About the Business
Incorporated in January 1995, Adroit Industries (India) Limited is a vertically integrated manufacturer and supplier of propeller shafts and torque-transmission components used in automotive and industrial driveline systems. The company offers an extensive portfolio of over 5,000 stock-keeping units (SKUs) consisting of precision-machined components, full propeller shaft assemblies, and forged industrial parts.
Its comprehensive manufacturing operations span forging, high-precision machining, heat treatment, assembly, dynamic balancing, and quality testing. This end-to-end integration enables strict quality control and customized engineering tailored to client specifications.
- Broad Product Portfolio: Manufactures and supplies more than 5,000 SKUs encompassing torque-transmission components, complete propeller shafts, and forged components.
- Diverse End-User Applications: Primarily serves commercial vehicles, alongside sport utility vehicles (SUVs), defense and emergency response vehicles, off-highway machinery, and heavy industrial equipment.
- Global Export Footprint: Supplies automotive components to customers across North America, Europe, Latin America, the Middle East, Africa, and the Asia-Pacific region, exporting to over 32 countries during Fiscal 2026.
- Multi-Tier Distribution: Distributes products through replacement aftermarket distributors, Tier-1 driveline system integrators, and directly to automotive original equipment manufacturers (OEMs).
- Subsidiary & Workforce: Supported by its operating subsidiary, Adroit Driveshafts Private Limited, with a joint workforce of 367 permanent personnel as of July 31, 2026.
The company’s promoters are Saurabh Sangla, Mukesh Sangla, Monika Sangla, Shubhangi Trust, Shreya Trust, and Swan Irrigation LLP.
Company Financials (Restated Consolidated)
Adroit Industries (India) Ltd.’s revenue increased by 5% and profit after tax (PAT) rose by 44% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 212.74 | 187.01 | 199.39 |
| Total Income | 143.04 | 136.61 | 125.10 |
| Profit After Tax | 26.16 | 18.14 | 14.53 |
| EBITDA | 38.71 | 31.02 | 29.69 |
| NET Worth | 128.63 | 103.53 | 87.82 |
| Reserves and Surplus | 105.59 | 96.92 | 78.79 |
| Total Borrowing | 52.40 | 8.32 | 16.29 |
Amount in ₹ Crore
Key Performance Indicator (KPI)
IPO Lot Size
Investors can bid for a minimum of 111 shares and in multiples thereof:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 111 | ₹14,874 |
| Retail (Max) | 13 | 1,443 | ₹1,93,362 |
| S-HNI (Min) | 14 | 1,554 | ₹2,08,236 |
| S-HNI (Max) | 67 | 7,437 | ₹9,96,558 |
| B-HNI (Min) | 68 | 7,548 | ₹10,11,432 |
Issue Reservation
| Investor Category | Allocation Share |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
Offer For Sale – Selling Shareholder
| Name | Category | No. of Shares Offered | Amount (₹ Cr) |
|---|---|---|---|
| Mukesh Sangla (HUF) | Promoter | 13,50,000 | 18.09 |
| Total | 13,50,000 | 18.09 |
Total OFS component: 13,50,000 shares aggregating ₹18.09 Cr
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
- Funding capital expenditure towards machinery & equipment at Dewas Facility and transportation vehicles ₹19.91 Cr
- Investment in subsidiary (Adroit Driveshafts Pvt Ltd) for capital expenditure at Pithampur Facility ₹43.96 Cr
- Investment in subsidiary (Adroit Driveshafts Pvt Ltd) for repayment/prepayment of certain borrowings ₹24.12 Cr
- General Corporate Purposes Balance
Adroit Industries (India) Limited brings over three decades of automotive driveline manufacturing experience, carving out an international niche in propeller shafts and torque-transmission assemblies across 32+ export markets. The business benefits from comprehensive vertical integration – from forging and precision machining through to automated dynamic balancing – which protects operational margins and ensures customer stickiness across OEM and replacement channels.
Financially, the company operates with notable efficiency. While FY26 revenue rose moderately to ₹143.04 Cr, profitability surged 44% to ₹26.16 Cr, supported by strong EBITDA margins of 27.66% and PAT margins of 18.69%. The balance sheet remains underleveraged with a Debt/Equity ratio of 0.41x and an ROE of 22.54%. Crucially, the issue is predominantly primary fresh capital (₹132.62 Cr), directed into modernizing the Dewas and Pithampur facilities (₹63.87 Cr combined) and clearing subsidiary debt (₹24.12 Cr). Priced at a post-issue P/E of 22.95x at the upper band of ₹134 against peers like GNA Axles (20.85x), the offering commands a modest premium that is justified by its superior margin profile. Investors seeking exposure to precision auto-ancillary exporters can evaluate the issue with a medium-to-long-term perspective.
