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Auto Components & Equipments
Adroit Industries (India) Limited IPO
₹151 Cr · Fresh Issue & OFS · Auto Components & Equipments
Price Band
₹126 – ₹134
Lot: 600 shares (₹80,400)
GMP (Grey Market)
₹43 (+21.94%)
Est. listing ₹177
Issue Size
₹151 Cr
Fresh Issue & OFS
Market Cap
₹600.43 Cr
At upper band
P/E Ratio
23x
P/S: 4.3x
Listing Date
30 Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
23 Sep 2026
✓
Closes
25 Sep 2026
✓
Allotment
28 Sep 2026
✓
Refund
29 Sep 2026
✓
Listing
30 Sep 2026
IPO India Hub: Subscribe
Conviction
8/10
The company trades at 1.15× sector midpoint with 18.3% net margins and 34.2% PAT CAGR, meeting Subscribe criteria. Strong cash generation (ROCE 19%), low leverage (D/E 0.41×), and 71.86% promoter retention post-issue provide downside protection, though modest 6.9% revenue growth warrants monitoring.
Listing Performance
Issue Price
₹134
Allotment price
Listing Price
₹250
+86.57% on listing day
Current Price (CMP)
₹163
+21.6% vs issue
Listed On
30 Sep 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profit growth trajectory
Net profit has grown 34.2% CAGR over two years (₹14.5 Cr to ₹26.2 Cr), significantly outpacing revenue growth of 6.9%. This margin expansion from 11.6% to 18.3% NPM reflects operational leverage and pricing power in auto components.
✓ Strength
Conservative valuation with quality metrics
At 23× P/E (1.15× the 20× sector midpoint), the company sits comfortably within the 15–25× auto components range. EBITDA margin of 27.66%, ROCE of 19.01%, and D/E of 0.41× indicate efficient capital deployment and financial stability.
⚠ Risk
Revenue growth significantly lags profit growth
Two-year revenue CAGR of only 6.9% against 34.2% PAT CAGR suggests margin expansion is the primary driver, not volume. If operational leverage plateaus or input costs rise, profit growth will decelerate sharply.
⚠ Risk
SME liquidity and scale constraints
As an SME listing with ₹151 Cr issue size and ₹600.43 Cr market cap, the company faces inherent liquidity and analyst coverage limitations. Auto components is a competitive, cyclical sector; smaller players often struggle during downturns or lose OEM contracts.
₹ Valuation
Fair valuation with margin justification
P/E of 23× is 1.15× sector midpoint; at 18.3% NPM (above the 15% threshold), this supports the slight premium. P/S of 4.3× is reasonable for a profitable, margin-expanding auto supplier, though revenue stagnation limits upside.
👁 Watch
Monitor revenue acceleration post-listing
Investors must track whether capex deployment (₹19.91 Cr for machinery and vehicles) translates into volume growth or merely sustains margins. Flat or declining revenue in FY1 post-listing would signal structural headwinds.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Adroit Industries (India) Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹139.94 Cr
Net Profit
₹26.16 Cr
Industry
Auto Components & Equipments
Issue Type
Fresh Issue & OFS
Promoters
SAURABH SANGLA, MUKESH SANGLA, MONIKA SANGLA, SHUBHANGI TRUST, SHREYA TRUST AND SWAN IRRIGATION LLP
Lead Managers
Choice Capital Advisors
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 1.15× sector midpoint with 18.3% net margins and 34.2% PAT CAGR, meeting Subscribe criteria. Strong cash generation (ROCE 19%), low leverage (D/E 0.41×), and 71.86% promoter retention post-issue provide downside protection, though modest 6.9% revenue growth warrants monitoring.
The current grey market premium (GMP) is ₹43, which is 21.94% above the upper band price of ₹134. This implies an estimated listing price of around ₹177. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 600 shares. At the upper band price of ₹134, the minimum investment per retail application is ₹80,400. You can apply for up to 13 lots (₹1,045,200) under the retail category (up to ₹2 lakh).
The IPO opens on 23 Sep 2026. It closes on 25 Sep 2026. Allotment is expected on 28 Sep 2026. Refunds initiate on 29 Sep 2026. Listing on BSE and NSE is on 30 Sep 2026.
The lead managers for the IPO are Choice Capital Advisors. Check the SEBI filing for the registrar details.
The IPO listed on 30 Sep 2026 at ₹250 against an issue price of ₹134 (+86.57% on listing day). The current market price (CMP) is approximately ₹163 (+21.6% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 25 Sep 2026. The minimum investment is ₹80,400 for one lot (600 shares). The company trades at 1.15× sector midpoint with 18.3% net margins and 34.2% PAT CAGR, meeting Subscribe criteria. Strong cash generation (ROCE 19%), low leverage (D/E 0.41×), and 71.86% promoter retention post-issue provide downside protection, though modest 6.9% revenue growth warrants monitoring.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 25 Sep 2026. The IPO is priced at a P/E of 23x. Market cap at issue price is ₹600.43 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 600 shares at ₹134 each, costing ₹80,400 per application. The issue closes on 25 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Adroit Industries (India) Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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