Dhoot Transmission IPO
Dhoot Transmission IPO is a mainboard IPO raising ₹3,067 Cr at ₹829 – ₹871 a share. It listed on 17 Aug 2026 at ₹1,200, +37.8% against its issue price of ₹871, and trades at ₹1,729 today (+98.5% since issue). It was subscribed 74× in total.
74.2 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.
Dhoot Transmission designs, engineers, manufactures and supplies wiring harnesses and related electrical/electronic components (battery packs, sensors, electronic controllers, automotive switches, power supply cords) primarily for two-wheeler and three-wheeler OEMs, covering both ICE and electric vehicles. They also serve commercial vehicles, off-highway vehicles, farming and industrial equipment, with manufacturing operations in India and overseas (UK, Slovakia, Thailand). Approximately 95% of their auto product portfolio is either EV-focused or powertrain-neutral.
How it earns
They earn revenue mainly by selling wiring harnesses and other E&E components directly to automotive OEMs under long-term supply programs.
Who buys
Supplies leading 2W and 3W OEMs in India (specific customer names not stated in this section). Customer concentration is high: top 10 customers accounted for 80.93% of revenue from operations in Fiscal 2026 (₹36,622.42 million ≈ ₹3,662 crore), and top 5 customers accounted for 71.56% (₹32,379.28 million ≈ ₹3,238 crore). Average relationship with the top five customers was 13 years as of March 31, 2026. Their OEM customers collectively held 69.37% share of the Indian 2W market in Fiscal 2026.
Scale
22 operational manufacturing facilities in India and abroad as of March 31, 2026 (23 operational units as of RHP date), plus 2 under-construction plants in India; 3 engineering and design support centres; 7 warehouses; total staff of 2,735 (including 1,129 engineers, of whom 237 in R&D). Revenue from operations in Fiscal 2026 was ₹45,249.55 million (≈ ₹4,525 crore). Note: amounts in the prospectus are stated in ₹ millions; 1 crore = 10 million.
What it says sets it apart
- Market leadership: 41.03% market share in 2W and 3W wiring harnesses in India (Fiscal 2026); 37.58% in 2W segment (Top 2), more than 70% in 3W segment (leader), and close to 70% in the electric 2W and 3W segments.
- Backward integration in critical components (terminals, connectors, cables and moulded parts), giving in-house control over quality, supply security and cost.
- Marquee, long-tenured OEM customer base — 13-year average relationship with top 5 customers, with customer-owned tooling and PPAP documentation embedded in their plants that raise switching costs.
- EV and premiumisation alignment — ~95% of auto product portfolio is EV-focused or powertrain-neutral; EV-related revenue was 24.17% of total in Fiscal 2026; 57.18% of 2W revenue came from premium (scooters >125cc, motorcycles >150cc) and EV segments.
- Diversified manufacturing footprint — 22 plants in India plus plants in UK, Slovakia and Thailand (23 operational units as of RHP date), supported by three engineering/design centres and seven warehouses.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs871 / stated EPS Rs24.4 (FY26 (year ended March 31, 2026) diluted, 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.
The last few years in numbers
From the prospectus’s own summary financial table (Restated Consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| Year ended March 31, 2026 | ₹4,525 Cr | ₹397 Cr | 8.8% | ₹2,435 Cr | ₹841 Cr |
| Year ended March 31, 2025 | ₹3,445 Cr | ₹354 Cr | 10.3% | ₹994 Cr | ₹776 Cr |
| Year ended March 31, 2024 | ₹2,798 Cr | ₹299 Cr | 10.7% | ₹749 Cr | ₹555 Cr |
Where the money goes
The offer →54% of this issue is existing shareholders cashing out — only the fresh issue reaches the business.
How its cohort has done
63 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.
QIB: 213× their allocation. Retail: 8.12×.
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.
What could go wrong
All 13risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Axis Capital Limited — median +35.0% across the 112 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 23 Sept 2026.
What to watch
- 54% of the issue is offer for sale — only ₹1,400 Cr of new money reaches the company.
- Priced at 35.7× earnings — 31% below the median of the peers the issuer itself names.
- The register's top risk: Top customer Bajaj Auto is 31.84% of revenue (prospectus page 29).
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track DHOOT TRANSMISSION LTD
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.