Adroit Industries (India) Limited is launching its IPO from 23 September to 25 September 2026, offering shares in a book-built issue comprising a fresh issue of equity shares and an offer for sale. The company manufactures propeller shafts and precision-machined torque-transmission components used in automotive and industrial applications, with customers across commercial vehicles, passenger vehicles, defence, heavy equipment, off-highway machinery and other industrial segments. The IPO has a price band of ₹126 to ₹134 per share and an issue size of up to ₹150.71 crore at the upper price band.
The Adroit Industries IPO analysis is particularly relevant because the company combines an integrated manufacturing model and improving profitability with a highly export-oriented business. In FY2026, 95.39% of revenue from sale of products came from exports, while the US accounted for 53.76% of export revenue. At the same time, revenue increased to ₹139.94 crore and PAT rose to ₹26.16 crore, while debt-to-equity declined to 0.41x.
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Table of Contents
- Adroit Industries IPO Details
- Adroit Industries IPO GMP Today
- What Does Adroit Industries Do?
- How Does Adroit Industries Make Money?
- Adroit Industries Product Portfolio
- Manufacturing Facilities and Capabilities
- Adroit Industries Customer Base
- Export Exposure and Geographic Concentration
- How Adroit Industries Will Use the IPO Proceeds
- Adroit Industries Financial Performance
- Profitability and Return Ratios
- Debt Position and Cash Flows
- Working Capital Position
- Adroit Industries IPO Valuation
- Promoters and Shareholding
- Key Strengths of Adroit Industries
- Key Risks of Adroit Industries IPO
- What Investors Should Track
- Adroit Industries IPO Analysis: Key Takeaways
- Frequently Asked Questions
Adroit Industries IPO is a mainboard book-built issue consisting of a fresh issue of 98.97 lakh equity shares and an offer for sale of 13.50 lakh shares by promoter-group entity Mukesh Sangla HUF. The IPO is scheduled to open on 23 September 2026 and close on 25 September 2026. SEBI's filings show that the company's RHP and Abridged Prospectus were filed on 21 September 2026.
| Particulars |
Details |
| Company |
Adroit Industries (India) Limited |
| IPO type |
Mainboard, Book Built |
| IPO opens |
23 September 2026 |
| IPO closes |
25 September 2026 |
| Anchor investor bidding |
22 September 2026 |
| Price band |
₹126–₹134 per share |
| Face value |
₹10 per share |
| Total issue size |
Up to ₹150.71 crore |
| Fresh issue |
98.97 lakh shares |
| Fresh issue value |
Up to ₹132.62 crore |
| Offer for sale |
13.50 lakh shares |
| OFS value |
Up to ₹18.09 crore |
| Lot size |
111 shares |
| Minimum investment |
₹14,874 at ₹134 |
| Maximum retail application |
13 lots / 1,443 shares |
| Retail reservation |
Not less than 35% of the net issue |
| NII reservation |
Not less than 15% |
| QIB reservation |
Not more than 50% |
| Listing |
BSE and NSE |
| Designated stock exchange |
NSE |
| Lead manager |
Choice Capital Advisors Private Limited |
| Registrar |
Bigshare Services Private Limited |
| Tentative listing date |
30 September 2026 |
The price band of ₹126 to ₹134 values the company at approximately ₹600.4 crore at the upper end of the issue price. The IPO comprises both primary capital raising and an OFS. Therefore, only the proceeds from the fresh issue will accrue to the company, whereas the OFS proceeds will go to the selling shareholder, subject to applicable expenses and taxes.
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Get all the latest updates on the Adroit Industries IPO, including price band, issue size, lot size, subscription dates and listing details.
As of 22 September 2026, the Adroit Industries IPO GMP is ₹32, based on the grey-market data provided for the issue.
| Date |
IPO GMP |
Estimated Gain |
| 22 September 2026 |
₹32 |
23.88% |
| 21 September 2026 |
₹32 |
23.88% |
| 19 September 2026 |
₹37 |
27.61% |
The GMP was ₹37 on 19 September and subsequently moved to ₹32 on 21 September, remaining at ₹32 on 22 September.
At the latest GMP of ₹32, the indicative listing price can be calculated using the upper end of the IPO price band:
Estimated Listing Price = ₹134 + ₹32 = ₹166 per share
The implied gain of 23.88% is calculated as:
₹32 ÷ ₹134 × 100 = 23.88%
GMP is an unofficial grey-market indicator and is not regulated or guaranteed by SEBI or the stock exchanges. It can change before listing and should not be treated as a guaranteed listing price or return.
Independent grey-market trackers also reported a ₹32 GMP around 21 September, with an indicative ₹166 listing price based on the ₹134 upper price band.
Adroit Industries (India) Limited manufactures propeller shafts and precision-machined torque-transmission components used in driveline systems.
A propeller shaft, also known as a driveshaft or cardan shaft, transmits torque from a transmission or gearbox to the differential or driven axle. These components are used in several types of commercial, automotive and industrial vehicles.
Adroit Industries follows a vertically integrated manufacturing model covering multiple stages of production, including:
- Forging
- Precision machining
- Heat treatment
- Assembly
- Dynamic balancing
- Testing
As of 28 February 2026, the company offered more than 5,000 SKUs of torque-transmission components and assemblies.
Its customer base covers both automotive and non-automotive applications. In the automotive segment, the company primarily serves commercial vehicles and also supplies components for selected passenger vehicle applications, including SUVs.
Its non-automotive applications include defence, emergency services, heavy equipment, off-highway machinery and industrial equipment.
The company sells its products through distributors and Tier-1 suppliers and also makes direct sales to OEM customers.
Adroit Industries generates revenue primarily from two product categories:
-
Finished propeller shaft assemblies
-
Machined torque-transmission components
Machined torque-transmission components accounted for the larger share of product revenue in FY2026.
| Product category |
FY2026 revenue |
| Finished propeller shaft assemblies |
₹40.95 crore |
| Machined torque-transmission components |
₹86.16 crore |
| Total product revenue |
₹127.11 crore |
Machined torque-transmission components contributed 67.78% of product revenue in FY2026, while finished propeller shaft assemblies contributed 32.22%.
This means Adroit Industries is not dependent solely on the sale of complete propeller shaft assemblies. A substantial portion of its revenue comes from precision-machined components supplied for different torque-transmission applications.
Adroit Industries has developed a portfolio of more than 5,000 SKUs covering different torque-transmission applications.
Its products are used across:
- Commercial vehicles
- Passenger vehicles and SUVs
- Defence vehicles
- Heavy equipment
- Off-highway machinery
- Industrial equipment
- Other driveline applications
The breadth of the product portfolio allows the company to serve different vehicle categories and industrial applications. It also enables the company to supply individual components as well as finished propeller shaft assemblies.
Adroit Industries operates three manufacturing facilities in Madhya Pradesh. Different stages of the manufacturing process are carried out across these locations.
Dewas facility
The Dewas facility undertakes:
- Die-making
- Forging
- Heat treatment
Pithampur facility
The Pithampur facility focuses on:
- Precision machining
- Assembly
- Balancing
- Testing
Sanwer Road facility
The Sanwer Road facility currently undertakes finishing operations for machine components.
The company's vertically integrated manufacturing model allows it to control several stages of the production process internally.
The IPO proceeds are partly intended to expand manufacturing capabilities at the Dewas and Pithampur facilities through investment in machinery, equipment and transportation vehicles.
Adroit Industries served 185 customers in FY2026, compared with 151 in FY2025 and 130 in FY2024. The company had 110 repeat customers in FY2026.
The increase in customer count indicates expansion of the customer base, although revenue concentration remains significant.
| Customer concentration |
FY2026 |
| Top 5 customers |
48.91% of product revenue |
| Top 10 customers |
60.86% of product revenue |
The top 10 customer contribution has declined from 68.61% in FY2024 to 65.91% in FY2025 and 60.86% in FY2026.
However, more than 60% of product revenue still came from the top 10 customers in FY2026. A reduction in orders or loss of a significant customer could therefore affect revenue and profitability.
Export exposure is a significant characteristic of the Adroit Industries business model.
In FY2026, the company generated ₹121.24 crore, or 95.39% of revenue from sale of products, from customers outside India.
| Export metric |
FY2026 |
| Export share of product revenue |
95.39% |
| US share of export revenue |
53.76% |
| Countries served |
More than 32 |
Exports accounted for 96.27% of product revenue in FY2025 and 94.56% in FY2024.
The United States was the largest export market, contributing 53.76% of export revenue in FY2026. This was lower than 66.68% in FY2025 and 71.93% in FY2024, indicating some reduction in geographic concentration within the export business.
Adroit Industries exports to more than 32 countries across North America, Europe, Latin America, the Middle East, Africa and Asia-Pacific.
Why export concentration matters
The company's high export exposure provides access to international markets but also creates sensitivity to external factors such as:
- Foreign exchange movements
- Changes in trade policies
- Tariffs
- Overseas demand
- Geopolitical developments
- Export receivable collection
The company's dependence on export markets, particularly the US, is identified as a material risk in its RHP.
The fresh issue proceeds will primarily be directed towards manufacturing expansion, investment in Adroit Driveshafts Private Limited, repayment or prepayment of certain borrowings and general corporate purposes.
| Object of issue |
Amount |
| Capital expenditure at Dewas facility |
₹19.91 crore |
| Investment in ADPL for capital expenditure |
₹43.96 crore |
| Investment in ADPL for repayment/prepayment of borrowings |
₹24.12 crore |
| General corporate purposes |
To be finalised |
A significant portion of the proceeds will be routed through Adroit Driveshafts Private Limited (ADPL). The funds are intended to support capacity expansion at Pithampur and repayment or prepayment of certain borrowings of the subsidiary.
The company plans to use the capital expenditure allocation for machinery, equipment and transportation vehicles.
The OFS proceeds will not accrue to Adroit Industries. They will be received by Mukesh Sangla HUF, the promoter-group selling shareholder.
Adroit Industries reported an improvement in profitability between FY2024 and FY2026, although revenue growth remained moderate.
| Particulars |
FY2024 |
| Revenue |
₹124.53 crore |
| EBITDA |
₹29.69 crore |
| EBITDA Margin |
23.84% |
| PAT |
₹14.53 crore |
| PAT Margin |
11.67% |
| Net Worth |
₹87.82 crore |
| Total Debt |
₹82.11 crore |
| Particulars |
FY2025 |
| Revenue |
₹133.89 crore |
| EBITDA |
₹31.02 crore |
| EBITDA Margin |
23.17% |
| PAT |
₹18.14 crore |
| PAT Margin |
13.55% |
| Net Worth |
₹103.53 crore |
| Total Debt |
₹65.03 crore |
| Particulars |
FY2026 |
| Revenue |
₹139.94 crore |
| EBITDA |
₹38.71 crore |
| EBITDA Margin |
27.66% |
| PAT |
₹26.16 crore |
| PAT Margin |
18.69% |
| Net Worth |
₹128.63 crore |
| Total Debt |
₹52.65 crore |
The figures above are based on the restated financial information disclosed in the company's RHP.
Revenue growth
Revenue increased from ₹124.53 crore in FY2024 to ₹133.89 crore in FY2025 and ₹139.94 crore in FY2026.
The increase represents moderate growth in the company's top line over the three-year period.
Profit growth
PAT increased at a faster rate than revenue:
-
FY2024: ₹14.53 crore
-
FY2025: ₹18.14 crore
-
FY2026: ₹26.16 crore
The PAT margin increased from 11.67% in FY2024 to 18.69% in FY2026.
Therefore, the improvement in earnings during the period was accompanied by a significant expansion in profitability margins.
The FY2026 financial performance shows a notable improvement in operating and net profitability.
EBITDA increased from ₹29.69 crore in FY2024 to ₹38.71 crore in FY2026, while EBITDA margin increased from 23.84% to 27.66%.
| Profitability metric |
FY2026 |
| EBITDA margin |
27.66% |
| PAT margin |
18.69% |
| ROE |
22.54% |
| ROCE |
19.01% |
| RoNW |
22.51% |
The improvement in EBITDA margin is notable because revenue growth was comparatively moderate. A key factor to monitor after the IPO will be whether the FY2026 margin profile can be sustained as the company expands manufacturing capacity.
Adroit Industries has reduced its reported debt over FY2024-FY2026, while operating cash flow increased during the same period.
FY2024 Debt and Cash Flow
| Metric |
FY2024 |
| Total Debt |
₹82.11 crore |
| Debt/Equity |
0.94x |
| Operating Cash Flow |
₹19.94 crore |
FY2025 Debt and Cash Flow
| Metric |
FY2025 |
| Total Debt |
₹65.03 crore |
| Debt/Equity |
0.63x |
| Operating Cash Flow |
₹20.31 crore |
FY2026 Debt and Cash Flow
| Metric |
FY2026 |
| Total Debt |
₹52.65 crore |
| Debt/Equity |
0.41x |
| Operating Cash Flow |
₹29.41 crore |
Debt-to-equity declined from 0.94x in FY2024 to 0.41x in FY2026, indicating a reduction in reported leverage.
Operating cash flow also increased from ₹20.31 crore in FY2025 to ₹29.41 crore in FY2026.
However, the IPO proceeds include an allocation for investment in ADPL for repayment or prepayment of certain borrowings. Investors should therefore track the consolidated debt position and finance costs after the IPO.
Working capital is an important area to monitor in the Adroit Industries IPO analysis because the company operates with a long working-capital cycle.
In FY2026:
| Working capital metric |
FY2026 |
| Net working capital days |
237 days |
| Inventory days |
135 days |
| Debtor days |
111 days |
| Creditor days |
42 days |
Net working capital days remained broadly stable at 237 days in FY2024, 238 days in FY2025 and 237 days in FY2026.
The combination of inventory days of 135 and debtor days of 111 means a significant amount of capital remains tied up in operating activities.
As the company expands capacity, investors should therefore track whether revenue and earnings growth is accompanied by a proportionate improvement in operating cash flow.
The Adroit Industries IPO price band is ₹126 to ₹134 per share. At the upper price band, the company's implied post-issue equity value is approximately ₹600.4 crore. Moneycontrol also reported the ₹600.4 crore valuation at the upper end of the price band.
The company has approximately 34.91 million shares before the issue and will issue up to 9.897 million fresh shares. This results in approximately 44.81 million shares after the fresh issue.
At ₹134 per share:
Post-issue equity value = 44.81 million × ₹134 = approximately ₹600.4 crore
Adroit Industries IPO P/E
Based on FY2026 restated EPS of ₹7.48 on the pre-issue share base, the price-to-earnings multiple at ₹134 is approximately 17.9x.
However, the fresh issue increases the number of outstanding shares. Using the post-issue share count, FY2026 earnings translate into approximately ₹5.83 per share.
On this post-issue basis:
₹134 ÷ ₹5.83 = approximately 23x P/E
This distinction is important when analysing the Adroit Industries IPO valuation because using pre-issue EPS does not fully reflect the dilution resulting from the fresh issue.
Price-to-book valuation
The company's FY2026 NAV was ₹36.84 per share.
At an IPO price of ₹134:
₹134 ÷ ₹36.84 = approximately 3.64x price-to-book
Therefore, the valuation needs to be assessed alongside future earnings growth, margin sustainability, return ratios, cash flows, working-capital requirements and the company's ability to utilise the IPO-funded capacity.
The promoters of Adroit Industries are:
- Saurabh Sangla
- Mukesh Sangla
- Monika Sangla
- Shubhangi Trust
- Shreya Trust
- Swan Irrigation LLP
The promoter group held a substantial majority of the company's equity before the IPO.
The RHP also identifies Abakkus Venture Opportunities Fund as a shareholder holding 3.18% before the offer, while Chhatisgarh Investments Limited held 0.64%.
Mukesh Sangla HUF, a promoter-group entity, is the selling shareholder in the OFS and proposes to sell up to 13.50 lakh shares.
The weighted average acquisition cost of the shares held by Mukesh Sangla HUF was ₹3.65 per share, as certified by the statutory auditors.
Adroit Industries has a few key strengths that support its business model, including integrated manufacturing capabilities, a diversified product range, a growing customer base and improving financial performance.
1. Vertically integrated manufacturing
Adroit Industries has in-house capabilities across forging, precision machining, heat treatment, assembly, balancing and testing.
This gives the company control over multiple stages of its manufacturing process.
2. Large product portfolio
The company offers more than 5,000 SKUs of torque-transmission components and assemblies.
The product range covers automotive, defence, heavy equipment, off-highway and industrial applications.
3. Established export presence
Adroit Industries exports to more than 32 countries across multiple regions.
International customers form a significant part of the company's business, although the same export exposure also creates foreign-market, currency and trade-related risks.
4. Improving profitability
The company recorded a significant improvement in profitability in FY2026.
EBITDA margin increased to 27.66%, while PAT margin reached 18.69%.
5. Lower leverage
Debt-to-equity declined from 0.94x in FY2024 to 0.41x in FY2026.
The reduction indicates lower reported leverage before the IPO.
6. Expanding customer base
The number of customers increased from 130 in FY2024 to 185 in FY2026.
The company also had 110 repeat customers in FY2026.
However, customer concentration remains significant and should be considered alongside the growth in customer count.
The Adroit Industries IPO carries several business and financial risks disclosed in the company's RHP.
1. High dependence on exports
More than 95% of revenue from sale of products came from exports in FY2026.
This makes the company's financial performance highly dependent on overseas demand and international market conditions.
2. Significant US exposure
The US accounted for 53.76% of export revenue in FY2026.
Changes in US demand, tariffs, trade policies or regulatory conditions could therefore affect the company's business.
3. Customer concentration
The top 10 customers contributed 60.86% of product revenue in FY2026.
A reduction in orders from a major customer could therefore have a material effect on revenue and profitability.
4. Foreign exchange risk
The company is significantly exposed to foreign currency fluctuations and has disclosed that it does not have a hedging policy in place.
Currency movements can affect reported revenue, margins and cash flows.
5. Manufacturing concentration
Manufacturing operations are concentrated in Madhya Pradesh.
A significant disruption at one or more facilities could affect production and financial performance.
6. Dependence on subsidiary
Certain downstream operational activities are undertaken through Adroit Driveshafts Private Limited.
The company's consolidated performance is therefore partly dependent on the subsidiary's operations and cash flows.
7. Long working-capital cycle
Net working capital stood at 237 days in FY2026, with inventory days of 135 and debtor days of 111.
A high working-capital requirement can limit the amount of cash available for other business purposes.
8. Past compliance issues
The RHP discloses multiple instances of delays in statutory filings and non-compliances relating to corporate and regulatory reporting obligations in the past.
The company states that such matters could expose it to regulatory action, penalties and reputational risks.
9. Accounting-control observation
The statutory auditors did not qualify the financial statements or provide an emphasis of matter for the periods covered by the RHP.
However, they observed the absence of audit-trail functionality in certain accounting records, including the stock register and property, plant and equipment register, for FY2025 and FY2024.
10. Outstanding legal proceedings
The RHP discloses outstanding proceedings involving the company, subsidiary and promoters.
For the company, 25 tax proceedings were outstanding, involving an aggregate amount of approximately ₹1.995 crore to the extent ascertainable.
The subsidiary had six tax proceedings involving approximately ₹2.577 crore.
Proceedings against promoters included criminal, tax and material civil matters with an aggregate amount of approximately ₹5.064 crore, to the extent ascertainable.
Individual proceedings may differ in nature and financial significance, so investors should refer to the detailed litigation disclosures in the RHP.
The following factors can help investors assess how the business performs after listing.
Export concentration
The company should be monitored for its ability to maintain export growth while reducing dependence on individual overseas markets.
The US contributed 53.76% of export revenue in FY2026.
Margin sustainability
EBITDA margin increased from 23.17% in FY2025 to 27.66% in FY2026.
Future results will indicate whether this improvement can be sustained as the company expands production capacity.
Capacity utilisation and new machinery
A meaningful portion of IPO proceeds is earmarked for machinery and equipment at Dewas and Pithampur.
The revenue and earnings generated from this incremental capacity will be important indicators of the effectiveness of the expansion.
Working capital
Inventory and debtor days should be monitored alongside revenue growth.
If working-capital requirements rise faster than operating cash flow, additional capital may remain tied up in operations.
Customer diversification
The company increased its customer count to 185 in FY2026, but its top 10 customers still contributed 60.86% of product revenue.
Further diversification could reduce dependence on individual customers.
Debt reduction
The proposed investment in ADPL includes repayment or prepayment of certain borrowings.
Investors should monitor whether lower debt results in lower finance costs and stronger cash generation.
Adroit Industries is an export-oriented manufacturer of propeller shafts and precision-machined torque-transmission components. Its vertically integrated manufacturing capabilities cover forging, machining, heat treatment, assembly, balancing and testing, while its product portfolio exceeds 5,000 SKUs.
The financial profile improved between FY2024 and FY2026. Revenue increased from ₹124.53 crore to ₹139.94 crore, while PAT increased from ₹14.53 crore to ₹26.16 crore. EBITDA margin rose to 27.66%, PAT margin reached 18.69%, and debt-to-equity declined to 0.41x.
The IPO price band is ₹126 to ₹134, with a total issue size of up to approximately ₹150.71 crore. At the upper price band, the implied post-issue equity value is approximately ₹600.4 crore, while the post-issue FY2026 P/E is approximately 23x based on the diluted share count.
The business also has material risks. 95.39% of product revenue came from exports in FY2026, the US accounted for 53.76% of export revenue, and the top 10 customers contributed 60.86% of product revenue. The company also has a long working-capital cycle, foreign exchange exposure, manufacturing concentration, past compliance disclosures and outstanding legal proceedings.
The Adroit Industries IPO analysis therefore needs to consider both sides of the business: improving profitability, lower leverage, product diversification and manufacturing capabilities on one side, and export concentration, customer concentration, working-capital intensity and other disclosed risks on the other.
Want to benchmark Adroit Industries against other recent mainboard offerings across manufacturing and industrial sectors? Use this IPO dashboard to compare issue details, pricing and listing timelines.
1. What is Adroit Industries IPO?
Adroit Industries IPO is a mainboard book-built public issue comprising a fresh issue of up to 98.97 lakh equity shares and an OFS of up to 13.50 lakh shares by Mukesh Sangla HUF.
2. When will Adroit Industries IPO open and close?
The Adroit Industries IPO will open for subscription on 23 September 2026 and close on 25 September 2026. The shares are proposed to be listed on BSE and NSE, with NSE as the designated stock exchange.
3. What is the Adroit Industries IPO price band and lot size?
The IPO price band is ₹126 to ₹134 per share and the lot size is 111 shares. At the upper price band, one lot requires an investment of ₹14,874.
4. Who is selling shares in the Adroit Industries IPO?
Mukesh Sangla HUF, a promoter-group selling shareholder, is offering up to 13.50 lakh shares through the OFS.
5. What are the major risks of Adroit Industries IPO?
The major risks include high export dependence, significant US-market exposure, customer concentration, foreign exchange exposure, manufacturing concentration, dependence on its subsidiary, a long working-capital cycle, past compliance disclosures, accounting-control observations and outstanding legal proceedings.
6. How much debt does Adroit Industries have?
The company reported total debt of ₹52.65 crore as of FY2026, with a debt-to-equity ratio of 0.41x.