Adroit Industries (India) Limited is preparing to enter the mainboard IPO market with a public issue of approximately ₹150.71 crore. The Madhya Pradesh-based company manufactures propeller shafts, also known as drive shafts or cardan shafts, along with precision-machined torque-transmission components used in driveline systems. Its products serve automotive as well as non-automotive applications, with the company offering more than 5,000 SKUs. The Adroit Industries IPO will open for subscription on September 23, 2026 and close on September 25, 2026. The price band has been fixed at ₹126 to ₹134 per equity share.
Adroit Industries IPO Details
| Particulars | Details |
|---|---|
| IPO Type | Mainboard, Book Built |
| IPO Open Date | September 23, 2026 |
| IPO Close Date | September 25, 2026 |
| Price Band | ₹126–₹134 per share |
| Face Value | ₹10 per share |
| Total Issue Size | ₹150.71 crore |
| Fresh Issue | 98.97 lakh shares / ₹132.60 crore |
| Offer for Sale | 13.50 lakh shares / ₹18.09 crore |
| Lot Size | 111 shares |
| Minimum Investment | ₹14,874 |
| Listing | BSE & NSE |
| Anchor Investor Bidding | September 22, 2026 |
| Allotment | September 28, 2026 |
| Refund/Demat | September 29, 2026 |
| Expected Listing | September 30, 2026 |
| QIB | Not more than 50% |
| NII | Not less than 15% |
| Retail | Not less than 35% |
| Lead Manager | Choice Capital Advisors |
| Registrar | Bigshare Services |
At the upper price band of ₹134, the minimum application of 111 shares requires ₹14,874. The company is seeking a post-issue valuation of approximately ₹600.4 crore at the upper end of the price band. The issue consists of a fresh issue of 98.97 lakh shares and an offer for sale of 13.50 lakh shares by promoter entity Mukesh Sangla HUF. Proceeds from the OFS will go to the selling shareholder, while the fresh issue proceeds will be available to the company for its stated objectives.
About Adroit Industries
Adroit Industries was established in 1966 and has developed into a vertically integrated manufacturer of propeller shafts and related torque-transmission components. Its manufacturing capabilities cover several stages of the production process, including forging, precision machining, heat treatment, assembly, balancing and testing. The company’s current portfolio includes more than 5,000 SKUs of torque-transmission components and assemblies forming part of driveline systems.
The company operates manufacturing facilities in Madhya Pradesh, including plants at Sanwer Road in Indore, Dewas and Dhar. Its manufacturing footprint allows it to undertake multiple stages of component production internally, which is important for products where dimensional accuracy, balancing and quality consistency are critical.
Also Read: Elevate Campuses IPO Details: Price Band, Dates, Financials, GMP and Key Risks
Adroit serves both automotive and non-automotive customers. Its customer base has included companies such as Godrej & Boyce Manufacturing Company, BEML, VE Commercial Vehicles, Sandvik Mining and Rock Technology India, Oilgear India, Conmat Heavy Industries, Phooltas Transrail, Hailstone Innovations, ARX Mining and Construction and Venus Techno Equipment.
Products and Manufacturing Capabilities
Propeller shafts are important driveline components used to transmit torque from the transmission or gearbox to the differential and ultimately to the wheels. Adroit manufactures these components along with other torque-transmission products that are used across different types of vehicles and industrial equipment.
The company’s vertical integration is one of the important features of its manufacturing model. In-house forging, machining, heat treatment, assembly, balancing and testing capabilities allow the company to control multiple stages of production. This can help with quality control and production coordination, although the business remains exposed to raw-material costs, customer specifications and the cyclical nature of the automotive industry.
The company also supplies products for non-automotive applications. This provides some diversification beyond passenger and commercial vehicle demand, although automotive applications remain a significant part of its business.
Also Read: Swastika Infra IPO Details: Price Band, Dates, Financials, GMP and Key Risks
Export-Oriented Business
A notable characteristic of Adroit Industries is its high dependence on export markets. According to the company’s disclosed risk factors, revenue from outside India represented approximately 94.15% of revenue from sale of products for the six-month period ended September 30, 2025, compared with 96.27% in FY25, 94.56% in FY24 and 95.13% in FY23.
This export orientation provides the company with access to international customers and markets, but it also exposes the business to currency movements, international economic conditions, geopolitical developments, trade restrictions and demand cycles in overseas markets.
For investors, the export contribution is particularly important because changes in the rupee against major currencies can influence reported revenue and profitability. International customers may also impose stringent quality, vendor qualification and product validation requirements.
Adroit Industries Financial Performance
Adroit Industries has reported consistent growth in revenue and profitability over the past three financial years. Restated financial data shows revenue from operations increasing from ₹103.54 crore in FY23 to ₹124.53 crore in FY24 and ₹133.89 crore in FY25. FY26 revenue was approximately ₹138.46 crore based on the latest restated financial data.
Also Read: ArMee Infotech IPO Details: Price Band, Dates, Financials, GMP and Key Risks
Profitability also improved during this period. PAT increased from ₹6.41 crore in FY23 to ₹14.26 crore in FY24 and ₹18.14 crore in FY25. FY26 PAT increased further to ₹21.28 crore, while EBITDA stood at ₹30.46 crore.
| Financial Year | Revenue from Operations | EBITDA | PAT |
|---|---|---|---|
| FY23 | ₹103.54 crore | ₹14.17 crore | ₹6.41 crore |
| FY24 | ₹124.53 crore | ₹29.68 crore | ₹14.26 crore |
| FY25 | ₹133.89 crore | ₹31.02 crore | ₹18.14 crore |
| FY26 | ₹138.46 crore | ₹30.46 crore | ₹21.28 crore |
FY26 EBITDA margin was approximately 22%, compared with 23.17% in FY25, while PAT margin improved to approximately 15.37% from 13.55%. Total debt stood at approximately ₹64.07 crore at the latest reported period, with debt-to-equity at around 0.56 times.
Recent IPO coverage reports FY26 revenue of ₹127.1 crore, reflecting differences in reporting definitions between revenue-from-operations and the financial presentation used in various IPO databases. Investors should rely on the restated financial statements in the final prospectus for the definitive figures.
Use of IPO Proceeds
The fresh issue proceeds are intended to support expansion of Adroit Industries’ manufacturing capabilities. Approximately ₹53.7 crore from the net fresh issue proceeds is proposed for procurement of machinery and equipment to enhance operations at the company’s Dewas facility, along with transportation vehicles for movement of goods between manufacturing facilities.
Also Read: Varmora Granito IPO Details: Price Band, Dates, Financials, GMP and Key Risks
The company also plans to invest in its subsidiary, Adroit Driveshafts Private Limited, for additional capital expenditure at the Pithampur facility and transportation requirements. Another approximately ₹20.2 crore is proposed to be used toward repayment of debt at the subsidiary. The remaining proceeds will be used for general corporate purposes.
The planned capital expenditure indicates that the IPO is intended partly to expand production capabilities rather than being primarily a secondary sale. The additional machinery and transportation infrastructure could support higher production volumes and improve the company’s ability to service future customer requirements.
Adroit Industries IPO GMP
Grey market premium, or GMP, is an unofficial indicator of market sentiment and is not regulated by SEBI. Current tracking sources were showing GMP around ₹0 as of September 18, 2026. Since the IPO is scheduled to open on September 23, the grey-market figure could change before and during the subscription period.
GMP should therefore not be treated as a reliable indicator of the eventual listing price. Investors should instead assess the ₹126–₹134 price band against the company’s earnings, net worth, debt, growth prospects and valuations of comparable auto-component manufacturers.
Also Read: A-One Steels India IPO Details: Price Band, Dates, Financials, GMP and Key Risks
Key Risks
One of the most significant risks is Adroit’s dependence on export markets. More than 94% of product revenue was generated outside India in the six-month period ended September 2025, making the company particularly exposed to international demand conditions, currency movements, geopolitical developments and trade policies.
Customer concentration is another important factor. The company’s top 10 customers accounted for approximately 65.91% of revenue from sale of products in FY25. The corresponding contribution was 68.61% in FY24 and 72.76% in FY23. A reduction in orders or loss of a major customer could therefore have a material impact on revenue.
Manufacturing concentration is also relevant because the company’s production facilities are located in Madhya Pradesh. Any prolonged disruption, operational shutdown, equipment failure or other issue affecting these facilities could affect production and deliveries.
The company also depends on a relatively concentrated supplier base. Its top 10 suppliers accounted for approximately 90.41% of total purchase cost in FY25. Changes in raw-material prices, supply interruptions or difficulties in obtaining materials on commercially acceptable terms could affect margins and production.
Also Read: National Stock Exchange of India IPO Details: Price Band, Dates, Financials, GMP and Key Risks
The automotive exposure introduces another cyclical risk. Demand for commercial vehicles, passenger vehicles and industrial equipment can fluctuate with economic conditions and investment cycles. Adroit’s products are also subject to stringent vendor qualification, validation and quality requirements, while many customer relationships are based on purchase orders rather than long-term contracts.
What Investors Should Watch
For the Adroit Industries IPO, investors can monitor export growth, customer concentration, margins, raw-material costs and capacity utilisation after listing. The company’s ability to use the fresh capital to expand Dewas and Pithampur operations will also be important in determining whether the planned capital expenditure translates into higher production and revenue.
The international customer base provides an opportunity for the company to participate in global auto-component supply chains, but the same exposure makes overseas demand and currency movements important variables. Investors should therefore track the geographical mix of revenue and the contribution from major customers.
The balance sheet is another area to watch. Part of the IPO proceeds will be used to repay debt at Adroit Driveshafts, while the remaining capital is directed toward capacity expansion and general corporate purposes. The company’s ability to maintain profitability while expanding its manufacturing footprint will be relevant to future returns.
Also Read: Sonaselection India IPO Details: Price Band, Dates, Financials, Business and Key Risks
At the upper price band of ₹134, the company is seeking a valuation of approximately ₹600.4 crore. Investors should compare this valuation with FY26 earnings, book value, debt, growth rates and listed auto-component peers before evaluating the IPO.
The Adroit Industries IPO opens on September 23, 2026 and closes on September 25, 2026. Allotment is expected on September 28, refunds and demat credit on September 29, and listing on September 30, subject to completion of the IPO process.
Disclaimer: This article is for informational and educational purposes only and should not be considered investment advice. IPO investments involve market risks, including the possible loss of capital. Investors should read the official RHP and related documents carefully and evaluate the company’s financials, valuation, business risks and their own investment objectives before making any investment decision.
Also Read: SS Retail IPO Details: Price Band, Dates, Financials, Business and Key Risks
