DHOOTTRANS · Automobile Two & Three Wheelers · filed 3 Nov 2026
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.
An exceptional item is a large part of pre-tax profit. What was it?
Exceptional −₹39.8 cr against profit before tax of ₹23.5 cr.
Source: Results filing
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 6.7%, −492 bps on the year (−297 bps on the quarter).
Source: Results filing
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 45% of profit before tax, against 6% a year earlier.
Source: Results filing
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.
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 | ₹849 cr | ₹600 cr | ▲ 41.5% |
| Inventory | ₹447 cr | ₹362 cr | ▲ 23.5% |
| Cash | ₹321 cr | ₹1,037 cr | ▼ 69.1% |
| Bank balances | ₹725 cr | ₹0.9 cr | ▲ 78,689.1% |
| Long-term borrowings | ₹3.5 cr | ₹101 cr | ▼ 96.5% |
| Short-term borrowings | ₹191 cr | ₹410 cr | ▼ 53.5% |
| Trade payables | ₹706 cr | ₹535 cr | ▲ 31.8% |
| Net block | ₹757 cr | ₹675 cr | ▲ 12.1% |
| Capital work in progress | ₹4.7 cr | ₹9.1 cr | ▼ 48.3% |
| Equity | ₹4,243 cr | ₹2,814 cr | ▲ 50.8% |
| Total assets | ₹5,329 cr | ₹4,022 cr | ▲ 32.5% |
Receivables at 66 days of sales (+3 days against the last year end). Inventory at 35 days of sales (−3 days).
No emphasis of matter.
₹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…”
Completed Initial Public Offering (IPO) and equity shares were listed on NSE and BSE on August 17, 2026.
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
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹879 cr | ₹1,077 cr | ₹1,264 cr |
| YoY | — | — | +44% |
| EBITDA margin | 11.6% | 9.6% | 6.7% |
| Other income, % of PBT | 6% | 7% | 45% |
| Exceptional items | −₹2.0 cr | −₹2.0 cr | −₹39.8 cr |
| Tax rate | 25% | 26% | 42% |
| Net profit | ₹54.1 cr | ₹57.2 cr | ₹13.6 cr |
| YoY | — | — | −75% |
| Core profit YoY | — | — | −24% |
| EPS | ₹3.35 | ₹3.04 | ₹0.69 |
| 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 ₹1,264 cr (+43.8% on the year) and net profit of ₹13.6 cr (−74.8% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −23.9% on the year, against −74.8% for reported profit.
3 checks raised a question: An exceptional item is a large part of pre-tax profit. What was it?
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