About Dhoot Transmission IPO
Dhoot Transmission Limited is set to launch its IPO for public subscription on August 10, 2026, and will remain open until August 12, 2026.
The Dhoot Transmission IPO price band is set at ₹829–₹871 per equity share. The allotment is expected to be finalised on August 13, 2026.
The Dhoot Transmission IPO is a ₹3,066.89 crore book-building issue, comprising a fresh issue aggregating to ₹1,400.00 crore and an offer for sale (OFS) aggregating to approximately ₹1,666.89 crore.
From this IPO, the company will receive proceeds only from the fresh issue. The OFS amount will go to the selling shareholders. The Red Herring Prospectus was filed by Dhoot Transmission with SEBI on August 3, 2026.
Business Overview of Dhoot Transmission
Dhoot Transmission Limited, incorporated in April 1998, is one of India's leading electrical and electronics (E&E) companies, engaged in the design, engineering, manufacturing and supply of wiring harnesses and electrical distribution systems for automotive and non-automotive applications.
Key Highlights of Dhoot Transmission Include:
| Particulars | Details |
|---|---|
| Core Business | Wiring harnesses and electrical distribution systems |
| Product Range | Wiring harnesses, battery packs, sensors, switches, cables, electronic controls |
| Manufacturing | 22 production units across India, UK, Slovakia and Thailand |
| Key Customers | Bajaj Auto, TVS Motor, Honda Motorcycle & Scooter India, Royal Enfield |
| Promoter Backing | Bain Capital, via BC Asia Investments XV Ltd. |
| Revenue (FY26) | ₹4,563.70 crore |
Dhoot Transmission IPO Date, Price, and Other Details
The following are the IPO details of Dhoot Transmission out for subscription on August 10, 2026.
| Particulars | Details |
|---|---|
| IPO Size | Book Build issue of ₹3,066.89 crore |
| Offer Type | Fresh issue of ₹1,400.00 crore + OFS of approx. ₹1,666.89 crore |
| Price Band | ₹829 to ₹871 per share |
| Issue Dates | Opens: Aug 10, 2026 · Closes: Aug 12, 2026 |
| Anchor Bidding Date | Aug 7, 2026 |
| Minimum Bid Lot | 1 lot of 17 shares |
| Minimum Investment (Retail) | ₹14,807 (at upper band) |
| Allotment Date | Aug 13, 2026 |
| Refund / Credit to Demat | Aug 14, 2026 |
| Listing Date | Aug 17, 2026 |
| Face Value | ₹10 per share |
| Lead Managers (BRLMs) | Axis Capital Ltd.; Jefferies India Pvt. Ltd.; Kotak Mahindra Capital Co. Ltd.; Nomura Financial Advisory & Securities (India) Pvt. Ltd.; SBI Capital Markets Ltd.; 360 ONE WAM Ltd. |
| Registrar | KFin Technologies Ltd. |
| Listing Exchanges | BSE & NSE |
Dhoot Transmission IPO Reservation: Who Can Apply?
Residents, HNI,s and NRIs (Non-Resident Indians) can apply in Dhoot Transmission in the following categories:
| Investor Category | Lots | Shares | Amount (at ₹871) |
|---|---|---|---|
| Retail (Min) | 1 | 17 | ₹14,807 |
| Retail (Max) | 13 | 221 | ₹1,92,491 |
| sNII (Min) | 14 | 238 | ₹2,07,298 |
| bNII (Min) | 68 | 1,156 | ₹10,06,876 |
| QIB | As applicable | — | — |
Strengths and Risks of Dhoot Transmission IPO
With every business owning its strengths and risks, even the Dhoot Transmission IPO has its potential plus points and downsides to be aware of.
Here is a brief business analysis (as per RHP) below:
Strengths
- One of India's leading wiring harness manufacturers, ranked among the top two suppliers in the two-wheeler wiring harness segment.
- Long-standing, deeply integrated relationships with major OEMs including Bajaj Auto, TVS Motor, Honda Motorcycle & Scooter India and Royal Enfield.
- Global manufacturing footprint of 22 production units across India, the UK, Slovakia and Thailand.
- Product portfolio positioned for the shift to electrification, spanning battery packs, sensors, switches and EV-compatible components alongside traditional harnesses.
- Revenue grew 31% from ₹3,472.24 crore (FY25) to ₹4,563.70 crore (FY26), with EBITDA of ₹710.99 crore in FY26.
- Backing from Bain Capital through BC Asia Investments XV Limited.
Risks
- Heavy exposure to the cyclical automotive sector; a downturn in vehicle production would flow directly through to revenue.
- Concentration in two-wheeler wiring harnesses leaves the business exposed to a single vehicle segment.
- Raw material cost volatility, particularly in copper and polymers, can compress margins.
- Execution risk in scaling the new Haryana and Tamil Nadu manufacturing facilities.
- Competitive pressure in the EV component space from both established auto-ancillary players and new entrants.
- PAT growth of about 12% lagged revenue growth of 31% in FY26, indicating margin pressure.
- Promoter holding falls from roughly 99.6% pre-issue to about 82.8% post-issue, and a large share of the issue is an OFS whose proceeds do not reach the company.
Future Plans/Strategies
- Reduce leverage at both the parent and subsidiary level using fresh issue proceeds.
- Set up new wiring harness manufacturing plants at Jhajjar, Haryana and Shoolagiri, Hosur, Tamil Nadu.
- Expand the EV component portfolio to capture demand from electrification of two- and three-wheeler platforms.
- Pursue inorganic growth through acquisitions and strategic initiatives.
Dhoot Transmission IPO Objectives — How Will the Funds Be Used?
The Dhoot Transmission IPO is a combination of a fresh issue and an offer for sale. The company will directly receive the proceeds only from the fresh issue of ₹1,400.00 crore.
The key objectives of the offer, as stated in the RHP, include:
| Objective | Amount (₹ crore) |
|---|---|
| Repayment/prepayment, in full or in part, of all or certain outstanding borrowings availed by the Company | ₹464.80 |
| Investment in subsidiaries Dhoot Autocomponents Pvt. Ltd., Dhoot Electricals Systems Pvt. Ltd., Dhoot Automotive Systems Pvt. Ltd. Dhoot Transmission UK Ltd. Also, for repayment/prepayment of their outstanding borrowings | ₹301.77 |
| Setting up new wiring harness manufacturing plants at Sector 11, Jhajjar (Haryana) and Shoolagiri, Hosur (Tamil Nadu) | ₹150.00 |
| Funding inorganic growth through acquisitions and general corporate purposes | Balance |
Promoter Shareholding of Dhoot Transmission IPO
The promoters of Dhoot Transmission Limited are BC Asia Investments XV Limited (a Bain Capital entity) and Rahul Radhavallabh Dhoot.
| Category | Pre-Issue Holding (%) |
|---|---|
| Promoter | 84.87% |
| Promoter Group | 15.13% |
| Total | 100% |
(Note: As per the updated draft red herring prospectus, Bain Capital held about 55% and Rahul Radhavallabh Dhoot about 29.87% of the pre-issue share capital.)
Financial Performance (₹ in crores) of Dhoot Transmission IPO
Here's the table outlining the financial performance of Dhoot Transmission for FY 2025 and FY 2026.
(₹ in crores)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 4,114.83 | 2,336.23 | 1,711.70 |
| Total Income | 4,563.70 | 3,472.24 | 2,799.32 |
| Profit After Tax | 396.84 | 353.89 | 298.75 |
| EBITDA | 710.99 | 590.96 | 512.40 |
| NET Worth | 2,397.15 | 978.18 | 741.01 |
| Reserves and Surplus | 2,360.40 | 961.53 | 724.74 |
| Total Borrowing | 841.39 | 776.06 | 554.90 |
Key Performance Metrics of Dhoot Transmission
Based on the financials available in the RHP, the following key performance metrics of Dhoot Transmission Limited can be considered.
| KPI | As of FY 2025-26) | As of FY 2024-25) |
|---|---|---|
| Return on Equity (ROE) | 16.30% | 35.60% |
| Earnings Per Share (EPS) | ₹24.40 | ₹24.31 |
| EBITDA Margin (%) | 15.71% | 17.15% |
| Net Debt to EBITDA ratio | -0.25 | 1.29 |
| PAT Margin (%) | 8.70% | 10.19% |
| Capacity utilisation (%) | 74.26% | 64.22% |
| Revenue Growth (%) | 31.35% | 23.13% |
Registrar of Dhoot Transmission IPO
The Registrar of Dhoot Transmission IPO is KFin Technologies Ltd.
Phone: 040-79615565
Website: https://ipostatus.kfintech.com/
Lead Managers of Dhoot Transmission IPO
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 are the book-running lead managers handling the IPO process of Dhoot Transmission Limited.
