Dhoot Transmission Limited IPO Details

Dhoot Transmission Limited, a Pune-headquartered manufacturer of automotive wiring harnesses and electrical and electronics components, is coming out with its initial public offering. The offer combines a Fresh Issue by the company with an Offer for Sale by two existing shareholders. Below is a structured overview drawn entirely from the company’s RHP, covering the issue structure, timetable, business, financials, valuation inputs and shareholding.

1. IPO Snapshot

2. IPO Details

Capital Structure Figures

3. IPO Timetable

4. Issue Reservation

5. IPO Lot Size

Based on the upper price band of ₹871 per share and a market lot of 17 shares, the minimum and maximum application sizes applicable to each sub-category are as follows.

6. About Dhoot Transmission Limited

Dhoot Transmission Limited was originally incorporated as “Dhoot Transmission Private Limited” under the Companies Act, 1956, pursuant to a certificate of incorporation dated April 28, 1998 issued by the Assistant Registrar of Companies, Maharashtra at Mumbai. Upon conversion into a public limited company, the name was changed to “Dhoot Transmission Limited” pursuant to a resolution passed by the Board on November 24, 2025 and by the Shareholders on November 25, 2025, with a fresh certificate of incorporation dated December 4, 2025 issued by the Registrar of Companies, Maharashtra at Pune.

The registered office is at Gut No 312, Nanekarwadi, Chakan Tq Khed, Dist Pune, Chakan, Pune – 410 501, Maharashtra, with the corporate office at Gut No. 102, Farola III, Paithan Road, Chhatrapati Sambhajinagar (erstwhile Aurangabad) – 431 105, Maharashtra.

The RHP states that 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, serving both automotive and non-automotive applications. It manufactures wiring harnesses and electrical distribution systems for both internal combustion engine (ICE) vehicles and electric vehicles (EV).

Per the CRISIL Report commissioned by the company, it is among the top two players in wiring harnesses for two-wheelers (2W) and three-wheelers (3W) in India. The RHP’s overview section states a market share of 41% by value in the 2W and 3W market in India in Fiscal 2026, and the market share table on printed page 276 states 41.03% for the combined 2W and 3W segment. In the electric 2W and 3W segments, the RHP states a market share close to 70% in Fiscal 2026 per the CRISIL Report.

As on March 31, 2026, the RHP states the company had 22 operational manufacturing facilities, three engineering and design support centres and seven warehouses across India and key international locations. As on the date of the RHP, it states 23 operational manufacturing units across India and outside India, plus 2 plants under construction in India. The company had 2,735 full-time employees as of March 31, 2026, of whom 43 were members of labour unions, and 9,298 employees on a contractual basis. The RHP states the company has 15 Subsidiaries and no associates or joint ventures.

Products The product portfolio comprises:

• Wiring harnesses
• Battery packs
• Sensors and electronic controllers (including ABS sensors, lean angle sensors, USB chargers and light control modules)
• Automotive switches
• Power supply cords
• Terminals, connectors, junction boxes, high-voltage interconnection systems and data cables

Revenue by product category (₹ million)

Revenue by end-market segment (₹ million)

Revenue by geography (₹ million)

Installed Capacity (Fiscal 2026)

Industry Context

Industry data in the RHP is sourced from the report titled “Industry assessment for electrical and electronics components used in automotive industry” dated July 2026 (the “CRISIL Report”), prepared and issued by CRISIL Market Intelligence & Analytics, a division of CRISIL Limited, which the RHP states was commissioned by and paid for by the company exclusively in connection with the Offer. Statements attributed to that report include:

• EV penetration in the 2W segment is forecasted to increase from 6.6% in Fiscal 2026 to 25–30% in Fiscal 2031. -In the 3W segment, electrification is forecasted to increase from 31.6% in Fiscal 2026 to 53–58% in Fiscal 2031. -Wiring harness content per 2W EV is approximately 1.5x to 2.5x that of a 2W ICE vehicle.
• By Fiscal 2031, the ICE premium motorcycle (150 cc and above) segment is forecasted to grow at a CAGR of 6–9%, compared with the ICE motorcycle industry at a CAGR of 4–6%.
• In 2025, India was the largest 2W (high-speed) market globally and the second largest 3W (L3 and L5) market globally, per Nexdigm analysis.

7. Company Financials (Restated Consolidated)

All figures are in ₹ million unless otherwise stated, and are drawn from the Summary of Financial Information derived from the Restated Consolidated Financial Information, for the financial years ended March 31, 2026, 2025 and 2024.

Restated Consolidated Statement of Profit and Loss

Restated Consolidated Statement of Cash Flows

Financial Indebtedness

As of July 20, 2026, the RHP states that outstanding total borrowings of the company aggregated to ₹6,071.10 million, and that total borrowings on a consolidated basis (company and subsidiaries) stood at ₹9,147.75 million against sanctioned limits of ₹13,256.55 million

Dividend History

9. IPO Objects of the Issue

The company will not receive any proceeds from the Offer for Sale. Proceeds from the Fresh Issue, net of offer-related expenses to be borne by the company, are proposed to be used as follows:

10. Key Performance Indicators (KPI)

Industry Peer Group P/E Ratio

Comparison of Accounting Ratios with Listed Industry Peers

12. Shareholding Structure

Shareholders Holding 1% or More (Pre-Offer)

Shareholding Pattern (Pre-Offer)

Employee Stock Options (ESOP 2025)

13. Offer for Sale — Selling Shareholders

14. IPO Registrar

15. IPO Lead Managers

The offer has six Book Running Lead Managers:

Other Intermediaries

16. Risk Factors and Litigation — Summary

The RHP’s Risk Factors section sets out 93 risk factors in total, grouped by the RHP under three of its own headings: Internal Risks (68), External Risks (10) and Risks Related to this Offer (15). Investors are directed to the RHP itself for the full text of each. On outstanding litigation, the RHP discloses a materiality threshold of ₹174.91 million, being 5% of the average of the absolute value of profit/loss after tax as per the last three annual restated consolidated financial statements. Against that threshold, the RHP reports Nil material civil litigation against or by the company and Nil material civil or criminal litigation against or by the subsidiaries. It discloses one criminal complaint against the company relating to an outstanding motor vehicle challan of ₹2,000 (since paid), one regulatory action by the Commission for Air Quality Management relating to dust control measures at a site, and one regulatory matter involving subsidiary DHPL concerning an inadvertent Form AOC-4 filing error, in which a penalty of ₹10,000 was proposed on Rahul Radhavallabh Dhoot in his capacity as a director of DHPL and has been paid.

Tax matters disclosed (amounts to the extent quantifiable):

**Outstanding dues to creditors as of March 31, 2026: **

The company had 1,361 creditors with aggregate outstanding dues of ₹6,022.43 million, comprising 654 micro, small and medium enterprises (₹1,234.37 million), 3 material creditors (₹1,991.73 million) and 704 other creditors (₹2,796.33 million). The material creditor threshold was ₹300.93 million.

17. Company Contact Details