Dhoot Transmission raises FY27 capex to about ₹750 crore

Dhoot Transmission Limited raised its financial year 2027 (FY27) capital-expenditure plan to about ₹750 crore, from ₹510 crore initially, after deploying ₹292.9 crore in the first half (H1) of FY27; it reported 29 existing plants in September 2026. The increase funds wiring-harness capacity scheduled from Q3 FY27 through Q2 FY28.

Why did Dhoot Transmission raise FY27 capex?

Dhoot Transmission raised FY27 capex by about ₹240 crore because management is adding core capacity ahead of customer demand, with a particular focus on wiring harnesses. The revised plan of about ₹750 crore is 47% above the initial ₹510 crore budget, while ₹292.9 crore had been deployed during H1 FY27.

The spending plan follows uneven annual investment levels. Capital expenditure rose from ₹272.4 crore in FY24 to ₹384.9 crore in FY25, then fell to ₹328.1 crore in FY26. H1 FY27 deployment of ₹292.9 crore was therefore close to FY26's full-year amount, before the company lifted its full-year FY27 budget.

Dhoot Transmission also reported a 110% addition to battery-manufacturing capacity in H1 FY27. Its presentation says new wiring-harness capacity will be spread over 2.5 years from FY27 to FY29, indicating that the revised FY27 allocation is part of a multi-year manufacturing programme rather than a single-site project.

How large is Dhoot Transmission’s plant network?

Dhoot Transmission had 29 existing plants in September 2026, compared with 22 operational plants as of 31 March 2026. The plant count was 20 in FY24, increased to 22 in FY25, and remained at 22 in FY26 before the company added facilities during the following six months.

The company says the increase from 22 to 29 included three Multilink facilities, two battery plants and two wiring-harness plants. Of the 29 existing sites, 26 are in India and three are outside India, according to the presentation.

Within India, Chhatrapati Sambhajinagar has nine plants and Hosur has seven, followed by Pune with three. Kanchipuram and Manesar each have two, while Mysore, Jhajjar and Pithampur each have one. Chhatrapati Sambhajinagar, Hosur and Pune consequently account for 19 of the 26 Indian plants listed by Dhoot Transmission.

Which Dhoot Transmission plants are scheduled to start next?

Dhoot Transmission lists five wiring-harness facilities under construction, with commissioning scheduled from Q3 FY27 to Q2 FY28. The planned sites are a leased Pune plant and a leased Chennai plant in Q3 FY27, followed by a leased Jhajjar plant in Q4 FY27.

The remaining two scheduled facilities are a Hosur wiring-harness plant in Q1 FY28 and an owned Jhajjar wiring-harness plant in Q2 FY28. Jhajjar therefore represents two separate additions, one leased and one owned, while Pune and Chennai are also leased facilities.

Dhoot Transmission has acquired land for two new plants at Chhatrapati Sambhajinagar and for another site near Indore. Management says construction near Indore is likely to start now, but the presentation does not give a commissioning date, product category or capital-cost figure for the Indore project or the two Chhatrapati Sambhajinagar sites.

How does the expansion fit Dhoot Transmission’s product mix?

Dhoot Transmission’s capacity programme supports a business where wiring harnesses remain the largest product line, but batteries, electronics and components are increasing their share. Wiring harnesses accounted for 69% of revenue in Q2 FY27, down from 77% in FY26 and 82% in FY24, while other products represented 31% in Q2 FY27 versus 23% in FY26.

The presentation attributes the increase in non-harness mix partly to the integration of Multilink, which had a full quarter of contribution in Q2 FY27. Dhoot Transmission acquired Multilink for sensors, relays and other electronic products, broadening the product base alongside the newly added facilities.

In H1 FY27, Dhoot Transmission’s harness revenue increased 43% year on year, compared with 20% growth in two-wheeler industry retail units. Its electric-vehicle volumes rose 91%, against 76% growth in industry electric two-wheeler retail volumes; the presentation notes that revenue and volume comparisons are indicative rather than like-for-like.

Electric vehicles accounted for 31% of consolidated revenue in Q2 FY27, up from 27% in Q1 FY27 and 24% in FY26. Dhoot Transmission lists low-voltage and high-voltage harnesses, charging guns and connectors, battery packs, switches, electronic control units, anti-lock braking system sensors and USB Type-C chargers as electric-scooter products already in production.

Conclusion

Dhoot Transmission is increasing FY27 capital expenditure to about ₹750 crore, or about ₹240 crore above the original budget, while expanding from 22 operational plants at 31 March 2026 to 29 existing plants in September 2026. The programme combines wiring-harness additions with battery capacity and Multilink facilities as the company’s revenue mix shifts beyond harnesses and electric vehicles contribute 31% of Q2 FY27 revenue.

The next disclosed milestones are the Pune and Chennai wiring-harness plants in Q3 FY27, the leased Jhajjar site in Q4 FY27, and the Hosur and owned Jhajjar plants in Q1 and Q2 FY28. Management has also identified land at Chhatrapati Sambhajinagar and near Indore, but timing, product scope and investment amounts for those projects remain undisclosed.