Dhoot Transmission IPO

Dhoot Transmission IPO is a book-built issue worth ₹3,066.89 crore. The IPO comprises a fresh issue of 1.61 crore shares worth ₹1,400 crore and an offer for sale (OFS) of 1.91 crore shares worth ₹1,666.89 crore.

The Dhoot Transmission IPO opened for subscription on August 10, 2026, and will close on August 12, 2026. The IPO allotment is expected to be finalised on August 13, 2026. The company's shares are proposed to be listed on both the NSE and BSE, with the tentative listing date set for August 17, 2026.

The IPO price band has been fixed at ₹829 to ₹871 per share. The lot size is 17 shares, meaning retail investors need to invest a minimum of ₹14,807 when applying at the upper price band.

The issue also has an employee reservation of up to 75,853 shares. Eligible employees will receive a discount of ₹80 per share on the issue price.

Axis Capital Ltd. is the book-running lead manager for the IPO, while Kfin Technologies Ltd. is the registrar.

Dhoot Transmission IPO Important Dates

About Dhoot Transmission

Dhoot Transmission Limited (DTL) is an Indian manufacturer of electrical and electronic components used in vehicles. Founded by Rahul Dhoot, the company makes products such as wiring harnesses, electronic sensors, automotive switches, battery packs and power distribution systems. These components are used in both petrol and diesel vehicles as well as electric vehicles. The company also supplies components for industrial equipment, medical devices and household appliances.

DTL supplies its products to major automobile manufacturers, including Bajaj Auto, TVS Motor, Honda Motorcycle and Royal Enfield. It has a 41% market share in India's two-wheeler and three-wheeler wiring harness market, making it a major player in this segment.

The company has a global presence, with more than 20 manufacturing and engineering facilities across eight countries and three continents. Its operations span markets including India, the UK, Slovakia, Thailand, South Korea and Japan.

Industry Outlook

• The Internal Combustion Engine (ICE) main wiring harness market in India is estimated at ₹140–145 billion in FY24 and is projected to expand at a 6–7% CAGR through FY29, reaching ₹185–195 billion.
• Driven by electrification across 2W and Passenger Vehicles (PV), the EV main wiring harness market is forecasted to surge at a 50–52% CAGR from FY24 to FY29.
• The device wiring harness market for ICE platforms (covering smaller, sub-system connections) was valued at ₹29–30 billion in FY24 and is projected to grow at a 5–6% CAGR to ₹38–40 billion by FY29.
• Within the device harness segment, the two-wheeler (2W) category dominates with ~65–66% market share, led primarily by motorcycles (~77%) and scooters (~23%).
• The Indian automotive wiring harness industry remains tightly controlled by top domestic and global players (such as MSUMI, Aptiv, Dhoot Transmission, and Yazaki India), which collectively account for over 90% of the market share.
• Wiring harness manufacturing is highly labor-intensive with lower capex intensity (~3–4% of sales) but higher employee costs (~14–15% of sales), making workforce management and scale critical operational differentiators.
• Growth across E&E components is further catalyzed by tightening safety and emission norms (BS-VI, CPCB IV+, Café III) alongside rising vehicle connected features, driving higher kit value per vehicle across ICE and EV platforms.

Dhoot Transmission IPO Objectives

Dhoot Transmission plans to use the ₹1,400 crore raised through the fresh issue for the following purposes:

1. ₹464.80 crore will be used to repay or prepay the company’s outstanding borrowings.
2. ₹301.77 crore will be invested in key subsidiaries to help them repay or prepay their debt.
3. ₹150 crore will be used to set up new wiring harness plants in Jhajjar, Haryana, and Hosur, Tamil Nadu.
4. The remaining amount of around ₹483.43 crore will be used for potential strategic acquisitions and general corporate purposes.

Financial Performance of Dhoot Transmission 

Dhoot Transmission Peer Comparison

Strengths and Opportunities for Dhoot Transmission IPO

1. Dhoot Transmission holds a 41% market share in India’s 2W and 3W wiring harness market, giving it a strong position in its core segment.
2. Revenue from operations grew from ₹2,797.73 crore in FY24 to ₹4,524.95 crore in FY26, reflecting strong business growth over the period.
3. India’s EV main wiring harness market is expected to grow at a 50–52% CAGR between FY24 and FY29, providing significant growth opportunities for DTL’s EV business.
4. DTL operates 20+ manufacturing and engineering facilities across 8 countries and 3 continents, including India, the UK, Slovakia, Thailand, South Korea and Japan.
5. Wiring harnesses account for around 77% of DTL’s revenue, while the company is expanding into E&E products such as automotive switches, sensors, battery management systems and power distribution units.
6. DTL has established relationships with major OEMs, including Bajaj Auto, TVS Motor, Honda Motorcycle and Royal Enfield, supporting its long-term business visibility.
7. The company has expanded its global presence through acquisitions such as TFC Cable Assemblies in Slovakia and Parkinson Harness Technology in the UK, strengthening its access to international markets.
8. Of the ₹1,400 crore fresh issue proceeds, around ₹766.57 crore, or 54.7%, is earmarked for debt repayment by DTL and its subsidiaries, which could help reduce finance costs.
9. Stricter safety and emission norms, including BS-VI, CPCB IV+ and CAFE III, along with rising vehicle connectivity, are increasing the electrical and electronic content per vehicle.
10. Wiring harness manufacturing is relatively capex-light, with capital expenditure at around 3–4% of sales, allowing manufacturers to expand capacity without significant capital intensity.

Risks and Threats for Dhoot Transmission IPO

1. DTL has high customer concentration, with its top 10 customers contributing 80.93% of FY26 revenue. Bajaj Auto alone accounted for 31.84% (₹1,440.83 crore), making the company vulnerable to order reductions or production disruptions at key clients.
2. Wiring harnesses contributed 77.08% of FY26 revenue, creating significant dependence on a single product category and overall vehicle demand.
3. The Indian 2W segment contributed 65.47% of FY26 revenue, exposing DTL to fluctuations in two-wheeler sales, consumer demand and rural economic conditions.
4. DTL largely operates through open purchase orders without firm long-term volume commitments, allowing OEM customers to reduce, reschedule or cancel orders at relatively short notice.
5. Net working capital requirements increased sharply from 12 days in FY24 to 102 days in FY26, indicating higher inventory and receivables and greater pressure on operating liquidity.
6. Material costs accounted for 76.20% of FY26 total expenses, leaving margins exposed to fluctuations in copper, PVC and other raw material prices, particularly when price increases cannot be passed on immediately to customers.
7. DTL’s presence across 8 countries exposes its operations to global supply-chain risks, including freight disruptions, geopolitical tensions, trade restrictions and tariffs.
8. Wiring harness manufacturing is labour-intensive, with employee costs at around 14–15% of sales. Wage increases, employee attrition or labour disruptions could therefore affect operating costs and production efficiency.
9. The shift towards EVs presents both an opportunity and a risk, as rapidly changing vehicle architectures and intense competition from players such as MSUMI, Aptiv and Yazaki could increase pricing pressure and require continuous technology investments.
10. DTL’s overseas operations and subsidiaries expose its consolidated financial performance to foreign exchange fluctuations, particularly movements in the GBP, EUR and USD against the Indian rupee.

Dhoot Transmission IPO Reservation

Dhoot Transmission IPO Promoter Holding

The promoters of the company are BC Asia Investments XV Ltd. and Rahul Radhavallabh Dhoot. 

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Dhoot Transmission IPO Registrar and Lead Managers

Dhoot Transmission IPO Lead Managers

Axis Capital Ltd.

Registrar for Dhoot Transmission IPO

Name: Kfin Technologies Ltd.

Phone No: 040-79615565

Email: dhoot.ipo@kfintech.com

How To Check the Allotment Status of the Dhoot Transmission IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for Dhoot Transmission IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Dhoot Transmission IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Dhoot Transmission IPO

Address: Gut No 312, Nanekarwadi, Chakan Tq Khed, Dist Pune, NA, Chakan, Pune, Maharashtra, 410501

Phone No: +91-24 3166 2600

Email ID: cs@dhoottransmission.com