Dhoot Transmission Ltd(DHOOTTRANS)

NSE: DHOOTTRANSBSE: 544867

₹ 1,354-3.32%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 27,696 crWebsite: www.dhoottransmission.comUpdated: 24 Oct 2026

About

Dhoot Transmission Ltd is an Indian auto components manufacturer supplying wiring harnesses and non-wiring harness electrical components primarily to two-wheeler OEMs. In Q1 FY27 the company reported consolidated revenue of ₹14,464 mn, growing 49.7% YoY and significantly outpacing 2W industry volume growth of ~22.8%. EV products accounted for 27% of total revenue in Q1 FY27, up from 24% in FY26, with the company holding approximately 40 - 45% share of new EV cord set business awarded for the Indian market.^[1]

Business segments

Wiring harness: revenue of ₹1,090 crore in Q1 FY27, up 44.6% YoY, forming the larger of the two reported segments.^[1]
Non-wiring harness: revenue of ₹358 crore in Q1 FY27, up 67.7% YoY, growing faster than the wiring harness segment.^[1]

EV vs ICE revenue mix

EV revenue reached 27% of total revenue in Q1 FY27, up from 24% in FY26, with EV revenue growing 79.2% YoY in Q1 FY27 against 2W EV industry growth of 90%+.^[1]
EV wiring harness content per vehicle is 1.5x to 2.5x the ICE equivalent, as reported in Q1 FY27.^[1]
New EV cord set business awarded for the following year gives Dhoot approximately 40 - 45% share of the Indian market in that product line.^[1]

Key operating numbers

Capacity utilisation was 74.3% in FY26.^[1]
EBITDA margin was 15.1% in Q1 FY27, up 110 bps QoQ from 14.0% in Q4 FY26, but down from 17.5% in Q1 FY26, reflecting copper and commodity headwinds.^[1]
Copper accounts for 20 - 23% of bill of materials in Q1 FY27, making it the primary raw material cost driver.^[1]
Net debt stood at ₹220 crore at the end of Q1 FY27 (June 2026).^[1]

Customers and distribution

Multilink acquisition (control gained June 11, 2026) added Hero as a new OEM customer and brought two new product lines: fuel level sensors and relays.^[1]
Battery pack assembly supply commenced to a second large EV 2W OEM based in South India during Q1 FY27, with supplies running approximately one month of the quarter.^[1]

Expansion and capex

Capacity expansion of 15 - 20% is underway through plant expansions at Jhajjar and Hosur, funded by IPO proceeds, targeted for completion in FY27.^[1]
A 67:33 JV with Israeli firm Ride Vision is being formed to supply, localise and market ADAS systems for 2-wheelers in India; presentations to major 2W OEMs have been made.^[1]
Advanced-stage JV discussions for high-voltage passenger vehicle wiring harness are ongoing; details are expected to be disclosed at the Q2 FY27 earnings call.^[1]
An EV charging business for 4-wheelers and V2L adapters for 3W/4W vehicles are in the product pipeline with no announced target date.^[1]

Recent developments

Bain Capital infused equity in March 2026, enabling debt reduction; IPO proceeds received in August 2026 are expected to move the company to a net cash position.^[1]
Finance costs fell 34% YoY and 31.4% QoQ in Q1 FY27 following the March 2026 equity infusion and working capital optimisation.^[1]
Multilink contributed approximately 3% to Q1 FY27 consolidated revenue growth; full integration is targeted by end of Q3 FY27 or early Q4 FY27.^[1]

Market Cap

₹27,696 Cr

High / Low

₹1,739 / 1,131

Promoter holding

82.8%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials