| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹126 to ₹134 | 111 | 23rd Sep, 2026 – 25th Sep, 2026 | ₹151 Cr |
Adroit Industries (India) Ltd
Adroit Industries (India) Limited is a vertically integrated manufacturer and supplier of propeller shafts and torque-transmission components, with over four decades of operating experience. The company has in-house capabilities across forging, heat treatment, precision machining, assembly, balancing and testing, enabling greater control over the manufacturing value chain. As of July 2026, its portfolio comprised over 5,250 SKUs across propeller shaft assemblies, yoke components, shaft components, flanges, universal joints and other driveline components. The company operates three manufacturing facilities in Madhya Pradesh, with the Dewas facility primarily undertaking upstream activities such as die-making, forging, heat treatment and shot blasting, while the Pithampur facility focuses on downstream machining, assembly, balancing and testing. The Sanwer facility supports select finishing operations. This vertically integrated manufacturing structure enables the company to manufacture critical components in-house and supports product customization based on customer-specific technical requirements. The company serves distributors, Tier-1 driveline component suppliers and OEMs across automotive and non-automotive applications. Its products are primarily used in commercial vehicles, with a smaller presence in passenger vehicles, particularly SUVs, while non-automotive applications include defence, emergency services, heavy equipment, off-highway machinery and industrial equipment. The company has also built a strong export-oriented business, with exports accounting for 95.4% of product revenue in FY26. It supplied products to more than 32 countries, with the US, Colombia, Canada and Australia among the key export markets.
Objective of Adroit Industries (India) Ltd
The net proceeds from the fresh issue will be used towards the following purposes:
- The Company proposes to utilize the funds towards capital expenditure for procuring machinery and equipment to enhance operations at its Dewas facility;
- Investment in subsidiaries through equity infusion to fund capital expenditure for machinery and equipment to enhance operations;
- General corporate purposes.
Rationale To Adroit Industries (India) Ltd
Investment Rationale
Diversified product portfolio and integrated manufacturing capabilities support higher value addition
Adroit has developed a diversified portfolio of 5,000+ SKUs across torque-transmission components and assemblies, catering to a broad range of automotive and non-automotive applications. The portfolio spans propeller shafts, yoke and shaft components, flanges, universal joints and other driveline components, with products supplied as finished assemblies, sub-assemblies or individual components based on customer-specific requirements. The breadth of the portfolio enables the company to address multiple applications and customer platforms while reducing dependence on a single product category. The company’s vertically integrated manufacturing capabilities across forging, machining, heat treatment, assembly and balancing provide greater control over the manufacturing process and support the development of application-specific products. This integrated platform allows Adroit to customize components in line with customer technical specifications and expand its SKU portfolio in response to evolving requirements. The steady increase in SKUs also reflects the company’s ability to develop and commercialize new products, creating opportunities for greater value addition within the manufacturing chain. Going forward, continued expansion of the product portfolio, supported by its integrated manufacturing capabilities, could strengthen company’s position across driveline applications and provide a platform for incremental growth.
Strong export presence and diversified international customer base
Adroit has established a strong export-oriented business model, with its products supplied across 32+ countries spanning North America, Europe, Latin America, the Middle East, Africa and Asia-Pacific. The company serves international customers through distributors, Tier-1 driveline component suppliers and direct OEM relationships, providing access to multiple channels across the global driveline component value chain. Its presence across diverse geographies enables the company to participate in international supply chains and reduces dependence on a single domestic market. The company has also strengthened its North American customer servicing capabilities through its Canadian subsidiary, Adroit Driveshafts Canada Limited, established in 2022. The subsidiary supports customer engagement, coordination and after-sales services across Canada and other North American markets. Combined with Adroit’s ability to manufacture products to customer-specific technical specifications and delivery requirements, its established international footprint provides a platform to deepen relationships with global customers and support further penetration across overseas markets.
Valuation of Adroit Industries (India) Ltd
Adroit Industries is an integrated manufacturer of propeller shafts and torque-transmission components, with capabilities across forging, machining, heat treatment, assembly, balancing and testing, supported by 5,000+ SKUs and a presence across 32+ countries. With exports contributing more than 95% of FY26 product revenue, the company has established a presence across global driveline markets, while its exposure to automotive, commercial vehicles, off-highway, defence and industrial applications provides end-market diversification. Its growth strategy is centered on capacity expansion and automation through investments in forging, machining, heat treatment, material handling and testing capabilities, alongside new customer additions, deeper OEM engagement and product diversification. The Indian propeller shaft market is projected to grow from ~US$2.3bn in 2025 to ~US$3.3bn by 2030, providing a supportive demand environment, while global demand is expected to expand at a mid-single-digit rate. The company on the financial front has also improved, with revenue, EBITDA and PAT registering ~6%, ~14% and ~34% CAGR, respectively, during FY24-FY26, while EBITDA margin increased from 23.8% to 27.7% and improved return ratios. Going forward, earnings growth will depend on higher capacity utilization, execution of the planned capex, new customer additions and sustainability of the improved margins. High export dependence, customer concentration, with the top 10 customers contributing ~61% of product revenue, and elevated working-capital intensity remain key monitorables. At the upper price band of Rs. 134/share, the issue commands an implied P/E valuation of over 17.9x FY26 earnings, reflecting the company’s improved profitability profile and growth prospects. Considering the company’s sustained margin performance, improving capacity utilization and successful execution of its planned expansion strategy, we recommend a “SUBSCRIBE” rating.
What is the Adroit Industries (India) Ltd IPO?
The initial public offer (IPO) of Adroit Industries (India) Ltd an early investment opportunity in. A stock market investor can buy Adroit Industries (India) Ltd IPO shares by applying in IPO before Adroit Industries (India) Ltd get listed at the stock exchanges. An investor could invest in Adroit Industries (India) Ltd for short term listing gain or a long term.
How to apply for the Adroit Industries (India) Ltd IPO through StoxBox?
To apply for the Adroit Industries (India) Ltd through StoxBox one can apply from the website and also from the app. Click here
When will the Adroit Industries (India) Ltd IPO open?
Adroit Industries (India) Ltd IPO is opening on 23rd Sep 2026. Apply Now
What is the lot size of the Adroit Industries (India) Ltd IPO?
The Lot Size of Adroit Industries (India) Ltd 111 equity shares. Login to your account now.
When is the Adroit Industries (India) Ltd IPO allotment date?
The allotment Date for Adroit Industries (India) Ltd IPO 28th Sep 2026. Login to your account now.
When is the Adroit Industries (India) Ltd IPO listing date?
The listing Date for Adroit Industries (India) Ltd is 30th Sep 2026. Login to your account now
What is the minimum investment required for the Adroit Industries (India) Ltd IPO?
In the Retail segment the minimum investment required is Rs 14,874 Login to your account now
What is the maximum investment allowed for Adroit Industries (India) Ltd IPO?
In the Retail segment the maximum investment requirement Rs 1,93,362 Login to your account now
What are the risks associated with investing in the Adroit Industries (India) Ltd IPO?
- Exports contributed 95.4% of product revenue in FY26, with the US accounting for 53.8% of export sales, exposing the company to US trade policies, tariffs, demand fluctuations, geopolitical risks and freight costs.
- The top 10 customers contributed 60.9% of product revenue in FY26, with the largest customer accounting for 20.9%. Loss, reduction or delay in orders from key customers could materially impact revenue and earnings.
- All three manufacturing facilities are located in Madhya Pradesh, increasing exposure to region-specific operational disruptions, including power shortages, labour issues, equipment failures, natural calamities and logistics constraints.
When will the Adroit Industries (India) Ltd IPO shares be credited to my Demat account?
The Adroit Industries (India) Ltd will be credited to the account on allotment date which is 28th Sep 2026. Login to your account
Where can I find the Adroit Industries (India) Ltd IPO prospectus?
The prospectus of Adroit Industries (India) Ltd IPO prospectus can be found on the website of SEBI, NSE and BSE
