approximately 41.36x pre-issue |
The reported FY2026 figures indicate an EBITDA margin of approximately 15.71%, PAT margin of approximately 8.70%, ROE of approximately 16.30%, ROCE of approximately 19.14% and debt-to-equity of approximately 0.35. The pre-issue P/E based on the relevant IPO valuation metrics was approximately 41.36x.
Objects of the Dhoot Transmission IPO
The company proposed to utilise the net proceeds from the fresh issue for the following purposes:
- Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company.
- Investment in Dhoot Autocomponents Private Limited, Dhoot Electricals Systems Private Limited, Dhoot Automotive Systems Private Limited and Dhoot Transmission UK Limited for repayment or prepayment of certain outstanding borrowings of these subsidiaries.
- Setting up new wiring harness manufacturing plants at Sector 11, Jhajjar, Haryana and Shoolagiri, Hosur, Tamil Nadu.
- Funding inorganic growth through acquisitions and general corporate purposes.
The proceeds from the Offer for Sale were received by the respective selling shareholders and did not accrue to Dhoot Transmission Limited.
Dhoot Transmission IPO Listing Performance
The listing performance reflects the initial market response to the company after its IPO. Dhoot Transmission shares were listed on both BSE and NSE on August 17, 2026.
| Particular | Value |
| Listing Exchange | BSE & NSE |
| Listing Date | 17 August 2026 |
| Issue Price | ₹871 Per Share |
| BSE Listing Price | ₹1,193.80 Per Share |
| NSE Listing Price | ₹1,200 Per Share |
| BSE Listing Gain | 37.06% |
| NSE Listing Gain | 37.77% |
| NSE Day-1 Closing Price | ₹1,187.05 |
Dhoot Transmission made a strong debut. The shares opened at ₹1,200 on NSE, representing a 37.77% premium to the ₹871 issue price. The BSE listing price was ₹1,193.80, representing a 37.06% premium.
On the NSE, the stock closed its first trading day at ₹1,187.05, while subsequent trading saw substantial price movement. Listing performance should not be treated as an indication of future returns, as long-term performance depends on earnings growth, business execution, industry conditions and valuation.
Dhoot Transmission IPO Subscription Status
The Dhoot Transmission IPO received very strong demand during its three-day bidding period. The final subscription was reported at approximately 75 times the shares offered, with particularly strong participation from QIB and NII investors.
Dhoot Transmission IPO Subscription
| Investor Category | Final Subscription |
| Qualified Institutional Buyers (QIB) | 209.02x |
| Non-Institutional Investors (NII) | 53.13x |
| bNII | 59.41x |
| sNII | 40.56x |
| Retail Individual Investors (RII) | 8.31x |
| Employee Category | 8.60x |
| Total Subscription | 75.05x |
The final subscription data indicates exceptionally strong institutional demand. QIB bids were approximately 209.02 times the shares available to the category, while NII subscription stood at approximately 53.13 times and retail subscription at approximately 8.31 times.
Dhoot Transmission IPO GMP
Grey Market Premium (GMP) is an unofficial and unregulated indicator and is not part of the official IPO process. GMP does not guarantee the listing price or future share price.
Before listing, market sources reported GMP levels in the range of approximately ₹250–₹280 per share during the final days of the IPO. The actual NSE listing price was ₹1,200 against the ₹871 issue price.
Investors should not rely solely on GMP for an investment decision. The official issue price, company financials, valuation, business fundamentals and market conditions are more important factors when evaluating the company.
Dhoot Transmission IPO Review
Dhoot Transmission Limited operates in the automotive electrical and electronics components industry, with a strong presence in wiring harnesses and related electrical products. The company has established relationships with automotive OEM customers and has developed manufacturing and engineering capabilities across multiple locations.
The company’s financial performance has shown consistent revenue growth. Revenue from operations increased from ₹2,799.32 crore in FY2024 to ₹4,563.70 crore in FY2026, while PAT increased from ₹298.75 crore to ₹396.84 crore during the same period.
One of the important factors supporting the company’s growth prospects is the increasing electrical and electronic content in modern vehicles. The transition towards electric mobility may also create additional opportunities in battery systems, charging solutions, high-voltage wiring and related electrical components.
The company is using part of the fresh issue proceeds for debt repayment and capacity expansion, including new wiring harness plants in Jhajjar and Shoolagiri. These investments could increase production capacity and support future customer requirements if executed successfully.
However, investors should also consider risks. Dhoot Transmission has significant customer concentration, operates in a competitive automotive components industry and remains exposed to changes in vehicle production and OEM demand. Expansion projects require substantial capital and timely execution. The business is also affected by raw-material prices, foreign exchange movements, technology changes and the transition in automotive powertrains.
Overall, Dhoot Transmission IPO offered exposure to an established automotive electrical and electronics components manufacturer with growing revenue, improving profitability and opportunities from vehicle electrification. Investors should evaluate the post-listing valuation, future earnings growth, customer concentration, debt levels and execution of expansion projects before making an investment decision.
Dhoot Transmission IPO Strengths
- Established manufacturer of automotive wiring harnesses and electrical and electronic components.
- Strong relationships with automotive OEM customers.
- Significant presence in the two-wheeler and three-wheeler segments.
- Diversified product portfolio covering wiring harnesses, switches, sensors, controllers, connectors, terminals and cables.
- Growing exposure to electric vehicle products and cleaner-mobility technologies.
- Consistent growth in revenue and profitability between FY2024 and FY2026.
- Expansion of manufacturing capacity and engineering capabilities.
- International operations and presence across multiple markets.
- Experienced management team with automotive and financial sector expertise.
Dhoot Transmission IPO Risk Factors
- The company has significant dependence on certain automotive OEM customers, creating customer concentration risk.
- The automotive components industry is highly competitive and sensitive to vehicle production volumes.
- Raw-material price fluctuations may affect operating margins.
- Expansion projects at new manufacturing locations require substantial capital and effective execution.
- The transition from internal-combustion vehicles to electric vehicles may require continued investment in new technologies and products.
- Changes in automotive technology could affect demand for existing products.
- International operations expose the company to foreign exchange and geopolitical risks.
- The company operates in a capital-intensive manufacturing environment.
- The IPO valuation should be assessed against future earnings growth and listed-sector peers.
Dhoot Transmission IPO Promoters
Dhoot Transmission Limited has two promoters: BC Asia Investments XV Limited and Rahul Radhavallabh Dhoot. The RHP identifies both as promoters of the company.
BC Asia Investments XV Limited is associated with Bain Capital’s investment in the business, while Rahul Radhavallabh Dhoot is the founder and Managing Director of Dhoot Transmission. The company has continued to operate under the leadership of Rahul Dhoot while expanding its manufacturing and product capabilities.
Dhoot Transmission IPO Promoters Details
| Promoter | Designation / Role |
| BC Asia Investments XV Limited | Promoter |
| Rahul Radhavallabh Dhoot | Promoter and Managing Director |
Dhoot Transmission IPO Management Team
The company is led by an experienced management team with expertise in automotive manufacturing, operations, finance, human resources and international business.
| Name | Designation |
| Rahul Radhavallabh Dhoot | Founder & Managing Director |
| Naveen Kumar | Chief Executive Officer, India – Wiring Harness & Electronics |
| Nitinkumar Dagdulal Kalani | Chief Financial Officer |
| Dhiren Vinodrai Sheth | Director & Chief Human Resources Officer |
| Gurpal Singh | Chief Executive Officer – International Operations |
| Amey Deeliprao Jogas | Company Secretary & Compliance Officer |
The company’s official management page identifies Rahul Dhoot as Founder & Managing Director, Naveen Kumar as CEO – India, Nitin Kalani as CFO, Dhiren Sheth as Director & CHRO and Gurpal Singh as CEO – International Operations.
Dhoot Transmission IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, coordinating refunds and share credit, and handling investor-related services.
| Particular | Details |
| Registrar Name | KFin Technologies Limited |
| Website | www.kfintech.com |
| IPO Allotment Status | KFin Technologies IPO Status Portal |
| Email ID | [email protected] |
| Contact Number | +91-40-6716 2222 / 1800 309 4001 |
| Contact Person | M. Murali Krishna |
Dhoot Transmission’s official investor-relations page identifies KFin Technologies Limited as the Registrar and Share Transfer Agent and provides the IPO email address and contact numbers.
Dhoot Transmission IPO Lead Manager Details
The Book Running Lead Managers were responsible for managing the public issue, coordinating regulatory requirements and supporting the company throughout the IPO process.
| Particular | Details |
| Lead Managers | Axis Capital Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited and 360 ONE WAM Limited |
The RHP identifies these six institutions as the Book Running Lead Managers and provides their respective IPO contact details.
Dhoot Transmission Limited Contact Details
| Particular | Details |
| Company Name | Dhoot Transmission Limited |
| Registered Office | Gut No. 312, Nanekarwadi, Chakan, Tq. Khed, District Pune – 410501, Maharashtra, India |
| Corporate Office | Gut No. 102, Farola III, Paithan Road, Chhatrapati Sambhajinagar – 431105, Maharashtra, India |
| Website | www.dhoottransmission.com |
| Email ID | [email protected] |
| Telephone | +91-24-3166 2600 |
| Company Secretary & Compliance Officer | Amey Deeliprao Jogas |
The registered and corporate office details are provided by the company on its official investor-relations and contact pages.
How to Check Dhoot Transmission IPO Allotment Status
Investors could check the IPO allotment status after the basis of allotment was finalised through the registrar’s website or the stock exchange portals.
Through KFin Technologies Limited
- Visit the official KFin Technologies IPO allotment portal.
- Select Dhoot Transmission IPO from the available IPO list.
- Choose the applicable option such as PAN, Application Number or DP/Client ID.
- Enter the required details.
- Submit the information to view the allotment status.
Through BSE
- Visit the official BSE IPO status facility.
- Select Dhoot Transmission IPO.
- Enter the required application or PAN details.
- Complete the verification process if required.
- Submit the details to check the allotment result.
The basis of allotment for Dhoot Transmission IPO was scheduled for August 13, 2026, with refund initiation and demat credit on August 14, 2026.
Dhoot Transmission IPO Conclusion
Dhoot Transmission IPO provided investors with an opportunity to participate in an established automotive electrical and electronics components manufacturer with a significant presence in wiring harnesses and related products. The company has developed manufacturing and engineering capabilities across India and overseas and has relationships with automotive OEM customers.
The company’s financial performance showed strong revenue growth between FY2024 and FY2026, while EBITDA and PAT also increased. The company’s expansion into EV-related products and continued investment in manufacturing capacity provide potential long-term growth opportunities.
The IPO also received very strong investor demand, with final subscription reported at approximately 75 times the shares offered. The shares subsequently made a strong market debut, listing at ₹1,200 on NSE against the ₹871 issue price.
However, investors should not judge the company solely on subscription levels or listing gains. Customer concentration, competition, raw-material costs, capital expenditure, execution of new manufacturing plants, technology changes and valuation remain important factors.
A detailed assessment of Dhoot Transmission’s financial performance, business model, industry outlook, customer concentration, debt position, expansion plans and post-listing valuation can help investors determine whether the stock is suitable for their investment objectives.
Dhoot Transmission IPO FAQs
What is Dhoot Transmission IPO?
Dhoot Transmission IPO was the Mainboard public issue of Dhoot Transmission Limited, an automotive electrical and electronics components manufacturer engaged primarily in wiring harnesses and related products.
What was the price band of Dhoot Transmission IPO?
The price band was ₹829 to ₹871 per equity share.
What was the issue size of Dhoot Transmission IPO?
The total issue size was ₹3,066.89 crore, comprising a fresh issue of ₹1,400 crore and an Offer for Sale of approximately ₹1,666.89 crore.
When did the Dhoot Transmission IPO open?
The IPO opened for subscription on August 10, 2026.
When did the Dhoot Transmission IPO close?
The IPO closed for subscription on August 12, 2026.
On which stock exchanges were Dhoot Transmission shares listed?
Dhoot Transmission shares were listed on both BSE and NSE on August 17, 2026.
What was the listing price of Dhoot Transmission shares?
The shares opened at ₹1,200 on NSE and ₹1,193.80 on BSE.
What was the lot size of Dhoot Transmission IPO?
The IPO lot size was 17 equity shares.
What was the minimum investment in Dhoot Transmission IPO?
The minimum retail investment was ₹14,807 for one lot of 17 shares at the upper price band of ₹871 per share.
Who was the registrar for Dhoot Transmission IPO?
KFin Technologies Limited was the registrar to the Dhoot Transmission IPO.
