July to September 2026 · consolidated

Dhoot Transmission Q2 FY27 results

DHOOTTRANS · Automobile Two & Three Wheelers · filed 3 Nov 2026

Quarter

Consolidated Standalone

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?3 questions to ask✓1 positive16 of 19 checks ran · read from the filing

Revenue₹1,827 cr▲ 60.7%on the year▲ 26.3%on the quarter

EBITDA₹262 cr▲ 31.2%on the yearmargin 14.3% (−322 bps)

Net profit₹118 cr▼ 0.3%on the year▼ 11.2%on the quarter

EPS₹5.98▼ 18.4%on the year

AnalysisDhoot Transmission Q2 Results: robust revenue growth but net profit flatRead →

What changed

Revenue ₹1,827 cr, +60.7% on the year; EBITDA margin 14.3%, −322 bps.
Core profit grew faster than reported profit: core +34.3%, reported −0.3%. Other income, exceptional items or tax held the headline back.
Less than half the profit turned into operating cash. Working capital, or something else? Operating cash flow for the first half ₹40.2 cr against profit of ₹250 cr.

The quarter, explainedfrom the filing and the statements

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 16 companies in Automobiles and components that have reported Q2 FY27 so far, Dhoot Transmission ranks 2nd on revenue growth; the sector median is +37.7%. 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.

Questions to askeach one with its numbers and source

?Question

Less than half the profit turned into operating cash. Working capital, or something else?

Operating cash flow for the first half ₹40.2 cr against profit of ₹250 cr.

Source: Cash flow statement

?Question

Operating margin fell sharply on the year. Pricing, input costs, or mix?

EBITDA margin 14.3%, −322 bps on the year (−77 bps on the quarter).

Source: Results filing

?Question

An exceptional item is a large part of pre-tax profit. What was it?

Exceptional −₹54.8 cr against profit before tax of ₹157 cr.

Source: Results filing

Also worth knowing

✓Positive

Core profit grew faster than reported profit: one-offs held the headline down.

Reported profit −0.3% on the year; profit before other income, exceptional items and tax +34.3%.

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.

Where the profit change came fromSep '25 → Sep '26

Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.

The half year: balance sheet and cashfiled with Q2

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).

From the filingauditor, IPO money, related parties, promoters

✓Auditor's reviewUnmodified conclusion · Price Waterhouse Chartered Accountants LLP

No emphasis of matter.

✓IPO moneyUsed as stated

₹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…”

?Governance eventsOther

Completed Initial Public Offering (IPO) and equity shares were listed on NSE and BSE on August 17, 2026.

Inside the profitother income, one-offs, tax

Other income, line by line

Interest income from financial assets at amortised cost (6M consolidated): 18.11 crore (recurring)consolidated cash flow statement
Government grants (6M consolidated): 7.10 crore (recurring)consolidated cash flow statement
Gain on disposal of Property, Plant and Equipment and Intangible assets (6M consolidated): 0.49 crore (one-off)consolidated cash flow statement

One-offs

Advisory and consultancy services provided by Bain Capital Advisors (India) Private Limited: 45.04 croreconsolidated note 5(ii)
IPO listing expenses in connection with public offer of equity shares: 9.72 croreconsolidated note 5(iv)

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

Auto vitalsthe numbers this business is run on

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

Checks this sector needs

iDealer inventory days

not disclosed

Tier-1 automotive wiring harness supplier sells directly to OEMs, so dealer inventory days are not disclosed.

iRaw material cost against realisation

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.

What management saidquoted, with source

Pursuant to the provisions of Regulations 30 and 33 of the Listing Regulations, the Board of Directors at its meeting held today, i.e. November 3, 2026, has approved the Unaudited Financial Results for the quarter and half year ended September 30, 2026.press release, outcome letter p.1
The issue comprised of a fresh issue of 16,080,445 equity shares aggregating to INR 14,000 million and offer for sale of 19,137,602 equity shares by selling shareholders aggregating to INR 16,668.85 million.press release, consolidated note 6
Subsidiary Dhoot Automotive Systems Private Limited acquired all assets and liabilities of auto-electrical and electronic parts business from M/s Multilink on a going concern basis through a slump sale for a cash purchase consideration of INR 4,211.55 million.press release, consolidated note 4(a)
Out of the net IPO proceeds which were unutilized as at September 30, 2026, Rs 3.3 million are in Monitoring Account and Rs 5,470.00 million is temporarily invested in multiple fixed deposits with the banks.press release, consolidated note 7

Segments

Segment	Revenue	YoY	Result	YoY
Automotive wiring harness & ancillary components business	₹1,827 cr	▲ 60.7%	₹212 cr	▲ 30.6%

Context

FinMinutes scored the offer document 73/100 before listing. 1 quarter of numbers since. Promise against delivery

Every quartersame rules, every quarter

	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.

Questions people ask

What were Dhoot Transmission Q2 FY27 results?

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.

Was Dhoot Transmission profit growth driven by the core business?

Profit before other income, exceptional items and tax moved +34.3% on the year, against −0.3% for reported profit.

Are there any red flags in Dhoot Transmission Q2 FY27 results?

3 checks raised a question: Less than half the profit turned into operating cash. Working capital, or something else?

Is this a recommendation?

No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.

Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.