Adroit Industries (India) Limited IPO
ListedMainboardAuto Ancillaries
176.85×
Subscribed
Price band
₹126 – ₹134
Lot size
111
1 lot = ₹14,874
Issue size
₹150.71 Cr
Open – close
23 Sept 2026
to 25 Sept 2026
Listing
30 Sept 2026
Listing gain
+75.37%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong4 of 7 dimensions read
The disclosed numbers are strong — 4 of 5 signals read positive
Strength81/100
- Priced above its peers17.9× earnings against a peer median of 13.0×
- Out-earns its peersReturn on net worth of 22.5% against a peer median of 17.3%
- High return on equityROE of 22.5%
- Conservative balance sheetDebt/equity of 0.41×
- Institutions bid heavilyQIB portion subscribed 195.04×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens23 Sept 2026
- Closes25 Sept 2026
- Allotment28 Sept 2026
- Listing30 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB195.04x
Non-institutionalNII / HNI332.35x
Big NIIabove ₹10L345.97x
Small NII₹2L – ₹10L305.09x
Retail individualRII99.81x
31,47,253 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 25 Sept 2026.
Chance of allotment
Retail99.81× subscribed
~1 in 99.8
Minimum 1 lot · 111 shares · ₹14,874 blocked
Retail is 99.81× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 99.8 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII332.35× subscribed
~1 in 332.4
Minimum 14 lots · 1,554 shares · ₹2,08,236 blocked
HNI is 332.35× subscribed. This category is allotted proportionately, so a bid receives roughly 1/332.4 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹58+43.3%
over the upper band · last seen 18 Oct 2026 · rising since 22 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹126 – ₹134
Face value₹10
Lot size111shares
Minimum application₹14,874at cut-off
Total issue size₹150.71 Cr
Fresh issue₹132.62 Cr
Offer for sale₹18.09 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
P/E at upper band17.91×
EPS₹7.48pre-issue
NAV per share₹36.84
Return on equity22.51%
Debt / equity0.41×
EBITDA margin27.66%
ROCE19.01%
RoNW22.51%
PAT Margin18.69%
EBITDA Margin27.66%
NAV36.84
Price to Book Value3.64
ISININE505M01015
RegistrarBIGSHARE
Lead managersChoice Capital Advisors Private Limited
12.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 56,23,500 | — |
| Anchor Investor | 33,74,100 | — |
| QIB (Ex. Anchor) | 22,49,400 | — |
| NII (HNI) | 16,87,050 | — |
| bNII > ₹10L | 11,24,700 | 723.00% |
| sNII < ₹10L | 5,62,350 | 361.00% |
| Retail | 39,36,450 | 35463.00% |
Total issue 1,12,47,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,8741 lot · 111 sh
Retail (Max)₹1,93,36213 lots · 1,443 sh
S-HNI (Min)₹2,08,23614 lots · 1,554 sh
S-HNI (Max)₹9,96,55867 lots · 7,437 sh
B-HNI (Min)₹10,11,43268 lots · 7,548 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted33,74,100
Anchor portion₹45.21 Cr
Bid date22 Sept 2026
Lock-in ends (50%)28 Oct 2026
Lock-in ends (rest)27 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding capital expenditure by our Company towards procurement of; (i) machinery and equipment for enhancement of operations at Dewas Facility; and (ii) transportation vehicle for local transportation of goods between the Manufacturing Facilities (Proposed Capital Expenditure in the Company)₹19.91 Cr
- 02Investment in our Subsidiary, Adroit Driveshafts Private Limited, in the form of equity, for funding capital expenditure towards procurement of; (i) machinery and equipment for enhancement of operations at Pithampur Facility; and (ii) transportation vehicle for local transportation of goods between the Manufacturing Facilities (Investment in Subsidiary for capital expenditure)₹43.96 Cr
- 03Investment in our Subsidiary, Adroit Driveshafts Private Limited, in the form of equity, for re-payment or pre-payment, in full or in part, of certain borrowings availed by our Subsidiary (Investment in Subsidiary for loan repayment)₹24.12 Cr
- 04General Corporate Purposes₹24.14 Cr
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Our Companythis issue | 7.48 | 17.91 | 36.84 | 22.51% |
| Hindustan Hardy Ltd | 55.92 | 12.98 | 250.24 | 25.00% |
| Talbros Engineering Ltd | 57.34 | 10.70 | 359.20 | 17.32% |
| GNA Axles Ltd | 27.24 | 20.85 | 233.89 | 12.28% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumOur significant dependence on export sales, with 95.39% of revenue from Sale of Products derived from outside India in Fiscal 2026, exposes us to risks associated with cross-border trade, including adverse economic conditions, geopolitical instability, sanctions-related risks, and changes in interna
mediumOur export revenue is geographically concentrated in the United States, which accounted for 53.76%, 66.68%, and 71.93% of export sales in Fiscal 2026, Fiscal 2025, and Fiscal 2024 respectively, making our business susceptible to adverse developments in this specific market.
mediumPropeller shafts and driveline components exported to the United States are subject to an additional 25% tariff imposed under Section 232 of the Trade Expansion Act of 1962, effective from May 3, 2025, which continues to apply until a preferential tariff rate quota framework is formally notified and
Litigation
As on the date of this Prospectus, there are no outstanding criminal proceedings, regulatory actions, consolidated tax claims, or other pending civil/arbitration proceedings involving the Relevant Parties, Key Managerial Personnel, Senior Management, or Group Companies that would be considered to have a 'material impact' on the Company. There are no disciplinary actions or penalties imposed by SEBI or Stock Exchanges against the Promoters in the last five Financial Years. There are no findings/observations of inspections by SEBI or any other regulator involving the Company that are material. The Materiality Threshold for disclosing material civil litigations is ₹9.81 million.
Positives the filing discloses (3)
Primarily fresh capital
88% of the offer is fresh issue, so most proceeds fund the company.
Low leverage
Debt-to-equity of 0.41x.
Healthy return on equity
ROE of 22.5%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.6%
Listed up
8 of 8
Best
+65.3%
BLS Polymers Limited
Worst
0.6%
EAAA India Alternatives Limited
Bombay Coated and Special Steels Limitedsame segment
60.8× sub+11.0%
M. K. Sons Fine Jewels Limitedsame segment
5.1× sub+5.6%
BLS Polymers Limitedsame segment
241.2× sub+65.3%
SFC Environmental Technologies Limitedsame segment
9.5× sub+7.6%
EAAA India Alternatives Limitedsame segment
5.3× sub+0.6%
Paras Healthcare Limitedsame segment
2.2× sub+3.9%
Jio Platforms Limitedsame segment
21.6× sub+21.4%
Zetwerk Manufacturing Businesses Limitedsame segment
3.1× sub+5.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Adroit Industries (India) Limited
Adroit Industries (India) Limited is a manufacturer and supplier of propeller shafts and related torque-transmission components for automotive and non-automotive applications. Its product portfolio includes precision-machined torque-transmission components, complete propeller shaft assemblies and forged components used as intermediate inputs in its manufacturing process. The company’s manufacturing capabilities cover forging, precision machining, heat treatment, assembly, balancing and testing, and it offers more than 5,000 SKUs of torque-transmission components and assemblies as of July 31, 2026. Its products are used mainly in commercial vehicles and, to a limited extent, passenger vehicles such as SUVs, as well as in defence and emergency services, heavy equipment, off-highway machinery and industrial equipment. The company supplies products through distributors, Tier-1 driveline component suppliers and directly to original equipment manufacturers (OEMs). It supplied products to customers in more than 32 countries during FY26, including the United States, Canada, Australia, Mexico, the United Kingdom, and countries across Europe, Latin America, the Middle East, Africa, and Asia-Pacific.
Founded 1966MD Mr Saurabh SanglaSector Auto Ancillaries
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Adroit Industries (India) Limited IPO GMP today?
The most recent grey-market premium recorded for Adroit Industries (India) Limited is ₹58 per share — about 43.3% over the ₹134 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Adroit Industries (India) Limited IPO subscribed?
Adroit Industries (India) Limited is subscribed 176.85× overall (QIB 195.04×, NII 332.35×, retail 99.81×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, BIGSHARE.
What is the minimum investment in the Adroit Industries (India) Limited IPO?
One lot is 111 shares, so a retail application at the ₹134 cut-off price blocks ₹14,874. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Adroit Industries (India) Limited IPO?
The retail portion is subscribed 99.81×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 100. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Adroit Industries (India) Limited IPO allotment date?
Allotment is scheduled for 2026-09-28, with listing on 2026-09-30. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, BIGSHARE.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.