Altman Z″
Needs current assets and current liabilities.
This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Dhoot Transmission Limited is a leading designer, engineer, and manufacturer of electrical and electronics (E&E) automotive components, primarily specializing in critical wiring harnesses. As of March 31, 2026, the company operates 23 manufacturing facilities and seven warehouses across India, the United Kingdom, Slovakia, Thailand, South Korea, and Vietnam, serving a diversified global customer base of marquee OEMs. Its core product portfolio includes integrated wiring harnesses (77.08% of FY26 revenue), EV battery packs, sensors, electronic controllers, and automotive switches. DTL maintains high customer concentration, with its top ten clients—including Bajaj Auto and TVS Motor—contributing 80.93% of FY26 revenue from operations. To enhance its RFQ competitiveness and optimize supply reliability, the company is backward integrated in critical parts such as terminals, connectors, and molded components. Backed by Bain Capital's controlling 55% pre-offer stake, DTL possesses a professional management team and a robust in-house R&D department of 237 full-time design and engineering professionals, enabling rapid prototyping, value engineering, and seamless co-development of advanced vehicle electronics.
DTL's competitive edge is anchored in its established leadership as one of the top two players in India's 2W and 3W wiring harness market with a 41% market share in FY26, alongside a commanding ~70% market share in electric 2W and 3W harnesses. This positioning is supported by deep-seated, multi-year OEM integrations, in-house backward integration of critical components (terminals, connectors, cables) that lowers procurement overhead, and a customer-proximate global manufacturing network of 23 facilities facilitating rapid engineering changes.
Dhoot Transmission Limited is a leading Indian electrical and electronics company that designs, engineers, manufactures, and supplies critical wiring harnesses and other E&E components. The company generates revenue by selling these integrated systems and components primarily to automotive original equipment manufacturers (OEMs) in India and select international markets.
Source: RHP p. 271, 276, 278, 281
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Wiring harnesses | 77.08 | RHP p. 25, 273 |
| Others (including battery packs, sensors and electronic controllers, automotive switches, autocomponents, moulds and dies, scrap, and other materials) | 22.92 | RHP p. 25, 273 |
The Indian automotive wiring harness and E&E component industry is undergoing a structural transformation driven by the accelerating transition to electric vehicles (EVs) and premiumization. According to the CRISIL Report, EV penetration in the 2W segment is projected to rise from 6.6% in FY26 to 25-30% by FY31, while 3W electrification is projected to jump from 31.6% to 53-58%. Electrification significantly expands the addressable market, as BEVs and plug-in hybrids increase the wiring harness kit value per vehicle by 2 to 3 times compared to conventional ICE models. Concurrently, premiumization and safety upgrades (such as ABS and advanced sensors) are driving higher wiring and controller complexity, favoring scaled Tier-1 suppliers.
Growth rate: 6-9% CAGR (FY26-FY31P) for the ICE premium motorcycle segment
Sector slug: automotive-electricals-and-electronics
Source: RHP p. 180, 273, 277, 278, Section IV - Industry Overview
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| Minda Corporation Limited | 46.49 | 13.63 | RHP p. 164 | ||
| Uno Minda Limited | 56.87 | 17.53 | RHP p. 164 | ||
| Motherson Sumi Wiring India Limited | 43.24 | 28.92 | RHP p. 164 | ||
| Sona BLW Precision Forgings Limited | 74.64 | 10.7 | RHP p. 164 |
As presented in the offer document. Post-listing figures are in the statements above.
| Period | Related party revenue cr | Pat cr | Ebitda cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| FY26 | 50.877 | 396.842 | 710.989 | 8.77% | 4524.955 | yes | 1912.333 |
| FY25 | 353.887 | 590.963 | 10.27% | 3444.863 | yes | 137.977 | |
| FY24 | 298.748 | 512.398 | 10.68% | 2797.726 | yes | 63.425 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
Where is the money going?
The Net Proceeds from the Fresh Issue are primarily being deployed toward debt repayment (₹4,648.02 million at the company level and ₹3,017.73 million across subsidiaries Dhoot Autocomponents, Dhoot Automotive Systems, and Dhoot UK) and ₹1,500.00 million for constructing new manufacturing plants in Haryana and Tamil Nadu.
RHP p. 118, 316
How concentrated is the customer base?
The customer base is highly concentrated. DTL's top 10 customers contributed 80.93% of total revenue from operations in FY26, while the top 5 customers accounted for 71.56%. Further, the top 3 customers alone represented 61.45% of total revenue.
RHP p. 24, 25, 424
Is it profitable and growing?
Yes. Revenue from operations increased from ₹27,977.26 million in FY24 to ₹45,249.55 million in FY26. PAT grew from ₹2,987.48 million in FY24 to ₹3,968.42 million in FY26, maintaining a stable EBITDA margin of 15.71% in FY26.
RHP p. 25, 275, 412
What sits in the footnotes / contingent liabilities?
Contingent liabilities total ₹600.51 million, dominated by a ₹480.41 million disputed performance/consultancy fee (triggered up to ₹600.00 million on an IPO or sale event) and ₹120.10 million in disputed tax demands. Footnotes also reveal a FY25 loan covenant breach reclassifying ₹164.00 million as current, and recurring auditor exceptions regarding unenabled database-level audit trails and daily server backup gaps.
RHP p. 24, 79, 423, 429, 454-455
What the issue priced at, on the figures in the document.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2025-04-02 | BC Asia Investments XV Limited | 11843000 | 483.68 | promoter | RHP p. 103 |
| 2026-03-20 | BC Asia Investments XV Limited | 22170945 | 461.22 | promoter | RHP p. 103 |
| 2026-05-07 | Nitinkumar Dagdulal Kalani | 11500 | 468 | employee | RHP p. 101 |
Ceo: Rahul Radhavallabh Dhoot (Managing Director)
Against the company: 1 criminal proceeding, 30 tax proceedings, and 1 statutory/regulatory proceeding, with an aggregate of ₹236.93 million involved. Against subsidiaries: 5 tax proceedings and 1 statutory/regulatory proceeding involving ₹2.81 million in total. Against directors: 4 criminal proceedings and 1 statutory/regulatory proceeding.
Promoters collectively hold 159,943,945 equity shares, representing 84.87% of the pre-Offer paid-up share capital on a fully diluted basis (BC Asia XV holds 55.00% and Rahul R. Dhoot holds 29.87%). None of the promoter shares are pledged as of the RHP date.
Statutory auditors Price Waterhouse Chartered Accountants LLP noted recurring exceptions regarding unenabled database-level audit trails and disabled edit logs in multiple accounting systems, as well as failures to maintain daily backups of books of account on servers physically located in India. Significant related party transactions exist with promoters, including ₹9,547.07 million spent to buy out promoter stakes in Dhoot Holdings Private Limited (DHPL).
Source: RHP p. 51, 81, 83, 96, 105, 347, 430, 454-455, 483-484
A change between the two filings is a disclosure in itself.
| Field | Rhp value | Drhp value | Note | Source |
|---|---|---|---|---|
| Financial Information Period | Restated consolidated financial information for Fiscals 2026, 2025, and 2024 | Restated consolidated financial statements for the nine months period ended December 31, 2025 and Fiscals 2025, 2024, and 2023 | The restated consolidated financial information was rolled forward to cover full Fiscal 2026, dropping the oldest reporting period (Fiscal 2023) and the 9M interim period. | UDRHP-I p. 17, 348; RHP p. 19, 368 |
| Offer for Sale (OFS) Share Volume | Up to 19,137,602 Equity Shares | Up to 16,310,733 Equity Shares | The Offer for Sale component was increased by 2,826,869 Equity Shares (an expansion of approximately 17.33%). | UDRHP-I p. 11, 421; RHP p. 11, 24 |
| Designated Stock Exchange | NSE | [●] | NSE (National Stock Exchange of India Limited) was formally designated as the Designated Stock Exchange for the Offer. | UDRHP-I p. 11, 417; RHP p. 11, 5 |
| M/s Multilink slump sale base consideration | ₹4,350.00 million | ₹4,720.00 million | The agreed base consideration for the slump sale from M/s Multilink to DASPL was reduced by ₹370.00 million, with the actual finalized paid consideration set at ₹4,211.55 million in the RHP. | UDRHP-I p. 292, 588; RHP p. 271, 170 |
| Use of Proceeds (Outstanding Borrowings Repayment for Company) | ₹4,648.02 million | ₹4,939.90 million | The estimated deployment of Fresh Issue proceeds allocated for repayment or prepayment of certain borrowings of the Company was reduced by ₹291.88 million. | UDRHP-I p. 119, 523; RHP p. 117, 108 |
| Declaration Signatories (Executive Director) | Not signed by Dhiren Vinodrai Sheth | Signed by Dhiren Vinodrai Sheth (Executive Director) | Dhiren Vinodrai Sheth did not sign the RHP declaration, indicating a change in the directorship or signing authority prior to the final filing. | UDRHP-I p. 503, 861; RHP p. 574, 383-388 |
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
What the numbers mean when read together — computed from the filings, not a score.
Operating cash is 88% of trailing profit — a modest gap worth keeping an eye on.
Why this reading: Noted with caution: a mild gap that is commonly benign (working-capital timing) but worth tracking across years.
Operating cash ₹348 cr vs trailing profit ₹397 cr. Gaps in the 0.5–0.9 range are usually timing, occasionally a early tell.
Debt rose over 3 years, and most of it (187%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
New borrowing ₹535 cr largely matched by an asset build of ₹1,001 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Free cash flow swings between positive and negative across the cycle.
Why this reading: Surfaced for context, not as a concern — it only becomes meaningful if it persists or pairs with other signals.
Latest ₹19 cr, negative in 3 of 5 years.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are 1.5% of assets. Free cash flow negative in 3 of 5 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Capital is going in far faster than revenue is coming out. For a business mid-build that is expected — the test is whether it converts.
cumulative operating cash flow ÷ cumulative net profit
₹1,108 cr ÷ ₹1,123 cr, over 5 years
0.99×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹397 − ₹348) cr ÷ average assets
1.5%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
8.8% × 1.10 × 1.69
16.3%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹609 cr ÷ ₹93 cr
6.55×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹918 cr ÷ ₹2,435 cr
0.38×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +250% vs revenue +193%, FY2022 to FY2026
57pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
The growth rate that makes today's market value equal the discounted cash flows, at a 11.5% discount rate and 4.0% terminal growth. Not a forecast — the arithmetic of what is already in the price. Compare it with what the business has actually delivered.
Reverse DCF — the growth already in the price — A standard inversion of discounted cash flow, used to avoid the forecasting problem entirely.
Instead of forecasting cash flows and deriving a value, it takes today's market value as given and solves for the growth rate that would justify it. The output is not a view — it is the arithmetic of what the market is currently assuming.
How to read itCompare it with what the business has actually delivered. A price implying 30% a year against a decade of 15% is a demanding assumption; the reverse is a modest one.
Where it failsUseless when free cash flow is negative or unusually depressed, which is common mid-capex. Highly sensitive to the discount rate — a point either way moves the answer materially.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Automobile Two & Three Wheelers). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 82.78% to 82.78% across these quarters.
FII held steady from 2.30% to 2.30% across these quarters.
MF held steady from 3.55% to 3.55% across these quarters.
Other held steady from 11.37% to 11.37% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2021 | FY2022 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 69 | 57 | 55 | 64 | 64 |
| Inventory days
How long stock sits before it sells | 86 | 64 | 68 | 70 | 78 |
| Payable days
How long the company takes to pay suppliers | 80 | 61 | 62 | 69 | 73 |
| Cash conversion cycle
Debtor + inventory − payable days | 75 | 59 | 60 | 64 | 69 |
| Working capital days | 5 | 7 | 12 | 7 | 14 |
| ROCE %
Return on capital employed | — | 15.0% | — | 34.0% | 24.0% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Automotive Wiring Harness Segment Revenue (₹ crore) | 1,827 | 1,446 | 1,137 |
| Automotive Wiring Harness Segment Result (₹ crore) | 211.62 | 176.95 | 162.02 |
| Raw Material Cost as % of Revenue | 68.26% | 68.21% | 64.47% |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Automobiles and components framework (named in the filing read). Primary valuation lens: P/E through the cycle.
Read more closely in this sector: Dealer inventory days · Raw material cost against realisation.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Revenue from operations | 1,246 | 1,544 | 2,798 | 3,445 | 4,525 |
| Other income | 7 | 1 | 0 | 27 | 18 |
| Depreciation | 43 | 46 | 76 | 93 | 123 |
| Finance cost | 41 | 34 | 52 | 71 | 93 |
| Profit before tax | 44 | 69 | 388 | 458 | 516 |
| Net profit (owners) | 31 | 42 | 299 | 354 | 397 |
| EPS (₹) | 175.14 | 238.26 | 1,698.74 | 2,012.40 | 21.05 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Revenue | 966 | 1,277 | 1,446 |
| Other Income | 5 | 3 | 11 |
| Expenses | 797 | 1,098 | 1,228 |
| Depreciation | 27 | 35 | 40 |
| Finance cost | 23 | 23 | 15 |
| Profit before tax | 124 | 125 | 174 |
| Net Profit | 96 | 95 | 133 |
| EPS | 482.51 | 5.05 | 7.04 |
| Item | FY2021 | FY2022 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Equity Capital | 18 | 18 | 17 | 18 | 38 |
| Reserves | 231 | 272 | 731 | 976 | 2,397 |
| Borrowings | 459 | 383 | 576 | 815 | 918 |
| Net block | 379 | 385 | 681 | 892 | 1,383 |
| CWIP | 11 | 15 | 40 | 188 | 18 |
| Investments | 6 | 17 | 6 | 4 | 0 |
| Total Assets | 972 | 941 | 1,694 | 2,323 | 4,106 |
| Line | FY2021 | FY2022 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash from operations | 24 | 175 | 241 | 320 | 348 |
| Cash from investing | -50 | -79 | -311 | -442 | -1,222 |
| Cash from financing | 14 | -115 | 63 | 138 | 1,912 |
| Free cash flow | -36 | 121 | -31 | -65 | 19 |
| Net change in cash | -11 | -19 | -6 | 16 | 1,038 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.
Dhoot Transmission reported revenue of ₹1,827 cr for July to September 2026, +60.7% on the year and +26.3% on the quarter.
Operating profit (EBITDA) was ₹262 cr, a margin of 14.3%, −322 bps on the year and −77 bps on the quarter. Operating costs grew +67.0%, faster than revenue at +60.7%, so operating profit grew less than sales.
Net profit was ₹118 cr, −0.3% on the year and −11.2% on the quarter, with earnings per share of ₹5.98. Profit before other income, one-offs and tax grew faster, at +34.3%; other income, one-offs or tax held the headline back. The tax rate of 25% is in line with its recent average.
Of the 22 companies in Automobiles and components that have reported Q2 FY27 so far, Dhoot Transmission ranks 2nd on revenue growth; the sector median is +26.9%. Its margin moved −322 bps on the year against a sector median of −91 bps.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models.
Less than half the profit turned into operating cash. Working capital, or something else?
Source: Cash flow statement
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Results filing
An exceptional item is a large part of pre-tax profit. What was it?
Source: Results filing
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Results filing
Could not run on this quarter: Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,239 cr | ₹794 cr | ▲ 56.1% |
| Inventory | ₹867 cr | ₹639 cr | ▲ 35.7% |
| Cash | ₹395 cr | ₹1,084 cr | ▼ 63.6% |
| Bank balances | ₹732 cr | ₹11.6 cr | ▲ 6,229.6% |
| Long-term borrowings | ₹4.7 cr | ₹246 cr | ▼ 98.1% |
| Short-term borrowings | ₹219 cr | ₹595 cr | ▼ 63.2% |
| Trade payables | ₹1,010 cr | ₹602 cr | ▲ 67.7% |
| Net block | ₹1,396 cr | ₹1,235 cr | ▲ 13.0% |
| Capital work in progress | ₹19.5 cr | ₹18.0 cr | ▲ 8.0% |
| Equity | ₹4,043 cr | ₹2,435 cr | ▲ 66.0% |
| Total assets | ₹5,604 cr | ₹4,115 cr | ▲ 36.2% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹40.2 cr | ₹164 cr |
| Capital expenditure | −₹298 cr | −₹166 cr |
| Investing cash flow | −₹1,420 cr | −₹874 cr |
| Financing cash flow | ₹691 cr | ₹657 cr |
Operating cash flow was 0.16× profit. Receivables at 69 days of sales (+5 days against the last year end). Inventory at 48 days of sales (−3 days).
Other matter 1: “”The consolidated unaudited financial results of Dhoot Transmission UK Group reflect total assets of Rs. 3,571.13 million and net assets of Rs. 2,592.36 million as at September 30, 2026, and total revenues of Rs. 998.22 million and Rs. 2,022.05 million,… Read in full
The consolidated unaudited financial results of Dhoot Transmission UK Group reflect total assets of Rs. 3,571.13 million and net assets of Rs. 2,592.36 million as at September 30, 2026, and total revenues of Rs. 998.22 million and Rs. 2,022.05 million, total net loss after tax of Rs. 13.29 million and Rs. 9.53 million and total comprehensive income of Rs. (13.29) million and Rs. (9.53) million, for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. (13.70) million for the period from April 01, 2026 to September 30, 2026, as considered in the consolidated unaudited financial results. These interim financial results have been reviewed by other auditors in accordance with ISRE 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" and their report dated October 20, 2026, vide which they have issued an unmodified conclusion, has been furnished to us by the other auditors and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of Dhoot Transmission UK Group, is based on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Other matter 2: “”The consolidated unaudited financial results include the financial results of six subsidiaries which have not been reviewed by their auditors, whose financial results reflect total assets of Rs. 624.02 million and net assets of Rs. 453.32 million as at September… Read in full
The consolidated unaudited financial results include the financial results of six subsidiaries which have not been reviewed by their auditors, whose financial results reflect total assets of Rs. 624.02 million and net assets of Rs. 453.32 million as at September 30, 2026 and total revenue of Rs. 191.63 million and Rs. 372.36 million, total net profit after tax of Rs. 21.32 million and Rs. 26.69 million and total comprehensive income of Rs. 21.32 million and Rs. 26.69 million for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. 130.62 million for the period from April 01, 2026 to September 30, 2026, as considered in the consolidated unaudited financial results. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.
Filing p. limited review report
₹547 cr still unused. “Net IPO proceeds of ₹1,326.98 crore; ₹779.65 crore utilised up to Sept 30, 2026 and ₹547.33 crore unutilised (₹0.33 crore in Monitoring Account and ₹547.00 crore in bank fixed deposits)”
Completed Initial Public Offering (IPO) and equity shares were listed on NSE and BSE on August 17, 2026. (p. consolidated note 2, 6)
Subsidiary Dhoot Automotive Systems Private Limited acquired auto-electrical and electronic parts business from M/s Multilink on slump sale basis for cash consideration of Rs. 421.16 crore effective June 10, 2026. (p. consolidated note 4(a))
Tax: Consolidated tax expense of ₹39.03 crore (current tax ₹42.18 crore, deferred tax credit ₹3.15 crore) on Profit before tax of ₹156.86 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Automotive Wiring Harness Segment Revenue (₹ crore) | 1,827 | 1,446 | 1,137 |
| Automotive Wiring Harness Segment Result (₹ crore) | 211.62 | 176.95 | 162.02 |
| Raw Material Cost as % of Revenue | 68.26% | 68.21% | 64.47% |
Worked out from filed numbers. Raw Material Cost as % of Revenue: Cost of materials consumed + inventory change (1,247.27 crore) / Revenue from operations (1,827.21 crore) * 100
not disclosed
Tier-1 automotive wiring harness supplier sells directly to OEMs, so dealer inventory days are not disclosed.
Consolidated cost of materials consumed plus inventory changes stood at ₹1,247.27 crore (68.26% of revenue from operations) in Q2 FY27 compared to ₹732.88 crore (64.47% of revenue) in Q2 FY26.
Raw material cost as percentage of revenue increased by 379 bps YoY.
Read using the Automobiles and components framework (named in the filing read). Primary valuation lens: P/E through the cycle.
Read more closely in this sector: Dealer inventory days · Raw material cost against realisation.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Automotive wiring harness & ancillary components business | ₹1,827 cr | ▲ 60.7% | ₹212 cr | ▲ 30.6% |
FinMinutes scored the offer document 73/100 before listing. 1 quarter of numbers since. Promise against delivery
| Q1 FY26 | Q2 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|
| Revenue | ₹966 cr | ₹1,137 cr | ₹1,277 cr | ₹1,446 cr | ₹1,827 cr |
| YoY | — | — | — | +50% | +61% |
| EBITDA margin | 17.5% | 17.6% | 14.0% | 15.1% | 14.3% |
| Other income, % of PBT | 4% | 10% | 2% | 8% | 10% |
| Exceptional items | — | −₹7.3 cr | — | −₹3.0 cr | −₹54.8 cr |
| Tax rate | 22% | 24% | 23% | 24% | 25% |
| Net profit | ₹96.0 cr | ₹118 cr | ₹95.0 cr | ₹133 cr | ₹118 cr |
| YoY | — | — | — | +38% | −0% |
| Core profit YoY | — | — | — | +37% | +34% |
| EPS | ₹482.51 | ₹7.33 | ₹5.05 | ₹7.04 | ₹5.98 |
| Flags | · | · | · | ✓ | 3 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.