Dhoot Transmission Raises FY27 Growth Guidance to 40% Following 60% Q2 Revenue Surge

Key numbers

Pre-exceptional PAT	₹162 CrQ2 FY27
Market Cap	₹31,358.7 CrAutomobiles
EV Sales Mix	31%Up from 24% in FY26
Revised Capex	₹750 CrFY27 Projection

Key highlights

• Headline revenue grew 60% YoY, with organic growth estimated at 40-45% after copper price pass-through
• Electric Vehicle (EV) segment revenue jumped 108% YoY, now accounting for 31% of total sales
• Pre-exceptional Profit After Tax (PAT) reached ₹162 crore, marking a 30% increase over the previous year
• Full-year FY27 revenue growth guidance raised to more than 40%, up from the earlier 30% projection
• Capital expenditure guidance for the fiscal year increased to ₹750 crore to support five new plants
• Wiring harness business grew 44.6%, while non-wiring harness business surged 124% YoY

Strategic Guidance Revision Following Volume Expansion

Dhoot Transmission has significantly upgraded its performance outlook for the 2027 fiscal year, citing stronger-than-expected volume growth across its product verticals. Management raised its consolidated revenue growth guidance from an initial 30% to over 40% after witnessing a 60% headline revenue jump in the second quarter. While headline figures were aided by copper price pass-throughs, organic growth remained robust at approximately 45%.

This momentum is supported by the two-wheeler industry's 16% volume growth and a rapid shift toward electric mobility, where the company's revenue doubled during the period. Pre-exceptional PAT rose 30% to ₹162 crore, reflecting steady execution despite commodity price volatility.

Scaling Infrastructure for ₹750 Crore Capex Program

• Increased FY27 capex guidance to ₹750 crore to accommodate accelerated capacity requirements
• Allocation of ₹150-200 crore specifically for electronics and battery component manufacturing
• Commenced production at two new battery manufacturing plants located in South and West India
• New wiring harness facility at Chhatrapati Sambhajinagar is currently operating at full capacity
• Plans to move three additional wiring harness plants into operational status by mid-FY28
• Integration of Multilink facilities focused on automation to be finalized by April 30, 2027

Management on Growth Guidance Revison

On an overall basis, considering all positives, we revise our growth guidance for this year from 30% to more than 40%.

Multilink Integration and EV Market Penetration

The acquisition of Multilink contributed approximately ₹160 crore to the quarterly revenue, though it currently operates at dilutive EBITDA margins of 10-11% compared to the group's organic margin of 15.2%. Management expects these margins to align with the core business once automation and facility relocations are completed in early 2027. The EV segment remains a primary growth engine, with penetration reaching 31% of total sales, a significant increase from 24% in the prior fiscal year.

This scale is expected to continue as key customers guide toward a two-fold increase in EV volumes over the next 24 to 36 months, prompting Dhoot to build additional capacity in Pune, Chennai, and Jhajjar.

What to watch next

• Completion of Multilink facility automation and integration by April 30, 2027
• Operationalization of three new wiring harness facilities scheduled for the 2028 fiscal year
• Scaling of power train battery production for the new South India-based customer
• Updates on various business opportunities from the collaboration with Ride Vision

“We have revised this year's guidance from 30% to between 40% to 45% now. It may go beyond that but we want to be very conservative.”

“Our organic adjusted EBITDA margins remained consistent at 15.2%. Reported EBITDA margins, after considering 0.5% ESOP impact and Multilink consolidation, is 14.3%.”

Dhoot Transmission · financial snapshot

Share price	₹1532.6
Market capitalisation	₹31,358.70 Cr
Revenue (annual)	₹4,524.96 Cr
Net profit (annual)	₹396.65 Cr
Revenue (latest quarter)	₹1,446.42 Cr+13.24% vs previous quarter
Net profit (latest quarter)	₹132.66 Cr+39.28% vs previous quarter
Promoter holding	82.78%
FII holding	2.17%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.