Adroit Industries IPO Day 3: GMP at 28%, subscription reaches 18.07 times. Should you subscribe?

The Adroit Industries IPO entered its third and final day of bidding on Friday, September 25, with the issue attracting strong investor demand. The IPO has also been drawing attention in the grey market, with the latest Grey Market Premium (GMP) at 28%, up from 25% earlier, indicating expectations of a premium listing if the grey-market trend holds through the company’s market debut.

On the second day of bidding, the IPO was subscribed 18.07 times overall, with investors placing bids for the 78.72 lakh shares on offer. The retail portion was subscribed 7.24 times, against 39.36 lakh shares reserved for retail investors.

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


The IPO opened for subscription on September 23 and will close today, September 25, 2026. The basis of allotment is expected to be finalised on September 28, while the company’s shares are scheduled to list on both the NSE and BSE on September 30, 2026.

The company has fixed the IPO price band at Rs 126–Rs 134 per share. Investors can bid for a minimum of 111 shares, constituting one lot. At the upper price band of Rs 134, a retail investor would 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

The Adroit Industries IPO was subscribed 18.07 times overall on Day 2, with investors placing bids for shares against the 78.72 lakh shares available in the issue.

The Retail Individual Investors (RII) category saw strong demand, with the portion subscribed 23.43 times, compared with the 39.36 lakh shares reserved for the segment.

The Non-Institutional Investors (NII) category was subscribed 27.21 times, with bids coming in against the 16.87 lakh shares earmarked for the category.

Meanwhile, the Qualified Institutional Buyers (QIB) portion was subscribed 1.82 times, against the 22.49 lakh shares reserved for institutional investors.

Adroit Industries IPO GMP Today

In the grey market, the Adroit Industries IPO GMP is currently reported at Rs 37, implying a premium of around 28% over the upper IPO price band of Rs 134. Based on the prevailing GMP, the estimated listing price works out to around Rs 171 per share.

The Grey Market Premium (GMP) is an unofficial and unregulated market indicator and does not guarantee the actual listing price. GMP can fluctuate frequently depending on market sentiment, demand and other factors. The actual listing price may differ significantly from the GMP-based estimate. Investors should therefore consider the company’s fundamentals, valuation and other relevant factors rather than relying on GMP alone.

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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.

Adroit Industries 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.

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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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