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Dhoot Transmission IPO
86.60xsubscribed

Dhoot Transmission IPO

Automobile Two & Three Wheelers
listed
₹14,093Min. investment

Dhoot Transmission Limited IPO Details

SectorAutomobile Two & Three Wheelers
Price range₹829 – ₹871
IPO type
Regular
Lot size17 shares
Issue size₹3,067Cr
Red Herring Prospectus
Read
Market cap
₹17,816.14CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹4,524.96CrLower than sector avg
Growth rate3Y CAGR
27.18%Higher than sector avg

Dhoot Transmission IPO Subscription Status

Date
QIB
NII
Retail
Total
10-Aug-26
0.06 times (X)
2.59 times (X)
0.58 times (X)
0.59 times (X)
11-Aug-26
0.39X
24.85X
2.26X
3.56X
12-Aug-26
138.0X
154.78X
8.0X
86.6X

As on 10-Aug-26, 5:30 PM

Dhoot Transmission IPO Timeline

  1. Pre-apply
    7 Aug 2026
  2. Bid start
    10 Aug 2026
  3. Bid end
    12 Aug 2026
  4. Allotment
    13 Aug 2026
  5. Release of funds
    14 Aug 2026
  6. Demat transfer
    14 Aug 2026
  7. Listing
    17 Aug 2026

About Dhoot Transmission Limited

Dhoot Transmission is one of the most renowned E&E firms in India, providing design, engineering, manufacturing and supply services for wiring harnesses which incorporate electronic sensors, controllers, switches, terminals, connectors, junction boxes, high-voltage interconnect systems and data cables for both automotive and non-automotive applications. It is one of the top two suppliers of wiring harnesses for 2W and 3W in India and has a 41% market share by value in the 2W and 3W category in FY26 and more than a 70% market share in the wiring harnesses of the electric 2W/3W category.
It has diversified itself from 2W/3W into commercial vehicles, off-highway vehicles, and farm/industrial machinery and has four major categories of products: wiring harnesses, battery packs, sensors & electronic controllers, and automotive switches. Around 95% of its auto product range is EV-orientated or powertrain neutral.
The company has a total of 23 manufacturing plants running, three engineering/design centres and seven warehouses; two more plants are being built in India. Capacity utilisation in FY26 for wiring harnesses was 81.32%, whereas the capacity utilisation of automotive switches was quite low at 23.98%. Manufacturing in the company is backward-integrated, i.e., terminals, connectors, cables and moulded parts are manufactured internally.
Revenue generation for the company is mainly from the sale of wiring harnesses, as the contribution of wiring harnesses in the revenue from operations was 77.08% in FY26, 78.00% in FY25 and 81.93% in FY24. However, the "Others" category generates the rest of the revenue, and "Others" includes battery packs, sensors and electronic controllers, automotive switches, auto components, moulds and dies, scrap and others; the contribution of "Others" in FY26 increased to 22.92% from 18.07% in FY24.
In terms of end market segments, the 2W category still is the biggest contributor in FY26, as its revenue share was 65.47%. The contribution of the 3W segment was 12.86% in FY26. Contribution of the "Others" category, which consists of commercial vehicles, off-highway vehicles, farming and industrial equipment, was 21.67% in FY26.
Revenue from within India in FY26 was ₹4,096.54 crore compared to ₹2,438.83 crore in FY24, whereas the revenue from outside India in FY26 was ₹428.41 crore. The percentage of export revenue to the total revenue from operations reduced during the period, from 12.83% in FY24 to 9.47% in FY26, indicating that the domestic revenue is increasing at a higher rate than the foreign revenue despite an increase in the former.
The revenue of the company is highly concentrated, whereby the top 10 customers comprised 80.93% of revenue from operations in FY26, whereas the top 5 customers constituted 71.56% of revenue. Bajaj Auto Limited contributed 31.84% of the revenue in FY26, TVS Motor Company contributed 19.62%, and Honda Motorcycle and Scooter India contributed 10.40%.
India's domestic market for wiring harnesses (segments of 2W, 3W and CV) stood at ₹ 8,939.70 crore in FY26 and will reach ₹16,100-16,500 crore in FY31 at a CAGR of 12-14%, and an even more rapidly growing segment of high-voltage wiring harnesses for EVs is set to grow at a CAGR of 33-35% due to an increasing penetration rate. The penetration rate of 2W EVs will jump from 6.6% in FY26 to 25-30% in FY31, while that of the 3W (e-auto) segment, which has the largest penetration rate among all vehicle types, will go up from 31.6% to 53-58%. These changes are further supported by growth in neighbouring areas of electrical and electronics products: the domestic market for sensors and controllers will grow at a 17-19% CAGR to reach ₹ 7,300-7,500 crore in FY31, while the market for EV products will grow at an amazing 43-45% CAGR. Tailwinds driven by regulations (ABS on all two-wheelers since January 2026 and OBD-II compliance requirements), growing premiumisation (TFT cluster, connectivity, and LED lighting), and migration to zonal and high-voltage electrification will contribute to a higher content of wires and sensors per vehicle, favouring disproportionately strong value growth for E&E component suppliers compared to the underlying volume growth of vehicles.
With these trends, Dhoot Transmission is uniquely positioned to gain advantage, being among the top two players manufacturing 2W and 3W wiring harnesses in India with 41% market share based on value and leading the 3W category with more than 70% share. It is worth mentioning that in the rapidly growing segment of electric 2W and 3W wiring harnesses, the company has a market share exceeding 70%. With its diverse portfolio of products, including wiring harnesses, sensors, switches, and EV components, and with 23 manufacturing sites in India and internationally, along with relationships with leading OEMs (Bajaj Auto, TVS, Honda, and Royal Enfield), the company is perfectly positioned to gain value from all three megatrends.
Now, Dhoot Transmissions Ltd is launching its initial public offering (IPO), which consists of a Fresh issue of ₹ 1,400.00 crore and an Offer for sale of ₹ 1,667.00 crore only. The total issue size of the IPO is ₹3,067.00 crore. Its shares will be listed on the NSE and BSE.

**How to pre-apply for Dhoot Transmissions IPO?

** You can pre-apply for Dhoot Transmissions IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Dhoot Transmissions IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

How to apply for Dhoot Transmissions IPO?

If you are interested in this investment opportunity but unsure how to apply for the Dhoot Transmissions IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Dhoot Transmissions IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Dhoot Transmissions IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

How to check allotment status for Dhoot Transmissions IPO?

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the Dhoot Transmissions IPO allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your Dhoot Transmissions IPO allotment status will be mentioned.

Dhoot Transmission Limited IPO Analysis

IPO REVIEW

Dhoot Transmission IPO | Analysis Video

Should you apply?

Watch our analysts break down the Dhoot Transmission Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Market leadership

Market leader with >70% market share in 3W and a top-2 ranking for 2W wiring harnesses, enabled by successful fast product development execution.

Positive momentum driven by EV & premiumisation trends

Revenue related to electric vehicles grew by close to double in two years as regulation and electrification trends structurally boost wiring harnesses per unit volume.

Sticky clientele

Long-lasting relationships with OEMs over an average of 13 years with high switching costs due to customised tooling, PPAP and continuous cost engineering through VAVE.

Experienced management & institutional support

Experienced management with over 20 years' industry experience on average and a growing R&D team as well as support from BC Asia XV.

Objectives of Dhoot Transmission Limited IPO

General corporate purposes and funding inorganic growth
34.53%
Up to 35% of the gross proceeds will be used for general corporate and inorganic growth purposes.
Repayment of debt
33.20%
₹464.80 crore will be used to repay or prepay certain company borrowings.
Investment in subsidiaries
21.56%
₹301.77 crore will be used to repay or prepay certain subsidiary borrowings.
Capital expenditure
10.71%
The company will use ₹150.00 crore for setting up a new wiring harness manufacturing plant.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹4,524.96Cr27.18%₹396.84Cr₹17,816.14Cr35.700.35
This sector (avg.)₹10,445.29Cr0.24%₹1,208.89Cr₹64,285.76Cr26.300.75
₹50,829.88Cr---₹7,535.99Cr₹2,68,006.9Cr32.230.26
₹18,870.35Cr---₹4,734.44Cr₹1,95,369.6Cr38.310.02
₹44,089.01Cr---₹2,349.9Cr₹1,74,661.8Cr60.983.36

*Revenue for financial year 2025-26. Lower P/E and D/E ratios are generally preferred.

Dhoot Transmission IPO Contact Details

Company NameDhoot Transmission Limited

How to apply for Dhoot Transmission IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Dhoot Transmission Limited IPO FAQs

Investors can apply for the Dhoot Transmission IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Dhoot Transmission IPO is 3067 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Dhoot Transmission IPO will be open between 2026-08-10 and 2026-08-12.
Dhoot Transmission IPO allotment date is 2026-08-14. For Dhoot Transmission IPO allotment status check, you can visit the website of the registrar of the IPO.
For Dhoot Transmission IPO, the IPO registrar is Kfin Technologies Limited. You can check Dhoot Transmission IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Dhoot Transmission IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Dhoot Transmission IPO lot size is 17 and minimum order quantity is 17.
Dhoot Transmission IPO has set the price band for its IPO at 871 per equity share with a face value of 2.