Dhoot Transmission Limited IPO

    Summary:


    Dhoot Transmission Limited is backed by Bain Capital. It makes wiring harnesses and automotive electronics. The company was set up in 1998. It supplies two-wheeler, three-wheeler, and commercial vehicle OEMs. Its focus on electric vehicles is growing fast. From FY2023 to FY2025, revenue rose 62%. PAT more than doubled. The company leads its core market. It has also grown its electronics range through recent acquisitions. Key risks include customer concentration, industry cycles, raw material costs, and integrating new businesses. The price band and issue dates are yet to be announced.

    Dhoot Transmission Limited IPO

    India's automotive wiring harness and electronics industry is growing fast. It supports many vehicle types. These include two-wheelers, three-wheelers, commercial vehicles, off-road equipment, and electric vehicles.

    Demand for wiring harnesses and electronic parts is set to keep rising. The updated draft red herring prospectus (UDRHP) points to three key drivers. First, more vehicles are being electrified. Second, each vehicle now has more electronics. Third, vehicles are becoming more premium.

    Dhoot Transmission Limited has filed its Updated Draft Red Herring Prospectus (UDRHP) with SEBI. It plans to raise funds through an IPO. The company makes wiring harnesses and automotive electronics. It recently bought two companies — Multilink and FourFront. These deals have added new electronic components and connected mobility capabilities.

    This article covers the key facts from the UDRHP in plain, simple terms.

    IPO Details

    ParticularsDetails
    IPO TypeBook Built Issue
    IPO Open DateTo be announced
    IPO Close DateTo be announced
    Face Value₹2 per equity share
    Price BandTo be announced
    Lot SizeTo be announced
    Fresh IssueUp to ₹1,400 crore
    Offer for SaleUp to 1,63,10,733 equity shares
    Total Issue SizeTo be announced
    Listing ExchangeNSE and BSE

    The IPO has two parts: a Fresh Issue and an Offer for Sale (OFS).

    The company gets the money from the Fresh Issue. The OFS is different. It involves shares sold by two promoter group entities. These are BC Asia Investments XV Limited and Mangalam Capital Private Limited. The OFS money goes to them. The company does not get it.

    The price band, lot size, and issue dates will be shared at a later stage.

    About the Company

    Background

    Dhoot Transmission was set up in 1998 in Maharashtra. Its original name was Dhoot Transmission Private Limited. In April 2025, Bain Capital bought a 49% stake. It did this through BC Asia Investments XV Limited. Rahul Radhavallabh Dhoot is the Managing Director.

    What the Company Does

    • Designs and makes wiring harnesses with sensors, controllers, switches, connectors, and high-voltage systems

    • Supplies battery packs and charging solutions for electric vehicles

    • Serves two-wheeler, three-wheeler, commercial vehicle, off-road, and farm equipment OEMs

    • Runs 22 manufacturing units, three engineering centres, and seven warehouses as of December 2025

    • Has four more facilities under construction in India

    How It Makes Money

    The company sells directly to OEMs. It had 477 customers as of December 2025. Wiring harnesses made up about 78% of FY2025 revenue. EV-related revenue has grown fast. It was 8.05% of revenue in FY2023. By FY2025, it had risen to 25.2%.

    Market Position

    In FY2025, Dhoot Transmission had a 44.64% market share by value. This is in India's two-wheeler and three-wheeler wiring harness segment. It is one of the top two players in India. It also leads the electric two-wheeler and three-wheeler wiring harness space. Its share was over 70% in FY2025.

    Industry Overview

    India's wiring harness and automotive electronics industry is expanding. Two forces are driving this. One is vehicle electrification. The other is more electronic content per vehicle.

    Key trends:

    • More electric two-wheelers and three-wheelers are hitting the road

    • Vehicles are becoming more premium and need advanced sensors and connectivity

    • Parts suppliers are merging and acquiring each other

    • Demand is growing from both Indian OEMs and export markets

    Dhoot Transmission has grown its electronics capabilities through two deals. It bought Multilink, a Bengaluru-based maker of chargers, sensors, relays, and switches. It also merged with FourFront, a Tier-1 electro-mechanical solutions provider.

    Company Financials

    The table below presents key financial metrics of Dhoot Transmission Limited across the last three financial years, based on restated consolidated figures disclosed in the UDRHP.

    Financials (₹ crore)FY2025FY2024FY2023
    Revenue from Operations3,444.862,650.002,125.86
    EBITDA590.96512.40298.68
    PAT353.89298.75163.91
    Total Assets2,336.231,711.701,261.18
    Net Worth978.18741.01468.53

    Source: Chittorgarh.com

    Strengths

    • Market Leadership: Holds the largest or second-largest share in India's two-wheeler and three-wheeler wiring harness segment

    • EV Growth: EV-related revenue more than tripled from FY2023 to FY2025

    • Strong Financials: Revenue rose 62%, and PAT more than doubled from FY2023 to FY2025

    • Strategic Acquisitions: Multilink and FourFront have added new electronics capabilities

    • Institutional Backing: Bain Capital's investment supports growth and integration

    • Wide Manufacturing Base: 22 facilities across India and global markets reduce single-site risk

    Risks

    • Customer Concentration: Revenue depends heavily on OEM relationships. Losing a key customer could hurt results

    • Industry Cycles: Demand is tied to vehicle production. Vehicle sales are sensitive to economic conditions

    • Raw Material Costs: Metals and electronic parts can change in price and squeeze margins

    • Integration Risk: The Multilink and FourFront deals bring execution and integration challenges

    • Competition: The wiring harness and electronics space has strong domestic and global rivals

    • No Trading History: This is the company's first IPO. There is no prior market price for its shares

    • Regulations: The business must meet manufacturing, environmental, and quality standards

    • Debt Repayment: Part of the fresh issue proceeds will be used to repay existing loans

    What Investors May Want to Look At

    • The wiring harness and automotive electronics business model

    • EV revenue growth and its share of total income

    • Market share in two-wheeler and three-wheeler segments

    • How Multilink and FourFront are being integrated — financially and operationally

    • How fresh issue funds will be used — debt repayment, capacity expansion, and acquisitions

    • Customer concentration and dependence on OEM demand

    • Competitive intensity in wiring harnesses and electronics

    • The price band, lot size, and issue dates — not yet announced

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    Content Partner - Dalal Street Investment Journal Wealth Advisory Private Limited



    This article is for educational purposes only and should not be considered investment advice. Market investments are subject to risks. DSIJ Wealth Advisory Private Limited is a SEBI-registered Research Analyst (Reg. No: INH000006396) and Investment Adviser (Reg. No: INA000001142). Please consult your financial adviser before investing. 

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    Publish Date: 28 Jul 2026

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