Adroit Industries IPO
Adroit Industries (India) Limitedadroitindustries.com
- Price band
- ₹126 – ₹134
- Issue size
- ₹151 Cr
- Lot size
- 111 sh
- Bidding
- 23 – 25 Sep
- Grey market
- —
Face value ₹10.00
88% fresh capital
Lists 30 Sep 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Adroit Industries (India) is described in the record as a maker of propeller shafts and torque-transmission driveline components for commercial vehicles and off-highway equipment, with exports of Rs 1,212.44 million, or 95.39% of sale-of-products revenue, in FY26. Revenue rose from Rs 124.53 Cr in FY24 to Rs 133.89 Cr in FY25 and Rs 139.94 Cr in FY26, growth of 7.52% then 4.52%, while profit after tax rose from Rs 14.53 Cr to Rs 18.14 Cr to Rs 26.16 Cr, growth of 24.85% then 44.21%. The Rs 150.71 Cr issue, of which Rs 132.62 Cr was fresh, was subscribed 176.85 times overall on its closing day. It listed on 30 September 2026 at Rs 235 against a band top of Rs 134 and traded at Rs 156.86 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Adroit Industries, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 1966 · Bhiwandi, Thane, Maharashtra (registered office); corporate office at Pithampur, Dhar, Madhya Pradesh · 367 employees
Adroit Industries (India) makes propeller shafts — the rotating steel assemblies, also called drive shafts or cardan shafts, that carry torque from a vehicle's gearbox to its axle — together with the machined yokes, flanges and universal-joint components that go with them. As on 31 July 2026 it offered over 5,000 SKUs of torque-transmission components and assemblies. Output goes largely into commercial vehicles, with smaller volumes for SUVs, defence and emergency services, off-highway and heavy equipment, and industrial machinery. It sells through distributors and Tier-1 driveline suppliers and directly to some OEMs, including Godrej & Boyce, BEML and VE Commercial Vehicles. Exports dominate: ₹1,212.44 million, or 95.39% of sale-of-products revenue in FY26, shipped to over 32 countries.
Revenue is order-based sale of machined components and finished shaft assemblies, with no long-term supply commitments. Production is vertically integrated across three Madhya Pradesh plants: Dewas handles forging and heat treatment (87.87% capacity utilisation in FY26), Pithampur — run by subsidiary Adroit Driveshafts — does machining, assembly and balancing (74.70%). That integration holds input cost down: materials consumed were 14.65% of FY26 revenue from operations against 29.48% in FY24, and EBITDA margin reached 27.66%. The structural constraint is the export book. A 25% US Section 232 tariff effective 3 May 2025 ran alongside US revenue falling from ₹778.00 million in FY25 to ₹651.78 million in FY26; the proposed preferential quota framework was still unnotified at RHP date.
The company on paper
- Legal name
- Adroit Industries (India) Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 9 Jan 1995trading as Adroit Industries since 1966
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U74999MH1995PLC084474
- Sector
- Consumer Discretionary · Propeller shafts and torque-transmission driveline components for commercial vehicles and off-highway equipment
- Employees
- 367
- Registered office
- Bhiwandi, Thane, Maharashtra (registered office); corporate office at Pithampur, Dhar, Madhya Pradesh
- Promoters
- Saurabh Sangla, Mukesh Sangla, Monika Sangla, Shubhangi Trust, Shreya Trust, Swan Irrigation LLP
- Promoter holding, pre-issue
- 96.1%
- Promoter holding, post-issue
- 71.9%
- Website
- adroitindustries.com
The numbers
Financial performance
Revenue has compounded at 6.0% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
88% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹133 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹18.09 Cr
- Total issue size
- ₹151 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 24.2% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹134.00
- Listed at
- ₹235.00
- Listing gain
- up 75.4%
- Since listing
- down 28.5%
- Against the issue price
- up 25.4%
Trading at ₹168.05 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 111
- At cut-off price
- ₹134.00
- Amount blocked
- ₹14,874
One lot is 111 shares at ₹14,874. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~1%
chance of one lot, per application
- Retail subscription
- 99.81×
- Applicants per share available
- 99.8× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹235.00
listed at, 75.4% against the issue price
- Issue price
- ₹134.00
- Premium said
- —
- If allotted 111 shares
- ₹11,211
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Profit after tax rose in each of the three years the record carries: Rs 14.53 Cr in FY24, Rs 18.14 Cr in FY25 (up 24.85%) and Rs 26.16 Cr in FY26 (up 44.21%). Measured against revenue of Rs 124.53 Cr, Rs 133.89 Cr and Rs 139.94 Cr, the net margin was 11.67%, 13.55% and 18.69% respectively, higher in each successive year.
- Total borrowings fell in each year shown, from Rs 81.86 Cr in FY24 to Rs 64.78 Cr in FY25 and Rs 52.40 Cr in FY26, a fall of 35.99% across the three years. Over the same three years net worth rose from Rs 87.82 Cr to Rs 103.53 Cr to Rs 128.63 Cr, a rise of 46.47%, putting borrowings at 0.93x, 0.63x and 0.41x net worth.
- EBITDA was Rs 29.69 Cr in FY24, Rs 31.02 Cr in FY25 and Rs 38.71 Cr in FY26; against revenue of Rs 124.53 Cr, Rs 133.89 Cr and Rs 139.94 Cr that is a margin of 23.84%, 23.17% and 27.66% — lower in FY25 than in FY24, and highest in FY26. The record separately states that materials consumed were 14.65% of revenue from operations in FY26 against 29.48% in FY24; it gives no FY25 figure for that ratio.
- The issue was subscribed 176.85 times overall on 25 September 2026, the closing day: 195.04 times in the QIB category, 332.35 times in NII and 99.81 times in retail.
What to weigh against it
- Revenue growth was lower in the later of the two periods the record permits to be computed: Rs 124.53 Cr to Rs 133.89 Cr is 7.52%, and Rs 133.89 Cr to Rs 139.94 Cr is 4.52%.
- The record puts exports at Rs 1,212.44 million, or 95.39% of sale-of-products revenue, in FY26, shipped to over 32 countries, and describes revenue as order-based sale of machined components and finished shaft assemblies with no long-term supply commitments.
- US revenue is given as Rs 778.00 million in FY25 and Rs 651.78 million in FY26, a fall of 16.22%, across the same two years in which total revenue rose from Rs 133.89 Cr to Rs 139.94 Cr, or 4.52%. The record separately states that a 25% US Section 232 tariff took effect on 3 May 2025 and that the proposed preferential quota framework was still unnotified at the date of the red herring prospectus; it asserts no connection between these items.
- The shares opened at Rs 235 on 30 September 2026 and closed that day at Rs 248.39. The price recorded on 23 October 2026 is Rs 156.86, which is 36.85% below the Rs 248.39 day-one close and, per the record's own field, 17.06% above the Rs 134 issue price.
Easy to miss in the prospectus
- The record carries no operating cash flow, no total assets and no expenses figure for FY24, FY25 or FY26, so cash conversion against the Rs 26.16 Cr FY26 profit after tax cannot be checked from it.
- No valuation block, no peer set and no post-issue share count are present, so no earnings multiple can be computed against the Rs 126-134 band or the Rs 156.86 price of 23 October 2026.
- Subscription is recorded for day three only (25 September 2026); the record holds no day-one or day-two figures, no anchor book and no allocation split.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Choice Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Bigshare Services Private Limited
How these figures were checked
Reconciled to Adroit Industries's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
The prospectus is the authoritative document. Check anything that matters against it before you act.
Other issues worth reading next
AceVector
Value e-commerce marketplace, e-commerce enablement SaaS and consumer brands
Listed 5 Oct 2026 · Mainboard
- Price band
- ₹30 – ₹32
- Listing gain
- down 11.5%
- Score
- 50/100
Sonaselection India
Cotton and blended fabric manufacturing, dyeing and finishing
Listed 24 Sep 2026 · Mainboard
- Price band
- ₹94 – ₹99
- Listing gain
- up 3.3%
- Score
- 69/100
Hero Motors
Engineered powertrain systems — gears, transmissions and CVT hubs — for two-wheeler, e-bike and performance-vehicle OEMs
Listed 23 Sep 2026 · Mainboard
- Price band
- ₹79 – ₹84
- Listing gain
- down 2.4%
- Score
- 54/100