10 Aug 2026 , 03:38 PM
Dhoot Transmission IPO opened for subscription on August 10, 2026, and will remain open until August 12, 2026. The ₹3,066.89 crore public issue comprises a fresh issue of shares worth ₹1,400 crore and an offer for sale (OFS) of up to ₹1,666.89 crore.
The IPO has attracted investor attention amid strong expectations for India’s automotive electrification and electric vehicle (EV) ecosystem. Dhoot Transmission is a major player in automotive electrical and electronics components, particularly wiring harnesses for two-wheelers and three-wheelers.
The company has fixed the Dhoot Transmission IPO price band at ₹829 to ₹871 per share, while the IPO lot size is 17 shares. At the upper price band, retail investors need a minimum investment of ₹14,807.
The company is proposed to be listed on both the NSE and BSE, with the tentative listing date scheduled for August 17, 2026.
| Particulars | Details |
|---|---|
| IPO Name | Dhoot Transmission IPO |
| IPO Dates | August 10 to August 12, 2026 |
| Issue Size | ₹3,066.89 crore |
| Fresh Issue | ₹1,400 crore |
| Offer for Sale | ₹1,666.89 crore |
| Price Band | ₹829 to ₹871 per share |
| Face Value | ₹2 per share |
| Lot Size | 17 shares |
| Minimum Retail Investment | ₹14,807 |
| Maximum Retail Investment | ₹1,92,491 |
| Listing | NSE and BSE |
| Allotment Date | August 13, 2026 |
| Refund Date | August 14, 2026 |
| Demat Credit | August 14, 2026 |
| Tentative Listing Date | August 17, 2026 |
| Lead Manager | Axis Capital Ltd. |
| Registrar | Kfin Technologies Ltd. |
The company has set the Dhoot Transmission IPO price band between ₹829 and ₹871 per share. Investors can bid for a minimum of 17 shares and in multiples of 17 thereafter.
At the upper price band of ₹871, the minimum retail application requires ₹14,807.
Retail investors can apply for up to 13 lots, or 221 shares, involving an investment of ₹1,92,491 at the upper price band.
For small HNI investors, the minimum application is 14 lots, or 238 shares, requiring ₹2,07,298. The minimum application for the big HNI category is 68 lots, or 1,156 shares, requiring ₹10,06,876 at the upper price band.
The Dhoot Transmission IPO is a book-building issue comprising a fresh issue and an offer for sale.
The total issue consists of 3,52,18,047 shares, aggregating to approximately ₹3,066.89 crore at the upper price band.
The fresh issue comprises 1,60,80,445 shares, aggregating to ₹1,400 crore. The company will receive the proceeds from the fresh issue, subject to issue expenses and other applicable adjustments.
The OFS consists of 1,91,37,602 shares, aggregating to approximately ₹1,666.89 crore. Proceeds from the OFS will accrue to the selling shareholders rather than the company.
The Dhoot Transmission IPO GMP (Grey Market Premium) stood at ₹270 per share on August 10, 2026, according to the data provided.
At the upper IPO price of ₹871, a GMP of ₹270 implies an estimated grey-market price of around ₹1,141 per share.
This translates into a potential premium of approximately 31% over the upper end of the IPO price band.
| Date | IPO Price | GMP | Estimated Listing Price | Estimated Gain |
| August 10, 2026 | ₹871 | ₹270 | ₹1,141 | 31.00% |
| August 9, 2026 | ₹871 | ₹259 | ₹1,130 | 29.74% |
| August 8, 2026 | ₹871 | ₹259 | ₹1,130 | 29.74% |
| August 7, 2026 | ₹871 | ₹247 | ₹1,118 | 28.36% |
| August 6, 2026 | ₹871 | ₹259 | ₹1,130 | 29.74% |
| August 5, 2026 | ₹871 | ₹253 | ₹1,124 | 29.05% |
The GMP increased from ₹259 to ₹270 on August 10, indicating positive grey-market sentiment on the IPO opening day.
However, GMP is unofficial and unregulated. It can change rapidly depending on market conditions, subscription trends and investor sentiment. The actual listing price may differ significantly from the estimated price based on GMP.
The IPO opened for subscription on August 10, 2026 and will close on August 12, 2026.
As per the data provided, the issue had received 0.42 times subscription at around 2:28 PM on August 10.
Investors should track category-wise subscription figures across qualified institutional buyers (QIBs), non-institutional investors (NIIs) and retail investors as the issue progresses. The final subscription level on the closing day can provide a better indication of demand for the issue.
The basis of allotment for the Dhoot Transmission IPO is expected to be finalized on August 13, 2026.
Investors who receive shares are expected to have the shares credited to their demat accounts on August 14, 2026. Refunds for unsuccessful applicants are also expected to begin on August 14.
The tentative Dhoot Transmission IPO listing date is August 17, 2026, when the shares are expected to debut on the NSE and BSE.
Incorporated in April 1998, Dhoot Transmission Limited is an electrical and electronics company serving automotive and non-automotive applications.
The company’s product portfolio includes:
Dhoot Transmission serves both internal combustion engine (ICE) and electric vehicle platforms.
The company has established a significant position in India’s two-wheeler and three-wheeler wiring harness market. According to the information provided, it has approximately 41% market share in the Indian 2W and 3W wiring harness market and nearly 70% market share in the electric 2W and 3W segment in FY2026.
Around 95% of its automotive product portfolio is EV-focused or powertrain-neutral, giving the company exposure to long-term trends such as vehicle electrification, premiumization, connected vehicles and automation.
Dhoot Transmission reported strong growth in revenue in FY2026. Total income increased from ₹3,472.24 crore in FY2025 to ₹4,563.70 crore in FY2026, representing growth of approximately 31%.
Profit after tax increased from ₹353.89 crore to ₹396.84 crore during the same period.
| Financial Metric | FY2026 | FY2025 | FY2024 |
| Total Income | ₹4,563.70 Cr | ₹3,472.24 Cr | ₹2,799.32 Cr |
| Profit After Tax | ₹396.84 Cr | ₹353.89 Cr | ₹298.75 Cr |
| EBITDA | ₹710.99 Cr | ₹590.96 Cr | ₹512.40 Cr |
| Net Worth | ₹2,397.15 Cr | ₹978.18 Cr | ₹741.01 Cr |
| Total Borrowings | ₹841.39 Cr | ₹776.06 Cr | ₹554.90 Cr |
| Assets | ₹4,114.83 Cr | ₹2,336.23 Cr | ₹1,711.70 Cr |
While revenue grew strongly, some profitability ratios declined year-on-year. The EBITDA margin declined from 17.15% in FY2025 to 15.71% in FY2026, while the PAT margin declined from 10.19% to 8.70%.
The debt-to-equity ratio, however, improved from 0.78 in FY2025 to 0.35 in FY2026, according to the supplied figures.
Key IPO-related financial indicators include:
| KPI | FY2026 | FY2025 |
| ROE | 16.30% | 35.60% |
| ROCE | 19.14% | 29.66% |
| Debt/Equity | 0.35 | 0.78 |
| RoNW | 16.55% | 36.18% |
| PAT Margin | 8.70% | 10.19% |
| EBITDA Margin | 15.71% | 17.15% |
| NAV | ₹149.74 | ₹68.25 |
| Price-to-Book Value | 5.82 | 12.76 |
The decline in ROE, ROCE and margins is a factor investors may want to examine alongside the company’s strong revenue growth and improved leverage position.
The proceeds from the fresh issue are proposed to be used for several purposes, including debt repayment, investment in subsidiaries and capacity expansion.
The major objects include:
Around ₹464.80 crore is proposed to be used for repayment or prepayment, either fully or partly, of certain outstanding borrowings of the company.
The company proposes to invest in certain subsidiaries, including Dhoot Autocomponents Private Limited, Dhoot Electricals Systems Private Limited, Dhoot Automotive Systems Private Limited and Dhoot Transmission UK Limited.
The funds are intended to support repayment or prepayment of borrowings at these subsidiaries.
Dhoot Transmission plans to establish new wiring harness manufacturing facilities at Jhajjar, Haryana, and Shoolagiri, Hosur, Tamil Nadu.
This expansion could increase the company’s manufacturing capacity and support its growth across automotive applications.
The remaining proceeds are proposed to be used for funding inorganic growth through unidentified acquisitions and general corporate purposes.
The total estimated amount listed for the specified objects is ₹916.58 crore.
Dhoot Transmission has established a strong position in India’s two-wheeler and three-wheeler wiring harness market. Its presence across multiple vehicle categories provides diversification within the automotive component industry.
The company’s exposure to EV-oriented and powertrain-neutral products is one of its key attractions. With a large proportion of its automotive portfolio positioned for electrification, the company could benefit from the gradual transition toward electric mobility.
Long-term relationships with automotive original equipment manufacturers (OEMs) provide the company with an established customer base and potential visibility for future business.
The company’s debt-to-equity ratio declined substantially from 0.78 in FY2025 to 0.35 in FY2026. A portion of the IPO proceeds is also earmarked toward debt repayment, which could further support its balance sheet.
The proposed investment in new wiring harness manufacturing facilities in Haryana and Tamil Nadu could support future production capacity and demand.
Despite its strengths, investors should also consider the potential risks associated with the IPO.
The company’s EBITDA margin declined from 17.15% in FY2025 to 15.71% in FY2026, while the PAT margin fell from 10.19% to 8.70%. Continued margin pressure could affect future profitability.
A substantial part of the company’s business is linked to the automotive sector. Any slowdown in vehicle production, changes in consumer demand or disruptions in the automobile supply chain could affect its financial performance.
The automotive components industry is competitive and requires continuous investments in technology, manufacturing capabilities and product development.
The strong GMP should not be treated as a guaranteed listing gain. Grey-market premiums are unofficial indicators and can fluctuate substantially before listing.
The Dhoot Transmission IPO combines several positive factors, including a strong position in the two-wheeler and three-wheeler wiring harness market, significant exposure to EV-related products, established OEM relationships and a growing revenue base.
The company also plans to use fresh issue proceeds toward debt reduction, subsidiary investments and manufacturing capacity expansion.
At the same time, investors should take note of the decline in EBITDA margin, PAT margin, ROE and ROCE during FY2026. The valuation at the IPO price band should also be assessed against listed automotive component peers rather than relying solely on the GMP.
For investors considering the issue, the key factors to monitor are IPO subscription figures, valuation, financial margins, EV growth, customer concentration, debt levels and the company’s ability to execute its planned capacity expansion.
The IPO may appeal to investors looking for exposure to India’s automotive components and EV ecosystem, but investors should make their decision based on their risk appetite, investment horizon and independent analysis.
The complete IPO schedule is as follows:
The Dhoot Transmission IPO is a ₹3,066.89 crore public issue that provides investors with an opportunity to participate in the automotive electrical and electronics components sector.
With a price band of ₹829-₹871 per share and a lot size of 17 shares, the minimum retail investment is ₹14,807. The IPO’s strong opening-day GMP indicates positive grey-market sentiment, although GMP should be considered only as an unofficial market indicator.
The company’s strong presence in wiring harnesses, EV exposure, OEM relationships and planned capacity expansion are key positives. On the other hand, declining margins and return ratios warrant careful consideration.
Investors should therefore evaluate the IPO on its fundamentals, valuation and long-term growth prospects, rather than making an investment decision based solely on the current GMP or expected listing gains.
Disclaimer: The stocks and market-related information mentioned in this article are provided solely for informational and educational purposes. They should not be construed as investment advice or a recommendation to buy or sell any security. Investors are advised to conduct their own research and consult a qualified financial advisor before making investment decisions. Investments in the securities market are subject to market risks. Please read all offer documents carefully before investing
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