Dhoot Transmission Ltd IPO

Status: Upcoming

Overview

IPO date

10 Aug 2026 to 12 Aug 2026

Face value

₹ 2 per share

Price

₹ 829 to ₹871 per share

Issue Size

35,211,080 shares
(aggregating up to ₹ 3066.89 Cr)

Allotment Date

13 Aug 2026

Listing at

NSE

Issue type

Book Building

Sector

Capital Goods - Electrical Equipment

Initial public offering of up to 35,211,080 equity shares of face value of Re. 2 each ("Equity Shares") of Dhoot Transmission Limited ("the Company" or "the Company") for cash at a price of Rs. 871 per equity share (including a premium of Rs. 869 per equity share) ("Offer Price") aggregating up to Rs. 3066.89 Crores (the "Offer") comprising of a fresh issue of up to 16,073,478 equity shares of face value of Re. 2 each aggregating up to Rs. 14,00.00 Crores (the "Fresh Issue") and an offer for sale of up to 19,137,602 equity shares of face value of Re. 2 each aggregating up to Rs. 1586.51-1666.89 Crores (the "Offer For Sale"), consisting of up to 16,018,769 equity shares of face value of Re. 2 each aggregating up to Rs. 1327.96-1395.23 Crores by Bc Asia Investments Xv Limited ("Promoter Selling Shareholder") and up to 3,118,833 equity shares of face value of Re. 2 each aggregating up to Rs.258.55-271.65 Crores by Mangalam Capital Private Limited (formerly known as Mangalam Coils Private Limited) ("Promoter Group Selling Shareholder" , together with the promoter selling shareholder, the "Selling Shareholders" and such equity shares, the "Offered Shares"). This offer includes a reservation of up to 68,886 equity shares of face value of Rs. 2 each (constituting up to 5% of the post-offer paid-up equity share capital of the company) aggregating up to Rs. 6 Crores for subscription by eligible employees (the "Employee Reservation Portion"). The offer less the employee reservation portion is hereinafter referred to as the "Net Offer". The offer and the net offer will constitute [*]% and [*]% of the post-offer paid-up equity share capital of the company, respectively. Price Band: Rs. 829 to Rs. 871 per equity share of face value of Rs. 2 each. The floor price and the cap price are 414.50 times and 435.50 times the face value of the equity shares, respectively. Bids can be made for a minimum of 17 equity shares of face value of Rs. 2 each and in multiples of 17 equity shares of face value of Rs. 2 each thereafter. A discount of Rs. 80 per equity share is being offered to eligible employees bidding in the employee reservation portion.

Dhoot Transmission Limited was originally incorporated as 'Dhoot Transmission Private Limited' as a Private Limited company under the Companies Act, 1956, pursuant to a Certificate of incorporation dated April 28, 1998, issued by the Assistant Registrar of Companies, Mumbai. Further, upon conversion of Company into a Public Limited company, the name was changed to 'Dhoot Transmission Limited' dated December 4, 2025 issued by the RoC. Company is one of the largest manufacturers of wiring harnesses for the 2W and 3W segments having the market share in the electrical automobile systems. Company design, engineer, manufacture and supply critical wiring harnesses that integrate electronic sensors and controllers, switches, terminals, connectors, junction boxes, high-voltage interconnection systems and data cables, delivering application-specific architectures across platforms. Company established a new manufacturing unit in Chennai during FY16, and further setup a new unit in Manesar in 2018. It serve both automotive and non-automotive applications, supporting strict performance, safety and reliability requirements for OEMs. In line with the industry's shift in powertrain, it serve to architectures across customer segments and end markets. It manufacture wiring harnesses and electrical distribution systems for internal combustion engine (ICE) vehicles and electric vehicles (EV). The Company launched a new product line including cable chargers, connectors, and plugs for electric vehicles, by entering the electric vehicle division in FY19-20. It commissioned a production line having 3 million units annual capacity in Nov'24 and supplied 2.23 million chargers as at Dec.31, 2025. The Company serve a diversified presence across the multiple end markets, extending beyond 2W and 3W into commercial vehicles, (CV), off-highway vehicles (OHW) and farming and industrial parts. Company has filed a Draft Prospectus with the SEBI & is planning for IPO by issuing 16,310,733 Equity Shares of the Face value Rs 2 each through Offer for sale and by raising funds aggregating to Rs 1400 Cr through fresh issue.

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T&C*

Strengths vs Risks of Dhoot Transmission Ltd

Know the pros & cons

Strengths

Established leadership position in India and scaled operations in 2W and 3W wiring harnesses, supported by an extensive and critical product portfolio.
It's positioned to capitalize on key industry trends, leveraging our differentiated capabilities to deliver sustained growth and value.
Strong business foundation anchored by a marquee customer base and diversified business mix, enabling sustained growth.
Strong financial performance.
Professional & Experienced Management Team, robust R&D team and investor support.

Risks

We derived a significant portion of our revenue from operations (Rs.29,626.97 million, Rs.23,049.09 million and Rs.18,052.79 million, i.e. 65.47%, 66.91% and 64.53%, in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively) from the two-wheeler ("2W") automotive sector in India, and Rs.5,817.77 million, Rs.4,305.00 million and Rs.3,275.70 million, i.e. 12.86%, 12.50% and 11.71%, in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, from the three-wheeler ("3W") automotive sector in India, in each case primarily through the sale of wiring harnesses, which constituted 77.08%, 78.00% and 81.93% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any adverse changes in these sectors in India, or in demand for, pricing of or technology relating to wiring harnesses, could adversely impact our business, results of operations, cash flows and financial condition.
We are dependent on our top five and top ten customers. Our top ten customers (based on contribution to revenue from operations in Fiscal 2026) contributed 80.93%, 81.81% and 77.90% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any failure to maintain our relationship with these customers will have an adverse effect on our business, results of operations, cash flows and financial condition.
We do not have firm, long-term volume commitments with OEM customers. Termination, modification or reductions in customer requirements could adversely affect our business, results of operations, financial condition and cash flows.
Our business is capital intensive and we incur substantial capital expenditure and working capital requirements and may require additional financing to meet those requirements, which could have an adverse effect on our business, results of operations, cash flows and financial condition.
We derived 90.14%, 89.80% and 86.92% of our revenue from contract with customers in Fiscals 2026, 2025 and 2024, respectively, within India as a % of revenue from operations. Any adverse changes in economic or regulatory conditions that negatively affect the demand for our products in these markets could affect our results of operations.
Certain of our facilities including at Hosur, Tamil Nadu and Pithampur, Madhya Pradesh currently operate at high-capacity utilization levels and we may not be able to meet additional demand for our products until we are able to increase our capacity. Further, if we underestimate or overestimate the demand for our products, the capacity utilization of our manufacturing facilities may be under-utilized or over-utilized, respectively, which could adversely affect our profitability and manufacturing schedules.
We regularly work with hazardous materials, and heavy machinery at our manufacturing facilities and activities in our operations can be dangerous, which could cause injuries to people or damage property.
Failure or disruption of our IT systems may adversely affect our business, financial condition, results of operations and prospects.
Our Statutory Auditors and Previous Statutory Auditor have reported an emphasis of matter in the audit report for Fiscals ended March 31, 2024.
We have in the past entered into a number of related party transactions and may continue to enter into related party transactions in the future, and there can be no assurance that we could not have achieved more favourable terms if such transactions had not been entered into with related parties.
Pricing pressure from our customers, competitive bidding dynamics or our inability to pass on costs to our customers, may materially and adversely impact our revenue from operations and profitability.
We are subject to strict performance requirements, including, but not limited to, the quality of our products and delivery schedules, and failing to comply (including due to problems with our component suppliers) may lead to cancellation of orders, product recalls, product liability claims, warranty claims, litigation and other disputes and claims.
We face competition from both domestic and multinational corporations and there is no assurance that we will be able to successfully compete in the markets we currently operate in or those that we plan to expand into. Our inability to compete effectively could result in the loss of customers and our market share, which could have an adverse effect on our business, results of operations, cash flows and financial condition.
One of our Subsidiaries, Dhoot Automotive Systems Private Limited is entitled to an incentive package scheme and any changes to the scheme could adversely affect our financial condition, results of operations and business prospects.
We may be subject to labour unrest or stoppages or increased labour costs, and any disputes with our workforce could adversely affect our business, cash flows, financial condition and results of operations.
The continuity of our operations and profitability is substantially dependent on the availability and cost of raw materials, including copper, polymers and brass, and components such as connectors, terminals, cables, mouldings and electronic components. In Fiscals 2026, 2025 and 2024, cost of materials consumed accounted for 67.82%, 65.51% and 65.37% of our revenue from operations and 76.20%, 74.86% and 75.85% of our total expenses. Any volatility in the prices of these materials or their availability on account regulatory restrictions may adversely impact our business, results of operations and financial condition.
We depend on a limited number of suppliers to procure our raw materials and components. In Fiscals 2026, 2025 and 2024, our purchases of raw materials from our top ten suppliers for the respective Fiscals contributed to 43.66%, 44.95% and 44.13% of our raw material purchases in Fiscals 2026, 2025 and 2024, respectively.
We may encounter delays or cost overruns during the completion of the construction of our manufacturing facilities in Nagondapally village, Hosur in Tamil Nadu, India and Chakan in Pune, Maharashtra, India which may adversely affect our business, results of operations, financial condition and cash flows.
Conflicts of interest may arise among us and other affiliates of Bain Capital in course of the growth of our business. Further, we have not entered into non-compete or non-solicitation arrangements with our Promoters or Directors (other than our Promoter Rahul Radhavallabh Dhoot), and any competing activities undertaken by them could adversely affect our business.
One of our Promoters, i.e. BC Asia Investments XV Limited, does not possess adequate experience in our line of business, which may have an adverse impact on the management and operations of our Company.
The development of technologically advanced products involves a lengthy and expensive process with uncertain timelines and outcomes. Some of our product or process development decisions may not meet our expectations, and our investment in such projects may be unprofitable.
A downgrade of the debt ratings of India by a domestic or international rating agency may affect the trading price of the Equity Shares.
We are exposed to international supply chain risks and any changes in the political relationship between India and such countries or the implementation of laws and policies affecting supplier relationships could adversely affect our ability to manufacture our products, execute our projects and consequently our business and results.
We have undertaken and may continue to undertake strategic investments, acquisitions and collaborations (including in overseas locations) in the future, which may be difficult to sustain, integrate and/or manage successfully. These may expose us to uncertainties and risks, any of which could adversely affect our business, financial conditions and result of operations.
We are exposed to counterparty credit risk. Our inability to collect receivables on time or at all and defaults in payment from our customers could reduce our profits and affect our results of operations, financial condition and cash flows.
As at March 31, 2026, we derived 50.52%, 28.26%, 14.12% and 5.26% of our installed wiring harness production capacity from our manufacturing facilities located in Maharashtra, Tamil Nadu, Haryana and Madhya Pradesh, respectively. Additionally, 100% of our other products capacity are located in Maharashtra. Any disruptions or stoppages at our manufacturing facilities or adverse developments including changes in the regulatory framework affecting these states may have a heightened impact on our business, cash flows, financial condition and results of operations.
We have power, water and fuel requirements and any disruption to power or water sources could increase our production costs and adversely affect our results of operations.
This Red Herring Prospectus contains certain non-GAAP financial measures and other statistical information related to our operations and financial performance. These non-GAAP measures and statistical information may vary from any standard methodology that is applicable across the industry, and therefore may not be comparable with financial or statistical information of similar nomenclature computed and presented by other companies.
Our failure to identify and understand evolving industry trends and preferences and to develop new products to meet our customers' demands may materially adversely affect our business.
Our inability to maintain appropriate levels of inventory to meet the demands of our customers may have an adverse effect on our results of operations and financial condition.
There are outstanding litigation proceedings involving our Company, Subsidiaries, Promoters, Directors, Key Managerial Personnel and our Senior Management Personnel. Any adverse outcome in such proceedings may have an adverse impact on our reputation, business, cash flows, financial condition and results of operations.
The scale of our business has grown significantly. We may not be able to sustain such growth rates, and our historical growth rates should not be taken as indicative of our future growth prospects.
Our business is influenced by government policies and regulations regarding emission standards, which significantly impact our industry.
We outsource our logistics requirement to third parties. Any failure by such third parties to deliver their services could have an adverse impact on our business, results of operations, financial condition and prospects.
We had total borrowings of ?8,413.92 million as of March 31, 2026. If we fail to comply with financial and other covenants under any of our financing agreements, our business, prospects, financial condition, results of operations and cash flows may be materially and adversely affected.
We are subject to environmental and safety regulations that may adversely affect our business.
We are potentially subject to laws related to anti-corruption, anti-bribery, anti-money laundering, financial and applicable primary and secondary economic sanctions and similar laws of the US and EU or other jurisdictions, and non-compliance with such laws can subject us to administrative, civil and criminal fines and penalties, all of which could adversely affect our business, prospects, financial condition, results of operations, and cash flows.
We are required to obtain certain approvals, licenses, registrations and permissions for operating our business and comply with the terms and conditions of the lease deeds for the manufacturing units located in industrial development areas including the proposed wiring harness manufacturing facility at Shoolagiri, Hosur, Tamil Nadu, India. Any delay or failure to obtain, renew or maintain necessary such approvals, licenses, registrations and permissions and any failure to comply with the terms and conditions of the lease deeds would adversely affect our operations.
Our assets and operations are subject to certain risks and hazards. Our insurance coverage may not be adequate, and we may become subject to higher insurance premiums or less favourable terms under our insurance policies.
Certain of our listed and unlisted peers may have outperformed our Company on certain key performance indicators or financial parameters, and there can be no assurance that we will be able to match or exceed such performance in the future.
Failure to implement our growth strategies, which include strategic co-investments, and future collaborations, could adversely impact our business, cash flows, financial condition, and results of operations.
Our inability to protect or use our intellectual property rights may adversely affect our business.
We have been unable to locate certain of our historical corporate records. Further, there has been an instance of certain non-compliances under the Companies Act in the past.
Information relating to our operational capacities and the historical capacity utilization of our manufacturing facilities included in this Red Herring Prospectus is based on various assumptions and estimates and future production and capacity utilization may vary.
Our funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency, and our management and Board will have broad discretion over the use of the Net Proceeds.
We have not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the Offer and the costs to be incurred in relation to such objects of the Offer are based on the quotations received from the vendors or estimates of the management.
If we inadvertently infringe upon the intellectual property rights of others, our business and results of operations may be adversely affected.
We depend on contract labor for carrying out operations at our manufacturing facilities and any disruption to the availability of contract labor for our manufacturing facilities or our inability to control the cost of our contract labor could adversely affect our operations. Further, we may be held responsible for paying wages of such workers, if independent contractors through whom such workers are hired default on their obligations, and such obligations could have an adverse effect on our results of operations and financial condition.
The success of our business depends on our management team and operational workforce. Our inability to attract or retain such manpower could adversely affect our business and operations.
Any further delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have a material adverse impact on our financial condition and cash flows.
Grant of stock options under our employee stock option plans may result in a charge to our profit and loss account and, to that extent, reduce our profitability and financial condition.
We have certain contingent liabilities that have not been provided for in our financial statements, and our financial condition could be adversely affected if any of these contingent liabilities materialize. We also have certain contractual commitments, which may entail cash outflow.
Our Promoters, will continue to exercise significant influence on account of its shareholding over our Company even after completion of the Offer and its interests may differ from those of the other shareholders.
Any unscheduled, unplanned or prolonged disruption to our manufacturing and R&D operations could materially and adversely affect our business, financial condition and results of operations.
A portion of the Net Proceeds is proposed to be utilized for the repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by our Company from a lender who is an affiliate of one of our BRLMs.
If our Net Proceeds to be utilised towards inorganic growth through unidentified acquisitions are insufficient for the cost of our proposed inorganic acquisition, we may have to seek alternative forms of funding.
Our Company has acquired a parcel of land from one of the members of the Promoter Group, Mangalam Capital Private Limited.
Our Company has unutilised amounts from corporate social responsibility activities and has had shortfalls in CSR expenditure.
Our Company may be required to pay pre-payment penalties in connection with the repayment or pre-payment of certain outstanding borrowings from the Net Proceeds, which may increase the cost of such repayment or pre-payment and reduce the Net Proceeds available for other objects of the Offer.
If we fail to maintain an effective system of internal controls, we may not be able to successfully manage, or accurately report, our financial risks.
Certain of our immovable properties, where some of our manufacturing units are located, are leased. If we are unable to renew existing leases or relocate our operations on commercially reasonable terms, there may be an adverse effect on our business, financial condition and operations.
Proceeds from the Offer for Sale portion of the Offer will not be available to us. The Selling Shareholders in the Offer for Sale will receive the proceeds of the Offer.
Our ability to pay dividends in the future will depend on our earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of our financing arrangements.
One of the members of our Promoter Group, BC Asia Investments XXIII Limited has provided security to certain lenders on its entire shareholding in one of our Promoters, BC Asia Investments XV Limited and one of our Promoter Group members, BC Asia Investments XVI Limited. Any exercise of their rights by such lenders could also result in an indirect change in control of our Company and adversely affect our business and financial condition.
Certain sections of this Red Herring Prospectus contain information from the CRISIL Report which has been exclusively commissioned and paid for by us in relation to the Offer and any reliance on such information for making an investment decision in this offering is subject to inherent risks.
Our Company has issued Equity Shares during the preceding twelve months at a price that may be below the Offer Price.
Certain of our Promoters, Directors, Key Managerial Personnel and Senior Management Personnel have interests in our Company in addition to their remuneration and reimbursement of expenses.
We are exposed to foreign currency exchange rate fluctuations which may have an adverse effect on our results of operations.

Dhoot Transmission Ltd Peer Comparison

Understand the company’s industry standing

Dhoot Transmission Ltd

Minda Corporation Ltd

Uno Minda Ltd

Face Value

Standalone / Consolidated

Consolidated

consolidated

Total Income Rs. Cr.

3444.863

5056.2

16774.61

EPS-Basis

24.31

10.85

16.42

EPS-Diluted

24.31

10.68

16.37

NAV Per Share

68.25

92.11

99.75

P/E-Basic EPS

---

50.37

71.96

P/E-Diluted EPS

---

RONW(%)

36.18

11.6

17.7

Latest NAV Period

---

Latest NAV

---

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The IPO opens on 10 Aug 2026 & closes on 12 Aug 2026.

Dhoot Transmission Ltd IPO will close on 12 Aug 2026.

Established leadership position in India and scaled operations in 2W and 3W wiring harnesses, supported by an extensive and critical product portfolio.
It's positioned to capitalize on key industry trends, leveraging our differentiated capabilities to deliver sustained growth and value.
Strong business foundation anchored by a marquee customer base and diversified business mix, enabling sustained growth.
Strong financial performance.
Professional & Experienced Management Team, robust R&D team and investor support.

S.No	Promoters Name	Pre Issue Shares	Pre Issue Percentage	Post Issue Shares	Post Issue Percentage
1	BC Asia XV (along with its nom	103650862	55	87632093	39.18
2	Rahul Radhavallabh Dhoot	56293083	29.87	56293083	25.17
3	Anupama Rahul Dhoot	9735833	5.17	9735833	4.35
4	Vedika Rahul Dhoot	5219167	2.77	5219167	2.33
5	Vanshika Rahul Dhoot	5219167	2.77	5219167	2.33
6	Rudraansh Rahul Dhoot	5219167	2.77	5219167	2.33
7	Mangalam Capital	3118833	1.65	---	---

We derived a significant portion of our revenue from operations (Rs.29,626.97 million, Rs.23,049.09 million and Rs.18,052.79 million, i.e. 65.47%, 66.91% and 64.53%, in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively) from the two-wheeler ("2W") automotive sector in India, and Rs.5,817.77 million, Rs.4,305.00 million and Rs.3,275.70 million, i.e. 12.86%, 12.50% and 11.71%, in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, from the three-wheeler ("3W") automotive sector in India, in each case primarily through the sale of wiring harnesses, which constituted 77.08%, 78.00% and 81.93% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any adverse changes in these sectors in India, or in demand for, pricing of or technology relating to wiring harnesses, could adversely impact our business, results of operations, cash flows and financial condition.
We are dependent on our top five and top ten customers. Our top ten customers (based on contribution to revenue from operations in Fiscal 2026) contributed 80.93%, 81.81% and 77.90% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any failure to maintain our relationship with these customers will have an adverse effect on our business, results of operations, cash flows and financial condition.
We do not have firm, long-term volume commitments with OEM customers. Termination, modification or reductions in customer requirements could adversely affect our business, results of operations, financial condition and cash flows.
Our business is capital intensive and we incur substantial capital expenditure and working capital requirements and may require additional financing to meet those requirements, which could have an adverse effect on our business, results of operations, cash flows and financial condition.
We derived 90.14%, 89.80% and 86.92% of our revenue from contract with customers in Fiscals 2026, 2025 and 2024, respectively, within India as a % of revenue from operations. Any adverse changes in economic or regulatory conditions that negatively affect the demand for our products in these markets could affect our results of operations.
Certain of our facilities including at Hosur, Tamil Nadu and Pithampur, Madhya Pradesh currently operate at high-capacity utilization levels and we may not be able to meet additional demand for our products until we are able to increase our capacity. Further, if we underestimate or overestimate the demand for our products, the capacity utilization of our manufacturing facilities may be under-utilized or over-utilized, respectively, which could adversely affect our profitability and manufacturing schedules.
We regularly work with hazardous materials, and heavy machinery at our manufacturing facilities and activities in our operations can be dangerous, which could cause injuries to people or damage property.
Failure or disruption of our IT systems may adversely affect our business, financial condition, results of operations and prospects.
Our Statutory Auditors and Previous Statutory Auditor have reported an emphasis of matter in the audit report for Fiscals ended March 31, 2024.
We have in the past entered into a number of related party transactions and may continue to enter into related party transactions in the future, and there can be no assurance that we could not have achieved more favourable terms if such transactions had not been entered into with related parties.
Pricing pressure from our customers, competitive bidding dynamics or our inability to pass on costs to our customers, may materially and adversely impact our revenue from operations and profitability.
We are subject to strict performance requirements, including, but not limited to, the quality of our products and delivery schedules, and failing to comply (including due to problems with our component suppliers) may lead to cancellation of orders, product recalls, product liability claims, warranty claims, litigation and other disputes and claims.
We face competition from both domestic and multinational corporations and there is no assurance that we will be able to successfully compete in the markets we currently operate in or those that we plan to expand into. Our inability to compete effectively could result in the loss of customers and our market share, which could have an adverse effect on our business, results of operations, cash flows and financial condition.
One of our Subsidiaries, Dhoot Automotive Systems Private Limited is entitled to an incentive package scheme and any changes to the scheme could adversely affect our financial condition, results of operations and business prospects.
We may be subject to labour unrest or stoppages or increased labour costs, and any disputes with our workforce could adversely affect our business, cash flows, financial condition and results of operations.
The continuity of our operations and profitability is substantially dependent on the availability and cost of raw materials, including copper, polymers and brass, and components such as connectors, terminals, cables, mouldings and electronic components. In Fiscals 2026, 2025 and 2024, cost of materials consumed accounted for 67.82%, 65.51% and 65.37% of our revenue from operations and 76.20%, 74.86% and 75.85% of our total expenses. Any volatility in the prices of these materials or their availability on account regulatory restrictions may adversely impact our business, results of operations and financial condition.
We depend on a limited number of suppliers to procure our raw materials and components. In Fiscals 2026, 2025 and 2024, our purchases of raw materials from our top ten suppliers for the respective Fiscals contributed to 43.66%, 44.95% and 44.13% of our raw material purchases in Fiscals 2026, 2025 and 2024, respectively.
We may encounter delays or cost overruns during the completion of the construction of our manufacturing facilities in Nagondapally village, Hosur in Tamil Nadu, India and Chakan in Pune, Maharashtra, India which may adversely affect our business, results of operations, financial condition and cash flows.
Conflicts of interest may arise among us and other affiliates of Bain Capital in course of the growth of our business. Further, we have not entered into non-compete or non-solicitation arrangements with our Promoters or Directors (other than our Promoter Rahul Radhavallabh Dhoot), and any competing activities undertaken by them could adversely affect our business.
One of our Promoters, i.e. BC Asia Investments XV Limited, does not possess adequate experience in our line of business, which may have an adverse impact on the management and operations of our Company.
The development of technologically advanced products involves a lengthy and expensive process with uncertain timelines and outcomes. Some of our product or process development decisions may not meet our expectations, and our investment in such projects may be unprofitable.
A downgrade of the debt ratings of India by a domestic or international rating agency may affect the trading price of the Equity Shares.
We are exposed to international supply chain risks and any changes in the political relationship between India and such countries or the implementation of laws and policies affecting supplier relationships could adversely affect our ability to manufacture our products, execute our projects and consequently our business and results.
We have undertaken and may continue to undertake strategic investments, acquisitions and collaborations (including in overseas locations) in the future, which may be difficult to sustain, integrate and/or manage successfully. These may expose us to uncertainties and risks, any of which could adversely affect our business, financial conditions and result of operations.
We are exposed to counterparty credit risk. Our inability to collect receivables on time or at all and defaults in payment from our customers could reduce our profits and affect our results of operations, financial condition and cash flows.
As at March 31, 2026, we derived 50.52%, 28.26%, 14.12% and 5.26% of our installed wiring harness production capacity from our manufacturing facilities located in Maharashtra, Tamil Nadu, Haryana and Madhya Pradesh, respectively. Additionally, 100% of our other products capacity are located in Maharashtra. Any disruptions or stoppages at our manufacturing facilities or adverse developments including changes in the regulatory framework affecting these states may have a heightened impact on our business, cash flows, financial condition and results of operations.
We have power, water and fuel requirements and any disruption to power or water sources could increase our production costs and adversely affect our results of operations.
This Red Herring Prospectus contains certain non-GAAP financial measures and other statistical information related to our operations and financial performance. These non-GAAP measures and statistical information may vary from any standard methodology that is applicable across the industry, and therefore may not be comparable with financial or statistical information of similar nomenclature computed and presented by other companies.
Our failure to identify and understand evolving industry trends and preferences and to develop new products to meet our customers' demands may materially adversely affect our business.
Our inability to maintain appropriate levels of inventory to meet the demands of our customers may have an adverse effect on our results of operations and financial condition.
There are outstanding litigation proceedings involving our Company, Subsidiaries, Promoters, Directors, Key Managerial Personnel and our Senior Management Personnel. Any adverse outcome in such proceedings may have an adverse impact on our reputation, business, cash flows, financial condition and results of operations.
The scale of our business has grown significantly. We may not be able to sustain such growth rates, and our historical growth rates should not be taken as indicative of our future growth prospects.
Our business is influenced by government policies and regulations regarding emission standards, which significantly impact our industry.
We outsource our logistics requirement to third parties. Any failure by such third parties to deliver their services could have an adverse impact on our business, results of operations, financial condition and prospects.
We had total borrowings of ?8,413.92 million as of March 31, 2026. If we fail to comply with financial and other covenants under any of our financing agreements, our business, prospects, financial condition, results of operations and cash flows may be materially and adversely affected.
We are subject to environmental and safety regulations that may adversely affect our business.
We are potentially subject to laws related to anti-corruption, anti-bribery, anti-money laundering, financial and applicable primary and secondary economic sanctions and similar laws of the US and EU or other jurisdictions, and non-compliance with such laws can subject us to administrative, civil and criminal fines and penalties, all of which could adversely affect our business, prospects, financial condition, results of operations, and cash flows.
We are required to obtain certain approvals, licenses, registrations and permissions for operating our business and comply with the terms and conditions of the lease deeds for the manufacturing units located in industrial development areas including the proposed wiring harness manufacturing facility at Shoolagiri, Hosur, Tamil Nadu, India. Any delay or failure to obtain, renew or maintain necessary such approvals, licenses, registrations and permissions and any failure to comply with the terms and conditions of the lease deeds would adversely affect our operations.
Our assets and operations are subject to certain risks and hazards. Our insurance coverage may not be adequate, and we may become subject to higher insurance premiums or less favourable terms under our insurance policies.
Certain of our listed and unlisted peers may have outperformed our Company on certain key performance indicators or financial parameters, and there can be no assurance that we will be able to match or exceed such performance in the future.
Failure to implement our growth strategies, which include strategic co-investments, and future collaborations, could adversely impact our business, cash flows, financial condition, and results of operations.
Our inability to protect or use our intellectual property rights may adversely affect our business.
We have been unable to locate certain of our historical corporate records. Further, there has been an instance of certain non-compliances under the Companies Act in the past.
Information relating to our operational capacities and the historical capacity utilization of our manufacturing facilities included in this Red Herring Prospectus is based on various assumptions and estimates and future production and capacity utilization may vary.
Our funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency, and our management and Board will have broad discretion over the use of the Net Proceeds.
We have not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the Offer and the costs to be incurred in relation to such objects of the Offer are based on the quotations received from the vendors or estimates of the management.
If we inadvertently infringe upon the intellectual property rights of others, our business and results of operations may be adversely affected.
We depend on contract labor for carrying out operations at our manufacturing facilities and any disruption to the availability of contract labor for our manufacturing facilities or our inability to control the cost of our contract labor could adversely affect our operations. Further, we may be held responsible for paying wages of such workers, if independent contractors through whom such workers are hired default on their obligations, and such obligations could have an adverse effect on our results of operations and financial condition.
The success of our business depends on our management team and operational workforce. Our inability to attract or retain such manpower could adversely affect our business and operations.
Any further delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have a material adverse impact on our financial condition and cash flows.
Grant of stock options under our employee stock option plans may result in a charge to our profit and loss account and, to that extent, reduce our profitability and financial condition.
We have certain contingent liabilities that have not been provided for in our financial statements, and our financial condition could be adversely affected if any of these contingent liabilities materialize. We also have certain contractual commitments, which may entail cash outflow.
Our Promoters, will continue to exercise significant influence on account of its shareholding over our Company even after completion of the Offer and its interests may differ from those of the other shareholders.
Any unscheduled, unplanned or prolonged disruption to our manufacturing and R&D operations could materially and adversely affect our business, financial condition and results of operations.
A portion of the Net Proceeds is proposed to be utilized for the repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by our Company from a lender who is an affiliate of one of our BRLMs.
If our Net Proceeds to be utilised towards inorganic growth through unidentified acquisitions are insufficient for the cost of our proposed inorganic acquisition, we may have to seek alternative forms of funding.
Our Company has acquired a parcel of land from one of the members of the Promoter Group, Mangalam Capital Private Limited.
Our Company has unutilised amounts from corporate social responsibility activities and has had shortfalls in CSR expenditure.
Our Company may be required to pay pre-payment penalties in connection with the repayment or pre-payment of certain outstanding borrowings from the Net Proceeds, which may increase the cost of such repayment or pre-payment and reduce the Net Proceeds available for other objects of the Offer.
If we fail to maintain an effective system of internal controls, we may not be able to successfully manage, or accurately report, our financial risks.
Certain of our immovable properties, where some of our manufacturing units are located, are leased. If we are unable to renew existing leases or relocate our operations on commercially reasonable terms, there may be an adverse effect on our business, financial condition and operations.
Proceeds from the Offer for Sale portion of the Offer will not be available to us. The Selling Shareholders in the Offer for Sale will receive the proceeds of the Offer.
Our ability to pay dividends in the future will depend on our earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of our financing arrangements.
One of the members of our Promoter Group, BC Asia Investments XXIII Limited has provided security to certain lenders on its entire shareholding in one of our Promoters, BC Asia Investments XV Limited and one of our Promoter Group members, BC Asia Investments XVI Limited. Any exercise of their rights by such lenders could also result in an indirect change in control of our Company and adversely affect our business and financial condition.
Certain sections of this Red Herring Prospectus contain information from the CRISIL Report which has been exclusively commissioned and paid for by us in relation to the Offer and any reliance on such information for making an investment decision in this offering is subject to inherent risks.
Our Company has issued Equity Shares during the preceding twelve months at a price that may be below the Offer Price.
Certain of our Promoters, Directors, Key Managerial Personnel and Senior Management Personnel have interests in our Company in addition to their remuneration and reimbursement of expenses.
We are exposed to foreign currency exchange rate fluctuations which may have an adverse effect on our results of operations.

The Issue type of Dhoot Transmission Ltd is Book Building.

The minimum application for shares of Dhoot Transmission Ltd is 17.

The total shares issue of Dhoot Transmission Ltd is 35211080.

Dhoot Transmission Ltd IPO

Objectives of Dhoot Transmission Ltd IPO