Dhoot Transmission 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: Fresh Issue of ₹1,400 crore + OFS of up to 1.63 crore equity shares
• Listing Date: TBA

IPO Timeline

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

About Dhoot Transmission Limited

Incorporated in 1998, Dhoot Transmission Limited is one of India’s leading electrical and electronics (E&E) companies manufacturing wiring harnesses, battery packs, sensors, electronic controllers, and automotive switches for automotive applications. The company supplies products for ICE and EV vehicles across two-wheelers, three-wheelers, commercial vehicles, and industrial equipment. It operates 22 manufacturing facilities across India, the UK, Slovakia, and Thailand, along with engineering and design support centers and warehouses located near major automotive hubs. The company serves leading OEMs such as Bajaj Auto, TVS Motor Company, Honda Motorcycle & Scooter India, and Royal Enfield.

Dhoot Transmission Limited IPO Overview

Dhoot Transmission Limited’s initial public offering is a book-built issue comprising a fresh issue of up to ₹1,400 crore and an offer for sale of up to 1.63 crore equity shares by promoter selling shareholders. The company filed preliminary papers with SEBI through the confidential route on February 6, 2026, and received the regulator’s observation letter, considered as approval to float its IPO, on May 10, 2026. The equity shares are proposed to be listed on BSE and NSE. Axis Capital Ltd, Jefferies India, Kotak Mahindra Capital Company, Nomura Financial Advisory and Securities (India) Pvt Ltd, SBI Capital Markets, and 360 ONE WAM are the book-running lead managers for the IPO. The net proceeds from the fresh issue will be utilized towards repayment of borrowings at the company level (₹493.90 crore), investment in subsidiaries for repayment of their borrowings (₹272.58 crore), setting up new wiring harness manufacturing facilities (₹150 crore), and funding inorganic growth through acquisitions and general corporate purposes. The company’s shareholding pre-issue stands at 18,84,67,612 equity shares. BC Asia XV (Bain Capital affiliate) currently holds a commanding 55.00% stake in the pre-offer equity share capital, while Managing Director Rahul Radhavallabh Dhoot holds 29.87%.

Dhoot Transmission Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	Fresh Issue of ₹1,400 crore + OFS of up to 1.63 crore equity shares
Fresh Issue	[●] shares (aggregating up to ₹1,400 crore)
Offer for Sale (OFS)	1,63,10,733 shares (aggregating up to ₹[●] crore)
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹2 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	18,84,67,612 shares
Shareholding post-issue	To be updated

 Dhoot Transmission Limited 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

 Dhoot Transmission 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

Dhoot Transmission Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹24.31
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	23.60%
Net Asset Value (NAV)	₹80.94
Return on Equity (RoE)	23.03%
Return on Capital Employed (RoCE)	22.34%
EBITDA Margin	16.38%
PAT Margin	9.19%
Debt to Equity Ratio	0.63

 Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilized as per the details provided in the table below:

Particulars	Amount (in ₹ million)
Repayment/prepayment of certain outstanding borrowings availed by the Company	4,939.90
Investment in subsidiaries for repayment/prepayment of their outstanding borrowings	2,725.85
Setting up of new wiring harness manufacturing plants at Jhajjar, Haryana and Shoolagiri, Hosur, Tamil Nadu	1,500.00
Funding inorganic growth through unidentified acquisitions and general corporate purposes*	[●]

*To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC. The amount to be utilised for general corporate purposes and unidentified inorganic acquisitions shall together not exceed 35% of the Gross Proceeds.

Dhoot Transmission Limited Financials (₹ in Millions)

Particulars	December 31, 2025	March 31, 2025	March 31, 2024	March 31, 2023
Total Assets	30,686.93	23,362.34	17,116.98	12,611.76
Revenue from Operations	32,476.74	34,448.63	27,977.26	21,258.61
Profit After Tax	3,014.61	3,538.87	2,987.48	1,639.06
Reserves and Surplus	12,889.13	9,759.82	7,310.45	4,557.75
Total Borrowings	8,224.86	7,760.56	5,548.94	4,226.69
Total Liabilities	17,599.53	13,422.52	9,625.34	7,840.29

Financial Status of Dhoot Transmission Limited

SWOT Analysis of Dhoot Transmission Limited

Strengths and Opportunities	Weaknesses and Threats
Leadership position with 44.64% market share in 2W & 3W wiring harness	High customer concentration with top 5 customers contributing 72.49% of revenue
Market leader in EV 2W & 3W wiring harness with over 70% market share	Dependence on automotive sector cyclicality
Strong marquee customer base including Bajaj Auto, TVS, Honda, Royal Enfield	Intense competition from global players like LEONI and Sumitomo
Global manufacturing presence across India, UK, Slovakia, Thailand	Rising raw material costs impacting margins
Diversified product portfolio across wiring harness, sensors, switches, battery packs	Currency fluctuation risks in international operations
India automotive wiring harness market projected to reach USD 3.2 billion by 2025	Technology disruption in automotive electronics
EV wiring harness market growing at 21.82% CAGR through 2030	Supply chain disruptions affecting component availability
Premium 2W segment (150cc+) growing at 6-9% CAGR through 2031	Regulatory changes in automotive emission standards
Increasing content per vehicle with electrification and premiumization	Talent retention and competition for skilled engineers
Government’s FAME scheme and EV adoption push	Geopolitical tensions affecting global supply chains

Dhoot Transmission Limited IPO Strengths

Established Leadership Position in India’s 2W and 3W Wiring Harness Market

Dhoot Transmission Limited is among the top two players in India’s two-wheeler and three-wheeler wiring harness market, with a 44.64% market share by value in Fiscal 2025. The company commands over 70% market share in the electric two-wheeler and three-wheeler wiring harness segment, reflecting its strong positioning in both traditional and electric mobility platforms. The company is also a market leader in the 3W wiring harness segment with more than 70% market share.

Positioned to Capitalize on Key Industry Trends Including Electrification and Premiumization

Dhoot Transmission is strategically positioned to benefit from the accelerating trends toward electrification and premiumization. EV penetration in the 2W segment is forecasted to increase from 6.4% in Fiscal 2026 to 20-25% by Fiscal 2031, while in the 3W segment, electrification is forecasted to increase from 23.4% to 45-55%. The company’s revenue from EV segments increased from 8.05% in Fiscal 2023 to 25.22% in Fiscal 2025.

Strong Business Foundation Anchored by a Marquee Customer Base

The company serves leading OEMs including Bajaj Auto, TVS Motor Company, Honda Motorcycle & Scooter India, and Royal Enfield. These OEM customers had a combined share of 66.24% of the Indian 2W market. The average relationship with the company’s top five customers was 13 years, reflecting deep, long-standing partnerships. Revenue from top five customers constituted 72.49% of revenue from operations in the nine months ended December 31, 2025.

Strong Financial Performance with Growing Profitability

Dhoot Transmission has demonstrated a strong track record of growth and profitability. Revenue from operations rose 62% to ₹34,448.63 million in Fiscal 2025 from ₹21,258.61 million in Fiscal 2023, while profit after tax more than doubled from ₹1,639.06 million to ₹3,538.87 million during the same period. EBITDA margin increased from 14.05% in Fiscal 2023 to 17.15% in Fiscal 2025, while PAT margin expanded from 7.69% to 10.19%.

Professional and Experienced Management Team with R&D Capabilities

The company is led by Managing Director Rahul Radhavallabh Dhoot, who has over 27 years of experience in the automotive sector. The company maintains a strong in-house research, development, and engineering organization with 232 R&D and engineering staff as of December 31, 2025. The company is backed by Bain Capital, which acquired a 49% stake in April 2025 and brings global automotive expertise and value-creation capabilities.

More About Dhoot Transmission Limited

Business Overview

Dhoot Transmission Limited, incorporated in 1998, is one of India’s leading electrical and electronics (E&E) companies manufacturing wiring harnesses, battery packs, sensors, electronic controllers, and automotive switches for automotive applications. The company designs, engineers, manufactures, and supplies critical wiring harnesses that integrate electronic sensors and controllers, switches, terminals, connectors, junction boxes, high-voltage interconnection systems, and data cables, delivering application-specific architectures across platforms.

Product Portfolio

The company’s product portfolio includes:

• Wiring Harnesses: Critical electrical distribution systems for 2W, 3W, CV, and industrial equipment
• Battery Packs: Lithium-ion battery assembly for EV applications
• Electronic Sensors and Controllers: Rollover sensors, wheel speed sensors, and electronic controllers
• Automotive Switches: Keypad and rocker switches
• EV Products: Charging guns, inlets, off-board chargers, RCDs, high-voltage & low-voltage wiring harness

Manufacturing Footprint

As of December 31, 2025, the company operates 22 manufacturing facilities across India, the UK, Slovakia, and Thailand, along with three engineering and design support centers and seven warehouses. The company has four under-construction plants in India. All facilities and offices are connected through SAP S/4HANA. The company employs over 12,000 people globally.

Customer Base

The company serves marquee OEM customers including Bajaj Auto, TVS Motor Company, Honda Motorcycle & Scooter India, and Royal Enfield. The company also serves non-automotive applications including medical equipment and domestic appliances.

Global Presence

Dhoot Transmission has expanded internationally, establishing an engineering and marketing office in the UK in 2012, acquiring TFC Cables in Scotland (with a manufacturing facility in Slovakia) in 2017, followed by the acquisitions of Parkinson Harness in the UK in 2018 and San Electromec in 2019. The company derives 15-20% of its revenue from overseas operations.

Industry Outlook

India Automotive Wiring Harness Market

The India Automotive Wiring Harness Market attained a value of USD 3.20 Billion in 2025 and is projected to expand at a CAGR of around 8.80% through 2035. The market is expected to reach USD 2.4 Billion by 2034, exhibiting a growth rate of 3.55% during 2026-2034.

EV Wiring Harness Market Growth

The India EV Wire Harness Market was valued at USD 0.44 billion in 2025 and is projected to reach USD 1.18 billion by 2030, growing at a remarkable CAGR of 21.82%. Battery Electric Vehicles (BEVs) require three to four times the copper wiring content of ICE vehicles, driving per-vehicle harness revenue growth.

Key Growth Drivers

• Electrification: EV penetration in the 2W segment is forecasted to increase from 6.4% in Fiscal 2026 to 20-25% by Fiscal 2031.
• Premiumization: The ICE premium motorcycle (150cc and above) segment is forecasted to grow at a CAGR of 6-9% as compared to the overall ICE motorcycle industry’s 4-6% CAGR.
• Stricter Emission Standards: India and other countries are implementing stricter emission standards such as BS-VI, TREM IV, Bharat stage CEV, and CPCB IV+, creating demand for advanced electrical systems.
• Increasing Content per Vehicle: Wiring harness complexity and kit value per vehicle are increasing with new features, safety components, and connected-vehicle technologies.

Competitive Landscape

The global automotive wiring harness market is highly competitive, with key players including LEONI, Sumitomo Wiring Systems, and other global players. In India, Dhoot Transmission competes with companies like Uno Minda, Motherson Group, and SEDEMAC.

How Will Dhoot Transmission Limited Benefit

• The company’s leadership position with 44.64% market share in 2W and 3W wiring harness positions it to benefit from India’s automotive wiring harness market projected to grow at 8.80% CAGR through 2035.
• The company’s dominant market share of over 70% in the EV 2W and 3W wiring harness segment positions it to capitalize on the EV wiring harness market growing at 21.82% CAGR through 2030.
• The increasing EV penetration from 6.4% to 20-25% in the 2W segment by Fiscal 2031 creates significant growth opportunities for the company’s EV product portfolio.
• The premium 2W segment (150cc+) growing at 6-9% CAGR aligns with the company’s strategic focus on premium vehicles, which contributed 29.72% of 2W wiring harness revenue.
• The company’s long-standing relationships with marquee customers like Bajaj Auto, TVS, Honda, and Royal Enfield provide stable revenue visibility and cross-selling opportunities.
• The company’s global manufacturing presence across India, UK, Slovakia, and Thailand enables it to serve international markets and reduce geographic concentration risk.
• The company’s strong R&D capabilities with 232 engineering staff enable rapid product development and innovation to meet evolving OEM requirements.
• The proposed capacity expansion through new manufacturing facilities in Jhajjar and Hosur will enable the company to meet growing demand from customers.

 

Peer Group Comparison

Name of Company	Face Value (₹)	Revenue (₹ in million)	Basic EPS (₹)	Diluted EPS (₹)	NAV (₹)	P/E Ratio	RoNW (%)
Dhoot Transmission Limited	2	34,448.63	24.31	24.31	68.25	NA	36.18%
Listed Peers
Minda Corporation Limited	2	50,562.00	10.85	10.68	92.11	50.37	11.60%
Uno Minda Limited	2	1,67,746.10	16.42	16.37	99.75	71.96	17.70%
Motherson Sumi Wiring India Limited	1	2,716.00	0.91	0.91	2.56	46.70	0.36%
Sona BLW Precision Forgings Limited	10	35,460.21	9.92	9.92	88.38	58.34	17.70%

 

Key Strategies for Dhoot Transmission Limited

Capitalizing on Trends Toward Electrification and Premiumization to Broaden Product Portfolio

Dhoot Transmission intends to capitalize on accelerating trends toward electrification and premiumization to expand its product portfolio across segments and technologies. The company plans to enhance its presence in the OHW segment including tractors, backhoe loaders, and construction equipment, increase wiring harness content per platform through auxiliary harnesses and data cables, scale EV battery pack interconnect systems from a single customer to a multi-customer model, and expand into power electronics including DC-DC converters and on-board chargers.

Continue to Focus on Design, R&D, and Engineering Capabilities

Dhoot Transmission intends to focus on growth trends in wiring harness and allied segments, including polarization between high-voltage and low-voltage harnesses, transition to modular and zonal electrical architectures, and rising EMC and thermal validation requirements. The company plans to establish a state-of-the-art research and development center with integrated design, engineering, advanced testing, and validation capabilities aligned to its long-term technology roadmap.

Invest Ahead of Demand Through Capacity Expansion

Dhoot Transmission plans to invest ahead of demand by expanding its manufacturing footprint and capabilities in anticipation of customer and platform requirements. The company is adding two facilities expected to become operational in 2026 at Shoolagiri, Hosur for wiring harnesses and Chakan Pune for battery manufacturing. The company’s capacity expansion philosophy is guided by co-locating capacity near customer sites to reduce logistics costs and modularizing and scaling capacity in line with customer requirements.

Pursue Selective Inorganic Expansion Through Acquisitions and Joint Ventures

Dhoot Transmission intends to pursue a disciplined inorganic strategy through targeted acquisitions, joint ventures, and technology partnerships to accelerate access to next-generation technologies, deepen relationships with marquee customers, and expand across priority international markets. The company is currently focused on opportunities in Europe and Asia that complement its E&E portfolio and enhance capabilities in power electronics, wiring systems, sensors and actuators, battery management, and vehicle connectivity.

Continue Focus on Design, Research and Development to Develop Innovative Systems

Dhoot Transmission is driven by innovation and technology that addresses industry disruptions by bringing new solutions to the market. The company uses R&D to continuously enhance its advanced material engineering capabilities, formulating advanced materials that meet stringent safety, durability, and performance specifications for both EV and ICE OEMs. The company intends to penetrate white spaces and expand its wallet share with existing clients by introducing new products that leverage innovative technologies.

FAQs

How can I apply for Dhoot Transmission Limited IPO?
You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount) through your bank account.

What is the total issue size of Dhoot Transmission Limited IPO?
The IPO comprises a fresh issue of ₹1,400 crore and an OFS of up to 1.63 crore equity shares.

When did Dhoot Transmission receive SEBI approval for its IPO?
Dhoot Transmission received SEBI approval on May 5, 2026, after filing its DRHP on February 2, 2026.

On which exchanges will Dhoot Transmission Limited shares be listed?
The equity shares are proposed to be listed on both BSE (Bombay Stock Exchange) and NSE (National Stock Exchange).

What is the face value of Dhoot Transmission Limited equity shares?
The face value of each equity share is ₹2 per share.

Infographic Content

Dhoot Transmission Limited IPO Highlights

Dhoot Transmission Limited is one of India’s leading electrical and electronics companies, manufacturing wiring harnesses, battery packs, sensors, and electronic controllers with a 44.64% market share in 2W & 3W wiring harness and over 70% share in EV segments.

• Offer Size:₹1,400 crore (Fresh Issue) + OFS of up to 1.63 crore equity shares
• Purpose:The net proceeds will be utilized for repayment of borrowings (₹4,939.90 million), investment in subsidiaries for debt repayment (₹2,725.85 million), setting up new manufacturing facilities at Jhajjar and Hosur (₹1,500 million), and inorganic growth & general corporate purposes.
• Financials (Fiscal Year ended March 31, 2025):Revenue from Operations ₹34,448.63 million; Profit After Tax ₹3,538.87 million; EPS ₹24.31
• Listing:Mainboard IPO on BSE & NSE