Dhoot TransmissionIPO Review — Financials, Valuation & Peers
A data-only look at the Dhoot Transmission 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 | 2,799.32 | 298.75 | 512.4 | 741.01 | 1,711.7 | 554.9 | — |
| FY 2025 | 3,472.24 | 353.89 | 590.96 | 978.18 | 2,336.23 | 776.06 | — |
| FY 2026 | 4,563.7 | 396.84 | 710.99 | 2,397.15 | 4,114.83 | 841.39 | 21.06 |
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)
- 41.36x
- P/E (post-issue)
- 44.9x
- RoNW
- 16.55%
- RoE
- 16.3%
- RoCE
- 19.14%
- Debt / Equity
- 0.35
- EPS (pre-issue)
- ₹21.06
- EPS (post-issue)
- ₹19.4
- EBITDA Margin
- 15.71%
- PAT Margin
- 8.7%
- P/BV
- 5.82x
- NAV / share
- ₹149.74
- Market Cap
- ₹17,815.53 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 |
|---|---|---|---|---|---|---|
| Dhoot Transmission | 24.4 | 149.74 | — | 16.55% | — | Consolidated |
| Minda Corporation Ltd | 15.31 | 110.58 | 46.49x | 13.63% | 6.36x | Consolidated |
| Motherson Sumi Wiring India Ltd | 0.94 | 3.26 | 43.24x | 28.92% | 13.33x | Consolidated |
| Sona Blw Precision Forgings Ltd | 10.3 | 96.23 | 74.64x | 10.7% | 8x | Consolidated |
| Uno Minda Ltd | 20.78 | 118.36 | 56.87x | 17.53% | 10x | 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>BC Asia Investments XV Ltd., Rahul Radhavallabh Dhoot</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 82.78%
- Dilution
- 17.22%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the Dhoot Transmission IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
Before the issue opened to the public, Dhoot Transmission placed shares with 72 anchor investors, who together put in ₹918.28 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 ICICI PRUDENTIAL SMALLCAP FUND (₹71.73 crore), SBI MULTICAP FUND (₹55 crore) and ASHOKA WHITEOAK ICAV-ASHOKA WHITEOAK EMERGING MARKETS EQUITY FUND (₹45 crore). Investor categories represented include Other, FII/FPI and Insurance. The lock-in on half the anchor shares ends on 11 Sept 2026, with the remainder locked until 10 Nov 2026.
Analyst view tally
1 third-party review is on record for the Dhoot Transmission IPO — among them Capital Market. Of the 1 with a stated verdict, 1 says "May Apply". 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
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Dhoot Transmission operates at an EBITDA margin of 15.71% and a net (PAT) margin of 8.7% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 19.14% and a return on equity (RoE) of 16.3%. At the upper band, the post-issue market capitalisation works out to about ₹17,815.53 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 repayment/prepayment, in full or in part, of all or certain outstanding borrowings availed by the company (₹464.8 crore), alongside funding inorganic growth through unidentified acquisitions and general corporate purposes(1) (₹410.41 crore). In all, 5 objects are disclosed.
Financials
In FY2026, Dhoot Transmission reported revenue of ₹4,563.7 crore and a net profit of ₹396.84 crore. Revenue grew from ₹2,799.32 crore in FY2024 to ₹4,563.7 crore in FY2026 (+63.0%). Net worth stood at ₹2,397.15 crore at the end of FY2026. At the upper band, that puts the issue at roughly 41.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 44.9× post-issue earnings and 5.82× book value, against a return on net worth of 16.55% and a debt-to-equity ratio of 0.35. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Minda Corporation Ltd and Motherson Sumi Wiring India Ltd, with a median peer P/E of about 51.7×. The issue's own post-issue P/E works out to 44.9×.
Promoters
The promoters of the company are <p>BC Asia Investments XV Ltd., Rahul Radhavallabh Dhoot</p>. Promoter holding stands at 100% before the issue and comes down to 82.78% after listing.
Frequently asked questions
- What is the reservation split in the Dhoot Transmission IPO?
- Of the total shares offered, retail investors get 34.92%, QIBs 19.96% (plus 29.94% anchor), non-institutional investors 14.97%.
- Who are the promoters of Dhoot Transmission and what is their holding?
- The promoters are <p>BC Asia Investments XV Ltd., Rahul Radhavallabh Dhoot</p>. Promoter holding is 100% before the issue and 82.78% after listing.
- What is the P/E ratio of the Dhoot Transmission IPO?
- At the upper price band, the Dhoot Transmission IPO is valued at 41.36× pre-issue earnings and 44.9× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Dhoot Transmission IPO?
- The net proceeds go primarily toward repayment/prepayment, in full or in part, of all or certain outstanding borrowings availed by the company, among 5 disclosed objects.