# Adroit Industries Limited: IPO analysis > Adroit Industries Limited (CIN U74999MH1995PLC084474) has filed a Prospectus with SEBI for an IPO comprising an offer for sale of 13.5 lakh shares, priced at ₹126.00 to ₹134.00 per share. In FY26 it reported revenue of ₹140 Cr (+4.5% on FY25) and a net profit of ₹26 Cr. Promoters hold 96.1% before the IPO. Our fact-check of its claims found 4 medium or high concerns across 63 claims checked. - Page: https://ipo.innerkore.com/company/U74999MH1995PLC084474/adroit-industries-limited/ - CIN: U74999MH1995PLC084474 - Last updated: 30 Sep 2026 ## Key facts - **Company:** Adroit Industries Limited - **CIN:** U74999MH1995PLC084474 - **Filing stage:** Prospectus - **Latest SEBI filing:** 30 Sep 2026 - **Offer for sale:** 13,50,000 shares - **Price band:** ₹126.00 to ₹134.00 per share - **Final offer price:** ₹134.00 per share - **Bidding opens:** 23 Sep 2026 - **Bidding closes:** 25 Sep 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹140 Cr - **Revenue growth:** +4.5% - **Net profit FY26:** ₹26 Cr - **Revenue CAGR FY24 to FY26:** 6.0% - **Promoter holding (pre-IPO):** 96.1% - **Lead managers:** Choice Capital Advisors Private Limited - **Registrar:** Bigshare Services Private Limited - **Fact-check flags:** 2 high, 2 medium, 4 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 17.9x P/E. At the top of the band, on FY26 profit; 3.6x book value. - **Growth** (concern): 6% a year. Sales FY24 to FY26; latest year +4.5%. - **Profitability** (looks fine): 18.7% net margin. FY26; operating margin improving. - **Debt** (looks fine): 0.41x equity. ₹52.4 crore borrowed at the end of FY26. - **Profit into cash** (looks fine): 112% of profit. Operations brought in ₹29.4 crore against ₹26.2 crore of profit in FY26. - **One-off income** (look closer): 9% of profit. Other and one-off income is 9% of pre-tax profit; management describes 4 one-off items. - **Where the money goes** (concern): All for sale. Entirely an offer for sale: the company receives nothing. - **Red flags** (concern): 4 to review. 63 claims checked: 2 high, 2 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 125 | 134 | 140 | | Sales growth | – | 7.5% | 4.5% | | Operating profit | 30 | 31 | 39 | | Operating margin | 23.8% | 23.2% | 27.7% | | Net profit | 15 | 18 | 26 | | Net margin | 11.7% | 13.6% | 18.7% | | Net worth | 88 | 103 | 129 | | Borrowings | 82 | 65 | 52 | | Return on equity | 16.6% | 17.5% | 20.3% | ## Non-recurring items (as described by management) - A bad debt write-off of ₹1.12 Crore pertaining to dues from an overseas customer that had been under financial distress and restructuring, with no recovery prospects was recognized during Fiscal 2026. (p.481) - The decrease in other expenses was primarily due to power and fuel expenses by ₹51.40 Lakh primarily due to the absence of certain non-recurring power infrastructure-related expenses incurred in Fiscal 2024. (p.484) - The decrease in other expenses was primarily due to legal and professional expenses by ₹33.70 Lakh primarily due to the absence of certain non-recurring professional consultancy fees incurred in Fiscal 2024. (p.484) - The decrease in other expenses was primarily due to factory expenses by ₹21.40 Lakh primarily due to the absence of certain non-recurring professional consultancy fees incurred in Fiscal 2024. (p.484) ## Use of proceeds (fresh issue) - Funding capital expenditure by our Company towards procurement of; (i) machinery and equipment for enhancement of operations at Dewas Facility; and (ii) transportation vehicle for local transportation of goods between the Manufacturing Facilities (“Proposed Capital Expenditure in the Company”): ₹20 crore - Investment in our Subsidiary, Adroit Driveshafts Private Limited, in the form of equity, for repayment or pre-payment, in full or in part, of certain borrowings availed by our Subsidiary (“Investment in Subsidiary for loan repayment”): ₹24 crore - General Corporate Purposes(1): ₹24 crore ## Fact-checked claims - **HIGH** (LitigationStatus): There are no pending litigation involving the Group Companies that would be considered to have a ‘material impact’ under the SEBI ICDR Regulations.. Search result [1] indicates that the promoter of Adroit Industries has faced five pending criminal matters disclosed in litigation against the promoters, which directly contradicts the claim that there are no pending litigation with a material impact. - **HIGH** (LitigationStatus): There are no outstanding actions including penalties or findings from regulatory authorities against the Promoters in the last five Financial Years.. Search result [1] directly contradicts the claim by stating that the promoter, Mukesh Sangla, is named in five pending criminal matters disclosed under litigation filed against Adroit Industries' promoters, which suggests outstanding legal actions. - **MEDIUM** (SubsidiaryPerformance): Entities listed include Ornate Impex Private Limited Company, Kozzby International Private Limited Company, and Signet Tradelinks Private Limited Company.. The search results confirm the existence and mention of 'Ornate Impex Private Limited' in relation to share prices and shareholding patterns. However, the search results do not explicitly confirm the listing or mention of 'Kozzby International Private Limited Company' or 'Signet Tradelinks Private Limited Company' as entities listed in the DRHP. - **MEDIUM** (SubsidiaryPerformance): Swan Irrigation LLP was incorporated under the Limited Liability Partnership Act 2008 with the Registrar of LLP, Madhya Pradesh, on March 14, 2018.. The search results mention Swan Irrigation LLP in the context of Adroit Industries IPO details and promoter holdings, but they do not explicitly state the exact incorporation date or the specific legislation under which it was incorporated as claimed in the DRHP. - **LOW** (LitigationStatus): A criminal revision petition was filed by Mukesh Sangla against the order of the Special Judicial Magistrate, challenging a penalty imposed under the Central Excise Act related to the wrongful availment of CENVAT credit.. One search result corroborates the claim by stating that Mukesh Sangla is named in five pending criminal matters disclosed under litigation against Adroit Industries' promoters. However, the search results do not specifically mention a criminal revision petition challenging a penalty under the Central Excise Act. - **LOW** (SubsidiaryPerformance): Prathmesh Vinimay Private Limited is listed as a company in which a director has held a position.. Search results indicate that Prathmesh Vinimay Private Limited is a listed entity, as shown in one result. Another result shows details related to Prathmesh Vinimay Private Limited in the context of financial information. However, the results do not explicitly state that a director has held a position in the company. - **LOW** (LitigationStatus): SEBI observation letter no. HO/49/11/11(284)2026-CFD-RAC-DIL4 dated August 07, 2026.. The search results do not directly corroborate or contradict the specific SEBI observation letter number mentioned in the claim. However, one result mentions that the promoter faces five pending criminal matters, which is related to litigation against the promoters, but this is not the same as the specific letter cited. - **LOW** (PromoterBackground): The company faces risks from pending proceedings which may adversely affect the reputation, business operations, financial condition, and results of operations.. One search result points to a listing for Adroit Industries (India) IPO, suggesting recent activity, but none of the other results directly confirm or deny pending proceedings mentioned in the DRHP claim. Other results discuss various legal and trading issues, which may or may not be related to the specific risk mentioned. - **NONE** (SubsidiaryPerformance): The registered office was shifted on September 30, 2023, from ‘1003, Meadows Building, Sahar Plaza Complex, JB Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India’ to ‘Gala No. 02, Building No. A-2, Ground Floor, Print World Industrial Complex, Survey No. 15/1, Mankoli Road, Vehele, Road, Shastrinagar, Bhiwandi, Thane – 421 302, Maharashtra, India’, for administrative convenience.. The provided search results do not contain any information regarding the shifting of the registered office for Adroit Industries Limited on September 30, 2023, as stated in the DRHP claim. The search results focus on financial performance, IPO details, and stock information. - **NONE** (SubsidiaryPerformance): The registered office was shifted on August 01, 2018, from ‘308, Acme Plaza, opposite Sangam Cinema, Andheri Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India’ to ‘1003, Meadows Building, Sahar Plaza Complex, JB Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India’, for administrative convenience.. The provided search results do not contain information regarding the specific details of the registered office shift mentioned in the DRHP claim. The search results focus on stock performance, financial figures, and IPO details rather than administrative office changes. - **NONE** (SubsidiaryPerformance): The registered office was shifted on August 20, 2010, from ‘429, Vithalbhai Patel Road, Mumbai – 400 004’ to ‘308, Acme Plaza, opposite Sangam Cinema, Andheri Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India’, for administrative convenience.. The provided search results do not contain any information regarding the shifting of the registered office address for Adroit Industries Limited on August 20, 2010, as stated in the DRHP claim. - **NONE** (PromoterBackground): The Competition Commission of India (CCI) has extra-territorial powers and can investigate agreements occurring outside of India if they have an appreciable adverse effect in India.. The provided search results do not contain information directly corroborating or contradicting the claim regarding the extra-territorial powers of the Competition Commission of India (CCI). The results mention various legal and financial proceedings but do not specifically address the CCI's jurisdiction in agreements occurring outside India. ## Common questions ### How big is the Adroit Industries Limited IPO? Adroit Industries Limited's IPO comprises an offer for sale of 13.5 lakh shares, according to its Prospectus. The price band was ₹126.00 to ₹134.00 per share and the final offer price was ₹134.00 per share. ### What are Adroit Industries Limited's revenue and profit? Adroit Industries Limited reported revenue from operations of ₹140 Cr in FY26, +4.5% versus FY25. Net profit was ₹26 Cr (FY25: ₹18 Cr). Revenue grew at a compound rate of 6.0% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there. ### How much do promoters own in Adroit Industries Limited? Promoters and the promoter group hold 96.1% of Adroit Industries Limited before the IPO. ### How will Adroit Industries Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding capital expenditure by our Company towards procurement of; (i) machinery and equipment for enhancement of operations at Dewas Facility; and (ii) transportation vehicle for local transportation of goods between the Manufacturing Facilities (“Proposed Capital Expenditure in the Company”) (₹20 Cr); Investment in our Subsidiary, Adroit Driveshafts Private Limited, in the form of equity, for repayment or pre-payment, in full or in part, of certain borrowings availed by our Subsidiary (“Investment in Subsidiary for loan repayment”) (₹24 Cr); General Corporate Purposes (₹24 Cr). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Adroit Industries Limited's Prospectus? We fact-checked 63 claims from the filing against the open web: 2 raised a high concern, 2 medium and 4 low. The most notable: Search result [1] indicates that the promoter of Adroit Industries has faced five pending criminal matters disclosed in litigation against the promoters,… Search result [1] directly contradicts the claim by stating that the promoter, Mukesh Sangla, is named in five pending criminal matters disclosed under… The search results confirm the existence and mention of 'Ornate Impex Private Limited' in relation to share prices and shareholding patterns. However, the… This is an automated screen, not a verdict; each finding links to its sources. ### What does Adroit Industries Limited do? Here’s a detail about Adroit Industries Limited that almost nobody notices: there are zero outstanding litigations reported against the group companies. That seems like a massive green flag, but what does that actually mean for their current market position? ### Who manages the Adroit Industries Limited IPO? Book running lead managers: Choice Capital Advisors Private Limited. Registrar to the offer: Bigshare Services Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Adroit Industries Limited IPO documents? All 3 filings for Adroit Industries Limited (RHP, Addendum, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Adroit Industries (India) Limited - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790770332754.pdf) (Prospectus, filed 30 Sep 2026) - [Adroit Industries Limited - RHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1789986760331.pdf) (Red Herring Prospectus, filed 21 Sep 2026) - [Adroit Industries Limited - RHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/Adroit%20Industries_p.pdf) (Addendum, filed 21 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.