Dhoot Transmission Limited (DHOOTTRANS)

Dhoot Transmission released its Q2 FY27 earnings call transcript, highlighting a 60% YoY overall revenue growth aided by a 108% YoY surge in EV revenues. Pre-exceptional PAT rose 30% YoY to ₹162 crore, while reported EBITDA margin stood at 14.3% (organic adjusted at 15.2%). Following strong demand, management raised its FY27 revenue growth guidance from 30% to over 40% and elevated full-year capex guidance to ~₹750 crore (~17.7% of net worth), including adding five new plants over the next 12 months. Net cash and liquid balances stood strong at ₹900 crore after full IPO debt repayment.

• Annual FY27 revenue growth guidance revised upwards from 30% to over 40%
• Full-year capex guidance increased to ~₹750 crore with 5 new plants planned in the next 12 months
• Pre-exceptional PAT for Q2 rose 30% YoY to ₹162 crore; reported EBITDA margin at 14.3%
• EV segment revenue grew 108% YoY, contributing 31% of total sales compared to 24% in FY26
• Company holds net cash, bank, and FD balance of ₹900 crore after fully repaying targeted debt via IPO proceeds

Dhoot Transmission released its revised Q2 and H1 FY27 earnings presentation, correcting a typographical error on page 21. For Q2 FY27, revenue from operations grew 60.7% YoY to ₹1,827.2 crore (₹18,272 million), driven partly by the Multilink acquisition which contributed ₹161.5 crore. EBITDA for the quarter rose 30.5% YoY to ₹261.8 crore, although EBITDA margins contracted by 330 bps to 14.3%. Following ₹1,400 crore of IPO proceeds received in H1, the company paid down ₹617.4 crore of borrowings, shifting to a net cash position of ₹903.7 crore as of September 2026.

• Q2 FY27 revenue from operations grew 60.7% YoY to ₹18,272 million (₹1,827.2 crore)
• Q2 EBITDA increased 30.5% YoY to ₹2,618 million, with EBITDA margin at 14.3% (down 330 bps YoY)
• Reported PAT stood flat at ₹1,178 million (-0.3% YoY) impacted by ₹548 million exceptional items; Adjusted PAT grew 30.4% YoY to ₹1,615 million
• Borrowings reduced sharply from ₹8,414 million in March 2026 to ₹2,238 million in September 2026
• Net cash (excluding leases) stood at ₹9,037 million as of September 30, 2026, supported by ₹14,000 million gross IPO proceeds

Dhoot Transmission reported a 60.7% YoY surge in consolidated revenue from operations to ₹1,827.2 crore (₹18,272 million) for Q2 FY27, up 26.5% QoQ. Reported EBITDA increased 30.5% YoY to ₹261.8 crore, although EBITDA margins contracted by 330 bps YoY to 14.3% due to raw material lag and integration costs. Adjusted PAT grew 30.4% YoY to ₹161.5 crore, while reported PAT stood at ₹117.8 crore after ₹54.8 crore in exceptional items (management fees and IPO expenses). The company maintains a strong net cash and bank position of ₹903.7 crore following its August 2026 IPO debt repayment.

• Consolidated revenue up 60.7% YoY to ₹18,272 million (₹1,827.2 crore)
• Adjusted PAT rose 30.4% YoY to ₹1,615 million; reported PAT was ₹1,178 million after ₹548 million exceptional items
• EV-related supplies surged 108% YoY, contributing 31% of consolidated revenue
• Net cash and bank position stood at ₹9,037 million (excluding ₹1,487 million in lease debt)
• Newly acquired Multilink contributed ₹1,615 million in revenue and ₹168 million in EBITDA

Dhoot Transmission held its first post-listing earnings call for Q1 FY27, reporting strong operational momentum with overall revenue up nearly 50% YoY. EV segment revenue expanded by 79% YoY, now accounting for 27% of total revenue compared to 24% in the previous year. EBITDA margins improved 110 bps sequentially to 15%, with management providing a full-year margin guidance of 15%-16%. Management reiterated a full-year revenue growth outlook of 25%-30%, backed by a 15%-20% capacity expansion underway across its Jhajjar and Hosur plants.

• Overall revenue grew nearly 50% YoY, led by a 44.6% increase in wiring harness and 67.7% in non-wiring harness revenue
• EV segment revenue surged 79% YoY, reaching a 27% share of total revenue versus 24% last year
• EBITDA margins improved by 110 bps quarter-on-quarter to 15.0%, with full-year guidance pegged at 15%-16%
• Capacity expansion at Jhajjar and Hosur plants using IPO proceeds will add 15%-20% capacity in FY27
• Management guided for 25%-30% overall revenue growth in FY27

Dhoot Transmission reported a strong Q1 FY27 with consolidated revenue from operations surging 49.7% YoY to ₹14,464 million, driven by a 53.2% growth in its India business and a 79.2% increase in EV-related supplies (which now form 27% of consolidated revenue). EBITDA grew 29.0% YoY to ₹2,184 million, though EBITDA margin compressed by 250 bps YoY to 15.1% due to higher labour and raw material costs. Profit after tax (PAT) rose 37.8% YoY to ₹1,327 million, supported by a 34.0% reduction in finance costs following debt optimization from a prior equity infusion. The company also integrated Multilink into operations starting June 11, 2026.

• Revenue from operations grew 49.7% YoY to ₹14,464 million (vs ₹9,663 million in Q1 FY26)
• PAT increased 37.8% YoY to ₹1,327 million; EBITDA reached ₹2,184 million (up 29.0% YoY)
• EV-related supplies jumped 79.2% YoY, contributing 27% to total consolidated revenue
• Finance costs decreased 34.0% YoY to ₹155 million due to working capital debt reduction
• Gained control of Multilink on June 11, 2026, with integration targeted for completion by Q3/early Q4

Dhoot Transmission reported consolidated revenue from operations of ₹14,464.15 million for the quarter ended June 30, 2026, marking a 49.7% YoY expansion from ₹9,663.28 million in Q1 FY26. During the quarter, the company invested ₹4,991.14 million in subsidiary Dhoot Automotive Systems to execute a Business Transfer Agreement for acquiring the business undertaking of M/s Multilink. Subsequent to the quarter, the company listed on August 17, 2026, raising ₹14,000.00 million via a fresh issue at ₹871 per share, reducing BC Asia XV's holding to 42.84%. Exceptional advisory expenses of ₹20.00 million were recognized during the quarter.

• Consolidated revenue from operations rose 49.7% YoY to ₹14,464.15 million compared to ₹9,663.28 million in Q1 FY26
• Invested ₹4,991.14 million in wholly owned subsidiary Dhoot Automotive Systems for Multilink undertaking acquisition
• Completed IPO with ₹14,000.00 million fresh issue and ₹16,668.85 million OFS at ₹871 per share, listing on August 17, 2026
• Incurred ₹20.00 million in net exceptional strategic advisory expenses from Bain Capital during Q1

Dhoot Transmission Limited has acquired equity stakes in its two step-down subsidiaries, Dhoot Automotive Systems Private Limited (DASPL) and Dhoot Autocomponents Private Limited (DACPL), on August 28, 2026. The company invested Rs 125.00 crore in DASPL (increasing its direct stake from 38.14% to 42.98%) and Rs 85.26 crore in DACPL (acquiring a 9.99% direct stake). The proceeds from this aggregate Rs 210.26 crore cash infusion will be utilized toward the repayment or prepayment of outstanding borrowings at the subsidiary level as outlined in its August 12, 2026 prospectus.

• Invested Rs 125.00 Cr to acquire 5,02,800 shares of DASPL at Rs 2,486.15 per share, raising direct holding to 42.98%
• Invested Rs 85.26 Cr to acquire 1,110 shares of DACPL at Rs 7,68,066.89 per share, acquiring a 9.99% direct stake
• Capital infused will be deployed to repay/prepay outstanding borrowings at both subsidiaries to free up internal accruals for growth
• DASPL reported FY26 revenue of Rs 745.72 Cr (up from Rs 607.62 Cr in FY25), while DACPL posted FY26 revenue of Rs 682.81 Cr (up from Rs 464.78 Cr in FY25)

Dhoot Transmission Limited announced that CRISIL Ratings has upgraded its long-term bank facility rating from 'CRISIL AA-/Stable' to 'CRISIL AA/Stable'. The upgrade applies to total rated bank loan facilities of Rs 388.99 Crores. Simultaneously, CRISIL reaffirmed the company's short-term rating at 'CRISIL A1+'. The upgrade reflects improved creditworthiness and financial stability.

• Long-term rating upgraded from 'CRISIL AA-/Stable' to 'CRISIL AA/Stable'
• Short-term rating reaffirmed at 'CRISIL A1+'
• Total bank loan facilities rated stand at Rs 388.99 Crores
• Rating action communicated via CRISIL letter dated August 25, 2026