Adroit Industries (India) is a vertically integrated manufacturer of propeller shafts (also known as drive shafts or cardan shafts) and other torque-transmission components. With over 40 years of operating experience, the company owns and operates all of its key manufacturing processes in-house, including forging, precision machining, heat treatment, assembly, balancing and testing. As of July 31, 2026, it has a product portfolio of over 5,000 SKUs of torque-transmission components and assemblies used in driveline systems. Adroit follows a B2B business model, and its products are sold primarily to distributors, Tier-1 driveline component suppliers and OEMs in India and overseas markets. Its product line includes precision machined torque transmission components and complete propeller shaft assemblies. The company also produces in-house forged products, which are mainly used as intermediate inputs in machining and assembly. Adroit's products are used across both automotive and non-automotive applications. The automotive segment accounted for 74.5% of revenue in FY26, with applications mainly in passenger vehicles and commercial vehicles. The remaining 25.4% came from non-automotive applications, including defence and emergency services, heavy equipment and off-highway machinery, industrial equipment and other torque-transmission applications. Exports form the bulk of Adroit's business. Revenue from outside India stood at ₹121.2 crore, or 95.3% of sales of products in FY26, compared with domestic revenue of ₹5.87 crore, or 4.6%. During FY26, the company supplied products to more than 32 countries across North America, Europe, Latin America, the Middle East, Africa and Asia-Pacific. Its key export markets include the United States of America, Colombia, Canada, Australia, Mexico, Turkey, Peru and the United Kingdom. The company sells its products through distributors, Tier-1 driveline component suppliers and directly to OEMs. In FY26, distributors contributed ₹79.38 crore, or 62.4% of product sales, while Tier-1 driveline component suppliers contributed ₹41.77 crore, or 32.86%. Direct sales to OEMs contributed ₹5.96 crore, or 4.68%. The top 5 customers accounted for ₹62.17 crore, or 48.91%, of revenue from the sale of products, while the top 10 customers contributed ₹77.36 crore, or 60.86%. The company operates three manufacturing facilities in Madhya Pradesh. The Dewas Facility, acquired in 1998, handles upstream manufacturing, including forging, and covers 15,095.50 sq.m of land. The Pithampur Facility, which became operational in 2020, focuses on downstream manufacturing and covers 27,535 sq.m. It is operated through the company's subsidiary, Adroit Driveshafts Private Limited. The Sanwer Facility covers 8,918.69 sq.m and handles select finishing operations. Capacity utilisation varies across Adroit's facilities. At the Sanwer Facility, machining capacity utilisation stood at 33.45% in FY26, with production of 28,430 Nos. against an effective capacity of 85,000 Nos. The Dewas Facility recorded 87.8% utilisation for die-making and forging, with production of 2,210 MT against an effective capacity of 2,515 MT. At Pithampur, machining and assembly capacity utilisation stood at 74.70%, with production of 672,324 Nos. against an effective capacity of 900,000 Nos. in FY26. Adroit has built a wide product portfolio across different torque-transmission components. As of July 31, 2026, the company offered more than 5,000 SKUs, including 1,355 SKUs of propeller shaft assemblies, 1,950 SKUs of yoke components, 450 SKUs of shaft components, 244 SKUs of flange components, 250 SKUs of joint components and 1,001 SKUs of other driveline components. The total number of SKUs increased from 3,821 in FY24 to 4,452 in FY25 and 5,250 in FY26. The company added 798 new SKUs during FY26. Adroit served 185 customers during FY26, of which 110 were repeat customers, representing 59.46% of total customers served. Repeat customers generated ₹114.72 crore, or 90.26% of revenue from the sale of products. Customers that had been associated with the company for more than three years contributed ₹91.40 crore, or 71.91% of revenue from the sale of products in FY26. The global propeller-shaft market expanded from USD 22 billion in 2020 to an estimated USD 32 billion in 2026 and is forecast to reach USD 39 billion by 2030, reflecting an estimated CAGR of approximately 6.00%. Growth is supported by automotive, industrial, emergency-services, off-highway and heavy-equipment demand. India’s propeller-shaft market increased from approximately USD 1.6 billion in 2020 to USD 2.3 billion in 2025 and is estimated at USD 2.5 billion in 2026E, before reaching USD 3.3 billion by 2030F. Propeller shafts transmit rotational torque from an engine or transmission to axles or other driven assemblies in vehicles and machinery. The industry operates through specialist manufacturers, distributors, Tier-1 suppliers and OEMs; vendor qualification may require 12–18 months or longer, including audits, testing, traceability and process-stability checks. Adroit participates across these channels and supports them through integrated forging, machining, heat-treatment, assembly and balancing capabilities. The company addresses applications across different industries and exports across North America, Europe, Latin America, the Middle East, Africa and Asia-Pacific. Its commercial-vehicle-oriented automotive offering and non-automotive product coverage provide exposure to industry’s demand pools. Now, Adroit Industries is launching its initial public offering (IPO), which consists of a fresh issue of ₹133 crore and an offer for sale of ₹18 crore. The total issue size of the IPO is ₹151.00 crore. Its shares will be listed on the NSE and BSE. ### **How to apply for Adroit Industries (India) IPO?** If you are interested in this investment opportunity but unsure how to apply for an Adroit Industries (India) IPO, follow these steps. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Adroit Industries (India) IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Adroit Industries (India) IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app