Dhoot Transmission IPO

About the company

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.

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   10 Aug 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   12 Aug 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   13 Aug 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   14 Aug 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   14 Aug 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   17 Aug 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.