Adroit Industries (India) Limited IPO

IPO Details

• Open date: TBA
• Close Date: TBA
• Minimum Investment: To be updated
• Lot Size: TBA
• Price Range: TBA
• Listing: BSE, NSE
• Issue Size: 1,12,47,000 equity shares (Fresh 98,97,000 shares + OFS 13,50,000 shares)
• Listing Date: TBA

IPO Timeline

• Bidding Start: TBA
• Bidding Ends: TBA
• Allotment Finalisation: TBA
• Refund Initiation: TBA
• Demat Transfer: TBA
• Listing: TBA

About Adroit Industries (India) Limited

Incorporated in 1966, Adroit Industries (India) Limited is a manufacturer of propeller shafts and torque-transmission components used in vehicles and industrial machinery. The company operates a fully integrated manufacturing setup, handling everything from forging and machining to assembly and testing. It offers over 5,000 products to distributors, Tier-1 component manufacturers, and OEMs, serving commercial vehicles, defense, heavy equipment, and industrial machinery. The company exports to over 25 countries across North America, Europe, Asia-Pacific, and other regions, with manufacturing facilities located in Madhya Pradesh, India.

Adroit Industries (India) Limited IPO Overview

Adroit Industries (India) Limited filed its DRHP with SEBI on March 30, 2026, for a book-built IPO of 1,12,47,000 equity shares, comprising a fresh issue of up to 98,97,000 shares and an offer for sale (OFS) of up to 13,50,000 shares by the promoters. The issue size in value terms is yet to be announced. Net proceeds from the fresh issue will be utilized for funding capital expenditure at Dewas Facility and transportation vehicles (₹167.68 million), investment in subsidiary Adroit Driveshafts Private Limited for capital expenditure at Pithampur Facility (₹369.64 million), investment in subsidiary for loan repayment (₹202.68 million), and general corporate purposes. Lead manager: Choice Capital Advisors Pvt. Ltd. Registrar: Bigshare Services Pvt. Ltd. Listing on BSE and NSE. IPO dates, price band, and lot size are yet to be announced.

Adroit Industries (India) Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	1,12,47,000 equity shares
Fresh Issue	98,97,000 equity shares
Offer for Sale (OFS)	13,50,000 equity shares
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	3,49,11,340 shares
Shareholding post-issue	4,48,08,340 shares

 IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Adroit Industries (India) Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

Adroit Industries (India) Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹3.05
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	9.74%
Net Asset Value (NAV)	₹65.86
Return on Equity (RoE)	9.74%
Return on Capital Employed (RoCE)	11.72%
EBITDA Margin	25.34%
PAT Margin	15.37%
Debt-to-Equity Ratio	0.56x

 Objectives of the IPO Proceeds

The net proceeds from the Fresh Issue are intended to be utilised as follows:

Particulars	Amount (₹ in million)
Funding capital expenditure at Dewas Facility and transportation vehicles	167.68
Investment in subsidiary for capital expenditure at Pithampur Facility	369.64
Investment in subsidiary for loan repayment	202.68
General corporate purposes*	[●]

*To be determined upon finalisation of the Offer Price. General corporate purposes shall not exceed 25% of gross proceeds.

 Adroit Industries (India) Limited Financials (₹ in million)

Particulars	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	2,056.92	1,870.09	1,993.85	1,851.51
Revenue from Operations	692.31	1,338.94	1,245.28	1,035.45
Profit After Tax	106.41	181.44	145.27	64.15
Reserves and Surplus	974.99	860.72	703.66	478.93
Total Borrowings	640.71	647.77	818.54	933.65
Total Liabilities	907.69	835.22	1,116.23	1,198.79

*For the six-month period ended September 30, 2025 (not annualised). Source: Restated Consolidated Financial Information.

Financial Status of Adroit Industries (India) Limited

SWOT Analysis of Adroit Industries (India) Limited

Strengths and Opportunities	Weaknesses and Threats
Large and diversified product portfolio with over 5,000 SKUs	Revenue concentration: top 10 customers contributed 66.71% of H1 FY2026 revenue
Fully integrated manufacturing operations ensure quality control and cost efficiency	Majority of revenue derived from export markets (94.15% of H1 FY2026)
Strong and long-standing relationships with diversified customer base	Geographic concentration with all manufacturing facilities in Madhya Pradesh
High entry barriers supported by technical expertise and validation capabilities	Intense competition from larger players like GNA Axles and Talbros Engineering
Well-established export network across over 25 countries	Currency fluctuation risks affecting export revenue
Experienced promoters and management team with 18+ years of industry experience	Dependence on automotive sector cyclicality
Healthy financial performance with PAT CAGR of 68.16% from FY23-FY25	Rising raw material costs impacting margins
Strengthening balance sheet with debt-to-equity ratio improving to 0.63	Export concentration in USA (66.68% of FY2025 export revenue)
Increasing domestic OEM customer base providing diversification	Potential trade barriers or tariffs affecting exports

Adroit Industries (India) Limited IPO Strengths

Large and Diversified Product Portfolio with Over 5,000 SKUs

Adroit Industries offers over 5,000 products to distributors, Tier-1 driveline component suppliers, and OEMs. The company’s product portfolio encompasses propeller shafts, universal joints, axle shafts, and related torque-transmission components used across commercial vehicles, defense, heavy equipment, and industrial machinery. This extensive product range enables the company to serve diverse customer requirements across both automotive and non-automotive sectors, reducing dependence on any single product category.

Fully Integrated Manufacturing Operations Ensure Quality Control and Cost Efficiency

Adroit Industries operates a fully integrated manufacturing setup covering the entire production flow from raw material inspection and billet cutting to forging, heat treatment, machining, spline making, induction hardening, finishing, inspection, and packaging. The company’s facilities in Dewas, Pithampur, and Sanwer, Madhya Pradesh, enable in-house processing of critical production stages, reducing reliance on third-party vendors and maintaining control over product quality, production scheduling, and process consistency.

Strong and Long-Standing Relationships with Diversified Customer Base

Adroit Industries has built enduring relationships with a diversified customer base including Godrej & Boyce, BEML, VE Commercial Vehicles, Sandvik Mining, and Oilgear India. The company’s ability to serve distributors, Tier-1 suppliers, and OEMs across automotive and non-automotive sectors reduces dependence on any single customer category. Revenue from repeat customers accounted for 96.19% of revenue from operations in H1 FY2026, reflecting customer loyalty and consistent product quality.

High Entry Barriers Supported by Technical Expertise and Validation Capabilities

The propeller shaft manufacturing industry is characterized by entry barriers arising from stringent qualification requirements imposed by OEMs and Tier-1 suppliers. Qualification processes often span 12 to 18 months or longer, involving detailed validation cycles, product and process audits, significant tooling investments, and rigorous testing protocols. Adroit’s established approvals serve as a key indicator of product quality and reliability, enhancing credibility with the distributor network.

Well-Established Export Network Across Multiple International Markets

Adroit Industries has a strong international presence, exporting to over 25 countries across North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Export sales accounted for 94.15% of revenue from sale of products in H1 FY2026. The company’s subsidiary in Canada facilitates customer engagement and after-sales support in North American markets. Export revenue is geographically diversified with the USA contributing 66.68% of Fiscal 2025 export revenue.

Experienced Promoters and Competent Management Team

Adroit Industries is led by experienced promoters. Saurabh Sangla, Chairman cum Managing Director, has over 18 years of experience in the torque-transmission industry and has been associated with the company since 2007. Mukesh Sangla, Non-Executive Director, also has over 18 years of experience in the industry. The promoters are supported by a senior management team with long-standing association, including export marketing, engineering development, and production management professionals.

Other IPO Pages Linking

More About Adroit Industries (India) Limited

Adroit Industries (India) Limited, incorporated in 1966, has established itself as a manufacturer of propeller shafts and torque-transmission components with over five decades of operational history.

Manufacturing Facilities

• Dewas Facility: Undertakes die-making and forging operations with forging hammers, presses, billet heating equipment, heat treatment systems, and metallurgical testing infrastructure.
• Pithampur Facility (Adroit Driveshafts Private Limited): Spans 27,535 sq. m. with 17,638.90 sq. m. built-up area; equipped with CNC lathes, horizontal machining centres, spline cutting machines, broaching and hobbing machines, cylindrical grinding machines, induction hardening equipment, and assembly lines.
• Sanwer Facility: Spans 8,918.69 sq. m. with 4,850 sq. m. built-up area; recently renovated with finishing line for machined components.

Product Portfolio and Applications

• Over 5,000 SKUs including propeller shafts, universal joints, axle shafts, and torque-transmission components.
• Automotive applications: Passenger vehicles and commercial vehicles (73.93% of revenue in H1 FY2026).
• Non-automotive applications: Defense, heavy equipment, industrial machinery, off-highway vehicles (26.07% of revenue in H1 FY2026).

Customer Base

• Key customers: Godrej & Boyce, BEML, VE Commercial Vehicles, Sandvik Mining, Oilgear India.
• Distribution channels: Distributors (64.21% of revenue), Tier-1 suppliers (32.70%), OEMs (3.08%) in H1 FY2026.
• Repeat customers: 96.19% of revenue in H1 FY2026.

Export Presence

• Over 25 countries across North America, Europe, Latin America, Middle East, Africa, and Asia-Pacific.
• Subsidiary: Adroit Driveshafts Canada Limited for North American market facilitation.

Subsidiary

• Adroit Driveshafts Private Limited (operates Pithampur Facility)
• Adroit Driveshafts Canada Limited (export facilitation)

Industry Outlook

India’s automotive components industry is poised for significant growth driven by increasing vehicle production, rising exports, and the government’s focus on domestic manufacturing. The Indian automotive industry has shown steady growth, with the commercial vehicle segment witnessing strong demand due to infrastructure development and economic activity. According to a CareEdge Report cited in the DRHP, the propeller shaft manufacturing industry is characterized by structural entry barriers including stringent qualification requirements, technical complexity, and significant capital investment.

Key Growth Drivers:

• Infrastructure Development: Government investments in infrastructure projects including roads, highways, and railways are driving demand for commercial vehicles and heavy equipment, creating a positive outlook for propeller shaft manufacturers.
• Export Opportunities: Indian automotive component manufacturers are increasingly participating in global supply chains, supported by cost competitiveness and quality standards. The “Make in India” initiative further supports export growth.
• Defense Sector Growth: Increasing defense modernization and indigenization programs create opportunities for suppliers of driveline components for defense vehicles and equipment.
• Commercial Vehicle Demand: The commercial vehicle segment, a key end-user for propeller shafts, is expected to grow steadily with economic expansion and infrastructure spending.
• Technological Advancement: Adoption of advanced manufacturing technologies including CNC machining, automation, and robotics is enhancing productivity and quality in the component manufacturing industry.

Market Projections:

• The Indian auto component industry is expected to reach USD 200 billion by 2026 from USD 70.4 billion in 2022.
• India’s commercial vehicle production is projected to grow at a steady pace, supporting demand for driveline components.
• The propeller shaft market is expected to benefit from increasing vehicle production and the trend toward higher torque capacity in commercial vehicles.

How Will Adroit Industries (India) Limited Benefit

• Adroit Industries is positioned to benefit from India’s growing commercial vehicle market, with the auto component industry expected to reach USD 200 billion by 2026, driving demand for propeller shafts and torque-transmission components.
• The company’s strong export orientation (94.15% of H1 FY2026 revenue) positions it to capitalize on the global automotive supply chain trend, with Indian component manufacturers increasingly preferred for cost-competitive quality products.
• The government’s “Make in India” initiative and defense indigenization programs create opportunities for Adroit’s products used in defense vehicles and heavy equipment, expanding the addressable market beyond automotive applications.
• With over 5,000 SKUs and fully integrated manufacturing operations, the company can capture diverse customer requirements across commercial vehicles, defense, heavy equipment, and industrial machinery, reducing reliance on any single segment.
• Adroit’s strong repeat customer base (96.19% of H1 FY2026 revenue) provides revenue visibility and stable cash flows, supporting the company’s expansion plans.
• The company’s planned expansion at Dewas and Pithampur facilities, funded through IPO proceeds, will enhance forging and machining capabilities, enabling it to capture increased demand from both domestic and export markets.
• With a debt-to-equity ratio improving to 0.63 and RoCE of 17.06%, Adroit has demonstrated capital efficiency and prudent financial management, positioning it for sustainable growth.

Peer Group Comparison

Name of Company	Face Value (₹)	Revenue  (₹ in million)	EPS (₹)	NAV (₹)	P/E Ratio	RoNW (%)
Adroit Industries (India) Limited	10	1,338.94	5.19	29.65	[●]	18.94%
Peer Group
Hindustan Hardy Ltd	10	814.52	43.98	197.01	16.70	24.96%
Talbros Engineering Ltd	10	4,460.89	39.78	304.26	15.37	13.91%
GNA Axles Ltd	10	15,397.41	24.95	209.62	15.11	12.59%

Key Strategies for Adroit Industries (India) Limited

Expansion of Manufacturing Capabilities and Product Portfolio

Adroit Industries intends to strengthen manufacturing capabilities through installation of additional machinery at Dewas and Pithampur facilities in Madhya Pradesh. At Dewas, the company proposes to install a new forging press line with electric screw forging press and induction billet heating equipment. At Pithampur, the company proposes to augment machining and assembly capabilities for propeller shafts, universal joints, and axle shafts through additional CNC machining equipment and automated manufacturing cells.

Strengthen Presence in International Markets

Adroit Industries intends to deepen engagement with existing customers while expanding reach across additional geographies through distributors, Tier-1 suppliers, and OEM customers. The company’s subsidiary in Canada facilitates customer engagement in North America. The company is exploring incorporation of a subsidiary in the United States to strengthen presence in its largest export market. The company also participates in international trade exhibitions including AAPEX, SEMA Show, and Bauma to increase brand visibility.

Strengthening Engagement with Domestic OEM Customers

Adroit Industries intends to strengthen engagement with domestic OEM customers through direct supply arrangements. The company has recently received orders from domestic OEM customers in the automotive sector, reflecting increasing acceptance of its products. The company expects continued engagement with OEM customers to enable participation in additional product programs and expand direct supply relationships in the domestic market, supporting diversification of the revenue base.

Digital Transformation to Enhance Operational Efficiency and Manufacturing Traceability

Adroit Industries intends to strengthen manufacturing operations through adoption of digital technologies and automation initiatives. The company’s operations are supported by ERP systems including TCS iON Manufacturing Solution, engineering design software SOLIDWORKS, forging simulation software FORGE®, and digital manufacturing platform Kripya CentralStage. The company intends to further enhance use of ERP systems, IoT integration, and predictive maintenance tools to support real-time monitoring of production processes.

Leverage Integrated Manufacturing Capabilities to Support Future Growth

Adroit Industries intends to continue leveraging existing engineering capabilities, manufacturing infrastructure, and operational experience to support development and manufacture of driveline components across various end-use applications. The company’s integrated operations across forging, machining, and assembly enable it to undertake key stages of production in-house and manufacture components in accordance with customer-specific technical requirements.

FAQs

How can I apply for Adroit Industries (India) Limited IPO?

You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount).

What is the total issue size of the Adroit Industries IPO?

The IPO comprises 1,12,47,000 equity shares, including fresh issue of 98,97,000 shares and OFS of 13,50,000 shares.

When is the Adroit Industries IPO opening?

IPO dates including open, close, and listing are yet to be announced by the company.

On which exchanges will Adroit Industries shares be listed?

The equity shares will be listed on both BSE and NSE.

How will Adroit Industries use the IPO proceeds?

Proceeds will be used for capex at Dewas (₹167.68 mn), subsidiary capex (₹369.64 mn), subsidiary loan repayment (₹202.68 mn), and general corporate purposes.

Infographic Content

Adroit Industries (India) Limited IPO Highlights

Adroit Industries is a manufacturer of propeller shafts and torque-transmission components with over 5,000 SKUs, serving customers across 25 countries through fully integrated manufacturing operations spanning forging, machining, and assembly.

• Offer Size:1,12,47,000 equity shares (Fresh Issue 98,97,000 shares; OFS 13,50,000 shares)
• Purpose:Net proceeds will be used for capex at Dewas (₹167.68 mn), subsidiary capex (₹369.64 mn), subsidiary loan repayment (₹202.68 mn), and general corporate purposes.
• Financials (FY March 2025):Revenue ₹1,338.94 million; Profit After Tax ₹181.44 million; EPS ₹5.19
• Listing:Mainboard IPO on BSE & NSE