Adroit Industries IPO Day 2: GMP at 25%, subscription reaches 5.18 times. Should you subscribe?

Adroit Industries’ IPO entered its second day of bidding on Thursday, September 24, with strong investor interest. The issue has also garnered attention in the grey market, where its GMP stands at 25%, indicating expectations of a substantial listing premium if the trend holds until the stock market debut.

On Day 1, the IPO was subscribed 5.18 times overall, with bids received for the 78.72 lakh shares on offer. The retail portion was subscribed 7.24 times, against 39.36 lakh shares reserved for the category.

The Rs 150.71-crore Adroit Industries IPO is a book-built issue comprising a fresh issue of 98.97 lakh shares worth Rs 132.62 crore and an offer for sale (OFS) of 13.50 lakh shares aggregating to Rs 18.09 crore.


The IPO opened for subscription on September 23 and will remain open until September 25, 2026. The allotment is expected to be finalised on September 28, while the company’s shares are scheduled to debut on both the NSE and BSE on September 30, 2026.

Read more: NSE IPO Tracker: Catch all the highlights here

The company has fixed the IPO price band at Rs 126-134 per share. Investors can bid for a minimum of 111 shares, representing one lot. At the upper price band of Rs 134, a retail investor will need to invest Rs 14,874 for one lot.

Choice Capital Advisors Pvt. Ltd is the book-running lead manager for the issue, while Bigshare Services Pvt. Ltd is the registrar.

Adroit Industries IPO Subscription Status

On Day 1, Adroit Industries’ IPO was subscribed 5.18 times overall, with investors bidding for shares against the 78.72 lakh shares on offer.

The Retail Individual Investors (RIIs) category was subscribed 7.24 times, against 39.36 lakh shares reserved for the segment.

The Non-Institutional Investors (NIIs) category witnessed 7.20 times subscription, against 16.87 lakh shares on offer.

Meanwhile, the Qualified Institutional Buyers (QIBs) category was subscribed 5%, against 22.49 lakh shares reserved for the segment.

Read more: Varmora Granito IPO Day 3: Check GMP, subscription status and key details. Should you subscribe?

Adroit Industries IPO GMP Today

Adroit Industries IPO is currently commanding a Grey Market Premium (GMP) of Rs 34, representing a premium of around 25% over the upper price band of Rs 134. Based on the current GMP, the estimated listing price is around Rs 168 per share.

GMP Note: Grey Market Premium is an unofficial market indicator and is not regulated or guaranteed. GMP can change frequently based on market sentiment and demand, and the actual listing price may differ from the estimated price. Investors should not consider GMP alone while making investment decisions.

Should you subscribe?

According to a research report by Master Capital Services, the global propeller shaft industry is projected to grow from USD 32 billion in 2026 to USD 39 billion by 2030, at a CAGR of around 6%. Growth is expected to be driven by rising vehicle production, increasing adoption of all-wheel and four-wheel drive systems, and demand from defence, heavy equipment and industrial applications. In India, the propeller shaft market is estimated at USD 2.5 billion in 2026 and is projected to reach around USD 3.3 billion by 2030, supported by higher vehicle production and the expanding automotive manufacturing ecosystem.

Against this backdrop, Adroit Industries (India) Ltd operates in the propeller shaft and torque-transmission components segment, with integrated capabilities spanning forging, machining, heat treatment, assembly, balancing and testing. Its vertically integrated manufacturing model allows the company to handle multiple production stages and cater to customer-specific requirements. Investors may consider the IPO from a long-term investment perspective.

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds of the Issue primarily towards capital expenditure and strengthening its manufacturing capabilities. Of the total estimated proceeds of Rs 87.98 crore, Rs 19.91 crore is proposed to be used for procuring machinery and equipment to enhance operations at the Dewas facility, along with transportation vehicles for movement of goods between manufacturing facilities.

Further, Rs 43.96 crore is proposed to be invested in the subsidiary, Adroit Driveshafts Private Limited, through debt, equity or a combination thereof, towards capital expenditure at its Pithampur facility and procurement of transportation vehicles. Another Rs 24.12 crore is proposed to be invested in the subsidiary towards repayment or prepayment of certain borrowings, with the balance allocated towards general corporate purposes.

Financial Performance

Adroit Industries (India) Ltd reported a 5% increase in total income, rising from Rs 137 crore in FY25 to Rs 143 crore in FY26. The growth reflects an improvement in the Company’s overall revenue performance during the year. Profitability improved at a faster pace, with profit after tax (PAT) increasing by 44% from Rs 18 crore in FY25 to Rs 26 crore in FY26. This indicates a stronger bottom-line performance during FY26.

About Adroit Industries (India) Ltd

Incorporated in January 1995, Adroit Industries (India) Limited is a vertically integrated manufacturer and supplier of propeller shafts and torque-transmission components for driveline systems. The Company offers over 5,000 SKUs, including precision-machined torque-transmission components, complete propeller shaft assemblies and forged components. Its integrated manufacturing capabilities span forging, precision machining, heat treatment, assembly, balancing and testing, enabling end-to-end control over production. The Company primarily serves commercial vehicles, along with SUVs, defence and emergency services, heavy equipment, off-highway machinery and industrial applications.

Adroit supplies its products through distributors, Tier-1 driveline component suppliers and directly to OEMs, catering to customer-specific technical requirements. It has a strong export presence across North America, Europe, Latin America, the Middle East, Africa and Asia-Pacific, with customers in more than 32 countries during Fiscal 2026. The Company is supported by its subsidiary, Adroit Driveshafts Private Limited, and together they had 367 permanent employees as of July 31, 2026.

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