Dhoot Transmission Limited
RHP · filed 04 Aug 2026
Dhoot Transmission Limited is an automotive component manufacturer that supplies wiring harnesses, with a significant portion of its revenue derived from the two-wheeler and three-wheeler sectors. The company is offering a fresh issue of shares worth Rs 1,400 crore with no offer for sale component. Its revenue has grown at a CAGR of 27.18% to Rs 4,524.96 crore in Fiscal 2026, and it maintains a debt-to-equity ratio of 0.35. The prospectus highlights high risks related to concentration in a single product line, sensitivity to raw material costs, and dependence on a small number of customers.
What stands out
Risk factor. We derived a significant portion of our revenue from operations from the two-wheeler (2W) automotive sector in India (₹29,626.97 million, i.e. 65.47% in Fiscal 2026) and the three-wheeler (3W) automotive sector in India (₹5,817.77 million, i.e. 12.86% in Fiscal 2026), and our revenue from operations
Risk factor. Our results of operations are particularly sensitive to factors specifically affecting wiring harnesses, including volatility in the price and availability of key raw materials and components used in wiring harnesses, such as copper, polymers, brass, connectors, terminals, cables, mouldings and elec
Risk factor. Our results of operations are particularly sensitive to technological changes in the automotive industry, including the transition from internal combustion engine platforms to electric vehicle platforms, the polarisation between high-voltage and low-voltage harnesses, the transition to zonal and mod
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
Low leverage. Debt-to-equity of 0.35x.
Strong revenue growth. Restated revenue CAGR of 27.2%.
How the offer is structured
Fresh issue
₹1.40k Cr
New capital into the company
OFS share
0%
- Repayment/prepayment, in full or in part, of all or certain outstanding borrowings availed by our Company₹465 Cr
- Investment in certain of our Subsidiaries, namely, Dhoot Autocomponents Private Limited, Dhoot Automotive Systems Private Limited and Dhoot Transmission UK Limited, for repayment/prepayment, in full or part, of all or certain of the outstanding borrowings availed by these Subsidiaries₹302 Cr
- Setting up of a new wiring harness manufacturing plant of our Company at (i) Sector 11, Jhajjar, Haryana, India; and (ii) Shoolagiri, Hosur, Tamil Nadu, India₹150 Cr
- Funding inorganic growth through unidentified acquisitions and general corporate purposes
Restated financials
Revenue
₹4.52k Cr
Latest fiscal year
Revenue CAGR
27.2%
Debt / equity
0.35
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹2.80k Cr | ₹749 Cr | ||
| 2025 | ₹3.44k Cr | ₹994 Cr | ||
| 2026 | ₹4.52k Cr | ₹2.43k Cr |
Promoters, litigation & related parties
Promoter (pre)
84.9%
Except as disclosed in this section, there are no outstanding (i) criminal proceedings (including such matters which are at the FIR stage even if no cognizance has been taken by any court) involving our Company, Promoters, Subsidiaries, and Directors (“Relevant Parties”), Key Managerial Personnel and members of the Senior Management; (ii) actions (including all outstanding penalties and show cause notices) by regulatory authorities and statutory authorities (including any judicial, quasi- judicial, administrative authorities or enforcement authorities) involving the Relevant Parties, Key Managerial Personnel and members of the Senior Management; (iii) claims related to direct and indirect tax matters involving the Relevant Parties; and (iv) civil litigation (including arbitration proceedings) involving the Relevant Parties, as determined to be material as per the Materiality Policy. Further, except as stated in this section, there are no (a) disciplinary actions including any penalty imposed by SEBI or Stock Exchanges against our Promoters in the last five Financial Years including outstanding actions; and (b) pending litigation involving our Group Companies which may have a material impact on our Company.
Risks the company discloses
We derived a significant portion of our revenue from operations from the two-wheeler (2W) automotive sector in India (₹29,626.97 million, i.e. 65.47% in Fiscal 2026) and the three-wheeler (3W) automotive sector in India (₹5,817.77 million, i.e. 12.86% in Fiscal 2026), and our revenue from operations is also significantly concentrated in a single product line, namely wiring harnesses, which constituted 77.08% of our revenue from operations in Fiscal 2026.(Concentration Risk)
Our results of operations are particularly sensitive to factors specifically affecting wiring harnesses, including volatility in the price and availability of key raw materials and components used in wiring harnesses, such as copper, polymers, brass, connectors, terminals, cables, mouldings and electronic components.(Operational Risk)
Our results of operations are particularly sensitive to technological changes in the automotive industry, including the transition from internal combustion engine platforms to electric vehicle platforms, the polarisation between high-voltage and low-voltage harnesses, the transition to zonal and modular electrical architectures and the shift to high-speed data harnesses, which require continuing investment in research and development, technology, tooling and skilled manpower.(Operational Risk)
Our operations are cyclical because our sales are directly dependent on the level of 2W and 3W automotive production and affected by inventory levels of 2W and 3W automotive manufacturers.(Market Risk)
Our top ten customers (based on contribution to revenue from operations in Fiscal 2026) contributed 80.93% of our revenue from operations in Fiscal 2026, and our top five customers contributed 71.18% of our revenue from operations in Fiscal 2026.(Concentration Risk)
Losing all or a substantial portion of sales to any of our top five customers for any reason (including, due to loss of orders or failure to negotiate acceptable terms, customers losing market share in their industries, disputes with these customers, adverse changes in the financial condition of these customers, declines in their sales, or plant shutdowns, labour strikes or other work stoppages affecting their production) could have an adverse impact on our business, results of operations, financial condition and cash flows.(Customer Concentration Risk)
We do not have firm, long-term volume commitments with our OEM customers. Our contractual arrangements are generally requirement-based, under which we supply against customer schedules and purchase order releases.(Contractual Risk)
We do not have exclusivity agreements with our customers and compete for new business through our customers’ supplier selection processes, starting from the issuance of a request for quote (RFQ) to the awarding of the order.(Contractual Risk)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.

