India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Dhoot Transmission Limited / Equity Bottom-Up

<ul>
<li>Dhoot Transmission opens its INR 3,066.89 crore IPO on August 10, 2026, priced at INR 829 to INR 871 a share, ahead of an August 17 listing.</li>
<li>The offer tests investor appetite for a debt-heavy, Bain Capital-backed 2W/3W wiring harness leader riding India's electrification wave.</li>
<li>Strong OEM moat and EV tailwinds are real, but concentrated customers and a debt clean-up-heavy use of proceeds warrant a closer read before subscribing.</li>
</ul>


Dhoot Transmission opens its INR 3,066.89 crore IPO on August 10, 2026, priced at INR 829 to INR 871 a share, ahead of an August 17 listing.
The offer tests investor appetite for a debt-heavy, Bain Capital-backed 2W/3W wiring harness leader riding India's electrification wave.
Strong OEM moat and EV tailwinds are real, but concentrated customers and a debt clean-up-heavy use of proceeds warrant a closer read before subscribing.


Dhoot Transmission IPO: India's 2nd Larget Wiring Champion!

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

Dhoot Transmission Limited / Equity Capital Markets

<ul>
<li>DTL leads the 2W/3W wiring harness segment (~41% overall share) and commands ~70% in EVs, structurally benefiting from 1.5–2.5x higher wiring content in electric platforms.</li>
<li>Bain Capital's backing and strategic global acquisitions enable expansion into higher-margin battery packs, sensors, and USB chargers, driving higher total content per vehicle.</li>
<li>Outperforming peers across growth, margins, and ROCE with a net cash balance sheet, DTL warrants a premium valuation, can it deliver more than just a listing pop?</li>
</ul>


DTL leads the 2W/3W wiring harness segment (~41% overall share) and commands ~70% in EVs, structurally benefiting from 1.5–2.5x higher wiring content in electric platforms.
Bain Capital's backing and strategic global acquisitions enable expansion into higher-margin battery packs, sensors, and USB chargers, driving higher total content per vehicle.
Outperforming peers across growth, margins, and ROCE with a net cash balance sheet, DTL warrants a premium valuation, can it deliver more than just a listing pop?


Dhoot Transmission - IPO Review - Can It Be the Next Motherson Sumi?

APAC IPOs & Placements, Aequitas Research

Kajal Jain

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dhoot-transmission-limited" target="_blank" data-smartkarma-citation="entities:50190:1" rel="noopener">Dhoot Transmission Limited (9770321Z IN)</a> (DTL) plans to raise around US$146m in its upcoming India IPO. The deal will be run by Axis, Kotak, Jefferies, Nomura, SBI Caps, 360 One.</li>
<li>DTL manufactures wiring harnesses and electrical distribution systems for internal combustion engine (ICE) vehicles and electric vehicles (EV).</li>
<li>As per CRISIL report, it was a leader in wiring harnesses for the electric 2W and 3W segments, with a market share of more than 70% in FY25. </li>
</ul>



Dhoot Transmission Limited (9770321Z IN) (DTL) plans to raise around US$146m in its upcoming India IPO. The deal will be run by Axis, Kotak, Jefferies, Nomura, SBI Caps, 360 One.
DTL manufactures wiring harnesses and electrical distribution systems for internal combustion engine (ICE) vehicles and electric vehicles (EV).
As per CRISIL report, it was a leader in wiring harnesses for the electric 2W and 3W segments, with a market share of more than 70% in FY25. 


Aequitas: Dhoot Transmission Pre-IPO Tearsheet

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/sbi-funds-management-ltd" target="_blank" data-smartkarma-citation="entities:48001:1" rel="noopener">SBI Funds Management</a> didn't deliver a blockbuster listing but managed to get the India ECM pipeline moving along.</li>
<li>Goverment of India too jumped on the ECM revivial in India to offload a large chunk of <a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance of India (LICI IN)</a>. </li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SBI Funds Management didn't deliver a blockbuster listing but managed to get the India ECM pipeline moving along.
Goverment of India too jumped on the ECM revivial in India to offload a large chunk of Life Insurance of India (LICI IN). 


Aequitas ECM Weekly (10 August 2026)- HK Trip Notes, Innolight, Shein, Manipal, Leap, LIC, Bizlink

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> kicked off the process for what will be the largest global IPO ever.</li>
<li>There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SpaceX (SPCX US) kicked off the process for what will be the largest global IPO ever.
There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.


Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

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Dhoot Transmission Limited (9770321Z IN)

Dhoot Transmission IPO: India's 2nd Larget Wiring Champion!

Dhoot Transmission's IPO offers investors a chance to bet on India's electrification wave, but caution is advised due to debt and customer...

Sudarshan Bhandari

Dhoot Transmission - IPO Review - Can It Be the Next Motherson Sumi?

DTL is a Tier-1 Auto ancillary supplying wiring harness to OEMs. It is a leader in e2W space and is expanding into higher-margin products with...

Himanshu Dugar

Aequitas: Dhoot Transmission Pre-IPO Tearsheet

Dhoot Transmission Ltd. (DTL) plans to raise around US$146m in its upcoming India IPO. The deal will be run by Axis, Kotak, Jefferies, Nomura, SBI...

Kajal Jain

Aequitas ECM Weekly (10 August 2026)- HK Trip Notes, Innolight, Shein, Manipal, Leap, LIC, Bizlink

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dhoot Transmission IPO: India's 2nd Larget Wiring Champion!

​Dhoot Transmission's IPO offers investors a chance to bet on India's electrification wave, but caution is advised due to debt and customer...

Sudarshan Bhandari

Dhoot Transmission - IPO Review - Can It Be the Next Motherson Sumi?

​DTL is a Tier-1 Auto ancillary supplying wiring harness to OEMs. It is a leader in e2W space and is expanding into higher-margin products with...

Himanshu Dugar

Aequitas: Dhoot Transmission Pre-IPO Tearsheet

Dhoot Transmission Ltd. (DTL) plans to raise around US$146m in its upcoming India IPO. The deal will be run by Axis, Kotak, Jefferies, Nomura, SBI...

Kajal Jain

Aequitas ECM Weekly (10 August 2026)- HK Trip Notes, Innolight, Shein, Manipal, Leap, LIC, Bizlink

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Dhoot Transmission's IPO offers investors a chance to bet on India's electrification wave, but caution is advised due to debt and customer...

DTL is a Tier-1 Auto ancillary supplying wiring harness to OEMs. It is a leader in e2W space and is expanding into higher-margin products with...