Adroit Industries (India) Limited is launching its Initial Public Offering (IPO) to raise funds for capital expenditure at its manufacturing facilities, investment in its subsidiary, repayment of borrowings, and general corporate purposes. The IPO totals up to Rs. 150.71 crore, which includes the fresh offer of 98.97 lakh equity shares for Rs. 132.62 crore and an Offer for Sale of up to 13.50 lakh equity shares worth around Rs. 18.09 crore.
The price band for the Adroit Industries (India) Limited IPO is fixed at Rs. 126 to Rs. 134 per share. The IPO will open for subscription on September 23, 2026, and close on September 25, 2026. The shares are proposed to be listed on the NSE and BSE on September 30, 2026.
GMP of Adroit Industries (India) Limited IPO
As of September 22nd, 2026, the shares of Adroit Industries (India) Limited in the grey market were trading at a 19.40 percent premium. The shares in the Grey Market traded at Rs. 160. This gives it a premium of Rs. 26 per share over the cap price of Rs. 134.
Overview of Adroit Industries (India) Limited
Adroit Industries (India) Limited has its origins in 1966, when it was formed as a partnership firm under the name M/s Adroit Industries India. The business was later converted into a public limited company in 1995. The company is a vertically integrated manufacturer and supplier of propeller shafts and torque-transmission components used in driveline systems.
The company manufactures a wide range of products, including propeller shaft assemblies, machined components, forged components, and other torque-transmission products. As of February 28, 2026, it offered more than 5,000 SKUs. Its products are mainly used in commercial vehicles, while it also serves passenger vehicles, particularly SUVs, and non-automotive applications such as defence, emergency services, heavy equipment, off-highway machinery and industrial equipment.
Adroit Industries has manufacturing facilities at Dewas, Pithampur and Sanwer in Madhya Pradesh. Its vertically integrated operations cover forging, precision machining, heat treatment, assembly, balancing and testing, allowing the company to manage several stages of the manufacturing process in-house.
The company has a significant export-oriented business. Revenue from outside India represented 95.39 percent of revenue from sale of products in FY2026, while exports were made to more than 25 countries across North America, Europe, Latin America, the Middle East, Africa and Asia-Pacific.
Promoters of Adroit Industries (India) Limited
The promoters of Adroit Industries (India) Limited are Saurabh Sangla, Mukesh Sangla, Monika Sangla, Shubhangi Trust, Shreya Trust and Swan Irrigation LLP.
Saurabh Sangla is the Chairman and Managing Director of the company. The RHP identifies him as having more than 18 years of experience, including significant experience in the torque-transmission industry. The promoter group held around 96.1 percent of the company’s share capital before the IPO.
Selling Shareholder of Adroit Industries (India) Limited
The Offer for Sale portion of the IPO will be offered by Mukesh Sangla HUF, which is a promoter-group selling shareholder. Mukesh Sangla HUF proposes to sell up to 13.50 lakh equity shares. The company will not receive any proceeds from the OFS portion. The proceeds will go to the selling shareholder after applicable expenses and taxes.
Lead Manager of Adroit Industries (India) Limited IPO
Choice Capital Advisors Private Limited is the Book Running Lead Manager to the IPO, while Bigshare Services Private Limited has been appointed as the Registrar to the Offer.
Objectives of the IPO Offer
Adroit Industries plans to use the net proceeds from the fresh issue mainly for capital expenditure, investment in its subsidiary Adroit Driveshafts Private Limited, repayment or prepayment of subsidiary borrowings and general corporate purposes.
The company has proposed around Rs. 19.91 crore towards capital expenditure at its Dewas facility, including machinery, equipment and transportation vehicles. Another Rs. 43.96 crore is proposed to be invested in Adroit Driveshafts for capital expenditure at its Pithampur facility and transportation requirements.
A further Rs. 24.12 crore is proposed to be invested in Adroit Driveshafts for repayment or prepayment of certain borrowings. The remaining amount will be used for general corporate purposes, subject to the prescribed limit.
Financial Analysis of Adroit Industries (India) Limited
Coming to the financial performance, Adroit Industries reported revenue from operations of Rs. 124.53 crore in FY2024, which increased to Rs. 133.89 crore in FY2025 and further to Rs. 139.94 crore in FY2026. Total income increased from Rs. 125.10 crore in FY2024 to Rs. 143.04 crore in FY2026.
The company’s profit after tax increased from Rs. 14.53 crore in FY2024 to Rs. 18.14 crore in FY2025 and further to Rs. 26.16 crore in FY2026. This represents a strong improvement in profitability over the three-year period.
EBITDA increased from Rs. 29.69 crore in FY2024 to Rs. 31.02 crore in FY2025 and Rs. 38.71 crore in FY2026. EBITDA margin improved to 27.66 percent in FY2026, compared with 23.17 percent in FY2025. PAT margin also increased to 18.69 percent in FY2026.
The company’s basic and diluted EPS stood at Rs. 7.48 in FY2026, compared with Rs. 5.19 in FY2025 and Rs. 4.16 in FY2024. The FY2026 NAV stood at Rs. 36.84 per share, while RoNW was 22.51 percent.
Adroit Industries has also reduced its borrowings over the period. Total borrowings declined from around Rs. 81.85 crore in FY2024 to Rs. 64.78 crore in FY2025 and Rs. 52.40 crore in FY2026, bringing the debt-to-equity ratio to 0.41 times.
Adroit Industries (India) Limited Vs Peers
Adroit Industries reported FY2026 revenue from operations of Rs. 139.94 crore, EPS of Rs. 7.48, RoNW of 22.51 percent, and NAV of Rs. 36.84 per share. In comparison, Hindustan Hardy Limited reported revenue of Rs. 108.79 crore, EPS of Rs. 55.92 and RoNW of 25.00 percent. Talbros Engineering Limited reported revenue of Rs. 535.74 crore, EPS of Rs. 57.34, and RoNW of 17.32 percent. GNA Axles Limited reported revenue of Rs. 1,478.42 crore, EPS of Rs. 27.24, and RoNW of 12.28 percent.
The comparison also shows that Adroit Industries operates on a much smaller revenue base than Talbros Engineering and GNA Axles, while its FY2026 EBITDA margin of 27.66 percent was higher than the margins reported by these listed peers.
Strengths of Adroit Industries (India) Limited
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Vertically integrated manufacturing supports control across forging, machining, assembly, balancing, heat treatment, and testing operations.
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Adroit offers over 5,000 SKUs, providing a broad portfolio of driveline and torque-transmission components globally.
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Long-standing customer relationships and repeat business provide recurring revenue visibility across automotive and industrial applications.
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Exports span more than 25 countries, giving Adroit access to diverse international markets and customers.
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Improving capacity utilisation at key facilities supports better asset productivity and potential operating efficiency gains.
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Profitability has improved, while declining borrowings have strengthened the company’s financial position over recent years.
Weaknesses of Adroit Industries (India) Limited
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Export sales form a major revenue share, exposing Adroit to global demand and international markets.
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Top customers contribute significantly to revenue, creating concentration risk if major orders decline or relationships change.
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Manufacturing facilities are concentrated in Madhya Pradesh, increasing exposure to regional operational disruptions or shutdowns.
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Top suppliers account for substantial purchases, creating risks from supply interruptions and raw-material price increases.
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Automotive exposure makes revenue sensitive to vehicle production cycles, demand changes, and broader economic conditions.
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Exports to the United States form a share, increasing exposure to trade policies and tariffs.
Conclusion
Adroit Industries (India) Limited’s IPO offers investors an opportunity to participate in the auto-components and driveline manufacturing sector. The company has built more than five decades of operating experience and has developed a product portfolio of over 5,000 SKUs covering propeller shafts and other torque-transmission components.
Investors should therefore carefully evaluate the company’s financial performance, valuation, export dependence, customer concentration, debt position, expansion plans and risk factors before making an investment decision. The company’s Red Herring Prospectus should be read in full before subscribing to the IPO.