Dhoot Transmission Q2 FY27 results

The quarter, explainedfrom the filing and the statements

Dhoot Transmission reported revenue of ₹1,264 cr for July to September 2026, +43.8% on the year and +17.3% on the quarter.

Operating profit (EBITDA) was ₹84.3 cr, a margin of 6.7%, −492 bps on the year and −297 bps on the quarter. Operating costs grew +51.8%, faster than revenue at +43.8%, so operating profit grew less than sales.

Net profit was ₹13.6 cr, −74.8% on the year and −76.2% on the quarter, with earnings per share of ₹0.69. Profit before other income, one-offs and tax grew faster, at −23.9%; other income, one-offs or tax held the headline back.

Of the 18 companies in Automobiles and components that have reported Q2 FY27 so far, Dhoot Transmission ranks 5th on revenue growth; the sector median is +27.4%. Its margin moved −492 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

Could not run on this quarter: Cash behind the profit, 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

Receivables at 66 days of sales (+3 days against the last year end). Inventory at 35 days of sales (−3 days).

From the filingauditor, IPO money, related parties, promoters

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

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

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

Context

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

Every quartersame rules, every quarter