About Adroit Industries IPO
Adroit Industries (India) Limited, an export-led manufacturer of driveline components, opens its IPO for public subscription from September 23, 2026, to September 25, 2026 at a price band of ₹126 to ₹134 per equity share of face value ₹10. The anchor book opens for one day on September 22, 2026.
The IPO is a book-built issue of ₹150.71 crore, comprising a fresh issue of ₹132.62 crore and an offer for sale of ₹18.09 crore.
Business Overview of Adroit Industries
Adroit Industries (India) Limited traces its operations back to 1966 and has evolved into an export-led manufacturer of propeller shafts, driveshafts and torque-transmission components that form part of driveline systems.
Key Highlights of this IPO:
| Business Highlights | Key Details |
|---|---|
| Operations Since | 1966 |
| Business | Propeller shafts, driveshafts and torque-transmission components for driveline systems |
| Product Range | More than 5,000 SKUs |
| End Applications | Commercial vehicles, defence equipment, heavy equipment and industrial systems |
| Export Share | 95.39% of FY2026 product sales from outside India |
| Export Reach | More than 32 countries across North America, Europe and Asia-Pacific |
| Customers | 185 customers in FY2026, served through distributors, Tier-1 driveline suppliers and OEMs |
| Named Domestic Clients | VE Commercial Vehicles, BEML and Godrej & Boyce Manufacturing |
| In-house Capabilities | Forging, precision machining, heat treatment, assembly, balancing and testing |
| Certifications | IATF 16949, ISO 9001, ISO 14001 and ISO 45001 |
| Subsidiaries | Adroit Driveshafts Private Limited (India), Adroit Driveshafts Canada Limited and Adroit Driveshafts USA LLC |
Adroit Industries: IPO Date, Price, and Other Details
Here are the details of the upcoming Adroit Industries IPO:
| Particular | Detail |
|---|---|
| Issue Size | ₹150.71 crore |
| Offer Type | Book-built issue (fresh capital cum OFS) |
| Fresh Issue | ₹132.62 crore |
| Offer for Sale | ₹18.09 crore |
| Face Value | ₹10 per equity share |
| Price Band | ₹126 to ₹134 per share |
| Anchor Investor Bidding Date | September 22, 2026 |
| IPO Open Date | September 23, 2026 |
| IPO Close Date | September 25, 2026 |
| Basis of Allotment | September 28, 2026 |
| Listing Date | September 30, 2026 |
| Lot Size | 111 shares |
| Minimum Investment (Retail) | ₹14,874 |
| Book Running Lead Manager | Choice Capital Advisors Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Listing Exchanges | BSE, NSE |
Adroit Industries IPO Market Lot
The Adroit Industries IPO minimum market lot is 111 shares with a ₹14,874 application amount.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 111 | ₹14,874 |
| Retail (Max) | 13 | 1,443 | ₹1,93,362 |
| S-HNI (Min) | 14 | 1,554 | ₹2,08,236 |
Adroit Industries IPO Reservation: Who Can Apply?
The Adroit Industries IPO has the following investor category reservation:
| Investor Category | Portion of Offer |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| Retail Individual Investors | Not less than 35% |
| Non-Institutional Investors (NII) | Not less than 15% |
Strengths and Risks of Adroit Industries IPO
Every business has its strengths and risks, and Adroit Industries is no different. Here is a brief business analysis (as per RHP) below:
Strengths
- Long operating history: Operations dating back to 1966.
- Export-led business: 95.39% of FY2026 product sales came from outside India, across more than 32 countries.
- Vertically integrated manufacturing: End-to-end control across forging, machining, heat treatment, assembly, balancing and testing.
- Strong margin profile: EBITDA margin of around 23% in FY2024 and FY2025, with FY2026 EBITDA of ₹38.71 crore on revenue of ₹139.94 crore.
- Broad customer base: 185 customers in FY2026, with a high degree of repeat business.
- Global quality certifications: IATF 16949, ISO 9001, ISO 14001 and ISO 45001.
- North American presence: Subsidiaries in Canada and the USA supporting customer engagement in that market.
Risks
- Extreme export dependence. With 95.39% of product sales outside India, the business is directly exposed to foreign demand cycles, currency movements, freight costs, and trade measures such as tariffs.
- Modest revenue growth. Revenue grew only 5% in FY2026, to ₹139.94 crore.
- Promoter holding falls below 37% post-issue, from 51.30% to 36.96% — a meaningful reduction in promoter control.
- Manufacturing concentration across three facilities in a single state, Madhya Pradesh.
- Subsidiary-routed proceeds. ₹68.08 crore of the identified objects is invested through the subsidiary Adroit Driveshafts rather than directly by the company.
- Existing borrowings, with total debt of ₹64.77 crore and debt-to-equity of 0.63 as of FY2025.
- ₹18.09 crore of the issue is an offer for sale and does not come to the company.
IPO Objectives – How Will the Funds Be Used?
The Adroit Industries proposes to utilise the net proceeds of the fresh issue towards:
| # | Issue Objects | Est. Amount (₹ crore) |
|---|---|---|
| 1 | Capital expenditure for machinery and equipment at the Dewas Facility, and transportation vehicles for movement of goods between facilities | 19.91 |
| 2 | Investment in subsidiary Adroit Driveshafts for capital expenditure on machinery and equipment at the Pithampur Facility, and transportation vehicles | 43.96 |
| 3 | Investment in subsidiary Adroit Driveshafts for repayment or pre-payment of certain outstanding borrowings | 24.12 |
| 4 | General corporate purposes | Balance |
Promoter Shareholding of Adroit Industries
The promoters of Adroit Industries (India) Limited are Saurabh Sangla, Mukesh Sangla, Monika Sangla, Shubhangi Trust, Shreya Trust and Swan Irrigation LLP.
| Category | Pre-IPO |
|---|---|
| Promoter and Promoter Group | 51.30% |
| Public | 48.70% |
| Total | 100% |
Financial Performance of Adroit Industries (Restated Consolidated, ₹ in crores)
Here's the table outlining the financial performance of Adroit Industries (India) Limited from FY 2024 to FY 2026.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 212.74 | 187.01 | 199.39 |
| Total Income | 143.04 | 136.61 | 125.10 |
| Profit After Tax | 26.16 | 18.14 | 14.53 |
| EBITDA | 38.71 | 31.02 | 29.69 |
| NET Worth | 128.63 | 103.53 | 87.82 |
| Reserves and Surplus | 105.59 | 96.92 | 78.79 |
| Total Borrowing | 52.40 | 8.32 | 16.29 |
Key Performance Indicators of Adroit Industries
Based on the financials available in the RHP, the following key performance metrics of Adroit Industries IPO can be considered.
| KPI | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| EBITDA Margin | 27.66% | 23.17% | 23.84% |
| PAT Margin | 18.69% | 13.28% | 11.67% |
| EPS (Earning Per Share - ₹) | 7.48 | 5.19 | 4.16 |
| Net Asset Value (NAV - ₹) | 36.84 | 29.65 | 25.16 |
| Debt / Equity | 0.41 | 0.63 | 0.94 |
(Note: Return ratios, EPS and the full valuation table must be taken from the "Basis for Offer Price" section of the RHP.)
Registrar of Adroit Industries IPO
The Registrar of Adroit Industries IPO is Bigshare Services Pvt. Ltd.
Phone: 8657578989 / 022-6263 8200
Email: ipo@bigshareonline.com
Allotment status: https://ipo.bigshareonline.com/IPO_Status.html
Lead Manager of Adroit Industries IPO
Choice Capital Advisors Pvt. Ltd. is the sole book-running lead manager to the Adroit Industries IPO.
