Adroit Industries IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 195.04x |
| NII | 332.35x |
| sNII (₹2L–₹10L) | 305.09x |
| bNII (above ₹10L) | 345.97x |
| Retail (RII) | 99.81x |
| Total | 176.85x |
Bidding day 3 · final figures at close of bidding: 30 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 23 Sept 2026
- Close Date
- 25 Sept 2026
- Listing Date
- 30 Sept 2026
- Face Value
- ₹10
- Fresh Issue
- ₹132.62 Cr
- OFS
- ₹18.09 Cr
- Listing On
- NSE, BSE
- Registrar
- Bigshare Services
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 111 | ₹14,874 |
| Retail (Max) | 14 | 1,554 | ₹2,08,236 |
| B-HNI (Min) | 68 | 7,548 | ₹10,11,432 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 33,74,100 | 30% |
| QIB (ex-anchor) | 22,49,400 | 20% |
| NII | 16,87,050 | 15% |
| — sNII (< ₹10L) | 5,62,350 | 5% |
| — bNII (> ₹10L) | 11,24,700 | 10% |
| Retail | 39,36,450 | 35% |
| Total | 1,12,47,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 125.1 | 14.53 | 29.69 | 87.82 | 199.39 | 16.29 | — |
| FY 2025 | 136.61 | 18.14 | 31.02 | 103.53 | 187.01 | 8.32 | — |
| FY 2026 | 143.04 | 26.16 | 38.71 | 128.63 | 212.74 | 52.4 | 7.49 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 17.89x
- P/E (post-issue)
- 22.95x
- RoNW
- 22.51%
- RoE
- 22.54%
- RoCE
- 19.01%
- Debt / Equity
- 0.41
- EPS (pre-issue)
- ₹7.49
- EPS (post-issue)
- ₹5.84
- EBITDA Margin
- 27.66%
- PAT Margin
- 18.69%
- P/BV
- 3.64x
- NAV / share
- ₹36.84
- Market Cap
- ₹600.43 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding capital expenditure by the Company towards procurement of; (i) machinery and equipment for enhancement of operations at Dewas Facility; and (ii) transportation vehicle for local transportation of goods between the Manufacturing Facilities | ₹19.91 Cr |
| Investment in the Subsidiary, Adroit Driveshafts Private Limited, in the form of debt or equity or a combination thereof, for funding capital expenditure towards procurement of; (i) machinery and equipment for enhancement of operations at Pithampur Facility; and (ii) transportation vehicle for local transportation of goods between the Manufacturing Facilities | ₹43.96 Cr |
| Investment in the Subsidiary, Adroit Driveshafts Private Limited, in the form of debt or equity or a combination thereof, for re-payment or pre-payment, in full or in part, of certain borrowings availed by the Subsidiary | ₹24.12 Cr |
| General Corporate Purposes | ₹24.14 Cr |
| Issue Expenses | ₹23.29 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| BRLM fees and commissions (including underwriting commission, brokerage and selling commission) and fee payable to the Legal Counsel Fees | ₹15.18 Cr |
| Commission/processing fee for SCSBs, Sponsor Bank(s) and fees payable to sponsor bank(s) for bids made by RIBs, Bankers to the Offer(s), Brokerage and Syndicate Fees, bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | ₹5.33 Cr |
| Fees payable to the Registrar to the Offer | ₹0.36 Cr |
| Listing fees, SEBI filing fees, upload fees, BSE and SE processing fees, book building software fees and other regulatory expenses | ₹0.78 Cr |
| Printing and distribution of stationery | ₹0.14 Cr |
| Advertising and marketing expenses | ₹0.55 Cr |
| Others (industry report, monitoring agency, auditor’s fees, and other professional charges etc | ₹0.95 Cr |
Promoters & Shareholding
Promoters: <p>Saurabh Sangla, Mukesh Sangla, Monika Sangla, Shubhangi Trust, Shreya Trust, Swan Irrigation LLP</p>
- Holding (pre-issue)
- 96.1%
- Holding (post-issue)
- 71.86%
- Dilution
- 24.24%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| ABAKKUS VENTURE OPPORTUNITIES FUND | Other | 7,46,364 | ₹134 | 10 | 22.12% |
| CHHATTISGARH INVESTMENTS LTD. | Other | 7,46,364 | ₹134 | 10 | 22.12% |
| VALOUR CAPITAL TRUST I | Other | 5,59,773 | ₹134 | 7.5 | 16.59% |
| COGNIZANT CAPITAL DYNAMIC OPPORTUNITIES FUND | Other | 5,59,773 | ₹134 | 7.5 | 16.59% |
| AARTH AIF GROWTH FUND | Other | 3,88,644 | ₹134 | 5.21 | 11.52% |
| FORTUNE HANDS GROWTH FUND-FORTUNE HANDS GROWTH FUND SCHEME I | Other | 3,73,182 | ₹134 | 5 | 11.06% |
Anchor bidding took place on 22 Sept 2026. Anchor lock-in: 50% of shares unlock on 27 Oct 2026, the remainder on 26 Dec 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Adroit Industries | 7.48 | 36.84 | — | 22.51% | — | Consolidated |
| GNA Axles Limited | 27.24 | 233.89 | 20.85x | 12.28% | 2.43x | Consolidated |
| Hindustan Hardy Ltd | 55.92 | 250.24 | 12.98x | 25% | 2.9x | Consolidated |
| Talbros Engineering Ltd | 57.34 | 359.2 | 10.7x | 17.32% | 1.71x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Adroit Industries IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the Adroit Industries IPO
The Adroit Industries mainboard IPO runs from 23 Sept 2026 to 25 Sept 2026, offered at a price band of ₹126–134 per share, and is set to list on NSE and BSE. The company is looking to raise ₹150.71 crore through the offer. Retail investors bid in lots of 111 shares, a minimum application of ₹14,874.
Issue structure
The offer combines a fresh issue of ₹132.62 crore with an offer for sale (OFS) of ₹18.09 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward investment in the subsidiary, adroit driveshafts private limited, in the form of debt or equity or a combination thereof, for funding capital expenditure towards procurement of; (i) machinery and equipment for enhancement of operations at pithampur facility; and (ii) transportation vehicle for local transportation of goods between the manufacturing facilities (₹43.96 crore), alongside general corporate purposes (₹24.14 crore). In all, 5 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Adroit Industries reported revenue of ₹143.04 crore and a net profit of ₹26.16 crore. Revenue grew from ₹125.1 crore in FY2024 to ₹143.04 crore in FY2026 (+14.0%). Net worth stood at ₹128.63 crore at the end of FY2026. At the upper band, that puts the issue at roughly 17.9× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 22.95× post-issue earnings and 3.64× book value, against a return on net worth of 22.51% and a debt-to-equity ratio of 0.41. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including GNA Axles Limited and Hindustan Hardy Ltd, with a median peer P/E of about 13×. The issue's own post-issue P/E works out to 22.95×.
Promoters
The promoters of the company are <p>Saurabh Sangla, Mukesh Sangla, Monika Sangla, Shubhangi Trust, Shreya Trust, Swan Irrigation LLP</p>. Promoter holding stands at 96.1% before the issue and comes down to 71.86% after listing.
Grey market premium (GMP)
In the unofficial grey market, Adroit Industries shares are quoted at a premium of ₹55 implying an expected listing around ₹189, about +41.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Adroit Industries IPO was subscribed 176.85 times overall. The strongest demand came from non-institutional investors (NII) at 332.35 times, with qualified institutional buyers (QIB) at 195.04× and retail investors at 99.81×.
Listing performance
Adroit Industries listed on 30 Sept 2026 at ₹250, a premium of +86.6% over the issue price of ₹134.
What to weigh
When evaluating the Adroit Industries IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Adroit Industries
Adroit Industries (India) Ltd., incorporated in 1966, is a manufacturer of propeller shafts and torque-transmission components used in vehicles and industrial machinery. The company has a fully integrated manufacturing setup, handling everything from forging and machining to assembly and testing, which helps maintain quality and efficiency. The company offers over 5,000 products to distributors, large component manufacturers, and OEMs. These are mainly used in commercial vehicles, defense, heavy equipment, and industrial machinery. Its manufacturing facilities are located in Madhya Pradesh, India, and are equipped to support large-scale production. Its customer base includes well-known companies such as Godrej & Boyce Manufacturing Company Limited, BEML Limited, VE Commercial Vehicles Limited, Sandvik Mining and Rock Technology India Private Limited, Oilgear India Private Limited, and other industrial and infrastructure players. Adroit has a strong international presence, exporting to over 25 countries across North America, Europe, the Asia-Pacific region, and other regions. It also maintains long-term relationships with reputed customers, supporting steady revenue and repeat business. Competitive Strengths: A large and diversified product portfolio with over 5,000 SKUs Fully integrated manufacturing operations ensure quality control and cost efficiency Strong and long-standing relationships with a diversified customer base High entry barriers supported by technical expertise and validation capabilities Well-established export network across multiple international markets Experienced promoters and management team driving business growth
Adroit Industries — Contact Details
- Registered office
- Gala No. 02, Building No. A-2, Gr. Floor, Print World Industrial Complex, Survey No. 15/1,, Mankoli Road, Vehele, Shastrinagar,, Bhiwandi, Maharashtra, 421302
- Phone
- +91 91711 14099
- Website
- www.adroitindustries.com/
- Registrar (IPO queries)
- ipo@bigshareonline.com
Frequently asked questions
- What is the Adroit Industries IPO price band?
- The Adroit Industries IPO price band is ₹126 to ₹134 per share, with a lot size of 111 shares.
- What was the Adroit Industries IPO GMP before listing?
- The final grey market premium recorded before the Adroit Industries IPO listed was ₹55. The IPO listed on 30 Sept 2026 at ₹250, +86.6% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Adroit Industries IPO open and close?
- The Adroit Industries IPO opens on 23 Sept 2026 and closes on 25 Sept 2026.
- When is the Adroit Industries IPO allotment and listing date?
- Allotment is expected on 28 Sept 2026. The shares are scheduled to list on 30 Sept 2026 on NSE and BSE.
- How many times was the Adroit Industries IPO subscribed?
- The Adroit Industries IPO was subscribed 176.85 times in total across all investor categories.
- What is the reservation split in the Adroit Industries IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Adroit Industries and what is their holding?
- The promoters are <p>Saurabh Sangla, Mukesh Sangla, Monika Sangla, Shubhangi Trust, Shreya Trust, Swan Irrigation LLP</p>. Promoter holding is 96.1% before the issue and 71.86% after listing.
- What is the P/E ratio of the Adroit Industries IPO?
- At the upper price band, the Adroit Industries IPO is valued at 17.89× pre-issue earnings and 22.95× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Adroit Industries IPO?
- The net proceeds go primarily toward investment in the subsidiary, adroit driveshafts private limited, in the form of debt or equity or a combination thereof, for funding capital expenditure towards procurement of; (i) machinery and equipment for enhancement of operations at pithampur facility; and (ii) transportation vehicle for local transportation of goods between the manufacturing facilities, among 5 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Adroit Industries IPO?
- The book-running lead manager is Choice Capital Advisors Pvt.Ltd.. Bigshare Services is the registrar to the issue.
- Is Adroit Industries a Mainboard or SME IPO?
- Adroit Industries is a Mainboard IPO, listing on NSE and BSE.