The Adroit Industries IPO opened for subscription on September 23, 2026, with a price band of ₹126 to ₹134 per share. The ₹150.71 crore mainboard issue includes a fresh issue of ₹132.62 crore and an offer for sale of ₹18.09 crore. Before subscribing, investors should examine the company’s business, financial performance, IPO valuation, use of funds, export exposure, customer concentration and the risks highlighted in its offer documents. The issue closes on September 25, with listing tentatively scheduled for September 30 on the BSE and NSE.
1. Adroit Industries IPO: Issue size, price band and lot size
The first thing investors need to know is how much capital the IPO is raising and what it will cost to apply.
Adroit Industries has fixed the IPO price band at ₹126 to ₹134 per equity share, with a lot size of 111 shares. At the upper end of the price band, one retail lot requires an investment of ₹14,874.
The IPO comprises up to 1.1247 crore shares. Of these, 98.97 lakh shares form the fresh issue, while 13.50 lakh shares are being offered for sale by promoter entity Mukesh Sangla HUF.
The distinction matters because money raised through the fresh issue goes to the company, whereas proceeds from the OFS go to the selling shareholder.
2. What does Adroit Industries do?
Adroit Industries manufactures propeller shafts and torque transmission components used in driveline systems. Its manufacturing capabilities include forging, precision machining, heat treatment, assembly, balancing and testing.
The company has more than 5,000 SKUs and serves automotive as well as non automotive applications. Its products are used primarily in commercial vehicles, while other applications include SUVs, defence, heavy equipment, off highway machinery and industrial equipment.
Adroit operates three manufacturing facilities in Madhya Pradesh, located in Dewas, Pithampur and Sanwer.
3. Where will the IPO money go?
A major part of the IPO analysis should focus on how the fresh capital will be used.
According to the offer documents, proceeds from the fresh issue are intended for capital expenditure for a distillation plant at Ravalgaon, Maharashtra, expansion and development of farms, repayment or prepayment of certain borrowings, and general corporate purposes.
This makes the use of proceeds particularly relevant because investors are ultimately looking for evidence that new capital supports business expansion, improves capacity or strengthens the balance sheet.
The OFS component, meanwhile, does not provide additional capital to Adroit Industries.
4. How have Adroit Industries’ financials performed?
The company’s financial performance has improved over the past few years, particularly at the profit level.
Adroit reported revenue from operations of ₹133.89 crore in FY25, compared with ₹124.53 crore in FY24. Profit after tax increased from ₹14.53 crore to ₹18.14 crore over the same period, while EBITDA rose from ₹29.69 crore to ₹31.02 crore.
For the six months ended September 30, 2025, the company reported revenue of ₹69.23 crore, EBITDA of ₹15.24 crore and PAT of ₹10.64 crore.
More recent offer document analysis indicates FY26 revenue of about ₹139.9 crore and PAT of approximately ₹26.2 crore. Investors should compare the latest available financial numbers with previous years rather than focusing on a single period.
5. What does the IPO valuation look like?
At ₹134 per share, Adroit Industries is being valued at approximately ₹600.4 crore based on the post issue share capital.
Offer document based analysis puts the valuation at around 17.9 times FY26 EPS using the pre issue share count. On a post issue earnings basis, the multiple is higher because the fresh issue increases the number of outstanding shares.
The company identifies Hindustan Hardy, Talbros Engineering and GNA Axles as listed peers. Their size, business mix, profitability and valuations should be considered when assessing Adroit’s IPO pricing.
6. Export exposure is an important factor
One of the less obvious aspects of the Adroit Industries IPO is its high export exposure.
Export sales accounted for 96.27% of revenue from product sales in FY25, according to IPO information. During the six months ended September 30, 2025, the company supplied products to more than 25 countries.
This international exposure can provide access to overseas markets, but it also creates risks. Currency movements, trade policies, tariffs, geopolitical developments and demand conditions in export markets can affect revenue and profitability.
Investors should therefore look beyond the domestic automobile sector when assessing Adroit Industries.
7. What are the key risks before subscribing?
The final and perhaps most important step is understanding what could go wrong.
Adroit’s business has meaningful customer and geographic concentration. Offer document analysis indicates that its top five customers accounted for around 48.9% of FY26 product sales, while the United States represented approximately 51.3% of FY26 product sales.
A slowdown among major customers or changes in overseas demand could therefore affect performance.
Other factors to monitor include competition, dependence on the automobile and industrial sectors, execution of planned expansion, raw material costs, foreign exchange movements and changes in international trade conditions.
The IPO also carries the normal uncertainty associated with investing in a newly listed company. The issue price reflects expectations about future performance, while actual results can differ.
What should investors check before applying?
Before submitting an Adroit Industries IPO application, investors can focus on seven areas:
- Price band and minimum investment: ₹126 to ₹134, with 111 shares per lot.
- Fresh issue versus OFS: Understand how much money actually reaches the company.
- Financial performance: Review revenue, EBITDA, PAT and cash flows across multiple years.
- Valuation: Compare the IPO valuation with relevant listed peers.
- Use of funds: Assess whether the proposed capital expenditure and debt repayment fit the company’s growth plans.
- Export concentration: Consider the impact of currency, tariffs and overseas demand.
- Customer concentration and business risks: Examine dependence on major customers and sectors.
Conclusion
The Adroit Industries IPO offers investors exposure to an auto component manufacturer with a vertically integrated manufacturing model, substantial export business and a history of improving profitability. The ₹150.71 crore issue includes a significant fresh capital component, which the company plans to use for expansion, debt related requirements and other stated purposes.
At the same time, the IPO should be assessed on more than its issue size or market interest. Valuation, export dependence, customer concentration, financial performance and execution of the proposed expansion are important factors to consider. Investors should read the RHP and evaluate the issue against their own risk tolerance and investment objectives before making a decision.
Frequently Asked Questions
1. What is the Adroit Industries IPO price band?
The Adroit Industries IPO price band is ₹126 to ₹134 per equity share. The lot size is 111 shares, meaning a retail investor applying for one lot at the upper price band would need ₹14,874. The IPO opened on September 23, 2026 and is scheduled to close on September 25, 2026.
2. What is the Adroit Industries IPO issue size?
The Adroit Industries IPO has a total issue size of approximately ₹150.71 crore. It comprises a fresh issue of up to ₹132.62 crore and an offer for sale of up to ₹18.09 crore. The fresh issue proceeds will go to the company, while the OFS proceeds will go to the selling shareholder.
3. What is the Adroit Industries IPO lot size?
The lot size for the Adroit Industries IPO is 111 shares. At the upper price band of ₹134, one lot costs ₹14,874. Investors can apply for additional lots in multiples of 111 shares, subject to the applicable category limits and IPO rules.
4. What does Adroit Industries manufacture?
Adroit Industries manufactures propeller shafts and related torque transmission components used in driveline systems. Its manufacturing processes include forging, machining, heat treatment, assembly, balancing and testing. The company serves automotive applications as well as defence, heavy equipment, off highway and industrial segments.
5. When will Adroit Industries IPO allotment take place?
The basis of allotment is tentatively scheduled for September 28, 2026. Refund or UPI unblocking is expected on September 29, while shares are scheduled to be credited to successful applicants around the same time. The tentative listing date on the BSE and NSE is September 30, 2026.
6. What is the minimum investment for the Adroit Industries IPO?
The minimum retail application consists of one lot of 111 shares. At the upper price band of ₹134, this requires ₹14,874. The actual amount blocked through the application process depends on the bid price and number of lots applied for. Investors should check their broker’s IPO interface for the final application details.
7. How is Adroit Industries’ financial performance?
Adroit Industries reported revenue from operations of ₹133.89 crore and PAT of ₹18.14 crore in FY25. EBITDA stood at ₹31.02 crore. For the six months ended September 30, 2025, revenue was ₹69.23 crore and PAT was ₹10.64 crore. Investors should review the complete RHP financial statements for a broader assessment.
8. What are the major risks in the Adroit Industries IPO?
Important risks include export concentration, dependence on key customers, automobile sector demand, foreign exchange movements, global trade conditions and execution of expansion plans. Offer document analysis indicates that the United States accounted for about 51.3% of FY26 product sales and the top five customers contributed about 48.9%.
9. Where will Adroit Industries use the IPO proceeds?
The company plans to use the fresh issue proceeds for capital expenditure related to a distillation plant at Ravalgaon in Maharashtra, expansion and development of farms, repayment or prepayment of certain borrowings and general corporate purposes. The OFS proceeds will accrue to the selling shareholder rather than the company.
10. When will Adroit Industries shares list?
Adroit Industries shares are tentatively scheduled to list on the BSE and NSE on September 30, 2026, following the IPO’s September 23 to September 25 subscription window. The schedule can change if the exchanges or company announce revisions, so applicants should verify the final dates through official exchange or IPO communications.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
Parvati Rai is the Vice President of the Research team at Equentis. She has over 15 years of equity-research and strategy-consulting experience. A specialist in deep-dive valuations, financial modelling, and forecasting, she has built research desks from the ground up, by steering buy-side, sell-side, and independent coverage across sectors. When she isn’t fine-tuning models, Parvati unwinds on nature treks and mentors aspiring analysts.
