Adroit Industries IPO booked over 2x one Day 1: Check price band, reviews, fresh GMP & more

The initial public offering (IPO) of Adroit Industries (India) opened for bidding on Wednesday, September 23. It is selling its shares in the price band of Rs 1260134 apiece. Investors can apply for a minimum of 111 shares and its multiples thereafter. It is looking to raise Rs 151 crore via IPO, which includes a fresh share sale of Rs 133 crore and an offer-for-sale (OFS) of up to 13,50,000 shares.

According to the data, the issue was subscribed 2.15 times in the first three hours of bidding. The portion reserved for retail investors was booked 3.25 times, while the allocation for non-institutional investors (NIIs) was subscribed 2.60 times. However the portion reserved for qualified institutional bidders (QIBs) was not even off the mark.

Incorporated in 1995, Thane-based Adroit Industries (India) is a vertically integrated manufacturer and supplier of propeller shafts and torque-transmission components used in driveline systems. It offers a portfolio of over 5,000 SKUs comprising precision-machined torque-transmission components, complete propeller shaft assemblies and forged components.

Adroit has a strong export-oriented business, but 95 per cent of product revenue from exports creates exposure to US demand, tariffs, currency movements and global auto cycles, said Swastika Investmart. "One me may consider a small-to-moderate allocation for the medium-to-long term at the IPO price, but listing-gain seekers should remain cautious given valuation and export risks."

Adroit Industries trades at a premium valuation, which warrants some caution despite its improving financial performance. Its efficiency and operational performance also remain favourable. However, revenue growth has been relatively slow compared with its other strengths, while the premium valuation adds to the valuation concerns, said Religare Broking with a 'neutral' rating.

Ahead of its IPO, Adroit Industries (India) raised Rs 45.21 crore from six anchor investors as it allocated 33,74,100 equity shares at Rs 134 apeice. It reported a net profit at Rs 26.16 crore with a revenue of Rs 143.04 crore for the financial year ended on March 31, 2026. It clocked a net profit of Rs 18.14 crore with a revenue of Rs 136.61 crore for the financial year 2024-25.

Adroit Industries (India) has delivered healthy financial performance and demonstrates high operational efficiency with FY26 RoE and RoCE standing at 20.3 per cent and 20.7 per cent respectively, while its Debt-to-Equity ratio has improved to 0.4 times, said SBI Securities.

The planned deployment of fresh issue proceeds toward capacity expansion, along with subsidiary debt prepayment, will further enhance operational capabilities and provide interest cost savings. The issue is valued at an FY26 P/E multiple of 23 times, which is attractively priced given its superior margins, return metrics, and strong entry barriers, it said 'subscribe for long-term' rating.

Adroit Industries (India) has reserved 50 per cent for the issue for the qualified institutional bidders (QIBs), while 15 per cent shares are reserved for non-institutional investors (NIIs). Retail investors have 35 per cent of shares allocated towards them. At the current valuations, Adroit Industries (India) shall command a market capitalization little over to Rs 600 crore.

Last heard, Adroit Industries (India) was commanding a grey market premium (GMP) of Rs 26-30, suggesting a listing pop of 19-22 per cent for investors. Choice Capital Advisors is the book running lead manager and Bigshare Services is the registrar of the issue. Shares of the company shall be listed on both BSE Ltd and NSE on Wednesday, September 30.