Adroit Industries India IPO

About Adroit Industries (India) IPO

The Adroit Industries (India) IPO opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 98,97,000 shares aggregating up to ₹[TBA] crores. The offer for sale portion includes 13,50,000 shares of ₹10 aggregating up to ₹[TBA] crores. The total number of shares is 1,12,47,000 and the aggregate amount is yet to be finalised.

Adroit Industries (India) IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

With over four decades of operational experience, Adroit Industries (India) is a vertically integrated manufacturer and supplier of propeller shafts (also known as a drive shaft or cardan shaft) and related torque-transmission components, with in-house capabilities across forging, precision machining, heat treatment, assembly, balancing and testing.

Objectives of Adroit Industries (India) IPO

• Funding capital expenditure by the company towards procurement of: (i) machinery and equipment for enhancement of operations at Dewas Facility. (ii) transportation vehicle for local transportation of goods between the Manufacturing Facilities (Proposed Capital Expenditure in the Company).

• Investment in their subsidiary, Adroit Driveshafts Private Limited, in the form of debt or equity or a combination thereof, for funding capital expenditure towards procurement of: (i) machinery and equipment for enhancement of operations at Pithampur Facility. (ii) transportation vehicle for local transportation of goods between the Manufacturing Facilities (Investment in Subsidiary for capital expenditure).

• Investment in the subsidiary, Adroit Driveshafts Private Limited, in the form of debt or equity or a combination thereof, for re-payment or pre-payment, in full or in part, of certain borrowings availed by the subsidiary (Investment in Subsidiary for loan repayment).

• General corporate purposes.

Industry Outlook

The Indian propeller shaft industry forms a critical part of the broader automotive and industrial drivetrain component ecosystem. Propeller shafts are essential torque-transmission components used to transfer rotational power from the engine or gearbox to the axles, thereby enabling vehicle movement and efficient machinery operation. In India, demand for propeller shafts is primarily driven by the automotive sector, particularly commercial vehicles, passenger vehicles with rear-wheel-drive and all-wheel-drive configurations, and off-highway vehicles such as tractors, construction equipment, and mining machinery. In addition to automotive applications, propeller shafts are also used across railways, defence vehicles, industrial equipment, and infrastructure-related systems, reflecting their importance across multiple sectors of the economy.

India’s liberal FDI policy permitting 100% foreign investment under the automatic route, coupled with its cost-effective manufacturing base and skilled workforce, has attracted several global OEMs to set up operations locally. This, in turn, is significantly boosting demand for propeller shafts in the country. The demand for propeller shafts is expected to witness steady growth across other sectors such as railways, real estate, shipping, defence, and mining. In railways, modernization initiatives like National Rail Plan (NRP) 2030, Dedicated Freight Corridor (DFC) Project amid rising freight movement are driving the need for durable, high-performance shafts.

About Adroit Industries (India)

With over four decades of operational experience, Adroit Industries (India) is a vertically integrated manufacturer and supplier of propeller shafts (also known as a drive shaft or cardan shaft) and related torque-transmission components, with in-house capabilities across forging, precision machining, heat treatment, assembly, balancing and testing.

They supply their products primarily through a network of distributors, tier-1 driveline component suppliers and also undertake direct sales to original equipment manufacturers (OEMs), in accordance with customer-specific technical specifications and requirements. Their customers include prominent names such as Godrej & Boyce Manufacturing Company Limited, BEML Limited, VE Commercial Vehicles Limited, Sandvik Mining and Rock Technology India Private Limited, Oilgear India Private Limited, Conmat Heavy Industries Private Limited, Phooltas Transrail Limited, Hailstone Innovations Private Limited, ARX Mining and Construction, and Venus Techno Equipment Private Limited.

Strengths of Adroit Industries (India)

• 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.
• Healthy financial performance with improving profitability and capital efficiency.

Risks of Adroit Industries (India)

• Major portion of their revenue from sale of products is derived from export sales.
• Their revenue from operations is significantly concentrated among a limited number of customers.
• Their manufacturing operations are concentrated at facilities located in the state of Madhya Pradesh, India.
• They depend on a limited number of domestic suppliers for the procurement of their key raw materials.
• Their revenue from sale of products is significantly dependent on distributor-led sales channels.
• A substantial portion of their revenue from sale of products is derived from automotive applications.
• They are subject to stringent vendor qualification, product validation and quality control requirements imposed by their customers, including tier-1 suppliers and OEMs.
• They do not have long-term agreements with their customers, and their sales are largely purchase order-based.

Source: All the financial information for listed industry peers mentioned above is on a consolidated basis (unless otherwise available only on standalone basis) and is sourced from the annual reports / annual results as available of the respective company for the Fiscal ended March 31, 2025 submitted to stock exchanges.

Notes: 1) Basic and diluted earnings per Equity Share are computed in accordance with Indian Accounting Standard 33.

2. Net asset value per share represents Net worth divided by weighted average number of shares at the end of the year/period.

3. Price/earnings ratio for the peer group has been computed based on the closing market price of equity shares on BSE as on March 27, 2026, divided by the earnings per share for the Fiscal ended March 31, 2025.

4. Return on Net Worth (%) is calculated as Net Profit after Tax attributable to the owner of the company, as restated for the end of the fiscal/period divided by average Net worth as at the end of the fiscal/period. Average net worth means the average of the net worth of current and previous fiscal/period. Net worth means the aggregate value of the paid-up share capital and other equity (excluding non-controlling interest).

Anchor Investor Bidding Date: TBA

Registrar: Bigshare Services Private Limited
Book Running Lead Managers: Choice Capital Advisors Private Limited

Adroit Industries (India) Business Model

The company earns its revenue as a vertically integrated manufacturer and supplier of propeller shafts and related torque-transmission components, with in-house capabilities across forging, precision machining, heat treatment, assembly, balancing and testing.

Adroit Industries (India) Growth Trajectory

Adroit Industries (India)’s Total Income for FY25 was ₹136.610 crores, whereas in FY24 and FY23 it was ₹125.100 crores and ₹104.492 crores, respectively.

The Profit After Tax for FY25 was ₹18.144 crores, whereas in FY24 and FY23 it was ₹14.527 crores and ₹6.415 crores, respectively.

Their EBITDA for FY25 was ₹31.019 crores, whereas in FY24 and FY23 it was ₹29.685 crores and ₹14.174 crores, respectively.

Adroit Industries (India) Market Position

Adroit Industries (India) supplies their products to customers across multiple international markets across North America, Europe, Latin America, the Middle East, Africa and Asia-Pacific regions. During the period that ended September 30, 2025 and in the last three fiscal years, they supplied their products to over 25 countries, including the United States of America, Canada, Turkey, Australia, Colombia, Russia, the United Kingdom, among others.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹136.610 crores, ₹18.144 crores, and ₹31.019 crores, respectively.

How to apply for Adroit Industries (India) IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.