Adroit Industries IPO: dates, price band, lot size and GMP
Adroit Industries IPO listed on 30 Sep at ₹235 (NSE, BSE). Issue dates 23 – 25 Sep 2026, price band ₹126 – ₹134, lot 111 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Updated 6 Oct 2026, 14:11 IST. Dated dealer references.
BuyUnlistedShares tracks 197 IPOs on its calendar; the Adroit Industries IPO has a price band of ₹126 – ₹134, a lot of 111 shares and no grey-market premium reported yet as of 06 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 23 – 25 Sep 2026 |
| Price band | ₹126 – ₹134 |
| Lot size | 111 shares |
| Issue size | ₹150.71 Cr |
| Fresh issue | ₹132.62 Cr |
| Offer for sale | ₹18.09 Cr |
| Subscription | 176.85x |
| Registrar | Bigshare Services Pvt.Ltd. |
| Lead managers | Choice Capital Advisors Pvt.Ltd. |
| Status | Listed |
Timeline
- Issue opens: 23 Sep
- Issue closes: 25 Sep
- Allotment: 28 Sep
- Refunds: 29 Sep
- Demat credit: 29 Sep
- Listing: 30 Sep
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 195.04x |
| NII | 332.35x |
| sNII | 305.09x |
| bNII | 345.97x |
| Retail | 99.81x |
| Total | 176.85x |
Last updated 25 Sep 2026, 6:55 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Market cap at the upper band | ₹600.43 Cr |
| P/E (pre-issue) | 17.89x |
| P/E (post-issue) | 22.95x |
| Fresh issue (shares) | 98,97,000 |
| Offer for sale (shares) | 13,50,000 |
| Total shares offered | 1,12,47,000 |
| Promoter holding pre-issue | 96.1% |
| Promoter holding post-issue | 71.86% |
| Promoters | Saurabh Sangla, Mukesh Sangla, Monika Sangla, Shubhangi Trust, Shreya Trust, Swan Irrigation LLP |
| Lead managers | Choice Capital Advisors Pvt.Ltd. |
| Registrar phone | 8657578989/8069219065/8069219060 |
| Registrar email | ipo@bigshareonline.com |
| Company website | adroitindustries.com |
| Anchor bid date | 22 Sep 2026 |
| Anchor lock-in ends (50%) | 28 Oct 2026 |
| Anchor lock-in ends (remaining) | 27 Dec 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 111 | ₹14,874 |
| Retail (maximum) | 14 | 1,554 | ₹2,08,236 |
| sNII (minimum) | 14 | 1,554 | ₹2,08,236 |
| bNII (minimum) | 68 | 7,548 | ₹10,11,432 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 30% | 33,74,100 | |
| QIB | 20% | 22,49,400 | Not more than 50.00% of the Offer |
| NII (HNI) | 15% | 16,87,050 | Not less than 15.00% of the Offer |
| sNII | 5% | 5,62,350 | |
| bNII | 10% | 11,24,700 | |
| Retail | 35% | 39,36,450 | Not less than 35.00% of the Offer. |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 23 Sep | 0.05x | 7.30x | 10.48x | 5.70x | 7.29x | 5.22x |
| Day 2 · 24 Sep | 1.82x | 27.22x | 36.54x | 22.55x | 23.45x | 18.08x |
| Day 3 · 25 Sep | 195.04x | 332.35x | 305.09x | 345.97x | 99.81x | 176.85x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹7.49 |
|---|---|
| EPS (post-issue) | ₹5.84 |
| P/E (pre-issue) | 17.89x |
| P/E (post-issue) | 22.95x |
| RoNW | 22.51% |
| RoCE | 19.01% |
| RoE | 22.54% |
| PAT margin | 18.69% |
| EBITDA margin | 27.66% |
| Price / book | 3.64x |
| NAV per share | ₹36.84 |
| Debt / equity | 0.41 |
| Market cap (upper band) | ₹600.43 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 212.74 | 187.01 | 199.39 | +13.8% |
| Total Income | 143.04 | 136.61 | 125.1 | +4.7% |
| Profit After Tax | 26.16 | 18.14 | 14.53 | +44.2% |
| EBITDA | 38.71 | 31.02 | 29.69 | +24.8% |
| NET Worth | 128.63 | 103.53 | 87.82 | +24.2% |
| Reserves and Surplus | 105.59 | 96.92 | 78.79 | +8.9% |
| Total Borrowing | 52.4 | 8.32 | 16.29 | ×6.3 |
About Adroit Industries
Adroit Industries (India) Ltd., incorporated in 1966, is a manufacturer of propeller shafts and torque-transmission components used in vehicles and industrial machinery.
The company has a fully integrated manufacturing setup, handling everything from forging and machining to assembly and testing, which helps maintain quality and efficiency.
The company offers over 5,000 products to distributors, large component manufacturers, and OEMs. These are mainly used in commercial vehicles, defense, heavy equipment, and industrial machinery.
Its manufacturing facilities are located in Madhya Pradesh, India, and are equipped to support large-scale production.
Its customer base includes well-known companies such as Godrej & Boyce Manufacturing Company Limited, BEML Limited, VE Commercial Vehicles Limited, Sandvik Mining and Rock Technology India Private Limited, Oilgear India Private Limited, and other industrial and infrastructure players.
Adroit has a strong international presence, exporting to over 25 countries across North America, Europe, the Asia-Pacific region, and other regions. It also maintains long-term relationships with reputed customers, supporting steady revenue and repeat business.
Objects of the issue
- Funding capital expenditure by the Company towards procurement of; (i) machinery and equipment for enhancement of operations at Dewas Facility; and (ii) transportation vehicle for local transportation of goods between the Manufacturing Facilities — ₹19.91 Cr
- Investment in the Subsidiary, Adroit Driveshafts Private Limited, in the form of debt or equity or a combination thereof, for funding capital expenditure towards procurement of; (i) machinery and equipment for enhancement of operations at Pithampur Facility; and (ii) transportation vehicle for local transportation of goods between the Manufacturing Facilities — ₹43.96 Cr
- Investment in the Subsidiary, Adroit Driveshafts Private Limited, in the form of debt or equity or a combination thereof, for re-payment or pre-payment, in full or in part, of certain borrowings availed by the Subsidiary — ₹24.12 Cr
- General Corporate Purposes
Net proceeds: ₹87.98 Cr
Peer comparison
| Company | EPS (Basic) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|
| Adroit Industries (India) Ltd. (issuer) | 7.48 | 36.84 | — | 22.51% | — | Consolidated |
| Hindustan Hardy Ltd | 55.92 | 250.24 | 12.98x | 25% | 2.9 | Consolidated |
| Talbros Engineering Ltd | 57.34 | 359.2 | 10.7x | 17.32% | 1.71 | Consolidated |
| GNA Axles Limited | 27.24 | 233.89 | 20.85x | 12.28% | 2.43 | Consolidated |
Notes: Basic and diluted earnings per Equity Share are computed in accordance with Indian Accounting Standard 33. Net asset value per share represents Net worth divided by the weighted average number of shares at the end of the year/period. Price/earnings ratio for the peer group has been computed based on the closing market price of equity shares on BSE as on August 20, 2026, divided by the earnings per share for the fiscal year ended March 31, 2026.
Strengths (per the offer document)
- Regulatory Landscape of the Indian Propeller Shaft Industry — 4.1. Government Initiatives to Support the Industry These are financial and policy incentives designed to boost domestic manufacturing, R&D, and exports.
- Production Linked Incentive (PLI) Scheme for Auto & Auto Components o The PLI scheme provides a direct financial… — "Advanced Automotive Technology" (AAT) components in India.
- Indirect Support (Demand-Side Policies) — These policies don't focus on the shaft manufacturer directly but instead stimulate demand for the vehicles that use their products.
- Ministry of Road Transport and Highways (MoRTH) — Vehicles Rules (CMVR).
Risk factors (as disclosed by the company)
- Major portion of our revenue from Sale of Products is derived from export sales and a significant portion of such export sales is concentrated in the United… — receivables, could materially and adversely affect our business, financial condition, results of We derive a substantial portion of our revenue from export sales of our products.
- Our revenue from operations is significantly concentrated among a limited number of customers — We are an integrated manufacturer and supplier of propeller shafts and related torque-transmission components, and our customer base comprises distributors, Tier-1 driveline component suppliers and…
- Our manufacturing operations are concentrated at facilities located in the state of Madhya Pradesh, India — As of the date of this Red Herring Prospectus, our manufacturing operations are carried out through three facilities located in Madhya Pradesh, namely the Dewas Facility, and the Sanwer Facility as…
- Our downstream operational activities are undertaken through our Subsidiary, Adroit Driveshafts Private Limited ("ADPL") — Our Pithampur Facility, which represents the downstream stage of our vertically integrated manufacturing operations and undertakes machining, assembly, balancing, inspection and testing activities…
- There have been mulitple instances of delays in statutory filings and non-compliances with respect to corporate and regulatory reporting obligations in the past — In the past, the Company has experienced numerous instances of delayed filings of statuory forms and returns with the Registrar of Companies, including several filings involving substantial delays…
- Our Company and our Subsidairy — Our Company and our Subsidary, ADPL has experienced negative cash flows from certain activities in the past.
- We have made investments and extended inter-corporate loans and advances to certain entities — As at March 31, 2026, our non-current investments aggregated to ₹214.93 million and our inter-corporate loans and advances aggregated to ₹100.63 million.
- We are subject to risks arising from interest rate fluctuations, which could reduce our profitability and adversely affect our business, cash flows — Our operations are partly funded by debt.
From the RHP (strengths pages 256–259, risk factors pages 35–49). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- Adroit Industries IPO GMP today and trend
- Adroit Industries IPO subscription status, day by day
- Adroit Industries IPO allotment status and how to check
Frequently asked questions
When does the Adroit Industries IPO open and close?
The issue is scheduled for 23 – 25 Sep 2026.
What is the Adroit Industries IPO price band?
The price band is ₹126 – ₹134 per share with a lot size of 111 shares.
How big is the Adroit Industries IPO?
The total issue size is ₹150.71 Cr, of which ₹132.62 Cr is a fresh issue and ₹18.09 Cr an offer for sale.
When will Adroit Industries list?
The tentative listing date is 30 Sep on the main board.
How do I apply for the Adroit Industries IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Adroit Industries · as filed with SEBI · bseindia.com
- Red herring prospectus (RHP), Adroit Industries · as filed · nsearchives.nseindia.com
- Registrar allotment page, Bigshare Services Pvt.Ltd. · allotment 28 Sep · ipo.bigshareonline.com
- NSE public issues page · listing 30 Sep · nseindia.com
- BSE public issues page · listing 30 Sep · bseindia.com
- Adroit Industries company website · adroitindustries.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 30 Sep, 04:07 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Adroit Industries IPO”, https://buyunlistedshares.com/ipo/adroit-industries-ipo, as of 06 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk: the unlisted and pre-IPO dealing desk of Gayatri Financial Synergy, Faridabad, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 06 Oct 2026.
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