About Dhoot Transmission Ltd.
Dhoot Transmission IPO Details
Dhoot Transmission IPO is a 100% book-built issue of up to ₹3,067 crore, comprising a fresh issue of up to ₹1,400 crore and an offer for sale (OFS) of up to ₹1,667 crore. 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.
The price band of the issue is set between ₹829 to ₹871 per share and the lot size for an application is 17 shares. The minimum amount of investment required by an individual investor is ₹14,807 (17 shares). The IPO will be open for subscription from August 10 to 12, 2026, on the BSE and the NSE platform, with a tentative listing date fixed as August 17, 2026.
The book-running lead managers of the issue are Axis Capital Ltd., Kotak Mahindra Capital Co. Ltd., Jefferies India Pvt. Ltd., Nomura Financial Advisory and Securities (India) Pvt. Ltd., SBI Capital Markets Limited and 360 ONE WAM Limited, while the registrar to the issue is Kfin Technologies Limited.
Dhoot Transmission IPO Date & Timeline
The Dhoot Transmission IPO is officially set to open for subscription on Aug 10, 2026 and will close on Aug 12, 2026. The company initially filed its Updated Draft Red Herring Prospectus (UDRHP) on May 22, 2026 and has now finalised its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Aug 13, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Aug 14, 2026. Finally, shares of Dhoot Transmission Ltd. are tentatively scheduled to list on the stock exchanges on Aug 17, 2026.
Dhoot Transmission Ltd. IPO Timeline
| IPO Open Date | Mon, Aug 10, 2026 |
| IPO Close Date | Wed, Aug 12, 2026 |
| Basis of Allotment | Thu, Aug 13, 2026 |
| Initiation of Refunds | Fri, Aug 14, 2026 |
| Credit of Shares to Demat | Fri, Aug 14, 2026 |
| Listing Date | Mon, Aug 17, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Dhoot Transmission Ltd. IPO Details
| Detail | Description |
|---|---|
| IPO Date | 10 to 12 Aug, 2026 |
| Listing Date | 17 Aug, 2026 |
| Face Value | ₹ 2 per share |
| Issue Price Band | ₹ 829 to ₹ 871 |
| Lot Size | 17 Shares |
| IPO Type | Fresh Issue + Offer For Sale |
| Total Issue Size | 3,52,11,080 shares (agg. up to ₹ 3,067 Cr) |
| Fresh Issue(Ex Market Maker) | 1,60,73,478 shares (agg. up to ₹ 1,400 Cr) |
| Offer for Sale | 1,91,37,602 shares of ₹2 (agg. up to ₹ 1,667 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 18,84,67,612 shares |
| Share Holding Post Issue | 20,45,41,090 shares |
Dhoot Transmission Ltd. raises ₹918.27 crore from anchor investors. Dhoot Transmission Ltd. Anchor bid date is Fri, Aug 7, 2026.
| Bid Date | Fri, Aug 7, 2026 |
| Shares Offered | 1,05,42,657 |
| Anchor Portion (₹ Cr.) | 918.27 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, Sep 11, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, Nov 10, 2026 |
View the official anchor investors letter for complete details.
Download Anchor Letter (PDF)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 trading at ₹262, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹1133 which is 30.08% above the issue price. 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.
IPO Estimated Listing Return
Based on the IPO Price of ₹871 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹262 and a lot size of 17 shares.
Dhoot Transmission Ltd. IPO GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 17 Aug 2026 | ₹871.00 | ₹262 | 17 Aug, 202610:39 AM |
| 16 Aug 2026 | ₹871.00 | ₹262 | 17 Aug, 202610:39 AM |
| 15 Aug 2026 | ₹871.00 | ₹262 | 17 Aug, 202610:39 AM |
| 14 Aug 2026 | ₹871.00 | ₹266 | 14 Aug, 202603:25 PM |
| 13 Aug 2026 | ₹871.00 | ₹276 | 13 Aug, 202610:06 AM |
| 12 Aug 2026 | ₹871.00 | ₹250 | 12 Aug, 202603:59 PM |
| 11 Aug 2026 | ₹871.00 | ₹246 | 11 Aug, 202604:47 PM |
| 10 Aug 2026 | ₹871.00 | ₹267 | 10 Aug, 202605:57 PM |
| 9 Aug 2026 | ₹871.00 | ₹259 | 9 Aug, 202610:09 AM |
| 8 Aug 2026 | ₹871.00 | ₹247 | 8 Aug, 202610:10 AM |
| 7 Aug 2026 | ₹871.00 | ₹245 | 7 Aug, 202605:32 PM |
| 6 Aug 2026 | ₹871.00 | ₹258 | 6 Aug, 202602:52 PM |
| 5 Aug 2026 | ₹871.00 | ₹255 | 5 Aug, 202604:55 PM |
| 4 Aug 2026 | ₹871.00 | ₹246 | 4 Aug, 202605:56 PM |
Company Background
Dhoot Transmission Ltd. was established in 1999 by Mr. Rahul Dhoot in Aurangabad, Maharashtra, as a wiring harness manufacturing firm, then progressively expanded into electronics and EV components and became a leading manufacturer of wiring harnesses and automotive electrical components; it now operates 15 manufacturing locations domestically and internationally.
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) and 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 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
Dhoot Transmission Ltd. operates as a manufacturer of custom electrical and electronic components, primarily producing wiring harnesses, switches, sensors, connectors, automotive cables and EV solutions. Revenue stems from supplying original equipment manufacturers (OEMs) across two-wheelers, three-wheelers, commercial vehicles, off-road equipment, medical devices and household appliances. Two-wheelers generate the majority of top-line revenue, complemented by expanding EV-specific products like charging guns, inlets and battery packs.
Financial Performance
Dhoot Transmission Ltd. demonstrated strong financial growth in Fiscal 2026. Revenue from operations reached ₹4,563.70 crore, marking a 31.33% year-on-year increase from ₹3,472.24 crore in fiscal 2025, while total income also grew by ₹4,563.70 crore in FY26, in comparison to ₹3,472.24 crore in FY25. Profit after tax expanded significantly by 12.14% year-on-year to ₹396.84 crore compared to ₹353.89 crore in the previous fiscal year.
Management & Shareholding
The promoter of Dhoot Transmission Ltd. is Rahul Dhoot, Founder & Managing Director. Bain Capital holds a 55% stake through BC Asia Investments XV Ltd. Before the IPO, the promoter held the majority stake in the company, but after the IPO, the promoter's shareholding will be diluted.
Board & Key Management
The leadership of Dhoot Transmission Ltd. is led by a team of experts with many years of experience. Ajay Seth serves as the Chairman and gives strategic direction to the firm. The daily operations are managed by Rahul Radhavallabh Dhoot, the Managing Director, along with Whole-Time Directors. To ensure good governance, the board includes Independent Directors Tarun Dharampal Sharma and Matangi Gowrishankar for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Dhoot Transmission Ltd. Financial Information
Latest Revenue
₹ 4,524.96 Cr
Profit After Tax
₹ 396.84 Cr
Net Worth
₹ 2,397.15 Cr
Total Borrowing
₹ 841.39 Cr
| Period Ended | Assets | Revenue | Profit (PAT) | Net Worth | Reserves | Borrowing |
|---|---|---|---|---|---|---|
| 31 Mar 2026 | 4,114.83 | 4,524.96 | 396.84 | 2,397.15 | 2,360.40 | 841.39 |
| 31 Mar 2025 | 2,336.23 | 3,444.86 | 353.89 | 978.18 | 961.53 | 776.06 |
| 31 Mar 2024 | 1,711.70 | 2,797.73 | 298.75 | 741.01 | 724.74 | 554.90 |
| Amount in ₹ Crore | ||||||
Dhoot Transmission Ltd. Key Performance Indicator
| KPI | Values(31 Mar 2026) |
|---|---|
| ROE | 16.30 % |
| ROCE | 19.14 % |
| Debt/Equity | 0.35 |
| RoNW | 16.55 % |
| PAT Margin | 8.70 % |
| EBITDA Margin | 15.71 % |
| NAV | 149.74 |
| Price to Book Value | 5.82 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 21.06 | 19.40 |
| P/E (x) | 41.36 | 44.9 |
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, reported revenue of ₹4,563.70 crore in FY26, achieving a 31% year-on-year growth. Net profit expanded by 12% to ₹396.84 crore, alongside an EBITDA of ₹710.99 crore.
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, the 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
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 17 | 14,807 |
| Individual investors (Retail) (Max) | 13 | 221 | 1,92,491 |
| S-HNI (Min) | 14 | 238 | 2,07,298 |
| S-HNI (Max) | 67 | 1,139 | 9,92,069 |
| B-HNI (Min) | 68 | 1,156 | 10,06,876 |