Dhoot Transmission IPO

About Dhoot Transmission IPO

The Dhoot Transmission IPO, a mainboard IPO, opens on Monday, August 10, 2026 and closes on Wednesday, August 12, 2026. The allotment of shares will take place on Thursday, August 13, 2026. The credit of shares to the demat account will take place on Friday, August 14, 2026. The initiation of refunds will take place on Friday, August 14, 2026. The listing of shares will take place on Monday, August 17, 2026. The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 1,60,73,478 shares aggregating up to ₹1,400 crore. The offer for sale portion includes 1,91,37,602 shares aggregating up to ₹1,667 crore. The total number of shares and aggregate amount are 3,52,11,080 shares aggregating up to ₹3,067 crore.

Dhoot Transmission IPO's price band is set at ₹829 to ₹871 per share. The lot size for an application is 17. The minimum amount of investment required by a retail investor is ₹14,807 based on the upper price.

Dhoot Transmission designs, engineers, manufactures, and supplies critical wiring harnesses that integrate electronic sensors and controllers, switches, terminals, connectors, junction boxes, high-voltage interconnection systems, and data cables for automotive and non-automotive applications.

Objectives of Dhoot Transmission IPO

• Repayment or prepayment, in full or in part, of all or certain outstanding borrowings availed by the company
  
• Investment in certain of the Company's subsidiaries, namely Dhoot Autocomponents Private Limited, Dhoot Automotive Systems Private Limited, and Dhoot Transmission UK Limited, for repayment or prepayment, in full or in part, of all or certain outstanding borrowings availed by these subsidiaries.
  
• Setting up of a new wiring harness manufacturing plant by the Company at Sector 11, Jhajjar, Haryana, India, and at Shoolagiri, Hosur, Tamil Nadu, India.
  
• Funding inorganic growth through unidentified acquisitions and general corporate purposes.
  

Industry Outlook

Automotive wiring harnesses carry power and signals across a vehicle. They connect sensors, switches, controllers, and electronic modules into a single reliable assembly. The domestic wiring harness market spanning the two-wheeler, three-wheeler, and commercial vehicle segments is forecast to grow at a compound annual growth rate of 12-14% between Fiscal 2026 and Fiscal 2031, as rising feature content and electrification lift the value of wiring per vehicle.

Electrification is the sharpest driver. The electric-vehicle wiring harness segment is projected to expand at a CAGR of 33-35% over Fiscal 2026 to Fiscal 2031, well ahead of the internal-combustion segment. EV penetration in two-wheelers is forecast to rise from 6.6% in Fiscal 2026 to 25-30% by Fiscal 2031, and an electric two-wheeler typically needs roughly 1.5x to 2.5x the wiring content of an internal-combustion two-wheeler. That shift compounds demand.

About Dhoot Transmission

Dhoot Transmission is one of India's leading electrical and electronics companies. It designs, engineers, manufactures, and supplies critical wiring harnesses along with sensors, controllers, automotive switches, battery packs, and power supply cords. In Fiscal 2026, wiring harnesses accounted for 77.08% of its revenue from operations. The Company serves internal-combustion-engine and electric vehicle platforms across the two-wheeler, three-wheeler, commercial-vehicle, off-highway, and farming and industrial equipment segments.

The Company is among the top two players in India for 2W and 3W wiring harnesses, with a 41.03% market share by value in Fiscal 2026. Its lead is sharpest in electric platforms. In the electric 2W and 3W segments its market share was close to 70% in Fiscal 2026. Approximately 95% of its automotive product portfolio is either EV-focused or powertrain-neutral, which supports demand across internal-combustion, hybrid, and battery-electric architectures.

Strengths of Dhoot Transmission

• Established leadership position in India's 2W and 3W wiring harness market, supported by an extensive and critical product portfolio.
• Well-positioned to capitalise on key industry trends through differentiated capabilities that support sustained growth and value creation.
• Strong business foundation backed by a marquee customer base and a diversified business mix, enabling long-term growth.
• Scaled operations with deep engineering, manufacturing, and product development capabilities that strengthen its competitive position.

Risks of Dhoot Transmission

• Wiring harnesses made up 77.08% of revenue in Fiscal 2026, so a fall in demand, pricing, or technology relevance for this single product line would directly hurt the Company's revenue.
• The 2W and 3W automotive sectors in India together drove about 78% of Fiscal 2026 revenue, making earnings highly sensitive to any downturn in these cyclical vehicle markets.
• The top 10 customers contributed 80.93% of revenue from operations in Fiscal 2026, so the loss or reduced orders of a few key customers would materially reduce revenue.
• The Company has no firm, long-term volume commitments from OEM customers, meaning order cancellations or lower forecasts could leave capacity and costs under-recovered.
• Manufacturing is geographically concentrated, with 50.52% of installed wiring harness capacity in Maharashtra as of March 31, 2026, so a regional disruption there would sharply affect output.
• The statutory auditors reported an emphasis of matter in the audit report, which may raise investor concern about specific accounting or disclosure items flagged for attention.

Anchor Investor Bidding Date

Friday, August 7, 2026

IPO Registrar and Book Running Lead Managers

IPO Registrar
Kfin Technologies Limited
Tel: +91-40 6716 2222 /18003 094001
E-mail: dhoot.ipo@kfintech.com

Book Running Lead Manager(s):

• Axis Capital Limited
  
• Jefferies India Private Limited
  
• Kotak Mahindra Capital Company Limited
  
• Nomura Financial Advisory and Securities (India) Private Limited
  
• SBI Capital Markets Limited
  
• 360 ONE WAM Limited
  

Dhoot Transmission Contact Details
Gut No. 102, Farola, III, Paithan Road, Chhatrapati Sambhajinagar
(Erstwhile Aurangabad) - 431105, Maharashtra, India.
Email: cs@dhoottransmission.com
Telephone: +91-24 3166 2600

Dhoot Transmission Business Model

The company earns its revenue through the design, engineering, manufacture, and supply of critical wiring harnesses and related electrical and electronic products, including sensors, controllers, automotive switches, battery packs, and power supply cords, sold primarily to automotive original-equipment manufacturers on an original-equipment basis.

Dhoot Transmission Growth Trajectory

Dhoot Transmission Limited's Total Income for FY26 was ₹4,563.70 crore, whereas in FY25 and FY24 it was ₹3,472.24 crore and ₹2,799.32 crore, respectively.

The Profit After Tax for FY26 was ₹396.84 crore, whereas in FY25 and FY24 it was ₹353.89 crore and ₹298.75 crore, respectively.

Their EBITDA for FY26 was ₹710.99 crore, whereas in FY25 and FY24 it was ₹590.96 crore and ₹512.40 crore, respectively.

Dhoot Transmission Market Position

Dhoot Transmission operated 22 manufacturing facilities globally as of March 31, 2026, with wiring harness capacity spread across Maharashtra, Tamil Nadu, Haryana, and Madhya Pradesh and other-product capacity based in Maharashtra. Its customer base comprises leading two-wheeler and three-wheeler OEMs, whose combined Fiscal 2026 share of the Indian 2W market was 69.37%, and its top 10 customers contributed 80.93% of revenue from operations in Fiscal 2026.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹4,563.70 crore, ₹396.84 crore, and ₹710.99 crore, respectively.

How to apply for Dhoot Transmission 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.