Adroit Industries IPO Review: Price Band, Dates, Lot Size, Financials and Risks

The Adroit Industries IPO opens on September 23 and closes on September 25, 2026. Adroit Industries (India) Limited is a vertically integrated manufacturer and supplier of propeller shafts and torque-transmission components used in driveline systems. The company offers a portfolio of over 5,000 SKUs comprising precision-machined torque-transmission components, complete propeller shaft assemblies and forged components. The company is raising ₹150.71 crore through a fresh issue of ₹132.62 crore and an offer for sale of ₹18.09 crore by promoter Mukesh Sangla (HUF). 

IPO Snapshot

Price Band and Lot Size

Pre-issue shareholding stood at 3,49,11,340 shares, rising to 4,48,08,340 shares post-issue. Promoter shareholding will decline from 96.1% pre-issue to 71.86% post-issue due to dilution from the fresh issue and part-exit via the offer for sale.

What Does Adroit Industries Actually Do

Adroit Industries (India) Limited, incorporated in January 1995, is a vertically integrated manufacturer and supplier of propeller shafts and torque-transmission components used in driveline systems. The company offers a portfolio of over 5,000 SKUs comprising precision-machined torque-transmission components, complete propeller shaft assemblies and forged components. Its vertically integrated manufacturing capabilities cover forging, precision machining, heat treatment, assembly, balancing and testing, enabling end-to-end control over the production process.

The company supplies its products through distributors, Tier-1 driveline component suppliers and directly to OEMs, based on customer-specific technical requirements. Its products cater primarily to commercial vehicles, as well as SUVs, defence and emergency services, heavy equipment, off-highway machinery and industrial applications.

The company has a strong export presence, supplying products to customers across North America, Europe, Latin America, the Middle East, Africa and Asia-Pacific. During Fiscal 2026, it supplied products to customers across more than 32 countries.

The company is supported by its subsidiary, Adroit Driveshafts Private Limited, and together they had 367 permanent employees as of July 31, 2026.

The Money Numbers

All numbers are taken from the company’s official IPO document (RHP) and cross-checked with trusted sources.

Total income grew from ₹125.10 crore in FY24 to ₹143.04 crore in FY26, up 14.3% over two years. Profit after tax surged from ₹14.53 crore in FY24 to ₹26.16 crore in FY26, up 80%. Total assets increased from ₹199.39 crore to ₹212.74 crore, while net worth grew from ₹87.82 crore to ₹128.63 crore over the same period.

EBITDA rose from ₹29.69 crore in FY24 to ₹31.02 crore in FY25 and ₹38.71 crore in FY26, with EBITDA margin improving from 23.73% to 27.66%. Total borrowings stood at ₹52.40 crore in FY26, with debt-to-equity at 0.41 times.

Return ratios were strong: ROE stood at 22.54% and ROCE at 19.01% in FY26, with RoNW at 22.51% and NAV of ₹36.84 per share. Basic EPS for FY26 was ₹7.49 pre-issue and ₹5.84 post-issue. At the upper price band of ₹134, this implies a pre-issue P/E of 17.89 times and a post-issue P/E of 22.95 times. Price-to-book value at the offer price works out to 3.64 times.

Objects of the Issue

Strengths

• Revenue growth, with total income increasing 14.3% from FY24 to FY26.
• Exceptional profitability growth, with PAT surging 80% from ₹14.53 crore to ₹26.16 crore between FY24 and FY26.
• Vertically integrated manufacturing model with portfolio of over 5,000 SKUs.
• Strong export presence across more than 32 countries.
• Diversified customer base across commercial vehicles, SUVs, defence, heavy equipment and industrial applications.
• Experienced promoters and management team with established customer relationships.
• Strong return ratios: ROE of 22.54%, ROCE of 19.01% and RoNW of 22.51% in FY26.
• Low debt-to-equity ratio of 0.41 times, indicating conservative leverage.
• Healthy EBITDA margin improvement from 23.73% to 27.66% between FY24 and FY26.
• Strong engineering and validation capabilities.

Risks

• Valuation is moderate at a P/E of 17.89 times pre-issue and 22.95 times post-issue at the upper price band.
• Revenue growth has been modest at 14.3% between FY24 and FY26.
• The company operates in the highly competitive automotive components sector with exposure to cyclicality in commercial vehicle demand, raw material price volatility (steel, forged components), and competition from both organized and unorganized players.
• Geographic concentration in manufacturing facilities in Madhya Pradesh (Dewas and Pithampur).
• The company’s expansion depends on securing orders from OEMs and Tier-1 suppliers.
• The business is capital intensive, with total assets of ₹212.74 crore and total borrowings of ₹52.40 crore as of FY26.
• The export business carries foreign exchange risk and exposure to global economic conditions.
• Promoter shareholding will decline from 96.1% to 71.86% post-issue.
• The offer for sale component means a portion of proceeds will go to the selling shareholder and not toward the company’s growth.

How to Apply

You can apply through Alice Blue by selecting your investor category, choosing the number of lots, and submitting your bid between September 23 and September 25.

If you do not want to track subscription numbers throughout the bidding window, Alice Blue’s IPO feature can apply on your behalf. Choose your category and lot size, confirm your UPI ID, and set a subscription trigger, such as below 1x, between 1x and 5x, or above 5x. The system tracks Adroit Industries’ live subscription numbers and submits the application once the selected condition is met. You then receive a UPI payment request to approve. Funds are not deducted until shares are allotted.

Frequently Asked Questions