All filings
DHOOTTRANS logo

Dhoot Transmission Limited

UDRHP · filed 29 May 2026

Draft filed

This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.

Dhoot Transmission Limited is an automotive component manufacturer that supplies wiring harnesses to the two-wheeler and three-wheeler sectors, with revenue of Rs 3,444.86 crore and profit of Rs 353.89 crore in the latest fiscal year. The IPO comprises a fresh issue of Rs 1,400 crore with no offer for sale, and the company has reported a revenue compound annual growth rate of 27.3%. The business is highly dependent on a limited product line and a small group of customers, including Bajaj Auto, and faces significant risks from raw material price volatility, technological changes, and the cyclical nature of the automotive industry.

What stands out

Risk factor. A significant portion of revenue (60.44% to 85.34%) is derived from the sale of wiring harnesses to the two-wheeler (2W) and three-wheeler (3W) automotive sectors in India, making the business heavily dependent on the performance of these sectors.

Risk factor. Revenue is significantly concentrated in a single product line, namely wiring harnesses, which constituted 77.15% to 85.34% of revenue from operations.

Risk factor. The top ten customers contributed 78.81% to 81.81% of revenue from operations in Fiscal 2025 and the nine months ended December 31, 2025, and the top five customers contributed 64.67% to 71.18%.

Risk factor. The business is dependent on the top five customers, with Bajaj Auto Limited contributing 32.33% of total revenue from operations, and losing any of these customers could have a material adverse impact.

Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.

Strong revenue growth. Restated revenue CAGR of 27.3%.

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₹494 Cr
  • Investment in certain of our Subsidiaries, namely, Dhoot Autocomponents Private Limited, Dhoot Electricals Systems 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₹273 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

₹3.44k Cr

Latest fiscal year

Profit after tax

₹354 Cr

Revenue CAGR

27.3%

Debt / equity

0.63

PAT CAGR

46.9%

Fiscal yearRevenueEBITDAPATNet worth
2023₹2.13k Cr₹164 Cr
2024₹2.80k Cr₹299 Cr
2025₹3.44k Cr₹354 Cr

Promoters, litigation & related parties

Promoter (pre)

84.9%

Except as disclosed in this section, there are no outstanding criminal proceedings, actions by regulatory authorities, claims related to direct and indirect tax matters, or civil litigation (including arbitration) involving the Relevant Parties, Key Managerial Personnel, and members of the Senior Management. There are no disciplinary actions including any penalty imposed by SEBI or Stock Exchanges against the Promoters in the last five Financial Years. There are no pending litigation involving Group Companies which may have a material impact on the Company. The Company has disclosed outstanding claims related to direct and indirect taxes involving the Relevant Parties in a consolidated manner, giving the number of cases and total amount involved.

Risks the company discloses

  • A significant portion of revenue (60.44% to 85.34%) is derived from the sale of wiring harnesses to the two-wheeler (2W) and three-wheeler (3W) automotive sectors in India, making the business heavily dependent on the performance of these sectors.(Customer Concentration)

  • Revenue is significantly concentrated in a single product line, namely wiring harnesses, which constituted 77.15% to 85.34% of revenue from operations.(Product Concentration)

  • The top ten customers contributed 78.81% to 81.81% of revenue from operations in Fiscal 2025 and the nine months ended December 31, 2025, and the top five customers contributed 64.67% to 71.18%.(Customer Concentration)

  • The business is dependent on the top five customers, with Bajaj Auto Limited contributing 32.33% of total revenue from operations, and losing any of these customers could have a material adverse impact.(Customer Concentration)

  • The business is cyclical and sensitive to factors affecting wiring harnesses, including reduction in OEM demand, pricing pressure, volatility in the price and availability of key raw materials (copper, polymers, brass, connectors, etc.), and technological changes.(Operational)

  • Technological changes in the automotive industry, such as the transition to electric vehicle platforms, high-voltage and low-voltage harnesses, zonal and modular electrical architectures, and high-speed data harnesses, require continuing investment in R&D, technology, tooling, and skilled manpower.(Operational)

  • The business is exposed to the risk of displacement of conventional wiring harnesses by alternative interconnection technologies.(Operational)

  • The business is dependent on the level of 2W and 3W automotive production and affected by inventory levels of 2W and 3W automotive manufacturers, and reduced demand or deterioration in these markets could have a material adverse impact.(Operational)

How this document reads, dimension by dimension

growthrevenue CAGR 27.3%
balance sheetdebt/equity 0.63x
profitabilityprofitable in the latest year
issue structure0% of the offer is OFS

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.

Figures are extracted automatically from the document filed with SEBI and may contain errors — the linked SEBI document is the authoritative record; analysed 07 Sept 2026.

Not investment advice

These lists are rules-based research, not buy recommendations. Rankings are generated from NSE & BSE data by a deterministic formula and do not account for your personal circumstances. For informational purposes only. Consult a SEBI-registered advisor before investing.

Dhoot Transmission Limited DRHP — SEBI filing analysis | DocStoX