Dhoot Transmission IPO
Dhoot Transmission LtdMainboard
This IPO has listed.
- Open date
- 10 Aug 2026
- Close date
- 12 Aug 2026
- Min. Investment
- ₹14,807
- Lot Size
- -
- Fresh Issue
- ₹1400.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers212.92x
- Non-Institutional Investors51.93x
- Retail-Individual Investors8.12x
- Total74.21x
Schedule
- Completed: IPO open date10 Aug 2026
- Completed: IPO close date12 Aug 2026
- Completed: Allotment date13 Aug 2026
- Completed: Funds unblock or debit13 Aug 2026
- Completed: Tentative listing date17 Aug 2026
About
Promoter shareholding in Dhoot Transmission Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| BC Asia XV (along with its nom | 10,36,50,862 | 55.00% | 8,76,32,093 | 42.84% |
| Rahul Radhavallabh Dhoot | 5,62,93,083 | 29.87% | 5,62,93,083 | 27.52% |
| Anupama Rahul Dhoot | 97,35,833 | 5.17% | 97,35,833 | 4.76% |
| Vedika Rahul Dhoot | 52,19,167 | 2.77% | 52,19,167 | 2.55% |
| Vanshika Rahul Dhoot | 52,19,167 | 2.77% | 52,19,167 | 2.55% |
| Rudraansh Rahul Dhoot | 52,19,167 | 2.77% | 52,19,167 | 2.55% |
| Mangalam Capital | 31,18,833 | 1.65% | 0 | 0.00% |
Financials of Dhoot Transmission IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 2797.73 | 3444.86 | 4524.96 |
| Total Expenses | 2411.19 | 3014.65 | 4048.01 |
| Profit Before Tax | - | - | - |
| Total Profit | 298.74 | 353.90 | 396.65 |
Dhoot Transmission IPO Strengths & Risks
- Established leadership position in India and scaled operations in 2W and 3W wiring harnesses, supported by an extensive and critical product portfolio.
- It's positioned to capitalize on key industry trends, leveraging our differentiated capabilities to deliver sustained growth and value.
- Strong business foundation anchored by a marquee customer base and diversified business mix, enabling sustained growth.
- Strong financial performance.
- Professional & Experienced Management Team, robust R&D team and investor support.
- Risks Relating to the Business: The company derived a significant portion of its revenue from operations (Rs. 29,626.97 million, Rs. 23,049.09 million and Rs. 18,052.79 million, i.e. 65.47%, 66.91% and 64.53%, in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively) from the two-wheeler ("2W") automotive sector in India, and Rs. 5,817.77 million, Rs. 4,305.00 million and Rs. 3,275.70 million, i.e. 12.86%, 12.50% and 11.71%, in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, from the three-wheeler ("3W") automotive sector in India, in each case primarily through the sale of wiring harnesses, which constituted 77.08%, 78.00% and 81.93% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any adverse changes in these sectors in India, or in demand for, pricing of or technology relating to wiring harnesses, could adversely impact the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company is dependent on its top five and top ten customers. The company's top ten customers (based on contribution to revenue from operations in Fiscal 2026) contributed 80.93%, 81.81% and 77.90% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any failures to maintain the company's relationship with these customers will have an adverse effect on its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company does not has firm, long-term volume commitments with OEM customers. Termination, modification or reductions in customer requirements could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's business is capital intensive and its incur substantial capital expenditure and working capital requirements and may requires additional financing to meet those requirements, which could have an adverse effect on the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company derived 90.14%, 89.80% and 86.92% of its revenue from contract with customers in Fiscals 2026, 2025 and 2024, respectively, within India as a % of revenue from operations. Any adverse changes in economic or regulatory conditions that negatively affect the demand for the company's products in these markets could affect its results of operations.
- Risks Relating to the Business: Certain of the company's facilities including at Hosur, Tamil Nadu and Pithampur, Madhya Pradesh currently operate at high-capacity utilization levels and the company may not be able to meet additional demand for its products until the company is able to increase its capacity. Further, if the company's underestimate or overestimate the demand for its products, the capacity utilization of the company's manufacturing facilities may be under-utilized or over-utilized, respectively, which could adversely affect its profitability and manufacturing schedules.
- Risks Relating to the Business: The company regularly work with hazardous materials, and heavy machinery at its manufacturing facilities and activities in The company's operations can be dangerous, which could cause injuries to people or damage property.
- Risks Relating to the Business: Failures or disruption of the company's IT systems may adversely affect its business, financial condition, results of operations and prospects.
- Risks Relating to the Business: The company's Statutory Auditors and Previous Statutory Auditor have reported an emphasis of matter in the audit report for Fiscals ended March 31, 2024.
- Risks Relating to the Business: The company has in the past entered into a number of related party transactions and may continue to enter into related party transactions in the future, and there can be no assurance that its could not has achieved more favourable terms if such transactions has not been entered into with related parties.
- Risks Relating to the Business: Pricing pressure from the company's customers, competitive bidding dynamics or its inability to pass on costs to the company's customers, may materially and adversely impact its revenue from operations and profitability.
- Risks Relating to the Business: The company is subject to strict performance requirements, including, but not limited to, the quality of its products and delivery schedules, and failing to comply (including due to problems with the company's component suppliers) may lead to cancellation of orders, product recalls, product liability claims, warranty claims, litigation and other disputes and claims.
- Risks Relating to the Business: The company faces competition from both domestic and multinational corporations and there is no assurance that its will be able to successfully compete in the markets the company's currently operate in or those that its plan to expand into. The company's inability to compete effectively could result in the loss of customers and its market share, which could have an adverse effect on the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: One of the company's Subsidiaries, Dhoot Automotive Systems Private Limited is entitled to an incentive package scheme and any changes to the scheme could adversely affect its financial condition, results of operations and business prospects.
- Risks Relating to the Business: The company may be subject to labour unrest or stoppages or increased labour costs, and any disputes with its workforce could adversely affect the company's business, cash flows, financial condition and results of operations.
- Risks Relating to the Business: The continuity of the company's operations and profitability is substantially dependent on the availability and cost of raw materials, including copper, polymers and brass, and components such as connectors, terminals, cables, mouldings and electronic components. In Fiscals 2026, 2025 and 2024, cost of materials consumed accounted for 67.82%, 65.51% and 65.37% of its revenue from operations and 76.20%, 74.86% and 75.85% of the company's total expenses. Any volatility in the prices of these materials or their availability on account regulatory restrictions may adversely impact its business, results of operations and financial condition.
- Risks Relating to the Business: The company depends on a limited number of suppliers to procure its raw materials and components. In Fiscals 2026, 2025 and 2024, the company's purchases of raw materials from its top ten suppliers for the respective Fiscals contributed to 43.66%, 44.95% and 44.13% of the company's raw material purchases in Fiscals 2026, 2025 and 2024, respectively.
- Risks Relating to the Business: The company may encounter delays or cost overruns during the completion of the construction of its manufacturing facilities in Nagondapally village, Hosur in Tamil Nadu, India and Chakan in Pune, Maharashtra, India which may adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Conflicts of interest may arise among the company and other affiliates of Bain Capital in course of the growth of its business. Further, the company has not entered into non-compete or non-solicitation arrangements with its Promoters or Directors (other than the company's Promoter Rahul Radhavallabh Dhoot), and any competing activities undertaken by them could adversely affect its business.
- Risks Relating to the Business: One of the company's Promoters, i.e. BC Asia Investments XV Limited, does not possess adequate experience in the company's line of business, which may have an adverse impact on the management and operations of the Company.
- Risks Relating to the Business: The development of technologically advanced products involves a lengthy and expensive process with uncertain timelines and outcomes. Some of the company's product or process development decisions may not meet its expectations, and the company's investment in such projects may be unprofitable.
- Risks Relating to the Business: A downgrade of the debt ratings of India by a domestic or international rating agency may affect the trading price of the Equity Shares.
- Risks Relating to the Business: The company is exposed to international supply chain risks and any changes in the political relationship between India and such countries or the implementation of laws and policies affecting supplier relationships could adversely affect its ability to manufacture the company's products, execute its projects and consequently the company's business and results.
- Risks Relating to the Business: The company has undertaken and may continue to undertake strategic investments, acquisitions and collaborations (including in overseas locations) in the future, which may be difficult to sustain, integrate and/or manage successfully. These may expose the company to uncertainties and risks, any of which could adversely affect its business, financial conditions and result of operations.
- Risks Relating to the Business: The company is exposed to counterparty credit risk. Its inability to collect receivables on time or at all and defaults in payment from the company's customers could reduce its profits and affect the company's results of operations, financial condition and cash flows.
- Risks Relating to the Business: As at March 31, 2026, the company derived 50.52%, 28.26%, 14.12% and 5.26% of its installed wiring harness production capacity from the company's manufacturing facilities located in Maharashtra, Tamil Nadu, Haryana and Madhya Pradesh, respectively. Additionally, 100% of its other products capacity are located in Maharashtra. Any disruptions or stoppages at the company's manufacturing facilities or adverse developments including changes in the regulatory framework affecting these states may have a heightened impact on the company's business, cash flows, financial condition and results of operations.
- Risks Relating to the Business: The company has power, water and fuel requirements and any disruption to power or water sources could increase its production costs and adversely affect the company's results of operations.
- Risks Relating to the Business: This Red Herring Prospectus contains certain non-GAAP financial measures and other statistical information related to the company's operations and financial performance. These non-GAAP measures and statistical information may vary from any standard methodology that is applicable across the industry, and therefore may not be comparable with financial or statistical information of similar nomenclature computed and presented by other companies.
- Risks Relating to the Business: The company's failure to identify and understand evolving industry trends and preferences and to develop new products to meet its customers' demands may materially adversely affect the company's business.
- Risks Relating to the Business: The company's inability to maintain appropriate levels of inventory to meet the demands of its customers may have an adverse effect on the company's results of operations and financial condition.
- Risks Relating to the Business: There are outstanding litigation proceedings involving the Company, Subsidiaries, Promoters, Directors, Key Managerial Personnel and its Senior Management Personnel. Any adverse outcome in such proceedings may have an adverse impact on the company's reputation, business, cash flows, financial condition and results of operations.
- Risks Relating to the Business: The scale of the company's business has grown significantly. Its may not be able to sustain such growth rates, and the company's historical growth rates should not be taken as indicative of its future growth prospects.
- Risks Relating to the Business: The company's business is influenced by government policies and regulations regarding emission standards, which significantly impact its industry.
- Risks Relating to the Business: The company outsources its logistics requirement to third parties. Any failures by such third parties to deliver their services could have an adverse impact on the company's business, results of operations, financial condition and prospects.
- Risks Relating to the Business: The company has total borrowings of Rs. 8,413.92 million as of March 31, 2026. If the company fails to comply with financial and other covenants under any of its financing agreements, the company's business, prospects, financial condition, results of operations and cash flows may be materially and adversely affected.
- Risks Relating to the Business: The company is subject to environmental and safety regulations that may adversely affect its business.
- Risks Relating to the Business: The company is potentially subject to laws related to anti-corruption, anti-bribery, anti-money laundering, financial and applicable primary and secondary economic sanctions and similar laws of the US and EU or other jurisdictions, and non-compliance with such laws can subject the company to administrative, civil and criminal fines and penalties, all of which could adversely affect its business, prospects, financial condition, results of operations, and cash flows.
- Risks Relating to the Business: The company is required to obtain certain approvals, licenses, registrations and permissions for operating its business and comply with the terms and conditions of the lease deeds for the manufacturing units located in industrial development areas including the proposed wiring harness manufacturing facility at Shoolagiri, Hosur, Tamil Nadu, India. Any delay or failures to obtain, renew or maintain necessary such approvals, licenses, registrations and permissions and any failures to comply with the terms and conditions of the lease deeds would adversely affect the company's operations.
- Risks Relating to the Business: The company's assets and operations are subject to certain risks and hazards. Its insurance coverage may not be adequate, and the company may become subject to higher insurance premiums or less favourable terms under its insurance policies.
- Risks Relating to the Business: Certain of its listed and unlisted peers may have outperformed the Company on certain key performance indicators or financial parameters, and there can be no assurance that the company will be able to match or exceed such performance in the future.
- Risks Relating to the Business: Failures to implement the company's growth strategies, which include strategic co-investments, and future collaborations, could adversely impact its business, cash flows, financial condition, and results of operations.
- Risks Relating to the Business: The company's inability to protect or use its intellectual property rights may adversely affect the company's business.
- Risks Relating to the Business: The company has been unable to locate certain of its historical corporate records. Further, there has been an instance of certain non-compliances under the Companies Act in the past.
- Risks Relating to the Business: Information relating to the company's operational capacities and the historical capacity utilization of its manufacturing facilities included in this Red Herring Prospectus is based on various assumptions and estimates and future production and capacity utilization may vary.
- Risks Relating to the Business: The company's funding requirements and the proposed deployment of Net Proceeds has not been appraised by any bank or financial institution or any other independent agency, and its management and Board will have broad discretion over the use of the Net Proceeds.
- Risks Relating to the Business: The company has not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the Offer and the costs to be incurred in relation to such objects of the Offer are based on the quotations received from the vendors or estimates of the management.
- Risks Relating to the Business: If the company inadvertently infringe upon the intellectual property rights of others, its business and results of operations may be adversely affected.
- Risks Relating to the Business: The company depends on contract labor for carrying out operations at its manufacturing facilities and any disruption to the availability of contract labor for the company's manufacturing facilities or its inability to control the cost of the company's contract labor could adversely affect its operations. Further, the company may be held responsible for paying wages of such workers, if independent contractors through whom such workers are hired default on their obligations, and such obligations could have an adverse effect on the company's results of operations and financial condition.
- Risks Relating to the Business: The success of the company's business depends on its management team and operational workforce. The company's inability to attract or retain such manpower could adversely affect its business and operations.
- Risks Relating to the Business: Any further delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have a material adverse impact on the company's financial condition and cash flows.
- Risks Relating to the Business: Grant of stock options under the company's employee stock option plans may result in a charge to its profit and loss account and, to that extent, reduce the company's profitability and financial condition.
- Risks Relating to the Business: The company has certain contingent liabilities that has not been provided for in the company's financial statements, and its financial condition could be adversely affected if any of these contingent liabilities materialize. The company also has certain contractual commitments, which may entail cash outflow.
- Risks Relating to the Business: The company's Promoters, will continue to exercise significant influence on account of its shareholding over the Company even after completion of the Offer and its interests may differ from those of the other shareholders.
- Risks Relating to the Business: Any unscheduled, unplanned or prolonged disruption to the company's manufacturing and R&D operations could materially and adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: A portion of the Net Proceeds is proposed to be utilized for the repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the Company from a lender who is an affiliate of one of its BRLMs.
- Risks Relating to the Business: If the company's Net Proceeds to be utilised towards inorganic growth through unidentified acquisitions are insufficient for the cost of its proposed inorganic acquisition, the company may has to seek alternative forms of funding.
- Risks Relating to the Business: The Company has acquired a parcel of land from one of the members of the Promoter Group, Mangalam Capital Private Limited.
- Risks Relating to the Business: The Company has unutilised amounts from corporate social responsibility activities and has had shortfalls in CSR expenditure.
- Risks Relating to the Business: The Company may be required to pay pre-payment penalties in connection with the repayment or pre-payment of certain outstanding borrowings from the Net Proceeds, which may increase the cost of such repayment or pre-payment and reduce the Net Proceeds available for other objects of the Offer.
- Risks Relating to the Business: If the company fails to maintain an effective system of internal controls, its may not be able to successfully manage, or accurately report, the company's financial risks.
- Risks Relating to the Business: Certain of the company's immovable properties, where some of its manufacturing units are located, are leased. If the company is unable to renew existing leases or relocate its operations on commercially reasonable terms, there may be an adverse effect on the company's business, financial condition and operations.
- Risks Relating to the Business: Proceeds from the Offer for Sale portion of the Offer will not be available to the company. The Selling Shareholders in the Offer for Sale will receive the proceeds of the Offer.
- Risks Relating to the Business: The company's ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.
- Risks Relating to the Business: One of the members of the company's Promoter Group, BC Asia Investments XXIII Limited has provided security to certain lenders on its entire shareholding in one of the company's Promoters, BC Asia Investments XV Limited and one of its Promoter Group members, BC Asia Investments XVI Limited. Any exercise of their rights by such lenders could also result in an indirect change in control of the Company and adversely affect its business and financial condition.
- Risks Relating to the Business: Certain sections of this Red Herring Prospectus contain information from the CRISIL Report which has been exclusively commissioned and paid for by the company in relation to the Offer and any reliance on such information for making an investment decision in this offering is subject to inherent risks.
- Risks Relating to the Business: The Company has issued Equity Shares during the preceding twelve months at a price that may be below the Offer Price.
- Risks Relating to the Business: Certain of the company's Promoters, Directors, Key Managerial Personnel and Senior Management Personnel have interests in the Company in addition to their remuneration and reimbursement of expenses.
- Risks Relating to the Business: The company is exposed to foreign currency exchange rate fluctuations which may have an adverse effect on its results of operations.
