Adroit Industries India - IPO Report

Adroit Industries, with over four decades of operating history, is a vertically integrated manufacturer of propeller shafts (drive/cardan shafts) and related torque-transmission components. Its in-house capabilities span forging, precision machining, heat treatment, assembly, balancing and testing, with 5,250 SKUs as of July 31, 2026, up from 3,821 in FY24.

Manufacturing is spread across three facilities in Madhya Pradesh: Dewas for die-making, forging and heat treatment; Pithampur for machining, assembly and balancing through subsidiary Adroit Driveshafts Pvt Ltd; and Sanwer for finishing. Its quality systems are certified under IATF 16949, ISO 9001, ISO 14001 and ISO 45001.

The business is export-led, with exports contributing 95.39% of FY26 revenue from sale of products across more than 32 countries. The US accounted for 53.76% of FY26 export sales, compared with 66.68% in FY25, while subsidiaries in Canada and the US support customer engagement across North America.

Products are sold through distributors, Tier-1 driveline suppliers and directly to OEMs, primarily for commercial vehicles, with applications spanning SUVs, defence, mining, off-highway and industrial equipment. Customers include Godrej & Boyce, BEML, VE Commercial Vehicles and Sandvik, while the top 10 customers contributed 60.86% of FY26 revenue.

The global propeller shaft market expanded from US$22 billion in 2020 to an estimated US$32 billion in 2026 and is forecast to reach US$3...