Adroit Industries IPO is a ₹150.71 crore book-built issue that will open for subscription from September 23 to September 25, 2026. The IPO comprises a fresh issue of ₹132.62 crore and an offer for sale of ₹18.09 crore. The price band has been fixed at ₹126 to ₹134 per equity share.
Adroit Industries (India) Limited is a manufacturer of propeller shafts and torque-transmission components used in commercial vehicles, defence, heavy equipment and industrial machinery. The company has an integrated manufacturing setup covering forging, machining, assembly and testing.
With more than 5,000 products, a diversified customer base and exports to over 25 countries, Adroit Industries serves distributors, OEMs and large component manufacturers.
The shares are proposed to list on BSE and NSE on September 30, 2026.
As of September 19, 2026, the reported GMP for Adroit Industries IPO is ₹37. Based on the upper price band of ₹134 and GMP of ₹37, the indicative estimated listing price is ₹171, representing a 27.61% premium over the issue price.
GMP Date
IPO Price
GMP
Estimated Listing
September 19, 2026
₹134
₹37
₹171
September 18, 2026
₹134
₹0
₹134
GMP Disclaimer: Grey Market Premium is sourced from market participants and is indicative only. GMP can change before listing and does not guarantee the actual listing price. Investors should conduct independent due diligence.
Adroit Industries IPO Subscription Status
The Adroit Industries IPO will open for bidding on September 23, 2026. Therefore, live subscription data is not available as of September 18.
Investor Category
Subscription
QIB
—
NII
—
Retail
—
Total
—
Subscription figures will be updated after bidding begins across QIB, NII and Retail categories.
Adroit Industries IPO Day-wise Subscription Trend
Day
Date
QIB
NII
S-NII
B-NII
retail
Total
Day 1
September 23, 2026
To be updated
To be updated
To be updated
To be updated
To be updated
To be updated
Day 2
September 24, 2026
To be updated
To be updated
To be updated
To be updated
To be updated
To be updated
Day 3
September 25, 2026
To be updated
To be updated
To be updated
To be updated
To be updated
To be updated
Current Adroit Industries IPO Subscription
The IPO has not opened yet. Current subscription figures will be available once bidding begins on September 23, 2026.
Category
Shares Offered
Shares Bid
Bid Amount (₹ Cr.)
QIB
To be Updated
To be Updated
To be Updated
NII
To be Updated
To be Updated
To be Updated
• Small NII
To be Updated
To be Updated
To be Updated
• Big NII
To be Updated
To be Updated
To be Updated
Retail
To be Updated
To be Updated
To be Updated
Emp.
To be Updated
To be Updated
To be Updated
Total
To be Updated
To be Updated
To be Updated
Adroit Industries IPO Lot Size
The minimum bid is 111 shares, and bids can be placed in multiples of 111 shares.
Investor Category
Lots
Shares
Investment
Retail Minimum
1
111
₹14,874
Retail Maximum
13
1,443
₹1,93,362
S-HNI Minimum
14
1,554
₹2,08,236
S-HNI Maximum
67
7,437
₹9,96,558
B-HNI Minimum
68
7,548
₹10,11,432
Investment amounts are calculated at the upper price band of ₹134 per share.
Adroit Industries IPO Reservation
Investor Category
Reservation
QIB
Not more than 50%
Retail
Not less than 35%
NII
Not less than 15%
About Adroit Industries
Adroit Industries (India) Limited, incorporated in 1966, manufactures propeller shafts and torque-transmission components for vehicles and industrial machinery.
The company's integrated manufacturing operations cover processes from forging and machining to assembly and testing. This integrated setup enables the company to maintain greater control over manufacturing quality and production processes.
Adroit offers more than 5,000 products to distributors, large component manufacturers and OEMs. Its products are used across commercial vehicles, defence, heavy equipment and industrial machinery.
The company's manufacturing facilities are located in Madhya Pradesh, supporting large-scale production of automotive and industrial components.
Adroit also has an established export presence, with products exported to more than 25 countries across North America, Europe, Asia-Pacific and other international markets.
As part of its customer network, the company serves businesses such as Godrej & Boyce Manufacturing Company Limited, BEML Limited, VE
Commercial Vehicles Limited, Sandvik Mining and Rock Technology India Private Limited and Oilgear India Private Limited, among others.
The company also maintains long-term customer relationships, which can support repeat business and revenue visibility.
Major Customers & Market Presence
Adroit Industries has a diversified customer base comprising OEMs, distributors and large component manufacturers. The supplied information identifies customers including:
Godrej & Boyce Manufacturing Company Limited
BEML Limited
VE Commercial Vehicles Limited
Sandvik Mining and Rock Technology India Private Limited
Oilgear India Private Limited
The company also exports to more than 25 countries, giving it exposure to international automotive and industrial markets.
Adroit Industries Product & Business Portfolio
The company's product portfolio consists of more than 5,000 SKUs, primarily focused on torque-transmission and driveline components. Its products cater to:
Commercial vehicles
Defence applications
Heavy equipment
Industrial machinery
OEM applications
International automotive and industrial markets
Its integrated manufacturing capabilities cover forging, machining, assembly and testing.
Adroit Industries IPO Objectives
The company proposes to utilise the net IPO proceeds for capital expenditure, investment in its subsidiary, repayment of borrowings and general corporate purposes.
IPO Objective
Amount
Capital expenditure for machinery/equipment and transportation vehicle at Dewas facility
₹16.77 Cr
Investment in Adroit Driveshafts Pvt. Ltd. for machinery/equipment and transportation vehicle at Pithampur facility
₹36.96 Cr
Investment in Adroit Driveshafts Pvt. Ltd. for repayment/prepayment of certain borrowings
₹20.27 Cr
General Corporate Purposes
Balance
Identified Total
₹74.00 Cr
The identified IPO proceeds are primarily directed toward strengthening manufacturing capacity and supporting the company's subsidiary. Part of the proceeds will also be used to reduce certain borrowings of Adroit Driveshafts Private Limited.
Adroit Industries Financial Performance
₹ crore
Financial Metric
FY23
FY24
FY25
Sep 30, 2025
Assets
185.15
199.39
187.01
205.69
Total Income
104.49
125
136.61
71.45
PAT
6.42
15
18.14
10.64
EBITDA
14.17
30
31.02
15.24
Net Worth
65.35
88
103.53
114.96
Reserves & Surplus
47.89
70.37
86.07
97.50
Total Borrowing
30.44
16.29
8.32
5.11
Adroit Industries reported steady improvement in profitability over the FY23–FY25 period. PAT increased from ₹6.42 crore in FY23 to ₹18.14 crore in FY25, while EBITDA increased from ₹14.17 crore to ₹31.02 crore. The company's total borrowings also declined substantially, from ₹30.44 crore in FY23 to ₹8.32 crore in FY25, before standing at ₹5.11 crore as of September 30, 2025.
Adroit Industries Key Financial Ratios
KPI
FY25
ROE
18.97%
ROCE
17.06%
Debt/Equity
0.63x
RoNW
18.94%
PAT Margin
13.55%
EBITDA Margin
23.17%
Price to Book Value
4.52
The company reported 18.97% ROE and 17.06% ROCE in FY25. Its EBITDA margin stood at 23.17%, while PAT margin was 13.55%. The reported debt/equity ratio of 0.63x indicates a comparatively lower leverage position based on the supplied FY25 figures.
Adroit Industries IPO Valuation
Metric
Pre-IPO
Post-IPO
EPS
₹5.20
₹4.75
P/E
25.77x
28.21x
Promoter Holding
51.30%
36.96%
Market Cap
₹600.43 Cr
—
Based on the supplied valuation data, the post-IPO P/E is 28.21x, compared with 25.77x on the pre-IPO basis. The valuation can be considered alongside the company's profitability, return ratios, manufacturing capabilities, customer relationships and the financial profile of its peers.
Adroit Industries Promoter Holding
The promoters listed in the supplied IPO information are:
Saurabh Sangla
Mukesh Sangla
Monika Sangla
Shubhangi Trust
Shreya Trust
Swan Irrigation
Promoter holding is reported at 51.30% before the IPO and 36.96% after the IPO.
Adroit Industries IPO Peer Comparison
Company
EPS Basic
NAV
P/E
RoNW
GNA Axles
₹24.95
₹209.62
15.11x
12.59%
Talbros Engineering
₹39.78
₹304.26
15.37x
13.91%
Hindustan Hardy
₹43.98
₹197.01
16.70x
24.96%
Adroit Industries
₹5.19
₹29.65
Subject to IPO
18.94%
The supplied peer data shows that Adroit Industries has a FY25 RoNW of 18.94%. Its IPO valuation should be assessed against the earnings, NAV and P/E multiples of comparable companies.
Competitive Strengths
More than 5,000 products across automotive and industrial applications.
Fully integrated manufacturing from forging to testing.
Long-standing relationships with reputed customers.
Presence across commercial vehicles, defence and industrial machinery.
Export network covering more than 25 countries.
Established operations dating back to 1966.
Technical expertise and manufacturing capabilities create entry barriers.
Declining borrowings through FY25 and September 2025.
Risks Investors Should Consider
Revenue and profitability are linked to demand from automotive and industrial sectors.
The company has exposure to OEM and large industrial customers.
International operations expose the business to global market conditions and currency-related factors.
Capital expenditure at Dewas and Pithampur requires successful execution.
The business operates in competitive automotive component and industrial markets.
The post-IPO P/E of 28.21x is higher than the supplied pre-IPO P/E of 25.77x.
Should You Invest in Adroit Industries IPO?
Adroit Industries combines a long operating history with an integrated manufacturing model and a diversified product portfolio of more than 5,000 products. Its customer base spans OEMs, distributors and industrial companies, while exports to more than 25 countries provide international market exposure.
Financially, PAT increased from ₹6.42 crore in FY23 to ₹18.14 crore in FY25, while ROE and ROCE stood at 18.97% and 17.06%, respectively. The company's borrowings also declined significantly over the period.
At the same time, investors should consider the company's dependence on automotive and industrial demand, execution of planned capacity expansion and the valuation at which the shares are being offered.
The IPO proceeds are largely linked to manufacturing expansion and investment in the subsidiary, making the deployment of capital an important factor to monitor after listing.
Adroit Industries IPO Allotment Status
The tentative basis of allotment date is September 28, 2026. Expected schedule:
Basis of allotment: September 28
Refunds: September 29
Demat credit: September 29
Listing: September 30
Investors can check their allotment status through the IPO registrar, Bigshare Services Pvt. Ltd., after the allotment process is completed.
Adroit Industries IPO is a ₹150.71 crore book-built issue opening from September 23 to September 25, 2026, comprising a ₹132.62 crore fresh issue and ₹18.09 crore offer for sale. The price band is ₹126–₹134 per share and the lot size is 111 shares, requiring ₹14,874 at the upper price band.
The company manufactures propeller shafts and torque-transmission components for commercial vehicles, defence, heavy equipment and industrial machinery, with more than 5,000 products and exports to over 25 countries. FY25 total income stood at ₹136.61 crore and PAT at ₹18.14 crore, while ROE was 18.97% and ROCE was 17.06%. Total borrowing declined to ₹8.32 crore in FY25 from ₹30.44 crore in FY23.
IPO proceeds are proposed for manufacturing expansion, investment in the subsidiary, repayment of certain borrowings and general corporate purposes. As of September 19, 2026, the reported GMP is ₹37, indicating an estimated listing price of ₹171 based on the current grey-market indication.
Adroit Industries IPO FAQs
What is the Adroit Industries IPO size?
The total IPO size is ₹150.71 crore, comprising a ₹132.62 crore fresh issue and ₹18.09 crore OFS.
What is the Adroit Industries IPO price band?
The price band is ₹126 to ₹134 per share.
What is the Adroit Industries IPO lot size?
The minimum lot size is 111 shares, requiring ₹14,874 at the upper price band.
When will Adroit Industries IPO open and close?
The IPO will open on September 23, 2026 and close on September 25, 2026.
What is the Adroit Industries IPO listing date?
The tentative listing date is September 30, 2026 on BSE and NSE.
What is the Adroit Industries IPO GMP today?
As of September 19, 2026, the reported GMP is ₹37. GMP is indicating an estimated listing price of ₹171 based on the current grey-market indication.
Who is the registrar of Adroit Industries IPO?
Bigshare Services Pvt. Ltd. is the registrar for the IPO.
What does Adroit Industries do?
Adroit Industries manufactures propeller shafts and torque-transmission components used in commercial vehicles, defence, heavy equipment and industrial machinery.
Disclaimer: This article is for informational purposes only and should not be considered investment advice. IPO details, GMP, subscription figures, financial information and tentative dates may change. Investors should refer to the official offer documents and conduct independent due diligence before making any investment decision.
Author: Komal Bhatt
Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.
She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.
Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.
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