Adroit Industries (India) IPO subscribed 5.18 times on day 1

The offer received bids for 4.07 crore shares as against 78.72 lakh shares on offer.

The initial public offer (IPO) of Elevate Campuses was subscribed 5.18 times on the first day of bidding on 23 September 2026, according to stock exchange data at 17:00 IST. The issue received bids for 4,07,67,969 shares against 78,72,900 shares on offer.

The IPO Adroit Industries (India) opened for subscription on 23 September 2026 and will close on 25 September 2026. The price band has been fixed at Rs 126 to Rs 134 per share. The minimum bid is 111 shares. The equity shares are proposed to be listed on the BSE and NSE.

The IPO comprises a fresh issue of shares worth up to Rs 132.62 crore and an offer for sale of 13.50 lakh shares worth up to Rs 18.09 crore by Mukesh Sangla HUF.

On 22 September 2026, the company's board finalised allocation of 33.74 lakh shares to six anchor investors at Rs 134 per share. It allocated 7.46 lakh shares to Abakkus Venture Opportunities Fund.

The fresh issue proceeds will be used mainly for capital expenditure and debt repayment. Around Rs 19.90 crore will be used for machinery, equipment and a transport vehicle at the Dewas facility, while Rs 43.95 crore will be invested in subsidiary Adroit Driveshafts for machinery, equipment and a transport vehicle at its Pithampur facility. Another Rs 24.19 crore will be used to repay or prepay borrowings of Adroit Driveshafts, with the balance earmarked for general corporate purposes.

Adroit Industries is a vertically integrated manufacturer of propeller shafts, also known as drive shafts or cardan shafts, and other torque-transmission components used in driveline systems. As of 31 July 2026, the company offered 5,250 SKUs of torque-transmission components and assemblies.

The company supplies products to distributors, Tier-1 driveline component suppliers and original equipment manufacturers (OEMs). In FY26, distributors contributed 62.45% of revenue from product sales, followed by Tier-1 driveline component suppliers at 32.86% and OEMs at 4.68%. Automotive applications accounted for 74.54% of revenue, while non-automotive applications contributed 25.46%.

Adroit Industries exports its products to more than 32 countries across North America, Europe, Latin America, the Middle East, Africa and Asia-Pacific. Exports contributed 95.39% of revenue in FY26, with the US accounting for 53.76% of export sales.

The company operates three manufacturing facilities in Madhya Pradesh, located at Dewas Road in Indore, Pithampur in Dhar and Sanwer in Indore. The facilities undertake different stages of manufacturing, including forging, heat treatment, machining, assembly, balancing and finishing.

Adroit Industries plans to expand its manufacturing capacity at the Dewas and Pithampur facilities. The Dewas facility will add a forging press line with billet heating and automation systems, while the Pithampur facility will add CNC machining equipment, automated manufacturing cells and testing equipment.

Financially, net sales increased 5% to Rs 139.94 crore in FY26 from Rs 133.89 crore in FY25. Operating profit rose 25% to Rs 38.71 crore, while operating profit margin improved to 27.66% from 23.16%. Net profit increased 44% to Rs 26.13 crore from Rs 18.12 crore.

As of 31 July 2026, total outstanding borrowings stood at Rs 57.46 crore. Around 42% of the debt is proposed to be repaid from the IPO proceeds.

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