Adroit IndustriesIPO Review — Financials, Valuation & Peers
A data-only look at the Adroit Industries IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
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.
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.
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%
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.
Analysis in brief
Anchor book
6 anchor investors participated in the Adroit Industries IPO ahead of the public offer, together allocated ₹45.21 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to ABAKKUS VENTURE OPPORTUNITIES FUND (₹10 crore), CHHATTISGARH INVESTMENTS LTD. (₹10 crore) and VALOUR CAPITAL TRUST I (₹7.5 crore). Investor categories represented include Other. The lock-in on half the anchor shares ends on 27 Oct 2026, with the remainder locked until 26 Dec 2026.
Analyst view tally
ipostation tracks 1 third-party reviewer on the Adroit Industries IPO, including Capital Market. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Adroit Industries operates at an EBITDA margin of 27.66% and a net (PAT) margin of 18.69% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 19.01% and a return on equity (RoE) of 22.54%. At the upper band, the post-issue market capitalisation works out to about ₹600.43 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
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.
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.
Frequently asked questions
- 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%.
- 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.