Adroit Industries (India) IPO Review: Key Details, Company Overview and Financials

The Adroit Industries (India) IPO is a bookbuilding issue of Rs 150.71 crore, comprising a fresh issue of shares worth Rs 132.62 crore and an offer for sale of 13,50,000 equity shares worth Rs 18.09 crore. The IPO will open for subscription on 23 September 2026 and close on 25 September 2026. The allotment is expected to be finalised on 28 September 2026, while the shares are proposed to list on both BSE and NSE around 30 September 2026.

The Adroit Industries IPO price band is set at Rs 126 to Rs 134 per share, with a lot size of 111 shares. Retail investors must apply for a minimum of 111 shares, requiring an investment of Rs 14,874 at the upper price band.

Choice Capital Advisors Pvt. Ltd. is the book-running lead manager for the Adroit Industries IPO, while Bigshare Services Pvt. Ltd. is the registrar to the issue.

For detailed information on the company's business, financials, risk factors and the proposed utilisation of proceeds, investors should refer to the Adroit Industries (India) IPO Red Herring Prospectus (RHP) before making an investment decision.

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Company Overview

With over four decades of operational history dating back to 1966, Adroit Industries (India) Limited is a vertically integrated manufacturer and supplier of propeller shafts (also known as drive shafts or cardan shafts) and related torque-transmission components. The company handles forging, precision machining, heat treatment, assembly, balancing and testing in-house, and as of 28 February 2026 offered over 5,000 SKUs of torque-transmission components and assemblies for driveline systems.

Adroit Industries serves commercial vehicles, defence, heavy equipment and industrial machinery customers, including Godrej & Boyce, BEML, VE Commercial Vehicles and Sandvik, and exports to more than 25 countries. The company's manufacturing operations are concentrated at facilities in Madhya Pradesh, and its top 10 customers accounted for around 60.86 percent of product sales revenue in FY26.

Read on for the complete Adroit Industries IPO details, including price band, lot size, listing timeline and the company's financial track record.

IPO Details

Particulars	Details
IPO Date	23 to 25 September 2026
Allotment	Mon, 28 September 2026
Listing Date	Wed, 30 September 2026 (tentative)
Face Value	Rs 10 per share
Price Band	Rs 126 to Rs 134
Lot Size	111 Shares
Issue Type	Bookbuilding IPO
Sale Type	Fresh Issue cum Offer for Sale
Total Issue Size	Aggregating up to Rs 150.71 Cr
Fresh Issue	Aggregating up to Rs 132.62 Cr
Offer for Sale	13,50,000 shares (agg. up to Rs 18.09 Cr)
Investor Reservation	QIB: 50%; Retail: 35%; NII (HNI): 15% of the net offer
Listing Exchange	BSE, NSE

(Compiled from the RHP/DRHP and market updates)

Industry Context

• India's auto component and driveline systems industry serves both domestic OEMs and export markets, with propeller shafts being a critical torque-transmission component across commercial vehicles, defence platforms and industrial machinery.
• Vertically integrated manufacturers that handle forging, machining, heat treatment and testing in-house can offer better quality control and consistency than component makers reliant on outsourced processing steps.
• Demand for propeller shafts and torque-transmission assemblies is tied to commercial vehicle production cycles, defence procurement, and industrial and heavy equipment capital expenditure.
• Export markets provide diversification for established Indian component manufacturers, though this also exposes them to global demand cycles and currency movements.
• Customer concentration is common in this industry, since large OEMs and defence contractors often represent a substantial share of a component supplier's revenue.

Business Strengths

Here are the key strengths investors evaluating the Adroit Industries IPO should weigh:

• A very long operating track record of roughly 60 years, with established relationships with recognised customers including Godrej & Boyce, BEML, VE Commercial Vehicles and Sandvik.
• A vertically integrated, in-house manufacturing model spanning forging through testing, supporting over 5,000 product SKUs.
• Consistent financial growth, with FY26 revenue up to Rs 136.61 crore and profit after tax rising to Rs 18.14 crore, alongside a declining debt trend, with borrowings falling from Rs 30.44 crore in FY23 to Rs 5.11 crore by September 2025.
• An export presence spanning more than 25 countries, backed by institutional investor Abakkus Asset Manager.

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Business Risks

Alongside these strengths, the Adroit Industries IPO also carries the following business risks:

• The top 10 customers accounted for around 60.86 percent of product sales revenue in FY26, and any reduction, modification or termination of business by these customers could materially affect results.
• Manufacturing operations are concentrated at facilities in Madhya Pradesh, so any disruption or slowdown at these facilities carries operational risk.
• The Rs 18.09 crore offer for sale will not provide funds to the company.
• The auto components industry is cyclical, and demand for propeller shafts is tied to commercial vehicle and industrial equipment production, which can fluctuate with broader economic conditions.

Financial Performance

The Adroit Industries IPO comes after a period of steady growth. The company's revenue increased from Rs 125.10 crore in FY24 to Rs 136.61 crore in FY25, while profit after tax rose from Rs 14.53 crore to Rs 18.14 crore over the same period.

Adroit Industries (India) Ltd. – Financials (Rs in Lakh)

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Revenue	13,661.00	12,510.00	10,449.00
EBITDA Margin (%)	23.17%	Not separately disclosed	Not separately disclosed
Profit After Tax (PAT)	1,814.00	1,453.00	642.00
PAT Margin (%)	13.55% (computed)	11.62% (computed)	6.14% (computed)
Total Borrowings	832.00	1,629.00	3,044.00
Return on Equity (ROE) (%)	18.97%	Not separately disclosed	Not separately disclosed

Amounts in Rs Lakh unless stated otherwise, compiled from published Adroit Industries IPO financial disclosures. PAT margin figures are computed from disclosed absolute figures. For the six months ended 30 September 2025, the company separately reported total income of Rs 71.45 crore and profit after tax of Rs 10.64 crore, though investors should not annualise half-year figures without considering seasonality.

Key Ratios and Metrics

The table below summarises the key ratios and metrics relevant to the Adroit Industries IPO as of the latest reported period.

These ratios offer a quick snapshot of how the Adroit Industries IPO is priced relative to the company's profitability and net worth.

KPI (FY25 / 30 Sep 2025)	Value
Return on Equity (ROE)	18.97%
Return on Capital Employed (ROCE)	17.06%
Return on Net Worth (RoNW)	18.94%
Pre-Issue EPS	Rs 7.49
Pre-Issue P/E	17.89x
Price to Book Value	3.64x

Objects of the Offer

The company proposes to utilise the net proceeds from the Adroit Industries IPO towards general corporate purposes and business expansion; investors should refer to the RHP for the complete, itemised objects of the issue.

• General corporate purposes and business expansion

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Conclusion

Here is the bottom line on the Adroit Industries IPO.

The Adroit Industries IPO reflects a nearly 60-year-old, vertically integrated propeller shaft and torque-transmission component manufacturer with recognised customers, an export presence, and steady financial growth alongside declining debt levels.

However, high customer concentration, single-region manufacturing, the offer for sale component, and cyclical demand tied to commercial vehicle and industrial equipment production are factors that could affect the investment case for the Adroit Industries IPO.

Overall, investors weighing the Adroit Industries IPO should evaluate the company's business model, financial performance, industry outlook, competitive positioning, valuation and risk factors in detail, and carefully review the Red Herring Prospectus (RHP) before making an informed investment decision.

Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.

FAQs

What are the Adroit Industries IPO dates, and when will it list?

Ans. The Adroit Industries (India) IPO opens for subscription on 23 September 2026 and closes on 25 September 2026. The allotment is expected to be finalised on 28 September 2026, and the shares are tentatively scheduled to list on both BSE and NSE around 30 September 2026.

What is the price band and minimum investment for the Adroit Industries IPO?

Ans. The price band for the Adroit Industries IPO is set at Rs 126 to Rs 134 per equity share, with a lot size of 111 shares. Retail investors must apply for a minimum of one lot, which costs Rs 14,874 at the upper price band.

What does Adroit Industries (India) Limited actually manufacture?

Ans. Adroit Industries has been manufacturing propeller shafts, also known as drive shafts or cardan shafts, and related torque-transmission components since 1966. The company handles forging, precision machining, heat treatment, assembly, balancing and testing in-house, offering over 5,000 SKUs of torque-transmission components and assemblies to commercial vehicle, defence, heavy equipment and industrial machinery customers, including Godrej & Boyce, BEML, VE Commercial Vehicles and Sandvik.

How will Adroit Industries use the proceeds from its fresh issue?

Ans. The company has indicated that net proceeds from the fresh issue will go towards general corporate purposes and business expansion. Investors interested in a more detailed, itemised breakdown of fund usage should refer to the objects of the offer section in the company's RHP.

What are the key strengths highlighted for the Adroit Industries IPO?

Ans. Adroit Industries brings an exceptionally long operating history of nearly 60 years, with established relationships with recognised customers such as Godrej & Boyce, BEML, VE Commercial Vehicles and Sandvik, and an export presence spanning more than 25 countries. The company has delivered consistent financial growth, with FY25 revenue up to Rs 136.61 crore and profit after tax rising to Rs 18.14 crore, while total borrowings declined sharply from Rs 30.44 crore in FY23 to just Rs 5.11 crore by September 2025, reflecting an improving balance sheet.

What are the main risks or concerns flagged for the Adroit Industries IPO?

Ans. The company's top 10 customers accounted for around 60.86 percent of product sales revenue in FY26, creating meaningful customer concentration risk, and its manufacturing operations are concentrated at facilities in Madhya Pradesh, exposing the business to single-region disruption risk. The Rs 18.09 crore offer for sale will not benefit the company, and as an auto components manufacturer, Adroit Industries remains exposed to cyclical demand tied to commercial vehicle and industrial equipment production.

Who are the lead manager and registrar for the Adroit Industries IPO?

Ans. Choice Capital Advisors Pvt. Ltd. is the book-running lead manager for the Adroit Industries IPO, responsible for structuring and managing the offer process. Bigshare Services Pvt. Ltd. is the registrar to the issue and will handle the allotment process and crediting of shares to successful applicants' demat accounts.

Is the Adroit Industries IPO a good investment?

Ans. Adroit Industries offers exposure to a nearly 60-year-old, vertically integrated auto component manufacturer with recognised customers, an export footprint and steady recent growth, which will appeal to investors interested in the auto ancillary space. At the same time, high customer concentration and single-region manufacturing exposure are factors that call for careful evaluation. As always, investors should study the RHP in detail and assess their own risk appetite before applying.