Adroit Industries (India) IPO
Adroit Industries (India) IPO is a mainboard IPO raising ₹151 Cr at ₹126 – ₹134 a share. It listed on 30 Sept 2026 at ₹235, +75.4% against its issue price of ₹134, and trades at ₹157 today (+17.1% since issue). It was subscribed 177× in total.
176.8 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Adroit Industries (India) Limited is a vertically integrated manufacturer and supplier of propeller shafts (also called drive shafts or cardan shafts) and related torque-transmission components used in vehicle and industrial driveline systems. As of July 31, 2026, it offers over 5,000 SKUs (5,250) with in-house capabilities spanning forging, precision machining, heat treatment, assembly, balancing and testing. Its products serve automotive applications (mainly commercial vehicles, with some passenger SUVs) and non-automotive applications (defence, emergency services, heavy/off-highway equipment, industrial equipment), and it supplies customers in more than 32 countries through subsidiaries in Canada (2022) and the USA (2026).
How it earns
Revenue is mainly from Sale of Products — ₹1,271.09 million (≈₹127.11 crore) in FY26, or ~90.8% of revenue from operations (₹1,399.43 million ≈ ₹139.94 crore) — with the balance from miscellaneous sales and other operating revenue. Products are sold through distributors, Tier-1 driveline component suppliers and direct OEM sales, primarily to overseas markets.
Who buys
Named customers include 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. Concentration (FY26): top 10 customers = 60.86% of Sale of Products (₹773.60 million ≈ ₹77.36 crore); repeat customers = 90.26% (₹1,147.23 million ≈ ₹114.72 crore); customers associated >3 years = 71.91% (₹914.01 million ≈ ₹91.40 crore). Total customers served rose from 130 in FY24 to 185 in FY26 (153 distributors, 13 Tier-1s, 22 OEMs).
Scale
Three manufacturing facilities in Madhya Pradesh (Dewas, Pithampur, Sanwer) covering ~51,549 sq m of land with ~26,450 sq m of built-up area; 367 permanent employees as of July 31, 2026; 5,250 SKUs; 185 customers served in FY26; exports to 32+ countries.
What it says sets it apart
- Over 5,000 SKUs (5,250 as of July 31, 2026) of torque-transmission components and assemblies, with cumulative SKUs grown from 3,821 in FY24 to 5,250 in FY26 via 391/631/798 new SKUs added each year
- Vertically integrated manufacturing across three Madhya Pradesh facilities: Dewas Facility (forging/heat treatment, ~15,095.50 sq m land; 3,961.64 sq m built-up), Pithampur Facility (machining/assembly/balancing, ~27,535 sq m land; 17,638.90 sq m built-up, run via subsidiary Adroit Driveshafts Private Limited) and Sanwer Facility (specialised finishing, ~8,918.69 sq m land; 4,850 sq m built-up) — covering billet cutting through to packaging in-house
- High repeat-business intensity: 90.26% of FY26 Sale of Products revenue from repeat customers (110 of 185), and customers with 3+ year relationships contributing 71.91%
- Export-led model: 95.39% of FY26 Sale of Products from outside India (₹1,212.44 million ≈ ₹121.24 crore) across 32+ countries; supported by subsidiaries in Canada (incorporated March 2022) and the USA (incorporated 2026); USA alone was 53.76% of FY26 export revenue
- Positioning reinforced by industry entry barriers — as per the CareEdge Report, OEM/Tier-1 vendor qualification processes typically span 12–18 months and propeller shaft manufacturing is capital-intensive, requiring specialised forging, machining, heat-treatment, dynamic balancing and assembly equipment
Revenue mix
The prospectus gives overlapping breakdowns here, so the shares are not shown.
The numbers at a glance
The price they’re asking →derived: cut-off price Rs134 / stated EPS Rs7.48 (FY26 (year ended March 31, 2026), basic and diluted EPS stated as identical, restated consolidated). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 332× their allocation. Retail: 100×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
Led by Choice Capital Advisors Private Limited — median +0.3% across the 13 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 6 Nov 2026.
What to watch
- Priced at 17.9× earnings — 38% above the median of the peers the issuer itself names.
- Its cohort's record: median +9.2% since issue price, 37.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track ADROIT INDUSTRIES (I) LTD
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