About Dhoot Transmission Ltd.
Dhoot Transmission IPO Details
Dhoot Transmission IPO is a 100% book-built issue comprising a fresh issue worth ₹1,400 crore and an offer for sale (OFS) of up to 1.63 crore equity shares. The company pre-filed its confidential DRHP with SEBI on February 3, 2026 and filed its Updated Draft Red Herring Prospectus (UDRHP-1) on May 22, 2026. SEBI approved the IPO on May 5, 2026.
The price band and official dates of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the BSE and NSE platforms. The book-running lead managers of the issue are Axis Capital Ltd., Kotak Mahindra Capital Co. Ltd., Jefferies India Pvt. Ltd. and Nomura Financial Advisory and Securities (India) Pvt. Ltd., while the registrar to the issue has not been declared yet.
Dhoot Transmission IPO Date & Timeline
Dhoot Transmission Ltd. officially pre-filed its confidential Draft Red Herring Prospectus (DRHP) on February 3, 2026 and filed its Updated DRHP on May 22, 2026. However, the specific Dhoot Transmission IPO date and subscription timeline remain unannounced. Following SEBI approval on May 5, 2026, the company will finalise the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding and the final listing on the exchange will be formally disclosed.
Dhoot Transmission Ltd. IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Basis of Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Dhoot Transmission Ltd. IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 2 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Issue + Offer For Sale |
| Total Issue Size | - |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | [.] shares (agg. up to ₹ 1,400 Cr) |
| Offer for Sale | 1,63,10,733 shares of ₹2 (agg. up to ₹[.] Cr) |
| Net Offered to Public | - |
| Issue Type | Fresh capital cum OFS |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 18,84,67,612 shares |
| Share Holding Post Issue | - |
Dhoot Transmission IPO GMP (Grey Market Premium)
"Grey Market Premium" or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Dhoot Transmission IPO GMP is currently not available, as the company has filed its UDRHP, but the price band has not been announced. Grey market activity will begin once the IPO opening date is confirmed. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
Dhoot Transmission Ltd. was established in 1999 by Mr. Rahul Dhoot in Aurangabad, Maharashtra as a wiring harness manufacturing and gradually expanded into electronics and EV components and became a leading manufacturer of wiring harnesses and automotive electrical components as now it operates 15 manufacturing locations domestically and internationally both.
The company supplies to major original equipment manufacturers (OEMs) across automotive and industrial sectors, including Bajaj Auto, TVS, Honda and many more. The company claims to be the second-largest wiring harness manufacturer in India's two-wheeler segment and holds over 70% market share in electric two-wheeler wiring harnesses. In 2025, the company converted into a public limited company to proceed with its public listing debut.
Operations & Product Range
Dhoot Transmission Ltd. offers automotive electrical solutions through four major divisions, which include Wiring Harnesses (a variety of harnesses and assemblies for automobiles), Electronics & Sensors (automotive sensors, controllers, and e-components), EV Components and Cables & Switches.
The firm is engaged in providing products to ICE-OEMs and EV-OEMs, of which the former makes up 78% of FY25 revenue worth ₹2,687 crore in the form of wiring harnesses. The firm’s EV division, formed in 2020, caters to the requirements of India’s top electric two-wheeler makers.
Facilities & Capacity
Dhoot Transmission Ltd. operates 15 manufacturing units situated all over India, Europe, and Thailand. Within the country, the firm has several manufacturing units in Aurangabad (Chhatrapati Sambhajinagar), Chakan, along with several other places in Maharashtra, apart from operations in Haryana and Tamil Nadu, wherein new manufacturing units are to be set up. The firm has shown a great capacity utilisation and customer expansion, providing services to 477 customers in Q3 FY26.
Brands & Market Presence
Dhoot Transmission Ltd. operates under the "Dhoot Transmission" brand and has established itself as a critical supplier to India's automotive industry. The company holds a dominant position in two-wheeler and three-wheeler wiring harnesses and commands over 70% share in the electric two-wheeler wiring harness segment. Its global footprint extends to Europe and Southeast Asia, while its domestic presence spans partnerships with virtually every major two-wheeler OEM in India. The company's acquisition of San Electromec Industries in 2021 further strengthened its capabilities in defence, railway and industrial wiring harnesses.
Revenue Streams & Business Model
The major income sources for Dhoot Transmission Ltd. are the design, manufacturing, and selling of wiring harnesses and auto parts to OEMs. In FY25, the firm earned an operating income of ₹3,444.86 crore (compared to ₹2,125.86 crore FY23), PAT of ₹353.89 crore, and EBITDA of ₹590.96 crore with a higher margin of 17.15%, which increased by 14.05%. The figures for Q3 FY26 include operating income of ₹3,279.24 crore and PAT of ₹301.46 crore. The wiring harness remains a major income driver, accounting for ₹2,687 crore (78%).
Management & Shareholding
The promoter of Dhoot Transmission Ltd. is Rahul Dhoot, Founder & Managing Director. Bain Capital holds a 49% stake through BC Asia Investments XV Ltd. Before the IPO, the promoter group and Bain Capital collectively controlled the majority stake, but after the IPO, the promoter's shareholding will be diluted as the offering includes OFS of 1.31 crore shares, which invites the public to join the company.
Board & Key Management
The leadership of Dhoot Transmission Ltd. is led by Rahul Dhoot, Founder & Managing Director, who provides strategic direction to the firm. The daily operations are managed by senior executives, including Naveen Kumar, CEO for India (Wiring Harness & Electronics) and Nitin Kalani, CFO. Full board composition and independent directors' details will be taken from the final prospectus.
Dhoot Transmission Ltd. Financial Information
Latest Revenue
3,247.67
₹ Crore
Profit After Tax
301.46
₹ Crore
Net Worth
1,277.21
₹ Crore
Total Borrowing
822.49
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2025 | 3,068.69 | 3,247.67 | 301.46 | 1,277.21 | 1,288.91 | 822.49 | |||
| 31 Mar 2024 | 2,336.23 | 3,444.86 | 353.89 | 978.18 | 975.98 | 776.06 | |||
| 31 Mar 2023 | 1,711.70 | 2,797.73 | 298.75 | 741.01 | 731.05 | 554.90 | |||
| 31 Mar 2022 | 1,261.18 | 2,125.86 | 163.91 | 468.53 | 455.78 | 422.67 | |||
| Amount in ₹ Crore | |||||||||
Dhoot Transmission Ltd. Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 23.03 % |
| ROCE | 22.34 % |
| Debt/Equity | 0.63 |
| RoNW | 23.60 % |
| PAT Margin | 9.19 % |
| EBITDA Margin | 16.38 % |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 18.78 | - |
| P/E (x) | - | - |
Dhoot Transmission IPO Objectives
The company intends to utilise the Dhoot Transmission IPO proceeds for strategic purposes:
- Funding capital expenditure for establishing new manufacturing facilities in Haryana and Tamil Nadu
- Repayment or pre-payment of debt (in part or in full)
- General corporate purposes
Dhoot Transmission IPO Review
Dhoot Transmission Ltd. operates at the intersection of traditional auto component manufacturing and emerging electric vehicle supply chains, focusing on wiring harnesses and automotive electronics. It ranks among India's top two wiring harness manufacturers for two/three-wheelers and holds a dominant 70%+ share in the EV two-wheeler wiring harness segment. The company benefits from India's expanding automotive market and the accelerating shift toward electric mobility.
Financially, the company has strong metrics, with revenue growing 62% from FY23 to FY25, PAT more than doubling and EBITDA margins improving from 14.05% to 17.15%. Its PAT margin expanded to 10.19% in FY25. The company maintains relationships with 477+ customers and has a global manufacturing footprint across three continents.
However, investors must check the potential risks, including dependence on the cyclical automotive sector, concentration in two-wheeler wiring harnesses, raw material cost volatility, execution risks in scaling new facilities and competitive pressure in the EV component space. Overall, IPO review highlights strong fundamentals and profitable growth but urges investors to assess the offer when the price band is revealed.
Conclusion
Dhoot Transmission IPO is an opportunity for investors to invest in a growing company that marks the listing debut of a leading automotive wiring harness manufacturer with strengths in the ICE and EV two-wheeler segments. Dhoot's strong revenue growth, doubling of profits, expanding EBITDA margins and established OEM relationships are advantages and make it rank 2nd among India's top two-wheeler wiring harness makers. With this issue, the company aims to fund its manufacturing expansion, repay debt and strengthen its balance sheet.
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Competitive Strengths
A strong management team led by founder Rahul Dhoot, with 25+ years of engineering heritage in automotive electrical systems
Second-largest wiring harness manufacturer in India's two/three-wheeler segment with 70%+ EV two-wheeler market share
Diversified product portfolio spanning wiring harnesses, electronics, sensors, EV components and cables
Strong financial performance with 62% revenue growth and PAT more than doubling between FY23 and FY25
15 manufacturing locations across India, Europe and Thailand with a global client base of 477+ customers
Strategic backing from Bain Capital and established relationships with virtually all major two-wheeler OEMs in India
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 0 | 0 | 0 |
| Individual investors (Retail) (Max) | 0 | 0 | 0 |
| S-HNI (Min) | 0 | 0 | 0 |
| S-HNI (Max) | 0 | 0 | 0 |
| B-HNI (Min) | 0 | 0 | 0 |