Adroit Industries (India) IPO
Adroit Industries (India) IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹126-134 |
| Face Value | ₹10 |
| Lot Size | 111 Shares |
| Issue Size | ₹150.71 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| BSE Scrip Code | 7993 |
| Min Investment | ₹14,874 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 111 | ₹14,874 |
| Retail (Max) | 13 | 1,443 | ₹193,362 |
| S-HNI (Min) | 14 | 1,554 | ₹208,236 |
| B-HNI (Min) | 68 | 7,548 | ₹1,011,432 |
Strengths & Risks
Strengths
- The company has a very long record, having been incorporated in 1966, which is about 60 years.
- Profit has grown strongly, from Rs 6.42 crore in FY2023 to Rs 14.53 crore in FY2024 and Rs 18.14 crore in FY2025.
- Sales have grown steadily over the same period, from Rs 104.49 crore to Rs 136.61 crore.
- The margin is good for an auto component maker, with a PAT margin of 13.55% and an EBITDA margin of 23.17%.
- The company has cut its debt sharply, from Rs 30.44 crore in FY2023 to Rs 8.32 crore in FY2025 and Rs 5.11 crore as on 30 September 2025.
- Being fully integrated from forging through to testing is a real advantage in drive line parts, where quality failures are costly.
- The customer list is reputed and spread across sectors, including Godrej & Boyce, BEML, VE Commercial Vehicles and Sandvik Mining and Rock Technology.
- It exports to more than 25 countries and supplies defence and heavy equipment alongside commercial vehicles, so it is not tied to one end market.
Risks
- The issue is priced at about 22.95 times earnings on an EPS of Rs 5.84, which is full for an auto component maker.
- Promoter holding will come down from 96.1% to 71.86% after the issue.
- The latest column in the offer document is a half year ending 30 September 2025, so the most recent data is about a year old.
- Total assets have barely moved in three years, from Rs 185.15 crore in FY2023 to Rs 205.69 crore as on 30 September 2025, so capacity has not grown much.
- Demand follows the commercial vehicle and capital goods cycle, and a slowdown in truck or equipment sales passes straight through to a component supplier.
- Steel and forging input costs move sharply and cannot always be passed on where OEM prices are fixed annually.
- The manufacturing is concentrated in Madhya Pradesh, so there is location risk.
- This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 205.69 | 187.01 | 199.39 | 185.15 |
| Total Income | 71.45 | 136.61 | 125.10 | 104.49 |
| Profit After Tax | 10.64 | 18.14 | 14.53 | 6.42 |
| EBITDA | 15.24 | 31.02 | 29.69 | 14.17 |
| NET Worth | 114.96 | 103.53 | 87.82 | 65.35 |
| Reserves and Surplus | 97.50 | 86.07 | 70.37 | 47.89 |
| Total Borrowing | 5.11 | 8.32 | 16.29 | 30.44 |
About The Company
Adroit Industries (India) Ltd was incorporated in 1966. It manufactures propeller shafts and torque transmission components. A propeller shaft is the rotating tube that carries power from the gearbox to the wheels, so these parts sit in the drive line of a vehicle or in industrial machinery.
The company runs a fully integrated setup, handling forging, machining, assembly and testing in house. Doing all of it under one roof helps it control both quality and cost rather than depending on outside job workers for the critical steps.
It offers more than 5,000 products and sells to distributors, to large component manufacturers and directly to original equipment makers. Its parts go mainly into commercial vehicles, defence, heavy equipment and industrial machinery. Its manufacturing facilities are in Madhya Pradesh. Its customers include Godrej & Boyce Manufacturing, BEML, VE Commercial Vehicles, Sandvik Mining and Rock Technology India and Oilgear India. It exports to more than 25 countries across North America, Europe and the Asia Pacific region.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 195.04× | 2,249,400 | — |
| Non-Institutional Investors (NII) | 332.35× | 1,687,050 | — |
| Retail Individual Investors (RII) | 99.81× | 3,936,450 | — |
| Employee | 0× | — | — |
| Shareholder | 0× | — | — |
| Total | 176.85× | 7,872,900 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
|---|
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