Adroit Industries India IPO
Adroit Industries India IPO Details
-
Open Date
23 Sep 2026
-
Close Date
25 Sep 2026
- IPO Price Range
₹ 126 to ₹134
- IPO Size
₹ 150.71 Cr
Adroit Industries India IPO Timeline
Last Updated: 21 September 2026 10:25 AM by 5paisa
Adroit Industries (India) Limited is a vertically integrated manufacturer of propeller shafts and precision-machined torque-transmission components used in driveline systems. Its manufacturing capabilities cover forging, precision machining, heat treatment, assembly, balancing and testing. As of February 28, 2026, its portfolio comprised more than 5,000 SKUs spanning components, sub-assemblies and complete propeller shaft assemblies.
The company serves automotive applications, primarily commercial vehicles, along with non-automotive segments such as defence and emergency services, heavy equipment, off-highway machinery and industrial equipment. Products are supplied through distributors, Tier-1 driveline component suppliers and directly to OEMs.
Adroit Industries operates three manufacturing facilities in Madhya Pradesh at Dewas, Pithampur and Sanwer. Its business is predominantly export-oriented, with export sales accounting for 96.27% of revenue from sale of products in FY25. During the six months ended September 30, 2025, the company exported to more than 25 countries across North America, Europe, Latin America, the Middle East, Africa and Asia-Pacific.
Established in: 1995
Chairman and Managing Director: Saurabh Sangla
Peers:
| Metric | Adroit Industries | Hindustan Hardy | Talbros Engineering | GNA Axles |
|---|---|---|---|---|
| Face Value (₹) | 10 | 10 | 10 | 10 |
| Revenue from Operations FY25 (₹ Cr) | 133.89 | 81.45 | 446.09 | 1539.74 |
| PAT FY25 (₹ Cr) | 18.14 | 6.59 | 20.17 | 107.10 |
| EPS FY25 (₹) | 5.19 | 43.98 | 39.78 | 24.95 |
| P/E (x) | – | 16.70 | 15.37 | 15.11 |
| RoNW FY25 (%) | 18.94 | 24.96 | 13.91 | 12.59 |
| NAV Per Share (₹) | 29.65 | 197.01 | 304.26 | 209.62 |
| Closing Price as on 27 March 2026 (₹) | – | 734.50 | 611.50 | 376.90 |
Adroit Industries India Objectives
1. Funding capital expenditure for machinery, equipment and a transportation vehicle for the Dewas Facility.
2. Investment in subsidiary Adroit Driveshafts Private Limited for machinery, equipment and a transportation vehicle for the Pithampur Facility.
3. Investment in Adroit Driveshafts Private Limited for repayment or pre-payment of certain borrowings.
4. General corporate purposes.
Adroit Industries IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹150.71 Cr |
| Offer For Sale | ₹18.09 Cr |
| Fresh Issue | ₹132.62 Cr |
Adroit Industries IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 111 | 13986 |
| Retail (Max) | 13 | 1443 | 193362 |
| S-HNI (Min) | 14 | 1554 | 195804 |
| S-HNI (Max) | 67 | 7437 | 996558 |
| B-HNI (Min) | 68 | 7548 | 951048 |
| Particulars (In ₹ Crores) | FY23 | FY24 | FY25 |
| Revenue | 103.55 | 124.53 | 133.89 |
| EBITDA | 14.17 | 29.69 | 31.02 |
| PAT | 6.42 | 14.53 | 18.14 |
| Particulars (In ₹ Crores) | FY23 | FY24 | FY25 |
| Total Assets | 185.15 | 199.39 | 187.01 |
| Share Capital | 17.46 | 17.46 | 17.46 |
| Total Liabilities | 119.88 | 111.62 | 83.52 |
| Particulars (In ₹Crores.) | FY23 | FY24 | FY25 |
| Net Cash Generated From / (used in) Operating Activities | -23.41 | 19.94 | 20.31 |
| Net Cash Generated From / (used in) Investing Activities | -11.75 | -0.46 | 3.21 |
| Net Cash Generated From / (used in) Financing Activities | 35.18 | -19.66 | -23.52 |
| Net Increase (Decrease) in Cash and Cash Equivalents | 0.02 | -0.18 | 0.00 |
Strengths
1. Vertically integrated manufacturing capabilities span forging, machining, heat treatment, assembly, balancing and testing, providing greater control over production and product quality.
2. The company offers more than 5,000 SKUs across propeller shaft assemblies and related torque-transmission components.
3. Export operations are spread across more than 25 countries, providing access to multiple international markets.
4. Repeat customers contributed 88.87% of revenue from sale of products in FY25, indicating a significant level of recurring business.
5. Dewas Facility capacity utilisation improved from 79.75% in FY23 to 89.71% in FY25, while the Pithampur Facility operated at 72.69% in FY25.
Weaknesses
1. Export sales accounted for 96.27% of FY25 revenue from sale of products, resulting in high dependence on overseas markets.
2. The United States contributed 66.68% of export sales in FY25, creating geographic concentration within the export business.
3. The top 10 customers contributed 65.91% of FY25 revenue from sale of products, exposing the business to customer-concentration risk.
4. The top 10 suppliers accounted for 90.41% of purchases in FY25, creating significant supplier concentration.
5. Net working-capital days stood at 238 days in FY25, reflecting a relatively working-capital-intensive operating cycle.
Opportunities
1. Planned capital expenditure at the Dewas Facility is aimed at de-bottlenecking processes and improving production throughput.
2. Investment in the Pithampur Facility can strengthen machining, assembly and testing capabilities and support higher production volumes.
3. Increasing engagement with OEMs provides scope to expand beyond distributor and Tier-1 customer channels.
4. Growth in commercial vehicles, heavy equipment, off-highway machinery and industrial applications can support demand for driveline components.
5. Expansion in international markets provides opportunities to diversify the company's export customer base and geographic exposure.
Threats
1. Steel and aluminium price volatility can increase manufacturing costs and pressure margins.
2. Competition from larger domestic and international manufacturers may affect pricing, customer acquisition and market share.
3. Changes in international trade policies, tariffs, export controls or geopolitical conditions could affect the company's export-led business.
4. Technological changes in vehicle architectures and alternative drivetrains could alter demand for traditional propeller shaft configurations.
5. Supply-chain interruptions or quality issues in raw materials and manufacturing processes could affect production schedules and customer relationships.
1. Revenue from operations increased from ₹103.55 crore in FY23 to ₹133.89 crore in FY25, while PAT rose from ₹6.42 crore to ₹18.14 crore.
2. EBITDA margin increased from 13.69% in FY23 to 23.17% in FY25, alongside an improvement in PAT margin.
3. The company's integrated manufacturing setup covers the key stages of driveline-component production and supports a portfolio of more than 5,000 SKUs.
4. More than 88% of FY25 product revenue came from repeat customers, while the company served 151 customers during the year.
5. Fresh issue proceeds are proposed to support capacity and operational improvements at the Dewas and Pithampur facilities and reduce certain subsidiary borrowings.
The global propeller shaft industry was estimated at approximately USD 30 billion in 2025 and is projected to reach around USD 39 billion by 2030, representing an estimated CAGR of about 6%. Asia-Pacific accounted for approximately 42% of the global market in 2025E, followed by Europe at around 24% and North America at about 20%.
India's propeller shaft market expanded from approximately USD 1.6 billion in 2020 to around USD 2.1 billion in 2024 and was estimated at USD 2.3 billion in 2025. The market is projected to reach approximately USD 3.3 billion by 2030. Growth is expected to be supported by vehicle production, commercial-vehicle demand and expansion of the broader automotive manufacturing ecosystem.
Adroit Industries participates in this market through propeller shafts and precision-machined components serving automotive as well as industrial, defence and heavy-equipment applications. Its predominantly export-led business also gives it exposure to demand across North America, Europe and other overseas markets.
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FAQs
Adroit Industries IPO opens from 23 September 2026 to 25 September 2026.
The size of the Adroit Industries IPO is approximately ₹150.71 crore at the upper end of the price band, comprising a fresh issue of approximately ₹132.62 crore and an Offer for Sale of ₹18.09 crore.
The price band of Adroit Industries IPO is fixed at ₹126 to ₹134 per share.
1. Login to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the Adroit Industries IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
4. You will receive a mandate notification to block funds in your UPI app.
The minimum lot size is 111 shares. This requires an investment of ₹13,986 at the floor price of ₹126 per share.
The basis of allotment for the Adroit Industries IPO is expected to be finalised on 28 September 2026.
The Adroit Industries IPO is tentatively scheduled to list on BSE and NSE on 30 September 2026.
Choice Capital Advisors Private Limited is the book-running lead manager for the Adroit Industries IPO.
1. Funding machinery, equipment and transportation-related capital expenditure at the Dewas Facility.
2. Funding capital expenditure at the Pithampur Facility through Adroit Driveshafts Private Limited.
3. Repayment or pre-payment of certain borrowings of Adroit Driveshafts Private Limited.
4. General corporate purposes.