Auto components manufacturer Dhoot Transmission has filed draft papers with the Securities and Exchange Board of India (Sebi) under the confidential pre-filing route, according to a public filing advertisement issued by the company, signalling a key step towards a potential initial public offering.
Founded over two decades ago by promoter Rahul Dhoot, the company is a key supplier to original equipment manufacturers (OEMs) across the automotive and consumer durables sectors. The company manufactures wiring harnesses, automotive switches, electronic sensors and controllers, connectors and terminals, automotive cables, power cords and battery packs. Its products cater to a wide range of applications, including two-wheelers, three-wheelers, passenger and commercial vehicles, off-road vehicles, earth movers, agricultural equipment, medical equipment and domestic appliances.
The company has built a global footprint over the years, with customers spread across eight countries and three continents. As part of its international expansion, Dhoot Transmission established an engineering and marketing office in the UK in 2012, acquired TFC Cables in Scotland with a manufacturing facility in Slovakia in 2017, followed by acquisitions of Parkinson Harness in the UK in 2018 and San Electromec in 2019.
Dhoot Transmission operates an integrated manufacturing and technology platform, with all its facilities and offices connected through SAP S/4HANA. It employs over 12,000 people and holds multiple global quality and safety certifications, including ISO 9001, IATF 16949, ISO 14001 and ISO 45001
According to CRISIL Ratings’ May 2025 rating rationale, the company has built an established market position in the automotive wire harness and cables segment, supported by over two decades of promoter experience and continuous investments in product development and capacity expansion. The report noted that Dhoot Transmission is among the largest players in its segment and supplies to all major automotive OEMs. Marquee clients include Bajaj Auto, TVS Motor Company, Honda Motorcycle & Scooter India and Royal Enfield.
Its consolidated revenue scaled up to ₹2,653 crore in FY24 from ₹1,550 crore in FY22, reflecting sustained growth driven by expansion across products and geographies. The company consistently derives 15–20% of its revenue from overseas operations, which, along with geographic diversification, supports its business risk profile.
The report also pointed to prudent working capital management, with gross current assets of around 104 days as of March 31, 2024, driven by receivables of 56 days and inventory of 39 days. Inventory is largely order-backed and credit discipline remains moderate, supporting efficient cash-flow management over the medium term.
On the financial front, the company has a comfortable risk profile, with net worth improving to ₹598 crore as of March 31, 2024, from ₹387 crore a year earlier, and gearing at 0.59 times. Debt protection metrics strengthened in FY24, with interest coverage rising to 9.3 times.
Equity firm Bain Capital holds a 49% stake in the company. Bain’s investment was accompanied by the consolidation of promoter-held entities, including Dhoot Holding Pvt Ltd, into Dhoot Transmission.
Dhoot Transmission’s filing comes amid active capital market participation from the auto components sector. Over the past three years, companies such as ASK Automotive and Motherson Sumi Wiring India have listed on the exchanges, while several other auto ancillary and EV-linked component manufacturers are at various stages of regulatory filings, reflecting sustained investor interest in localisation, electrification and export-led growth themes.
Dhoot Transmission’s IPO would add to the growing pipeline of manufacturing-focused listings, as investors look to capitalise on India’s expanding automotive supply chain and global sourcing opportunities.
