DHOOTTRANS · Automobile Two & Three Wheelers · filed 3 Nov 2026
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.
Dhoot Transmission reported revenue of ₹1,827 cr (+60.7% on the year) and net profit of ₹118 cr (−0.3% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +34.3% on the year, against −0.3% for reported profit.
3 checks raised a question: Less than half the profit turned into operating cash. Working capital, or something else?
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