1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | Adroit Industries (India) Limited |
| IPO Type | 100% Book Built Offer; Fresh Issue + Offer for Sale |
| Fresh Issue | 9,897,000 Equity Shares |
| OFS | 1,350,000 Equity Shares by Mukesh Sangla HUF |
| Total Issue Size | 11,247,000 Equity Shares |
| Face Value | ₹10 per Equity Share |
| Price Band | ₹126–₹134 per Equity Share |
| Lot Size | 111 Equity Shares and multiples of 111 thereafter |
| Anchor Bidding | September 22, 2026 |
| IPO Opens | September 23, 2026 |
| IPO Closes | September 25, 2026 |
| Basis of Allotment / Credit / Refund-Unblocking | September 29, 2026 |
| Listing Date | September 30, 2026 |
| Listing Exchange | BSE and NSE; NSE is the Designated Stock Exchange |
| Registrar | Bigshare Services Private Limited |
| BRLM | Choice Capital Advisors Private Limited |
2. IPO Details
| Particular | At Floor Price ₹126 | At Cap Price ₹134 |
|---|
| Pre-Offer Shares | 34,911,340 | 34,911,340 |
| Fresh Issue Shares | 9,897,000 | 9,897,000 |
| Fresh Issue Amount | ₹1,247.02 million | ₹1,326.20 million |
| OFS Shares | 1,350,000 | 1,350,000 |
| OFS Amount | ₹170.10 million | ₹180.90 million |
| Post-Offer Shares | 44,808,340 | 44,808,340 |
| Total Issue Amount | ₹1,417.12 million | ₹1,507.10 million |
| Post-Offer Market Capitalisation | ₹5,645.85 million | ₹6,004.32 million |
3. Issue Reservation
| Category | Reservation |
|---|
| QIB | Not more than 50% of the Offer |
| NII | Not less than 15% of the Offer |
| Retail Individual Bidders | Not less than 35% of the Offer |
| Anchor Investors | Up to 60% of QIB Portion may be allocated at the Company's discretion, subject to RHP terms |
4. IPO Lot Size
| Application | Lots | Shares | At ₹126 | At ₹134 |
|---|
| Retail (Min) | 1 | 111 | ₹13,986 | ₹14,874 |
| Retail (Max) | 13 | 1,443 | ₹1,81,818 | ₹1,93,362 |
| S-HNI (Min) | 14 | 1,554 | ₹1,95,804 | ₹2,08,236 |
| S-HNI (Max) | 67 | 7,437 | ₹9,37,062 | ₹9,96,558 |
| B-HNI (Min) | 68 | 7,548 | ₹9,50,? | ₹10,11,432 |
5. About the Company
Adroit Industries (India) Limited describes itself as a vertically integrated manufacturer and supplier of propeller shafts and related torque-transmission components. As of July 31, 2026, it offered over 5,000 SKUs forming part of driveline systems. Its manufacturing capabilities cover forging, precision machining, heat treatment, assembly, balancing and testing. Its products are used across automotive applications, particularly commercial vehicles, and non-automotive applications including defence, heavy equipment and industrial uses.
The Company operates three manufacturing facilities in Madhya Pradesh: the Dewas Facility, operated by the Company; the Pithampur Facility, operated by Adroit Driveshafts Private Limited; and the Sanwer Facility, operated by the Company. Dewas is the upstream stage and undertakes die-making, raw-material testing, forging, heat treatment and shot-blasting. Pithampur undertakes downstream machining, assembly and balancing. The Company states that the facilities operate in an integrated and complementary manner.
The Company states that it exported products to more than 32 countries in Fiscal 2026. Export revenue from outside India was ₹1,212.44 million in Fiscal 2026, representing 95.39% of revenue from Sale of Products. The United States accounted for ₹651.78 million, or 53.76% of export sales, in Fiscal 2026. The Company also has Adroit Driveshafts Canada Limited and incorporated Adroit Driveshafts USA LLC in 2026 to support North American customer engagement and service.
Customers named in the RHP include Godrej & Boyce Manufacturing Company Limited, BEML Limited, VE Commercial Vehicles Limited, Sandvik Mining and Rock Technology India Private Limited, Oilgear India Private Limited, Conmat Heavy Industries Private Limited, Phooltas Transrail Limited, Hailstone Innovations Private Limited, ARX Mining and Construction and Venus Techno Equipment Private Limited.
| Operational indicator | FY2026 | FY2025 | FY2024 |
|---|
| SKUs | 5,250 | 4,452 | - |
| Customers served | 185 | 151 | 130 |
| Repeat customers | 110 | 101 | 83 |
| Repeat customers (% of total) | 59.46% | 66.89% | 63.85% |
| Dewas actual production (MT) | 2,210 | 2,153 | 2,095 |
| Dewas capacity utilisation | 87.87% | 89.71% | 87.29% |
| Pithampur capacity utilisation | 74.70% | 72.69% | 74 |
6. Restated Financial Information
| Particular | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from Operations | 1,399.43 | 1,338.94 | 1,245.28 |
| Other Income | 30.96 | 27.16 | 5.72 |
| Total Income | 1,430.39 | 1,366.10 | 1,251.00 |
| EBITDA | 387.10 | 310.19 | 296.85 |
| Profit Before Tax | 329.03 | 228.24 | 179.60 |
| PAT | 261.58 | 181.44 | 145.27 |
| Basic EPS (₹) | 7.48 | 5.19 | 4.16 |
| Diluted EPS (₹) | 7.48 | 5.19 | 4.16 |
| Net Worth | 1,286.27 | 1,035.28 | 878.22 |
| Total Assets | 2,127.44 | 1,870.09 | 1,993.85 |
| Borrowings | ₹18.83m non-current + ₹505.17m current | ₹83.15m non-current + ₹564.62m current | ₹162.88m non-current + ₹655.66m current |
| Finance Costs | 46.55 | 64.55 | 82.06 |
| Depreciation & Amortisation | 42.48 | 44.56 | 40.91 |
| Inventory | 552.29 | 479.89 | 527.30 |
| Trade Receivables | 452.83 | 398.66 | 320.60 |
| Trade Payables | 210.63 | 108.77 | 162.40 |
7. Key Performance Indicators
| KPI | Unit | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from operations | ₹ million | 1,399.43 | 1,338.94 | 1,245.28 |
| EBITDA | ₹ million | 387.10 | 310.19 | 296.85 |
| EBITDA margin | % | 27.66 | 23.17 | 23.84 |
| PAT | ₹ million | 261.58 | 181.44 | 145.27 |
| PAT margin | % | 18.69 | 13.55 | 11.67 |
| Net Worth | ₹ million | 1,286.27 | 1,035.28 | 878.22 |
| RoNW | % | 22.51 | 18.94 | 18.95 |
| RoCE | % | 19.01 | 15.76 | 15.07 |
| Debt/Equity | Ratio | 0.41 | 0.63 | 0.94 |
| Current Ratio | Ratio | 1.53 | 1.44 | 1.18 |
| Customers served | Number | 185 | 151 | 130 |
| Repeat customers | Number | 110 | 101 | 83 |
| Repeat customers (% of total) | % | 59.46 | 66.89 | 63.85 |
| Domestic Revenue | ₹ million | 58.65 | 45.26 | 60.07 |
| Export Revenue | ₹ million | 1,212.44 | 1,166.83 | 1,044.75 |
| Net Working Capital Days | Days | 237 | 238 | 237 |
| Inventory Days | Days | 135 | 137 | 131 |
| Debtor Days | Days | 111 | 98 | 103 |
| Creditor Days | Days | 42 | 37 | 51 |
8. IPO Valuation
| Metric | Disclosure |
|---|
| Price Band | ₹126–₹134 |
| Floor Price / Face Value | 12.6x |
| Cap Price / Face Value | 13.4x |
| P/E based on diluted FY2026 EPS | 16.84x at ₹126; 17.91x at ₹134 |
| Average industry peer-group P/E, FY2026 | 15.78x |
| Weighted average RoNW, last three financial years | 20.73% |
| NAV per Equity Share | ₹36.84 (FY2026); ₹29.65 (FY2025); ₹25.16 (FY2024) |
| Market capitalisation | ₹5,645.85m at ₹126; ₹6,004.32m at ₹134 |
10. Peer Comparison
| Metric | Unit | Adroit FY26 | Hindustan Hardy FY26 | Talbros FY26 | GNA Axles FY26 |
|---|
| Revenue from operations | ₹m | 1,399.43 | 1,087.90 | 5,357.58 | 14,784.18 |
| EBITDA | ₹m | 387.10 | 120.50 | 604.27 | 2,379.50 |
| EBITDA margin | % | 27.66 | 11.08 | 11.28 | 16.09 |
| PAT | ₹m | 261.58 | 83.79 | 291.61 | 1,169.51 |
| PAT margin | % | 18.69 | 7.70 | 5.44 | 7.91 |
| Net Worth | ₹m | 1,286.27 | 374.97 | 1,823.49 | 10,041.14 |
| RoNW | % | 22.51 | 25.00 | 17.32 | 12.28 |
| RoCE | % | 19.01 | 22.43 | 14.63 | 14.13 |
| Debt/Equity | Ratio | 0.41 | 0.25 | 0.81 | 0.18 |
| Current Ratio | Ratio | 1.53 | 1.79 | 1.21 | 2.37 |
| Customers served | Number | 185 | NA | NA | NA |
| Repeat customers | Number | 110 | NA | NA | NA |
| Repeat customers (% of total) | % | 59.46 | NA | NA | NA |
| Domestic Revenue | ₹m | 58.65 | 822.85 | NA | 7,657.60 |
| Export Revenue | ₹m | 1,212.44 | 259.58 | NA | 6,786.85 |
| Net Working Capital Days | Days | 237 | 72 | 78 | 164 |
| Inventory Days | Days | 135 | 36 | 48 | 54 |
| Debtor Days | Days | 111 | 82 | 54 | 154 |
| Creditor Days | Days | 42 | 51 | 16 | 56 |
10. Shareholding & Capital Structure
| Category | Pre-offer shares | Pre-offer % | Post-offer shares @ ₹126 | Post-offer % @ ₹126 | Post-offer shares @ ₹134 | Post-offer % @ ₹134 |
|---|
| Promoters – total | 17,000,278 | 48.70% | 17,000,278 | 37.94% | 17,000,278 | 37.94% |
| Promoter Group – total | 16,549,056 | 47.40% | 15,199,056 | 33.92% | 15,199,056 | 33.92% |
| Additional top 10 shareholders – total | 1,362,006 | 3.90% | 1,362,006 | 3.04% | 1,362,006 | 3.04% |
| Total (A+B+C) | 34,911,340 | 100.00% | 33,561,340 | 74.90% | 33,561,340 | 74.90% |
11. Objects of the Issue
| S no. | Object | Amount | Indicative deployment |
|---|
| 1 | Company capital expenditure – machinery/equipment at Dewas and transportation vehicle | ₹199.07m | FY2027 ₹28.95m; FY2028 ₹170.12m |
| 2 | Investment in ADPL for Pithampur capital expenditure and transportation vehicle | ₹439.56m | FY2027 ₹276.07m; FY2028 ₹163.49m |
| 3 | Investment in ADPL for repayment/prepayment of certain borrowings | ₹241.19m | FY2027 ₹241.19m |
| 4 | General Corporate Purposes | [●] | [●] |
12. OFS / Selling Shareholder
| Selling Shareholder | Category | Shares offered | Amount at ₹126 | Amount at ₹134 |
|---|
| Mukesh Sangla HUF | Promoter Group Selling Shareholder | 1,350,000 | ₹170.10m | ₹180.90m |
13. Key Risks Highlighted in the RHP
| Editorial category | RHP risk | Potential impact stated in / derived from the RHP disclosure |
|---|
| Business / Export | Significant dependence on export sales, particularly the United States. Export revenue was 95.39% of Sale of Products in FY2026, and the U.S. represented 53.76% of export sales. | Changes in demand, tariffs, trade policy, foreign exchange or collection of export receivables may affect business and financial results. |
| Customer | Top 10 customers contributed 60.86% of revenue from Sale of Products in FY2026. | Reduction or termination of orders from key customers may affect revenue, cash flows and operations. |
| Operations | Manufacturing is concentrated in three Madhya Pradesh facilities. | Disruption, equipment failure or shutdown could interrupt production and customer servicing. |
| Subsidiary | Downstream operations are undertaken through Adroit Driveshafts Private Limited. | Operational and financial dependence on the subsidiary may affect consolidated performance. |
| Foreign exchange | The Company states that it does not have a hedging policy. | Currency movements may affect revenue realisations, profitability, cash flows and financial condition. |
| Regulatory / Compliance | The RHP discloses multiple delayed statutory filings, including delays extending to 3,771 days. | Regulatory actions, penalties and reputational effects are identified as potential consequences. |
| Finance / Interest | Certain borrowings carry floating interest rates and the Company has outstanding borrowings. | Higher rates or financing constraints may increase debt-service costs or affect liquidity. |
| Working capital | Trade receivables increased to ₹452.83 million in FY2026 and the RHP discloses elevated receivable turnover days. | Delayed collections and working-capital requirements may affect liquidity and cash flows. |
| Legal / Tax | Contingent liabilities at March 31, 2026 included ₹38.94 million of disputed income-tax demands and ₹4.98 million of disputed customs-duty demands. | Adverse outcomes may require payments, provisioning and could affect financial condition. |
| Litigation | The RHP discloses outstanding proceedings involving promoters and other relevant parties, while stating that there are no material outstanding civil litigations against the Company as of the RHP date. | Adverse outcomes in pending matters may affect reputation or financial results. |
| Industry / Competition | The Company operates in a competitive propeller-shaft and driveline-components industry. | Inability to compete effectively may affect business, cash flows and financial condition. |
| Technology / Product | The Company relies on engineering, testing and manufacturing processes and faces customer quality requirements. | Product failures, quality issues or inability to meet customer benchmarks may affect orders and operations. |
14. Litigation & Contingent Liabilities
| Particular | Disclosure |
|---|
| Tax claims – Company | 23 direct-tax cases involving ₹14.97m; 2 indirect-tax cases involving ₹4.98m |
| Tax claims – Promoters | 8 direct-tax cases involving ₹5.46m |
| Tax claims – Subsidiaries | 6 direct-tax cases involving ₹25.77m |
| Contingent liabilities | ₹43.92m at March 31, 2026: ₹38.94m income-tax demands and ₹4.98m customs-duty demands |
| Material creditors | 3 material creditors; ₹52.32m involved at March 31, 2026 |
15. Registrar
| Particular | Disclosure |
|---|
| Name | Bigshare Services Private Limited |
| Address | Office No. S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Center, Mahakali Caves Road, Andheri East, Mumbai – 400 093, Maharashtra, India |
| Telephone | +91 022 6263 8200 |
| Email | ipo@bigshareonline.com |
| Investor grievance email | investor@bigshareonline.com |
| Website | www.bigshareonline.com |
| Contact | Babu Rapheal C |
| SEBI registration | INR000001385 |
16. Lead Manager(s)
17. Company Contact Details
| Particular | Disclosure |
|---|
| Registered Office | Gala No. 02, Building No. A-2, Gr. Floor, Print World Industrial Complex, Survey No. 15/1, Mankoli Road, Vehele, Shastrinagar, Bhiwandi, Thane – 421 302, Maharashtra, India |
| Corporate Office | Plot No. 99, Smart Industrial Park, Near Natrip, Dhar, Pithampur – 454 775, Madhya Pradesh, India |
| Contact Person | Garima Shukla, Company Secretary and Compliance Officer |
| Telephone | +91 91711 14099 |
| Email | cs@adroitindustries.com |
| Website | www.adroitindustries.com |
