About the Company: Leader in Automotive Wiring Harnesses & E&E Systems
Incorporated in April 1998, Dhoot Transmission Limited is one of India’s leading electrical and electronics (E&E) companies engaged in the design, engineering, manufacturing, and supply of wiring harnesses and electrical distribution systems for automotive and non-automotive applications. The company offers a diversified product portfolio comprising wiring harnesses, battery packs, sensors and electronic controllers, automotive switches, terminals, connectors, and power supply cords, catering to both internal combustion engine (ICE) and electric vehicle (EV) platforms.
The company is among the top two players in India’s two-wheeler (2W) and three-wheeler (3W) wiring harness market, with a 41% market share, and is a leader in the electric 2W and 3W segment with a market share of nearly 70% in Fiscal 2026. Its products are also used in commercial vehicles, off-highway vehicles, farming equipment, and industrial applications. Approximately 95% of its automotive product portfolio is EV-focused or powertrain-neutral, positioning the company to benefit from electrification, premiumization, connected vehicles, and automation trends.
Dhoot Transmission has established long-term relationships with leading automotive OEMs while maintaining a diversified customer base and robust financial performance. As of March 31, 2026, the company employed 2,735 full-time employees across manufacturing, R&D, engineering, sales, finance, and corporate functions.
- Established leadership in India’s 2W and 3W wiring harness market with a comprehensive product portfolio.
- Well-positioned to capitalize on EV adoption, premiumization, automation, and connected vehicle trends.
- Strong business foundation backed by marquee OEM customers and a diversified business mix.
- Consistent financial performance supported by scalable manufacturing operations.
- Experienced management team, strong R&D capabilities, and reputed investor support.
The company’s promoters are BC Asia Investments XV Ltd. and Rahul Radhavallabh Dhoot.
Financial Trends & Performance
Dhoot Transmission Ltd.’s revenue increased by 31% and profit after tax (PAT) rose by 12% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | ₹4,114.83 Cr | ₹2,336.23 Cr | ₹1,711.70 Cr |
| Total Income | ₹4,563.70 Cr | ₹3,472.24 Cr | ₹2,799.32 Cr |
| Profit After Tax (PAT) | ₹396.84 Cr | ₹353.89 Cr | ₹298.75 Cr |
| EBITDA | ₹710.99 Cr | ₹590.96 Cr | ₹512.40 Cr |
| Net Worth | ₹2,397.15 Cr | ₹978.18 Cr | ₹741.01 Cr |
| Reserves and Surplus | ₹2,360.40 Cr | ₹961.53 Cr | ₹724.74 Cr |
| Total Borrowings | ₹841.39 Cr | ₹776.06 Cr | ₹554.90 Cr |
All figures in ₹ Crore | Source: Chittorgarh
Key Performance Indicators & Valuation (FY2026)
Competitive Strengths
- Market Dominance: Clear market leadership with nearly 70% share in the rapidly expanding electric 2W/3W wiring harness segment.
- EV-Ready Portfolio: ~95% of the automotive product lineup is EV-focused or powertrain-neutral, safeguarding long-term demand.
- OEM Integration: Deep, long-standing supplier integration with marquee domestic and global automotive OEMs.
- Scalable Operational Footprint: Expansive manufacturing and R&D infrastructure backing steady financial growth.
Issue Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII Shares Offered | Not less than 15% of the Net Issue |
IPO Structure & Use of Proceeds
The ₹3,066.89 Cr issue consists of a Fresh Issue of ₹1,400.00 Cr (1,60,80,445 shares) and an Offer for Sale of ₹1,666.89 Cr (1,91,37,602 shares) by selling shareholders BC Asia Investments XV Ltd. and Mangalam Capital Pvt. Ltd. The net fresh proceeds are proposed to be utilized as follows:
- Repayment/prepayment, in full or in part, of all or certain outstanding borrowings availed by the Company ₹464.80 Cr
- Investment in certain Subsidiaries (Dhoot Autocomponents, Dhoot Electrical Systems, Dhoot Automotive Systems, Dhoot Transmission UK) for debt repayment ₹301.77 Cr
- Setting up new wiring harness manufacturing plants at Sector 11, Jhajjar (Haryana) and Shoolagiri, Hosur (Tamil Nadu) ₹150.00 Cr
- Funding inorganic growth through unidentified acquisitions and general corporate purposes Balance
Bidding opens on August 10, 2026 and closes on August 12, 2026. Minimum retail application lot size is fixed at 17 shares (₹14,807 based on the upper price band).
Dhoot Transmission Limited stands out as a high-market-share player in India’s auto component ecosystem, holding a dominant position in the EV 2W/3W wiring harness segment.
The company has demonstrated consistent top-line growth (31% revenue surge in FY26) alongside steady profitability. Allocating fresh capital toward substantial debt reduction across the parent and subsidiaries, combined with setting up new manufacturing capacity in Haryana and Tamil Nadu, strengthens its growth trajectory. Investors seeking market-leading auto ancillary exposure aligned with the EV transition may consider evaluating this issue.
