This week's IPO calendar is loaded with two compelling mainboard offers: Dhoot Transmission IPO opens on August 10 with a grey market premium of ₹235 (+27%), and Milky Mist Dairy Food IPO opens on August 11 with a GMP of ₹28 (+20%). Together, they are raising over ₹4,600 crore from the market. We break down both IPOs — their businesses, financials, risks, and whether you should apply.
Dhoot Transmission IPO Review 2026
About the Company
Dhoot Transmission Ltd. is India's largest manufacturer of wiring harnesses for two-wheelers and three-wheelers, commanding a 41% market share by value in the domestic 2W and 3W wiring harness segment as of FY26. Even more impressive is its dominance in the electric vehicle segment — the company holds nearly 70% market share in electric 2W and 3W wiring harnesses, giving it an almost monopolistic position in the fastest-growing segment of Indian automotive. The company supplies critical electrical distribution systems to India's top OEMs including Bajaj Auto, TVS Motor, Honda Motorcycle & Scooter India, and Royal Enfield. It operates 22 manufacturing facilities spread across India, the United Kingdom, Slovakia, and Thailand.
What makes the Dhoot Transmission story particularly compelling for 2026 investors is its EV transition. The company's EV-specific revenue has grown from just 8.05% of total revenue in FY23 to 25.2% in FY25 — nearly tripling its EV mix in two years. As India accelerates its two-wheeler EV adoption, Dhoot is positioned as a critical supplier to every major player in the space.
Want to see if institutional investors (FIIs and DIIs) have been increasing their stake in auto component companies? Check our Smart Money Tracker for institutional shareholding movement data.
Dhoot Transmission IPO Key Details
- Price Band: ₹829 – ₹871 per share
- Lot Size: 17 shares | Minimum Investment: ₹14,807
- Issue Size: ₹3,066.89 crore (Fresh Issue ₹1,400 Cr + OFS)
- IPO Open: August 10, 2026 | Close: August 12, 2026
- Allotment: August 13, 2026
- Listing: August 17, 2026 on NSE & BSE
- GMP Today: ₹235 (+27%) | Est. Listing: ₹1,106
Dhoot Transmission Financials
Dhoot Transmission has delivered consistent revenue growth over the past two years. In FY26, the company reported revenue of ₹4,563.70 crore, up 31% year-on-year from ₹3,472.24 crore in FY25. Profit after tax (PAT) stood at ₹396.84 crore in FY26, up 12% from ₹353.89 crore in FY25. Over a two-year period (FY24 to FY26), revenue has grown over 63% and PAT has risen roughly 33%, reflecting a business that is scaling steadily.
The fresh issue proceeds of ₹1,400 crore are earmarked primarily for capacity expansion and general corporate purposes, which should support continued revenue growth as EV demand ramps up.
Dhoot Transmission Strengths
- Market leader in 2W/3W wiring harness with blue-chip OEM relationships
- ~70% market share in electric 2W/3W wiring harnesses — near-monopoly in EV supply chain
- EV revenue tripled from 8% to 25.2% — well-positioned for India's EV decade
- Global manufacturing footprint: 22 plants across 4 countries
- Revenue CAGR of ~28% over FY24–FY26
- Strong GMP of ₹235 (+27%) signals healthy grey market demand
Dhoot Transmission Risks
- Revenue concentration: heavily dependent on top 4–5 OEM clients (Bajaj, TVS, Honda, Royal Enfield)
- OFS component means a portion of proceeds goes to existing shareholders, not the company
- Global operations add currency and geopolitical risk
- Auto sector cyclicality — any slowdown in 2W sales impacts Dhoot directly
Track live GMP and subscription status for Dhoot Transmission IPO on our GMP Tracker.
Source: IPOWatch — Dhoot Transmission IPO Details | SEBI UDRHP filed May 22, 2026.
Milky Mist Dairy Food IPO Review 2026
About the Company
Milky Mist Dairy Food Ltd. is a leading dairy brand headquartered in Tamil Nadu, known for its wide range of products including paneer, ghee, butter, curd, and dairy-based beverages. The company has built a strong distribution network across South India and is now expanding nationally. Its ₹1,553 crore IPO makes it the largest IPO ever by an Indian dairy company — a historic milestone for the sector.
The Indian dairy market is one of the largest in the world, and organised players like Milky Mist are gaining market share from the unorganised sector. With growing consumer preference for branded, packaged dairy products — especially post-COVID — Milky Mist is riding a structural tailwind.
Milky Mist IPO Key Details
- Price Band: ₹133 – ₹140 per share
- Lot Size: 107 shares | Minimum Investment: ₹14,980
- Issue Size: ₹1,553 crore
- IPO Open: August 11, 2026 | Close: August 13, 2026
- Allotment: August 14, 2026
- Listing: August 18, 2026 on NSE & BSE
- GMP Today: ₹28 (+20%) | Est. Listing: ₹168
Milky Mist Financials
Milky Mist Dairy Food delivered a strong financial performance in FY26. The company reported total revenue of ₹3,145.01 crore and a profit after tax (PAT) of ₹127.01 crore — a remarkable 142% jump year-on-year from ₹46.07 crore in FY25. EBITDA grew to ₹435.22 crore in FY26 (from ₹310.35 crore in FY25), reflecting strong operating leverage as value-added products like paneer and ghee gained traction. The IPO structure is largely investor-friendly: ₹1,428 crore is a fresh issue (92% of total raise), with only ₹125 crore as OFS — meaning the bulk of proceeds flow directly into business expansion.
At the upper price band of ₹140, the IPO implies a market cap of approximately ₹9,300 crore. Investors should compare this valuation against listed dairy peers such as Heritage Foods and Parag Milk Foods before applying for long-term positions.
Milky Mist Strengths
- Largest-ever IPO by an Indian dairy company — historic first, captures investor attention
- Strong brand presence in South India with national expansion underway
- Growing consumer preference for branded packaged dairy products
- Value-added product mix (paneer, ghee, butter) offers better margins vs commodity dairy
- GMP of ₹28 (+20%) reflects positive grey market sentiment
- 92% fresh issue (₹1,428 Cr of ₹1,553 Cr) — proceeds go into business, not promoter exits
- PAT surged 142% YoY to ₹127 Cr in FY26 — fastest profit growth among dairy IPOs this cycle
Milky Mist Risks
- Dairy sector is highly competitive — threat from Amul, Mother Dairy, and regional brands
- Raw material (milk) prices are volatile and impact margins significantly
- Regional concentration in South India — national expansion carries execution risk
- Perishable product nature requires robust cold chain infrastructure
- Post-IPO valuation needs careful comparison with listed dairy peers
Check allotment status for Milky Mist IPO on ipolyst.com after August 14.
Dhoot Transmission vs Milky Mist: Head-to-Head Comparison
Both IPOs offer very different investment profiles. Here is a quick comparison to help you decide:
- Issue Size: Dhoot ₹3,067 Cr (Fresh ₹1,400 Cr + OFS) vs Milky Mist ₹1,553 Cr (92% fresh issue ₹1,428 Cr)
- GMP: Dhoot ₹235 (+27%, Est. ₹1,106) vs Milky Mist ₹28 (+20%, Est. ₹168) — Dhoot offers higher absolute listing gain potential
- Minimum Investment: Dhoot ₹14,807 (17 shares) vs Milky Mist ₹14,980 (107 shares) — nearly identical
- Revenue FY26: Dhoot ₹4,564 Cr (+31% YoY) vs Milky Mist ₹3,145 Cr | PAT: Dhoot ₹397 Cr (+12%) vs Milky Mist ₹127 Cr (+142%)
- Market Share: Dhoot holds 41% of 2W/3W harness market + 70% in EV harnesses; Milky Mist is #1 dairy IPO by issue size
- Sector: Dhoot = Auto Components + EV supply chain; Milky Mist = Premium Dairy FMCG — different risk profiles
- Valuation: Dhoot ~56x P/E (premium justified by EV moat); Milky Mist ~73x P/E (high — requires sustained PAT growth)
- Listing Date: Dhoot on Aug 17; Milky Mist on Aug 18 — both list within a day of each other
- Listing Date: Dhoot on Aug 17; Milky Mist on Aug 18 — both within days of each other
How to Apply for Both IPOs
You can apply for both Dhoot Transmission and Milky Mist IPOs simultaneously. Their subscription windows overlap on August 11–12, 2026, so you can submit applications for both on the same day. Here is how:
- Step 1: Log in to your demat account (Zerodha, Upstox, Groww, Angel One, etc.)
- Step 2: Navigate to the IPO section and select the IPO you want to apply for
- Step 3: Enter lot quantity (minimum 1 lot) and bid at the cut-off price
- Step 4: Authorize via UPI or ASBA — funds get blocked, not debited until allotment
- Step 5: Repeat for the second IPO
- Step 6: Track allotment status on ipolyst.com/allotment from August 13–14
Valuation & Peer Comparison
Dhoot Transmission Valuation
At the upper price band of ₹871 and FY26 PAT of ₹396.84 crore, Dhoot Transmission is being offered at a Price-to-Earnings (P/E) ratio of approximately 56x on a trailing basis. This is a premium multiple for an auto-component manufacturer, but arguably justified given the 70% EV wiring harness market share and 31% revenue CAGR. Key listed peers to compare against include Samvardhana Motherson International (P/E ~35x), Suprajit Engineering (P/E ~30x), and Sona BLW Precision Forgings (P/E ~50x). Dhoot trades at a modest premium to Sona BLW — acceptable given its dominant market position in EVs.
Check live subscription data for Dhoot Transmission on our GMP Tracker to see institutional demand as a real-time valuation signal.
Milky Mist Valuation
At the upper price band of ₹140 and FY26 PAT of ₹127.01 crore, Milky Mist is being offered at a P/E of approximately 73x on a trailing basis. This is a steep multiple for a dairy FMCG company, especially considering that listed peers Heritage Foods trades at ~22x and Parag Milk Foods at ~28x. Bulls would argue the PAT growth of 142% YoY justifies a growth premium — but cautious investors should note that milk procurement costs can spike and compress margins in any given quarter.
Our Verdict
Dhoot Transmission IPO — Apply ✅
Dhoot Transmission is a fundamentally strong business with a clear EV growth runway, blue-chip OEM clients, and global manufacturing scale. The GMP of ₹235 (+27%) suggests the market expects a healthy listing above ₹1,100. For investors seeking exposure to India's auto components + EV supply chain, this is a well-positioned bet. We recommend applying.
Milky Mist IPO — Apply ✅ (Cautiously)
Milky Mist offers a decent listing opportunity with GMP at ₹28 (+20%). As India's largest dairy IPO ever, it has novelty and sector tailwinds working in its favour. However, the dairy sector faces stiff competition and margin pressure from raw milk costs. Apply for listing gains, but evaluate carefully before holding long-term.
Track both IPOs live — GMP, subscription status, and allotment — on our upcoming IPO tracker.
Disclaimer
This review is for informational purposes only and does not constitute financial advice. IPOLyst is not a SEBI-registered investment advisor. Grey market premium (GMP) is an unofficial indicator and does not guarantee actual listing prices. Please conduct your own due diligence and consult a SEBI-registered financial advisor before investing.