Adroit Industries
What they do: The company operates through its holding entity and subsidiaries, focusing on manufacturing and distribution, with a notable presence in both domestic and international markets.
By IPO Milega Research · Published · Updated
Analysis score 6.6 +1.5 for 195.04x QIB subscription
Adroit Industries (India) Limited shows a strong financial position with consistent revenue growth and profitability.
- GMP (unofficial)
- +43.28%
- ₹58 a share
- Subscribed
- 175.63x
- Total
- Retail odds
- 1%
- 1 in 98
GMP is an unofficial grey market indication.
- Price band
- ₹126-134
- Lot size
- 111 shares
- Min. investment
- ₹14,874
- Issue size
- 150.71 Cr.
- Open23 Sept 2026
- Close25 Sept 2026
- Allotment28 Sept 2026
- Listing30 Sept 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 195.04x
- NII
- 331.87x
- Retail
- 97.58x
₹192 (+43.28%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials7.0
- Performance8.0
- Flexibility8.0
- Timing6.0
- Risk4.0
The Grey Market Premium (GMP) of 166 indicates a potential listing gain of 23.88%, suggesting positive market sentiment and expected demand for the IPO.
Strengths3
- Achieved a 44.16% increase in profit before tax in FY26.
- Maintained a high export revenue percentage of 95.39% in FY26.
- Projected superior EBITDA and PAT margins compared to peers.
Concerns5
- High dependency on exports, especially to the U.S., exposes the company to geopolitical and tariff risks.
- Foreign exchange fluctuations can significantly impact financial performance due to high export revenue.
- Regulatory changes in key markets like the U.S. and Colombia can affect demand and receivables.
- Macroeconomic changes in India, such as inflation and credit rating downgrades, could impact operations.
- High concentration of revenue from top customers increases vulnerability to customer-specific risks.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum14,8741 lots, 111 shares
- Retail Maximum1,93,36213 lots, 1443 shares
- S-HNI Minimum2,08,23614 lots, 1554 shares
- S-HNI Maximum9,96,55867 lots, 7437 shares
- B-HNI Minimum10,11,43268 lots, 7548 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 111 | 14,874 |
| Retail Maximum | 13 | 1443 | 1,93,362 |
| S-HNI Minimum | 14 | 1554 | 2,08,236 |
| S-HNI Maximum | 67 | 7437 | 9,96,558 |
| B-HNI Minimum | 68 | 7548 | 10,11,432 |
Timing
6.0/10The market timing for Adroit Industries' IPO is moderately favorable. While the company has some contingent liabilities and related party transactions that could raise concerns, the overall market environment seems conducive for raising capital. The IPO size is substantial, indicating confidence in market conditions, but potential investors may scrutinize the financial disclosures closely.
- Time to market
- The timing is moderately favorable due to the company's ability to raise a significant amount of capital, suggesting a supportive market environment. However, contingent liabilities and related party transactions may pose risks that could affect investor sentiment.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 6.0
- Listing on
- BSE, NSE
Key milestones
- 23 Sept 2026IPO Opens
- 25 Sept 2026IPO Closes
- 28 Sept 2026Basis of Allotment
- 29 Sept 2026Refunds Initiated
- 29 Sept 2026Credit to Demat Account
- 30 Sept 2026Listing Date
Financials
7.0/10- Revenue
- ₹143 Cr
- +4.7%
- Profit after tax
- ₹26.16 Cr
- +44.2%
- Net margin
- 18.3%
- +5.0 pts
- Assets
- ₹213 Cr
- +13.8%
- Return on equity
- 22.51%
- Debt to equity
- 0.41
- Revenue CAGR
- 11.5%
- ROCE
- 19.01%
- Return on net worth
- 22.51%
- NAV per share (₹)
- 36.84
Financial performance trend
Amount ₹ in croresAdroit Industries (India) Limited shows a strong financial position with consistent revenue growth and profitability. The company has a healthy net profit margin and a positive revenue trend, indicating robust business operations. However, the absence of detailed liabilities and financial ratios limits a comprehensive assessment.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks2
- Market risks2
- Operational risks1
- Regulatory risks2
High export dependency and geopolitical risks, coupled with financial and regulatory challenges, pose significant risks to Adroit Industries.
How the company offsets these
Diversifying markets and customer base can reduce dependency and mitigate risks.
Financial risks2
- Foreign exchange fluctuations impacting financial performance.
- Significant outstanding borrowings and potential lender defaults.
Market risks2
- High dependency on exports, especially to the U.S.
- High concentration of revenue from top customers.
Operational risks1
- Macroeconomic changes in India affecting operations.
Regulatory risks2
- Regulatory changes in key markets affecting demand and receivables.
- Evolving Indian regulations increasing compliance costs.
Performance
8.0/10Adroit Industries (India) Limited demonstrates strong export-driven growth, robust financial performance, and strategic market positioning in the propeller shaft industry. The company shows promising future potential with planned revenue increases and superior margins compared to peers.
- Historical growth
- steady, moderate
- Market comparison
- Adroit Industries outperforms peers like Hindustan Hardy Limited and GNA Axles Limited in terms of EBITDA and PAT margins, with lower debt-to-equity ratios.
- Future potential
- The company expects to increase export revenue to Rs. 1,212.44 million by FY26, indicating a strong growth trajectory.
- Operational consistency
- The company has consistently increased its revenue and profitability, with a stable export market focus and high repeat customer rate.
- Experience
- The management has demonstrated effective strategic planning and execution, particularly in export markets.
- Track record
- The management has successfully increased profitability and maintained high export revenue.
Key achievements
- 01Achieved a 44.16% increase in profit before tax in FY26.
- 02Maintained a high export revenue percentage of 95.39% in FY26.
- 03Projected superior EBITDA and PAT margins compared to peers.
Flexibility
8.0/10Adroit Industries has a strong export focus, with over 95% of its revenue from international markets. The company serves a diverse range of sectors, including automotive and non-automotive applications, which enhances its adaptability to market changes.
The company exhibits strong financial stability with increasing revenue and profitability. It has a healthy EBITDA margin of 27.66% and a PAT margin of 18.69% in FY26. The debt-to-equity ratio has improved from 0.94 in FY24 to 0.41 in FY26, indicating reduced leverage.
Adroit Industries operates three manufacturing facilities with vertically integrated operations, allowing for efficient production and quality control. The company has expanded its manufacturing capabilities and product offerings, demonstrating high operational agility.
Adroit Industries (India) Limited demonstrates strong flexibility and adaptability, supported by its vertically integrated manufacturing operations, diversified product portfolio, and robust financial performance. The company has shown consistent revenue growth, high profitability margins, and a strong export focus, which enhances its market adaptability and operational agility.
- Product diversification
- The company offers over 5,000 SKUs of torque-transmission components and assemblies, catering to both automotive and non-automotive sectors. This extensive product range supports diverse customer requirements and applications.
- Future adaptability
- Adroit Industries is well-positioned for future adaptability with plans to expand manufacturing operations and enhance automation. Its strong export focus and diversified product portfolio provide a solid foundation for adapting to future market demands.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.