{"id":15011,"date":"2026-09-22T11:10:17","date_gmt":"2026-09-22T11:10:17","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=15011"},"modified":"2026-09-25T11:16:28","modified_gmt":"2026-09-25T11:16:28","slug":"adroit-industries-ipo","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/adroit-industries-ipo\/","title":{"rendered":"Adroit Industries IPO: A Contrarian Bet Against EV"},"content":{"rendered":"<p><em>Adroit Industries is filing a \u20b9151 Cr IPO on September 23, 2026. It is among the few Indian manufacturers with in-house forging capability, and exports made up 87% of its FY26 revenue, spread across more than 32 countries.<\/em><\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"ipo-summary\">IPO Summary<\/h2>\n<div class=\"captioned-image-container\">\n<table>\n<thead>\n<tr>\n<th colspan=\"2\">Adroit Industries IPO Details<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>IPO Date<\/td>\n<td>23rd Sep to 25th Sep, 2026<\/td>\n<\/tr>\n<tr>\n<td>Sale Type<\/td>\n<td>Fresh Issue + OFS<\/td>\n<\/tr>\n<tr>\n<td>Tentative Listing Date<\/td>\n<td>30th Sep, 2026<\/td>\n<\/tr>\n<tr>\n<td>Price Band<\/td>\n<td>\u20b9126 to \u20b9134<\/td>\n<\/tr>\n<tr>\n<td>Post Issue M. Cap at \u20b9134<\/td>\n<td>\u20b9600 Cr<\/td>\n<\/tr>\n<tr>\n<td>Total Issue Size<\/td>\n<td>\u20b9151 Cr<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"industry-overview\">Industry Overview<\/h2>\n<p>India\u2019s auto-component industry makes up about <strong>2.5%<\/strong> of GDP and directly employs over <strong>1.5 million<\/strong> people.<\/p>\n<p>It\u2019s expected to grow <strong>7-9%<\/strong> in FY26 to a <strong>USD 87-89 billion<\/strong> industry, on higher value addition, more R&amp;D and rising exports.<\/p>\n<p>Within this exists smaller propeller shaft market which is poised to grow from <strong>USD 2.3 billion<\/strong> 2025 to reach <strong>USD 3.3 billion<\/strong> in 2030F.<\/p>\n<blockquote><p><em>A propeller shaft (also known as a drive shaft or prop shaft) is a rotating mechanical rod that transfers power and torque from a vehicle\u2019s engine and transmission to the differential or a vessel\u2019s propeller.<\/em><\/p><\/blockquote>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!5k9k!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f5cb18b-0b84-45f7-adbf-a883a97f93fd_753x208.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5k9k!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f5cb18b-0b84-45f7-adbf-a883a97f93fd_753x208.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5k9k!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f5cb18b-0b84-45f7-adbf-a883a97f93fd_753x208.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5k9k!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f5cb18b-0b84-45f7-adbf-a883a97f93fd_753x208.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!5k9k!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f5cb18b-0b84-45f7-adbf-a883a97f93fd_753x208.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!5k9k!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f5cb18b-0b84-45f7-adbf-a883a97f93fd_753x208.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5k9k!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f5cb18b-0b84-45f7-adbf-a883a97f93fd_753x208.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5k9k!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f5cb18b-0b84-45f7-adbf-a883a97f93fd_753x208.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5k9k!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f5cb18b-0b84-45f7-adbf-a883a97f93fd_753x208.png 1456w\" alt=\"\" width=\"595\" height=\"164.35590969455512\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/2f5cb18b-0b84-45f7-adbf-a883a97f93fd_753x208.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:208,&quot;width&quot;:753,&quot;resizeWidth&quot;:595,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<p>While <mark data-color=\"#ffe599\">Adroit is largely excluded from the fast-growing passenger EV segment<\/mark> where e-axles eliminate the need for propeller shafts its core commercial vehicle market remains highly insulated, with <strong>EV penetration at just 2% in FY26.<\/strong><\/p>\n<p>Adroit Industries operates inside this space as a vertically integrated propeller shaft and driveline component manufacturer.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"business-model-explained\">Business Model Explained<\/h2>\n<p><mark data-color=\"#ffe599\">Adroit makes over <\/mark><strong><mark data-color=\"#ffe599\">5,000 SKUs<\/mark><\/strong><mark data-color=\"#ffe599\"> <\/mark>of torque-transmission components and propeller shaft assemblies, sold into passenger vehicles, commercial vehicles, defence &amp; emergency services, off-highway and heavy equipment, and industrial machinery.<\/p>\n<p>These products are sold through three channels: <strong>distributors, Tier-1 driveline suppliers, and direct-to-OEM.<\/strong><\/p>\n<p>While they service non-automotive industries as well, the automotive industry still accounts for ~<strong>75%<\/strong> of sale of products revenue in FY26.<\/p>\n<p><strong>The company is vertically integrated, with upstream and downstream activities split across multiple specialized facilities:<\/strong><\/p>\n<ul>\n<li><mark data-color=\"#ffe599\">Dewas Facility<\/mark> represents the upstream stage of their manufacturing operations<\/li>\n<li>These upstream forged components are subsequently transferred to the <mark data-color=\"#ffe599\">Pithampur Facility<\/mark> and, in certain cases, depending on customer specifications and product requirements, the components may thereafter be transferred to the <mark data-color=\"#ffe599\">Sanwer facility<\/mark> for further finishing operations.<\/li>\n<\/ul>\n<p>They derive majority of their revenue from operation<strong>s<\/strong> through export sales.<\/p>\n<p>During FY26, they supplied products to over 32 countries, including the United States of America, Colombia, Canada, Australia, Mexico, Turkey, Peru and the United Kingdom.<\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!osmV!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcd8b5e5f-f6fd-4796-a2cc-637f1338dce1_1107x600.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!osmV!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcd8b5e5f-f6fd-4796-a2cc-637f1338dce1_1107x600.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!osmV!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcd8b5e5f-f6fd-4796-a2cc-637f1338dce1_1107x600.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!osmV!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcd8b5e5f-f6fd-4796-a2cc-637f1338dce1_1107x600.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!osmV!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcd8b5e5f-f6fd-4796-a2cc-637f1338dce1_1107x600.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!osmV!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcd8b5e5f-f6fd-4796-a2cc-637f1338dce1_1107x600.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!osmV!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcd8b5e5f-f6fd-4796-a2cc-637f1338dce1_1107x600.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!osmV!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcd8b5e5f-f6fd-4796-a2cc-637f1338dce1_1107x600.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!osmV!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcd8b5e5f-f6fd-4796-a2cc-637f1338dce1_1107x600.png 1456w\" alt=\"\" width=\"597\" height=\"323.5772357723577\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/cd8b5e5f-f6fd-4796-a2cc-637f1338dce1_1107x600.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:600,&quot;width&quot;:1107,&quot;resizeWidth&quot;:597,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<p>Apart from their Indian facilities, they have also set up facilities in the USA and Canada!<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"unit-economics\">Unit Economics<\/h2>\n<blockquote><p><em>Adroit\u2019s output is best measured per machined\/assembled unit at the Pithampur Facility, the stage where forged inputs become finished or semi-finished propeller shafts.<\/em><\/p><\/blockquote>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ZN8P!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d95b972-bad8-4299-862f-57b3ba86fa0c_2048x895.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZN8P!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d95b972-bad8-4299-862f-57b3ba86fa0c_2048x895.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZN8P!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d95b972-bad8-4299-862f-57b3ba86fa0c_2048x895.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZN8P!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d95b972-bad8-4299-862f-57b3ba86fa0c_2048x895.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ZN8P!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d95b972-bad8-4299-862f-57b3ba86fa0c_2048x895.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ZN8P!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d95b972-bad8-4299-862f-57b3ba86fa0c_2048x895.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZN8P!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d95b972-bad8-4299-862f-57b3ba86fa0c_2048x895.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZN8P!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d95b972-bad8-4299-862f-57b3ba86fa0c_2048x895.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZN8P!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d95b972-bad8-4299-862f-57b3ba86fa0c_2048x895.png 1456w\" alt=\"\" width=\"595\" height=\"259.90384615384613\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/1d95b972-bad8-4299-862f-57b3ba86fa0c_2048x895.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:636,&quot;width&quot;:1456,&quot;resizeWidth&quot;:595,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>Revenue per unit rose <strong>12%<\/strong> over FY24-26, but EBITDA per unit rose <strong>30%<\/strong> and PAT per unit nearly doubled helped by lower COGS<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"operating-metrics\">Operating Metrics<\/h2>\n<ul>\n<li><strong><mark data-color=\"#ffe599\">Capacity Utilisation:<\/mark> <\/strong>While other facilities have healthy utilisation<strong>, <\/strong>Sanwer\u2019s utilisation collapsed to <strong>33%<\/strong> in FY26 because the plant was mid-renovation through FY25-26, not because of weak demand. <strong><mark data-color=\"#ffe599\">It\u2019s now back with a finishing line.<\/mark><\/strong><\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!wxw6!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7a0452f-66e1-47f7-9972-6ba7a9938bf4_760x470.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!wxw6!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7a0452f-66e1-47f7-9972-6ba7a9938bf4_760x470.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!wxw6!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7a0452f-66e1-47f7-9972-6ba7a9938bf4_760x470.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!wxw6!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7a0452f-66e1-47f7-9972-6ba7a9938bf4_760x470.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!wxw6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7a0452f-66e1-47f7-9972-6ba7a9938bf4_760x470.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!wxw6!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7a0452f-66e1-47f7-9972-6ba7a9938bf4_760x470.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!wxw6!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7a0452f-66e1-47f7-9972-6ba7a9938bf4_760x470.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!wxw6!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7a0452f-66e1-47f7-9972-6ba7a9938bf4_760x470.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!wxw6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7a0452f-66e1-47f7-9972-6ba7a9938bf4_760x470.png 1456w\" alt=\"\" width=\"593\" height=\"366.7236842105263\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/b7a0452f-66e1-47f7-9972-6ba7a9938bf4_760x470.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:470,&quot;width&quot;:760,&quot;resizeWidth&quot;:593,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<ul>\n<li><strong><mark data-color=\"#ffe599\">Revenue by Geography<\/mark>: <\/strong>Export share climbed from <strong>84%<\/strong> to <strong>87%<\/strong> of revenue over FY24-26.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!hpc2!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F368c72be-5969-4ae1-8dbb-742be701e5a7_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!hpc2!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F368c72be-5969-4ae1-8dbb-742be701e5a7_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!hpc2!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F368c72be-5969-4ae1-8dbb-742be701e5a7_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!hpc2!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F368c72be-5969-4ae1-8dbb-742be701e5a7_600x371.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img fetchpriority=\"high\" decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!hpc2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F368c72be-5969-4ae1-8dbb-742be701e5a7_600x371.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!hpc2!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F368c72be-5969-4ae1-8dbb-742be701e5a7_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!hpc2!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F368c72be-5969-4ae1-8dbb-742be701e5a7_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!hpc2!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F368c72be-5969-4ae1-8dbb-742be701e5a7_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!hpc2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F368c72be-5969-4ae1-8dbb-742be701e5a7_600x371.png 1456w\" alt=\"\" width=\"600\" height=\"371\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/368c72be-5969-4ae1-8dbb-742be701e5a7_600x371.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:371,&quot;width&quot;:600,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<ul>\n<li><strong><mark data-color=\"#ffe599\">Customer Base:<\/mark> <\/strong>Customer count grew from <strong>130 to 185<\/strong> over FY24-26.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!lEVA!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3b3fb665-e302-4ca9-b630-8c6dc325e634_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!lEVA!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3b3fb665-e302-4ca9-b630-8c6dc325e634_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!lEVA!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3b3fb665-e302-4ca9-b630-8c6dc325e634_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!lEVA!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3b3fb665-e302-4ca9-b630-8c6dc325e634_600x371.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!lEVA!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3b3fb665-e302-4ca9-b630-8c6dc325e634_600x371.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!lEVA!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3b3fb665-e302-4ca9-b630-8c6dc325e634_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!lEVA!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3b3fb665-e302-4ca9-b630-8c6dc325e634_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!lEVA!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3b3fb665-e302-4ca9-b630-8c6dc325e634_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!lEVA!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3b3fb665-e302-4ca9-b630-8c6dc325e634_600x371.png 1456w\" alt=\"\" width=\"600\" height=\"371\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/3b3fb665-e302-4ca9-b630-8c6dc325e634_600x371.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:371,&quot;width&quot;:600,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-financial-stuff-from-revenue-to-pat\">The Financial Stuff: From Revenue to PAT<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!7QBu!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5afa3f56-3410-4f99-a5ec-342fbb2dabbe_2048x925.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!7QBu!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5afa3f56-3410-4f99-a5ec-342fbb2dabbe_2048x925.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!7QBu!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5afa3f56-3410-4f99-a5ec-342fbb2dabbe_2048x925.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!7QBu!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5afa3f56-3410-4f99-a5ec-342fbb2dabbe_2048x925.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!7QBu!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5afa3f56-3410-4f99-a5ec-342fbb2dabbe_2048x925.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!7QBu!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5afa3f56-3410-4f99-a5ec-342fbb2dabbe_2048x925.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!7QBu!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5afa3f56-3410-4f99-a5ec-342fbb2dabbe_2048x925.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!7QBu!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5afa3f56-3410-4f99-a5ec-342fbb2dabbe_2048x925.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!7QBu!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5afa3f56-3410-4f99-a5ec-342fbb2dabbe_2048x925.png 1456w\" alt=\"\" width=\"593\" height=\"267.99038461538464\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/5afa3f56-3410-4f99-a5ec-342fbb2dabbe_2048x925.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:658,&quot;width&quot;:1456,&quot;resizeWidth&quot;:593,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>Revenue grew ~<strong>12%<\/strong> over FY24-26 at a modest pace.<\/li>\n<li><mark data-color=\"#ffe599\">PAT margin nearly doubled, from <\/mark><strong><mark data-color=\"#ffe599\">12% to 19%<\/mark><\/strong><mark data-color=\"#ffe599\">, almost entirely on cost \u2014 not revenue growth.<\/mark><\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"peer-comparison-fy26\">Peer Comparison \u2014 FY26<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!vZKa!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fee338f31-0e22-48ce-af8c-e93a35339692_2048x841.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!vZKa!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fee338f31-0e22-48ce-af8c-e93a35339692_2048x841.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!vZKa!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fee338f31-0e22-48ce-af8c-e93a35339692_2048x841.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!vZKa!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fee338f31-0e22-48ce-af8c-e93a35339692_2048x841.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!vZKa!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fee338f31-0e22-48ce-af8c-e93a35339692_2048x841.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!vZKa!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fee338f31-0e22-48ce-af8c-e93a35339692_2048x841.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!vZKa!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fee338f31-0e22-48ce-af8c-e93a35339692_2048x841.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!vZKa!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fee338f31-0e22-48ce-af8c-e93a35339692_2048x841.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!vZKa!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fee338f31-0e22-48ce-af8c-e93a35339692_2048x841.png 1456w\" alt=\"\" width=\"1456\" height=\"598\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/ee338f31-0e22-48ce-af8c-e93a35339692_2048x841.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:598,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>Adroit\u2019s FY26 EBITDA margin <strong>28%<\/strong> and PAT margin <strong>19%<\/strong> are the highest of the four companies compared.<\/li>\n<li>RONW <strong>23%<\/strong> and ROCE <strong>19%<\/strong> are second-best, just behind Hindustan Hardy.<\/li>\n<li>GNA Axles alone generates ~<strong>10x<\/strong> Adroit\u2019s revenue. <mark data-color=\"#ffe599\">This is a scale gap, not a profitability gap.<\/mark><\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"key-risks\">Key Risks<\/h2>\n<ul>\n<li><strong><mark data-color=\"#ffe599\">Customer and distributor concentration: <\/mark><\/strong>Distributors made up <strong>62%<\/strong> of FY26 revenue from Sale of Products. There are no long-term agreements or minimum purchase commitments; sales run on purchase orders.<\/li>\n<li><strong><mark data-color=\"#ffe599\">EV transition risk:<\/mark> <\/strong>Automotive applications, where EV architectures can eliminate the need for propeller shafts, already make up <strong>75%<\/strong> of FY26 Sale of Products revenue and have been rising.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"ipo-faqs\">IPO FAQs<\/h2>\n<blockquote><p>Q: <strong>What is Adroit Industries price band?<br \/>\n<\/strong>A: Adroit Industries has a price band of \u20b9126 to \u20b9124<\/p>\n<p>Q: <strong>What is Adroit Industries<\/strong> <strong>closing date?<br \/>\n<\/strong>A: Adroit Industries IPO closes on 25th Sep, 2026<\/p>\n<p>Q: <strong>What is Adroit Industries<\/strong> <strong>listing date?<br \/>\n<\/strong>A: Adroit Industries lists on 30th Sep, 2026, on the NSE and the BSE.<\/p><\/blockquote>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"summary\">Summary<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<p>Adroit is a vertically integrated, export-heavy propeller shaft maker with in-house forging, a combination few Indian rivals fully match.<\/p>\n<p>Revenue growth has been modest but margin expansion has been the real driver, taking PAT from <strong>\u20b915 Cr to \u20b926 Cr<\/strong>.<\/p>\n<p><mark data-color=\"#ffe599\">Whether recent margins holds, and how exposed this automotive-heavy, export-heavy revenue base is to the EV transition over the next few years is something that needs to be watched in the coming years.<\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Adroit Industries is filing a \u20b9151 Cr IPO on September 23, 2026. It is among the few Indian manufacturers with in-house forging capability, and exports made up 87% of its FY26 revenue, spread across more than 32 countries. IPO Summary Adroit Industries IPO Details IPO Date 23rd Sep to 25th Sep, 2026 Sale Type Fresh [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":15012,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-15011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Adroit Industries IPO: Review, Financials, Business &amp; Risks | InCred Money<\/title>\n<meta name=\"description\" content=\"Explore the Adroit Industries IPO: Review, Financials, Business &amp; Risks | InCred Money, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred 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