Dhoot Transmission Limited IPO — the disclosed details
Closed
The publicly disclosed details of Dhoot Transmission Limited's mainboard IPO — dates, price band, issue structure, objects of the offer, the RHP's own risk factors and the filed financials. Nothing more.
This issue's bidding window has closed. What follows is the record of what was disclosed while the offer was open. It is not updated after the close, and it is not a view on the company or on how the shares have traded since.
Dhoot Transmission Limited is running a mainboard IPO, to be listed on both BSE and NSE. This page restates what the company has publicly disclosed — in the red herring prospectus dated August 3, 2026, the abridged prospectus and the price band advertisement — and stops there. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.
What institutional desks read first — the filed ratios
Everything below is restated from the company’s own “Basis for Offer Price” section in the Dhoot Transmission Limited Red Herring Prospectus dated August 3, 2026 (RHP pages 163–174) — it is a restatement of the filing, not a valuation, and no view is offered on any of it.
| Ratio, as filed | Value |
|---|---|
| Basic / Diluted EPS — as adjusted for the split of face value from ₹100 to ₹2, as derived from the Restated Consolidated Financial Information | FY2026: ₹24.40 / ₹24.40 (weight 3) · FY2025: ₹24.31 / ₹24.31 (weight 2) · FY2024: ₹20.83 / ₹20.83 (weight 1) · Weighted average: ₹23.78 / ₹23.78 |
| P/E at the Floor Price (based on Basic and Diluted EPS for FY2026) | Printed as “[●]” — “To be updated upon finalisation of the Price Band.” |
| P/E at the Cap Price (based on Basic and Diluted EPS for FY2026) | Printed as “[●]” — “To be updated upon finalisation of the Price Band.” |
| Industry Peer Group P/E ratio (excluding the company; per the RHP’s note, computed on the BSE closing price as on July 31, 2026 divided by Diluted EPS for FY2026) | Highest: 74.64 (Sona BLW Precision Forgings Limited) · Lowest: 43.24 (Motherson Sumi Wiring India Limited) · Industry Composite: 55.31 |
| Return on Net Worth (RoNW) | FY2026: 16.55% (weight 3) · FY2025: 36.18% (weight 2) · FY2024: 40.32% (weight 1) · Weighted average: 27.06% |
| Net Asset Value (NAV) per Equity Share | As on March 31, 2026: ₹149.74 · After the completion of the Offer, at the Floor / Cap / Offer Price: “[●]” — “To be computed upon finalisation of the Price Band.” |
| KPI, as filed | Value |
|---|---|
| Revenue from operations | ₹45,249.55 million (FY2026) · ₹34,448.63 million (FY2025) · ₹27,977.26 million (FY2024) |
| Revenue Growth (%) | 31.35% (FY2026) · 23.13% (FY2025) · 31.60% (FY2024) |
| EBITDA | ₹7,109.89 million (FY2026) · ₹5,909.63 million (FY2025) · ₹5,123.98 million (FY2024) |
| EBITDA margin (%) | 15.71% (FY2026) · 17.15% (FY2025) · 18.31% (FY2024) |
| PAT | ₹3,968.42 million (FY2026) · ₹3,538.87 million (FY2025) · ₹2,987.48 million (FY2024) |
| PAT margin (%) | 8.70% (FY2026) · 10.19% (FY2025) · 10.67% (FY2024) |
| Return on capital employed (RoCE) (%) | 19.14% (FY2026) · 29.66% (FY2025) · 33.56% (FY2024) — the RHP’s own note adds that excluding the ₹10,225.61 million of BC Asia Tranche 2 cash received in March 2026 and yet to be deployed as on March 31, 2026 from capital employed, FY2026 RoCE comes to 27.83% |
| Net Debt to EBITDA | -0.25 (FY2026) · 1.29 (FY2025) · 0.99 (FY2024) |
| Listed peer | Face value (₹) | Closing price on July 31, 2026 (₹) | Revenue from operations (₹ million) | EPS — Basic / Diluted (₹) | NAV (₹ per share) | P/E | RoNW |
|---|---|---|---|---|---|---|---|
| Dhoot Transmission Limited (“Our Company”, as printed) | 2 | NA | 45,249.55 | 24.40 / 24.40 | 149.74 | NA | 16.55% |
| Minda Corporation Limited | 2 | 700.55 | 61,853.40 | 15.31 / 15.07 | 110.58 | 46.49 | 13.63% |
| Uno Minda Limited | 2 | 1,180.15 | 1,96,575.90 | 20.78 / 20.75 | 118.38 | 56.87 | 17.53% |
| Motherson Sumi Wiring India Limited | 1 | 40.65 | 1,14,775.80 | 0.94 / 0.94 | 3.26 | 43.24 | 28.92% |
| Sona BLW Precision Forgings Limited | 10 | 768.80 | 44,751.48 | 10.30 / 10.30 | 96.23 | 74.64 | 10.70% |
The RHP’s Basis for Offer Price section does not state an EV/EBITDA multiple anywhere (neither its own nor for any peer), does not state a price-to-revenue multiple, and does not print numeric P/E at the floor or cap or post-Offer NAV — those cells are “[●]”, to be updated upon finalisation of the Price Band — and nothing here is computed by this site.
What the company does
Dhoot Transmission Limited is an Indian electrical and electronics (E&E) company. It designs, engineers, manufactures and supplies wiring harnesses that integrate electronic sensors and controllers, switches, terminals, connectors, junction boxes, high-voltage interconnection systems and data cables. Its product lines are wiring harnesses, battery packs, sensors and electronic controllers, and automotive switches. Wiring harnesses contributed 77.08% of Fiscal 2026 revenue from operations.
Its end-markets are automotive — two-wheelers, three-wheelers, commercial vehicles, off-highway vehicles, and farming and industrial equipment — along with non-automotive applications such as gas boilers and medical equipment. Customers include OEMs such as Bajaj Auto Limited, TVS Motor Company Limited, Honda Motorcycle and Scooter India Private Limited and Royal Enfield. As of March 31, 2026 the company had 22 operational manufacturing facilities — 19 in India and three outside India, in the United Kingdom, Slovakia and Thailand — plus three engineering and design support centres and seven warehouses.
The company was incorporated in April 1998 and converted from a private to a public limited company in December 2025. Its registered office is in Chakan, Pune, Maharashtra. The promoters are BC Asia Investments XV Limited — a Mauritius-incorporated company that is part of the Bain Capital group — and Rahul Radhavallabh Dhoot, the Managing Director, associated with the company since April 28, 1998. Pre-offer, BC Asia XV holds 55.00% and Rahul Radhavallabh Dhoot holds 29.87%.
What the money is for
The offer has two parts. The fresh issue — up to ₹1,400 crore (₹14,000.00 million) of new shares — goes to the company. The offer for sale — up to 19,137,602 shares, ₹1,666.89 crore at the cap price and ₹1,586.51 crore at the floor — goes to the selling shareholders, not the company: up to 16,018,769 shares are being sold by BC Asia Investments XV Limited (the promoter selling shareholder) and up to 3,118,833 shares by Mangalam Capital Private Limited, formerly Mangalam Coils Private Limited (a promoter group selling shareholder).
The stated objects of the fresh issue:
| Object of the fresh issue | Amount, as filed |
|---|---|
| Repayment or prepayment, in full or in part, of certain outstanding borrowings of the company | ₹464.80 crore (₹4,648.02 million) from the net proceeds |
| Investment in three subsidiaries — Dhoot Autocomponents Private Limited, Dhoot Automotive Systems Private Limited and Dhoot Transmission UK Limited — for repayment or prepayment of their outstanding borrowings | ₹301.77 crore (₹3,017.73 million) |
| Setting up a new wiring harness manufacturing plant at Sector 11, Jhajjar, Haryana and Shoolagiri, Hosur, Tamil Nadu | ₹150 crore (₹1,500 million) |
| Funding inorganic growth through unidentified acquisitions, and general corporate purposes | To be finalised once the offer price is determined; together capped at 35% of gross proceeds, and at 25% each |
What the RHP flags as risks
These come from the company’s own risk-factor section. Paraphrased, faithfully:
- Sector and product concentration. The two-wheeler sector contributed 65.47% and the three-wheeler sector 12.86% of Fiscal 2026 revenue from operations, primarily through wiring harnesses, which were 77.08% of that revenue. Adverse changes in these sectors, or in demand for wiring harnesses, could adversely affect the business.
- Customer concentration. The top ten customers contributed 80.93% of Fiscal 2026 revenue from operations (81.81% in Fiscal 2025, 77.90% in Fiscal 2024). The RHP states that any failure to maintain these relationships will have an adverse effect on the business.
- No firm, long-term volume commitments with OEM customers. Termination, modification or reductions in customer requirements could adversely affect results of operations, financial condition and cash flows.
- Capital intensity. The business requires substantial capital expenditure and working capital, and may require additional financing to meet those requirements.
- Geographic concentration and capacity utilisation. 90.14% of Fiscal 2026 revenue from contracts with customers came from within India (89.80% in Fiscal 2025, 86.92% in Fiscal 2024); adverse economic or regulatory changes affecting demand in India could affect results. Certain facilities, including Hosur (Tamil Nadu) and Pithampur (Madhya Pradesh), operate at high capacity utilisation, and misestimating demand could adversely affect profitability and manufacturing schedules.
- Audit and related-party matters. The statutory auditors and the previous statutory auditor reported an emphasis of matter in the audit report for the fiscal year ended March 31, 2024. The company has also entered into a number of related-party transactions and may continue to do so, with no assurance that more favourable terms could not have been achieved with third parties.
The numbers as filed
| Item | As filed |
|---|---|
| Issue size | At the cap price, up to 35,218,047 shares aggregating ₹3,066.89 crore (₹30,668.85 million); at the floor, up to 36,033,148 shares aggregating ₹2,986.51 crore — including an employee reservation portion of up to ₹6 crore (₹60 million) |
| Fresh issue | Up to ₹1,400 crore (₹14,000.00 million) of new shares |
| Offer for sale | Up to 19,137,602 shares — ₹1,666.89 crore at the cap price, ₹1,586.51 crore at the floor |
| Price band | ₹829 to ₹871 per equity share — 414.50 times face value at the floor, 435.50 times at the cap; eligible employees bidding in the employee reservation portion get a discount of ₹80 per share |
| Face value | ₹2 per equity share |
| Lot size | Minimum of 17 shares, and in multiples of 17 thereafter |
| Minimum investment | ₹14,093 for one lot at the floor price; ₹14,807 at the cap |
| Post-offer market capitalisation | ₹17,024.61 crore at the floor, ₹17,816.14 crore at the cap, as stated in the price band advertisement |
The one-lot cost is arithmetic from the band and the bid lot; the documents do not print a separate minimum-investment line. Because the price is fixed after book building, the fresh-issue share count varies between the floor (16,895,546 shares) and the cap (16,080,445 shares).
Financials, from the Restated Consolidated Financial Information (fiscal years end March 31, so Fiscal 2026 is the year ended March 31, 2026), in ₹ crore:
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Revenue from operations | 2,797.73 | 3,444.86 | 4,524.96 |
| EBITDA | 512.40 | 590.96 | 710.99 |
| Restated profit for the year | 298.75 | 353.89 | 396.84 |
Total borrowings at end-FY2026 were ₹841.39 crore; net worth was ₹2,397.15 crore.
Who can actually sell on listing day
On listing day, most of Dhoot Transmission’s share register is not allowed to trade. A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.
The Red Herring Prospectus sets out the locks:
| Who | Locked for, per this RHP |
|---|---|
| Minimum promoter contribution — 20% of the fully diluted post-Offer capital, held by individual promoter Rahul Radhavallabh Dhoot. The RHP’s contribution table is still blank (“to be updated at the Prospectus stage”), so the exact share count is not yet a filed figure | 18 months from Allotment |
| Promoter holdings above that 20% — Rahul Dhoot’s excess and the promoters’ and promoter group’s shares not sold in the offer for sale (BC Asia XV retains 87,632,093 shares after selling 16,018,769; Mangalam Capital sells its entire 3,118,833) | Six months from Allotment |
| Rest of the pre-Offer capital — here a single non-promoter holding of 11,500 shares, under Regulation 17 | Six months from Allotment |
| Anchor investors | 50% for 30 days from Allotment, the remaining 50% for 90 days |
The count at the ₹871 cap:
| Step | Shares | % of post-issue capital |
|---|---|---|
| Fresh issue | 16,080,445 | 7.86% |
| Offer for Sale | 19,137,602 | 9.36% |
| Total offer | 35,218,047 | 17.22% |
| Less: anchor allotment, locked 30/90 days | −10,542,657 | −5.15% |
| = Sellable on listing day | 24,675,390 | 12.06% |
| Locked or not offered — the rest of the register | 179,872,667 | 87.94% |
| Post-issue capital | 204,548,057 | 100.00% |
The anchor book is already final — allotted at ₹871 across 72 investors, per the allocation outcome letter filed on the BSE on 7 August 2026 — so the count needs no range. It assumes full subscription: the RHP states that any unsubscribed portion of the offered shares would itself be locked in.
Figures are from the RHP’s capital-structure disclosures and the exchange-hosted anchor allocation letter, as of 12 August 2026.
Dates and mechanics
| Event | Date |
|---|---|
| Anchor investor bidding | Friday, 7 August 2026 |
| Offer opens | Monday, 10 August 2026 |
| Offer closes | Wednesday, 12 August 2026 — UPI mandates end at 5:00 p.m. IST on the closing date |
| Basis of allotment | On or about Thursday, 13 August 2026 |
| Credit of shares to demat accounts | On or about Friday, 14 August 2026 |
| Commencement of trading | On or about Monday, 17 August 2026 |
The allotment, credit and trading dates are stated as indicative (“on or about”) in the offer documents.
This is a 100% book built offer under Regulation 6(1) of the SEBI ICDR Regulations, to be listed on the main board of both BSE and NSE; NSE is the Designated Stock Exchange.
Book running lead managers: Axis Capital Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited and 360 ONE WAM Limited. Registrar: Kfin Technologies Limited, Hyderabad (contact person: M. Murali Krishna; email: dhoot.ipo@kfintech.com).
Information as of 10 Aug 2026, with the anchor and float figures updated 12 Aug 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.
This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.
Sources
- Abridged Prospectus / memorandum of salient features of the RHP (SEBI-hosted, 10 pages) — fetched and text-verified this session →
- Price Band Advertisement dated August 3, 2026 (company-hosted, 4 pages) — fetched and text-verified this session →
- Red Herring Prospectus dated August 3, 2026, 592 pages (BRLM-hosted, Axis Capital) — cover page fetched and text-verified this session →
- Company RHP copy (company-hosted) — fetched this session and verified byte-identical (same MD5) to the Axis Capital copy →
- Company IPO disclosures page — fetched this session →
- BSE notice — Dhoot Transmission anchor allocation outcome letter dated August 7, 2026 →
Common questions
How does IPO allotment work?
Applications are matched against the minimum lot size within each investor category (retail, HNI, QIB). In the retail category every applicant is first considered for one minimum lot: when the retail portion has enough shares to give every retail applicant one lot, everyone gets at least one and the surplus goes proportionately to those who bid more. Only when there aren't enough shares for one lot each is a computerised draw of lots used to pick who gets that single lot — and then each successful applicant gets exactly one lot, however many they bid for. It is never first-come-first-served, so applying early doesn't improve the odds.
What does the anchor investor lock-in mean?
Anchor investors (institutions allotted shares a day before the issue opens) are locked in and can't sell for a fixed period — and the clock runs from the date of Allotment, not from listing. Under the SEBI ICDR Regulations, 50% of the anchor shares are locked for 90 days from Allotment and the remaining 50% for 30 days from Allotment. It restricts anchors only; it says nothing about how retail-held shares will trade.
When do I get my money back if I'm not allotted?
Under ASBA, your bank only blocks the funds in your account — it's never debited until allotment. If you get no shares (or only a partial allotment), the block is released without any separate refund step: SEBI requires your bank (the SCSB) to complete the unblock by the close of banking hours on the working day after the basis of allotment is finalised — under the T+3 timeline, the day before the shares list. If it takes longer than that, SEBI's compensation policy provides ₹100 per day or 15% per annum of the application amount, whichever is higher — but it is complaint-triggered, so you have to raise it with your bank or the issue's lead manager to claim it.
What is ASBA / the UPI mandate?
ASBA (Application Supported by Blocked Amount) blocks the bid amount in your bank account instead of debiting it upfront. Retail investors bidding through UPI approve a mandate request in their UPI app, which blocks the funds — the money leaves your account only if shares are actually allotted.
The rest of the site
This page is a record of what was filed and published, and it stops there. The rest of the site is about the part that comes after you own something — how much of it to own, how to write the decision down, and how to grade it later.
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