Adroit Industries IPO
Adroit Industries (India) LtdMainboard
This IPO closed on 25 Sep 2026.
- Open date
- 23 Sep 2026
- Close date
- 25 Sep 2026
- Min. Investment
- ₹14,874
- Lot Size
- -
- Fresh Issue
- ₹132.62 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers195.04x
- Non-Institutional Investors332.35x
- Retail-Individual Investors99.81x
- Total176.85x
Schedule
- Completed: IPO open date23 Sep 2026
- Completed: IPO close date25 Sep 2026
- Completed: Allotment date28 Sep 2026
- Current step: Funds unblock or debit29 Sep 2026
- Upcoming: Tentative listing date30 Sep 2026
About
Promoter shareholding in Adroit Industries (India) Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Saurabh Sangla | 10,37,364 | 2.97% | 10,37,364 | 2.32% |
| Mukesh Sangla | 23,54,354 | 6.74% | 23,54,354 | 5.25% |
| Monika Sangla | 11,62,126 | 3.33% | 11,62,126 | 2.59% |
| Shubhangi Trust | 34,86,380 | 9.99% | 34,86,380 | 7.78% |
| Shreya Trust | 70,63,062 | 20.23% | 70,63,062 | 15.76% |
| Swan Irrigation LLP | 18,96,992 | 5.43% | 18,96,992 | 4.23% |
| Mukesh Sangla HUF | 24,83,066 | 7.11% | 11,33,066 | 2.53% |
| Signet Impex Private Limited | 12,94,310 | 3.71% | 12,94,310 | 2.89% |
| Signet Tradelinks Private Li | 12,04,204 | 3.45% | 12,04,204 | 2.69% |
| Ornate Impex Private Limited | 24,13,194 | 6.91% | 24,13,194 | 5.39% |
| Shri Balaji Starch & Chemica | 30,98,856 | 8.88% | 30,98,856 | 6.92% |
| Aishwarya Trust | 31,12,094 | 8.91% | 31,12,094 | 6.95% |
| Ananda Trust | 29,43,332 | 8.43% | 29,43,332 | 6.57% |
Financials of Adroit Industries IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 124.53 | 133.89 | 139.94 |
| Total Expenses | 107.14 | 113.80 | 110.15 |
| Profit Before Tax | - | - | - |
| Total Profit | 14.53 | 18.13 | 25.62 |
Adroit Industries IPO Strengths & Risks
- Offering over 5,000 SKUs of torque-transmission components and assemblies forming part of driveline systems
- Vertically integrated manufacturing operations with end-to-end control across forging, machining and assembly operations.
- Established relationships with diversified customer base and high degree of repeat business.
- Entry barriers supported by established validation and advanced engineering capabilities.
- Strong export presence with diversified international customer base.
- Experienced Promoters and competent management team.
- Consistent Financial Performance with Improving Profitability and Capital Efficiency.
- Risks Relating to the Business: Major portion of our revenue from Sale of Products is derived from export sales and a significant portion of such export sales is concentrated in the United States. Revenue from outside India aggregated to Rs.1,212.44 million, Rs.1,166.83 million and Rs.1,044.75 million for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively, representing 95.39%, 96.27% and 94.56% of our revenue from Sale of Products for the respective periods. Any adverse developments affecting our export markets, particularly the United States, including recessionary conditions, tariff revisions, changes in trade policy, trade remedy actions, foreign exchange fluctuations or delays in collection of export receivables, could materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: Our revenue from operations is significantly concentrated among a limited number of customers. Revenue from our top 10 customers aggregated to Rs.773.60 miilion, Rs.798.84 million and Rs.758.00 million for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively, representing 60.86%, 65.91% and 68.61% of our revenue from Sale of Products for the respective periods. We are dependent on such customers for a substantial portion of our revenue and any reduction, modification or termination of business by such customers could materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: Our manufacturing operations are concentrated at facilities located in the state of Madhya Pradesh, India. Any disruption, slowdown or shutdown at any of such facilities may materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: Our downstream operational activities are undertaken through our Subsidiary, Adroit Driveshafts Private Limited ("ADPL"), and we are dependent on the operating income, manufacturing operations and cash flows generated by our Subsidiary.
- Risks Relating to the Business: Our business is significantly exposed to foreign currency exchange rate fluctuations, and our Company does not have a hedging policy in place and hence, we may not be able to hedge our risk exposures particularly during volatile foreign currency exchange rates, which may adversely affect our results of operations, cash flows and financial condition.
- Risks Relating to the Business: There have been mulitple instances of delays in statutory filings and non-compliances with respect to corporate and regulatory reporting obligations in the past, which may reflect certain weaknesses in our compliance monitoring and internal control processes and may expose us to regulatory actions, penalties and reputational risk.
- Risks Relating to the Business: Our Company and our Subsidairy, ADPL experienced negative cash flows from certain activities in the past on a consolidated as well as a standalone basis and may continue to do so in the future, which could adversely affect our business, results of operations, cash flows and financial condition
- Risks Relating to the Business: We have made investments and extended inter-corporate loans and advances to certain entities. Any delay in recovery, default, impairment or diminution in value of such exposures may adversely affect our liquidity, cash flows, working capital and financial condition.
- Risks Relating to the Business: We are subject to risks arising from interest rate fluctuations, which could reduce our profitability and adversely affect our business, cash flows, financial condition and results of operations.
- Risks Relating to the Business: There are outstanding legal proceedings involving our Company, our Directors and our Promoters. Any adverse outcome in such proceedings may adversely affect our reputation, business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: We depend on a limited number of domestic suppliers for the procurement of our key raw materials and our top ten suppliers accounted for purchases aggregating to Rs. 306.58 million, Rs. 337.75 million, and Rs. 325.06 million representing 75.97%, 90.41% and 88.09% respectively, of our total purchase cost in Fiscal 2026, 2025 and 2024 respectively. Any disruption in supply, increase in prices or inability to procure such materials on commercially acceptable terms may adversely affect our business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: Our revenue from Sale of Products is significantly dependent on distributor-led sales channels. Revenue from distributors aggregated to Rs.793.82 million, Rs.702.48 million and Rs.709.05 million and Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively, representing 62.45%, 57.96% and 64.18% of our revenue from Sale of Products for the respective periods. Any disruption in our relationships with distributors may materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: A substantial portion of our revenue from Sale of Products is derived from automotive applications. Revenue from automotive applications aggregated to Rs.947.48 million, Rs.873.82 million and Rs.700.11 million for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively, representing 74.54%, 72.09% and 63.37% of our revenue from Sale of Products for the respective periods. Any adverse developments in the automotive sector or failure to adapt to such changes could materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: Our Company has in Fiscals 2026, Fiscals 2025 and 2024 entered into certain related party transactions with related parties, in compliance with the applicable laws and we cannot assure you that such transactions will not adversely affect our financial condition and results of operations.
- Risks Relating to the Business: Our business is exposed to geopolitical developments, international sanctions, trade restrictions, disruptions to global shipping routes and other international events that may adversely affect our export operations, supply chain, customer demand and financial performance.
- Risks Relating to the Business: We intend to undertake expansion of our manufacturing operations through installation of additional machinery and equipment at our existing facilities, and there can be no assurance that such expansion will be implemented on time or yield the expected benefits. Any delay, cost overrun or under-utilisation may materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: We are subject to stringent vendor qualification, product validation and quality control requirements imposed by our customers, including Tier-1 suppliers and OEMs, and any failure to meet such requirements or maintain consistent quality standards may result in rejection of products, loss of business and may adversely affect our business, financial condition, results of operations, cash flows and prospects
- Risks Relating to the Business: Our success is substantially dependent on the continued involvement of our Promoters, Directors, Key Managerial Personnel and members of Senior Management and any inability to retain or attract such personnel may adversely affect our business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: We do not have long-term agreements with our customers, and our sales are largely purchase order-based. Any reduction, delay or cessation of orders from our customers may adversely affect our business, financial condition, results of operations, cash flows and prospects
- Risks Relating to the Business: Our manufacturing facilities are situated on land held under long-term lease arrangements and our Registered Office and corporate office are located on leased premises. Any non-renewal, termination or adverse change in such arrangements may disrupt our operations and adversely affect our business, results of operations, cash flows and financial condition
- Risks Relating to the Business: We benefit from certain tax incentives, concessional tax regimes and export-related incentives. Any reduction, withdrawal, modification or unavailability of such benefits may adversely affect our profitability, cash flows and results of operations.
- Risks Relating to the Business: Our Company has made significant investments in our Subsidiaries, including Adroit Driveshafts Private Limited ("ADPL") and Adroit Driveshafts Canada Limited ("ADCL"), and we are dependent on the financial performance, cash flows and dividend distributions, if any, from our Subsidiaries. Any inability of our Subsidiaries to generate adequate revenues, profits or cash flows may adversely affect our consolidated financial performance and returns on our investments.
- Risks Relating to the Business: We rely on contract labour for certain of our manufacturing and operational activities, and any disruption in availability, increase in costs or non-compliance with applicable labour laws may adversely affect our business, results of operations, cash flows and financial condition
- Risks Relating to the Business: Our financial results and period-to-period comparability may be affected by changes in accounting standards, accounting policies, estimates or interpretations, and we have not experienced any material adverse impact on account of such changes during the last three Fiscals.
- Risks Relating to the Business: There have been certain instances of delays in payment of statutory dues by our Company and its Subsidiary, Adroit Driveshafts Private Limited. Any further delays in payment of statutory dues may attract financial penalties and may adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: A substantial portion of our revenue is denominated in foreign currencies, and we are exposed to foreign exchange fluctuation risks and changes in foreign trade policies, which may adversely affect our business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: We have incurred indebtedness and are subject to certain obligations and restrictive covenants under our financing arrangements. Any inability to comply with such obligations or covenants may adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Our inability to collect trade receivables in a timely manner, or any default or delay in payment by our customers under purchase orders, may adversely affect our liquidity, cash flows and financial condition.
- Risks Relating to the Business: The equity shares of our Group Company, Signet Industries Limited, were subject to trading restrictions and regulatory proceedings in the past. Any adverse perception or regulatory action in relation to such matters may affect our reputation and business.
- Risks Relating to the Business: Our ability to invest in overseas subsidiaries, expand international operations or pursue acquisitions and strategic opportunities outside India may be subject to regulatory approvals and restrictions under Indian and foreign laws, which could adversely affect our growth strategy and business prospects.
- Risks Relating to the Business: We have certain outstanding contingent liabilities, and any adverse outcome in relation to such matters may adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Our ability to access capital on competitive terms is dependent on our credit profile and ratings assigned by rating agencies Any downgrade, continuation of "Issuer Not Cooperating" categorisation or adverse perception of our creditworthiness may adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: Industry information included in this Red Herring Prospectus has been derived from the CareEdge Report, which was prepared by CARE and exclusively commissioned and paid for by our Company for the purposes of the Offer and any reliance on information from the CareEdge Report for making an investment decision in the Offer is subject to inherent risks.
- Risks Relating to the Business: A portion of our income is derived from government grants and incentives, and any reduction, withdrawal or delay in receipt of such benefits may adversely affect our business, financial condition, results of operations and cash flows
- Risks Relating to the Business: Our operations are working capital intensive and involve maintaining significant inventory levels, and any inability to efficiently manage our inventory may adversely affect our business, financial condition, results of operations and cash flows
- Risks Relating to the Business: Yashwant Sangla, immediate relative of our Promoters and deemed to be a part of the Promoter Group under SEBI ICDR Regulations have not provided consent, information or any confirmations or undertakings pertaining to themselves which are required to be disclosed in relation to the Promoter Group in this Red Herring Prospectus.
- Risks Relating to the Business: Certain of our accounting records do not have audit trail (edit log) functionality, as noted by our statutory auditors, which may affect the robustness of our internal financial controls.
- Risks Relating to the Business: Information relating to the installed capacity, actual production and capacity utilization of our Manufacturing Facilities included in this Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.
- Risks Relating to the Business: Our business is dependent on the uninterrupted operation and effective management of our Manufacturing Facilities located in Madhya Pradesh, and we are subject to risks inherent in the manufacturing process. Any slowdown, disruption or shutdown in our manufacturing operations may adversely affect our business, results of operations, cash flows and financial condition
- Risks Relating to the Business: We have entered into rental and cost-sharing arrangements with our Group Companies in relation to usage of our Corporate Office and Registered Office. Any modification, termination or dispute in relation to such arrangements may adversely affect our operations and increase our costs.
- Risks Relating to the Business: Our agreement with a sales agent, and our purchase orders provide for arbitration as a dispute resolution mechanism and any adverse outcome in arbitration proceedings may adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: The company does not presently own the trademark and logo that its uses, and the company's rights to uses, protect and enforce its intellectual property, including pending trademark applications, may be impaired, which could adversely affect the company's brand, reputation, business and results of operations.
- Risks Relating to the Business: The company's recent growth in revenue, profitability and operational performance may not be indicative of its future results and the company may not be able to sustain its historical growth levels.
- Risks Relating to the Business: Any delay or disruption in procurement, delivery or commissioning of machinery and equipment proposed to be acquired from overseas suppliers under the Objects of the Offer may adversely affect the company's business, operations, cash flows and financial condition.
- Risks Relating to the Business: The company relies on third-party logistics and transportation service providers for movement of raw materials and finished goods, and any disruption, delay or increase in logistics costs may adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: Its Group Company is engaged, to a limited extent, in a similar line of business as the company, which may give rise to potential conflicts of interest.
- Risks Relating to the Business: The company may not have adequate insurance coverage to fully protect it against all potential losses, which could adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company also relies on third-party sales agents and international sales personnel for its operations in overseas markets, and any disruption in these arrangements or failures to realise customer payments may adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company is exposed to risks associated with its overseas subsidiary in Canada and United Stated of America, and any inability to effectively manage and derives benefits from such operations may adversely affect the company's business.
- Risks Relating to the Business: The company may be subject to industrial unrest, labour-related disruptions or increased employee costs, which may adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company's Promoters have provided guarantees in connection with its borrowings and the revocation of all or any of such guarantees may adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company is dependent on third parties for the supply of utilities such as electricity and water and any disruption in the availability or increase in the cost of such utilities may adversely affect the company's manufacturing operations, results of operations and financial condition.
- Risks Relating to the Business: The Company or members of its Promoter Group may have issued or transferred Equity Shares at a price lower than the Offer Price in the past, which may adversely affect investor perception and the market price of the company's Equity Shares.
- Risks Relating to the Business: The company operates in a competitive industry and faces competition from domestic and international manufacturers, and any inability to compete effectively may adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: Two out of five of the company's Directors does not have prior experience with listed entities, which may requires additional time for them to fully understand their roles and responsibilities. This could potentially affect the company's corporate governance standards, investor confidence and operational performance.
- Risks Relating to the Business: The company funding requirements and the proposed deployment of the Net Proceeds are based on management estimates and assumptions, which may vary due to factors beyond its control, and any variation may adversely affect the company's business and results of operations.
- Risks Relating to the Business: Risks related to environmental, social and governance ("ESG") matters, including compliance with environmental laws and regulations, may adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: Any invocation of the corporate guarantee provided by the company on behalf of its Subsidiary could adversely affect the company's financial condition, cash flows and results of operations.
- Risks Relating to the Business: Any lapses in maintaining health and safety standards at the company's Manufacturing Facilities could result in accidents, regulatory action, reputational harm and financial losses, which may adversely affect its business, results of operations and financial condition.
- Risks Relating to the Business: The company's inability to effectively manage its growth and expansion strategy may adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company requires various licenses, approvals and consents for undertaking its business operations, and any failures to obtain, renew or comply with the conditions of such approvals in a timely manner, or at all, may adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: Any disruption, failures or inadequacy of the company's information technology systems may adversely affect its business and operations. Additionally, challenges in implementation of new digital and automation technologies may impact the company operational efficiency.
- Risks Relating to the Business: This Red Herring Prospectus includes certain Non-GAAP Measures, financial and operational performance indicators and other industry measures related to the company operations and financial performance. The Non-GAAP Measures and industry measures may vary from any standard methodology that is applicable across the Propeller Shafts and, therefore, may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- Risks Relating to the Business: If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
- Risks Relating to the Business: Fraud, employee negligence or similar incidents may adversely affect the company's results of operations and cash flows.
- Risks Relating to the Business: Any future bonus issuances of Equity Shares are dependent upon adequate availability of reserves. Lack of adequate reserves may restrict the company's ability to enhance liquidity of Equity Shares.
- Risks Relating to the Business: The company's inability to adopt or keep pace with technological advancements could adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company will continue to be controlled by its Promoters after the completion of the Offer and there may be a conflict of interest between the interests of the company's Promoters and other shareholders.
- Risks Relating to the Business: The Company will not receive the proceeds from the Offer for Sale.
- Risks Relating to the Business: The requirements of being a publicly listed company may strain its resources.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares acquired by the company's Promoters, including the Promoter Selling Shareholder, may be less than the Offer Price.
- Risks Relating to the Business: In the past the Company did not proceed with public issue after filing draft offer document on the `main board' and `Emerge' platform of NSE. The company cannot assure you that its will be able to proceed with present Offer.
