Dhoot Transmission Q2 FY27 Revenue Rises 61% to ₹1,827 Crore

Dhoot Transmission Limited reported consolidated revenue of ₹1,827.21 crore for Q2 FY27, up 61% year on year, supported by a 108% rise in electric-vehicle-related supplies that accounted for 31% of quarterly revenue. The company also raised its FY27 revenue-growth guidance to 40%-45% from 30%.

What did Dhoot Transmission report for Q2 FY27?

Dhoot Transmission's board approved unaudited standalone and consolidated results for the quarter ended September 30, 2026, on November 3, 2026. The company subsequently released its Q2 FY27 financial results and a revised investor presentation on November 4. Its earnings-call audio recording was also made available following the November 3 call.

Consolidated revenue was ₹1,827.21 crore in the quarter, compared with about ₹1,134.91 crore in the year-earlier period, based on the stated 61% growth rate. Reported EBITDA stood at ₹261.80 crore, with a margin of 14.3%. Adjusted profit after tax was ₹161.50 crore, an increase of 30.4% from a year earlier.

The detailed quarterly summary reported profit before exceptional items and tax of ₹211.62 crore. Exceptional items of ₹54.76 crore reduced profit for the period to ₹117.82 crore. The supplied materials also include a separate earnings snapshot that lists net profit at ₹13 crore, but do not provide a reconciliation with the detailed consolidated profit figures.

How did the quarter's revenue growth unfold?

The company's India business was the main source of growth, with revenue rising 65% year on year in Q2 FY27. Global business revenue increased 12% year on year. These figures indicate that domestic operations contributed more heavily to the consolidated expansion during the quarter.

Revenue also included the contribution of Multilink from June 10, 2026. Excluding Multilink, Q2 revenue rose 47% year on year to ₹1,665.60 crore and EBITDA increased 22% to ₹245 crore. On that basis, EBITDA margin was 14.7%, compared with 17.5% a year earlier.

For the first half of FY27, consolidated revenue increased 56% year on year to ₹3,273.62 crore. EBITDA for the half year was ₹480.20 crore at a 14.7% margin, while adjusted PAT rose 33% to ₹296.40 crore. Excluding Multilink, first-half revenue grew 47% to ₹3,085.10 crore and EBITDA rose 25% to ₹460.60 crore.

What drove Dhoot Transmission's Q2 FY27 performance?

Electric-vehicle-related supplies were a key contributor, rising 108% year on year to ₹570.10 crore and representing 31% of consolidated Q2 revenue. The company linked this growth to demand for core harnesses, electrification and electronics, alongside the Multilink consolidation.

The company supplies wiring harnesses and related automotive components, making vehicle production volumes, customer programmes and content per vehicle relevant to its revenue trajectory. Management's stated priorities include increasing EV and battery content, expanding commercial-vehicle, off-highway and farming applications, and developing products through in-house and partner capabilities.

The results also show a lower underlying EBITDA margin compared with the previous year when Multilink is excluded. Revenue growth was substantial, but the ex-Multilink margin of 14.7% was below 17.5% in Q2 FY26. This comparison is relevant because it separates acquired-business consolidation from the operating performance of the pre-existing business.

What has management said about FY27 growth and capital spending?

Management revised its FY27 revenue-growth guidance upward from 30% to a range of 40%-45%. Rahul Dhoot, Managing Director, said during the earnings call that the guidance had been revised to 40%-45% for the year.

The FY27 capital-expenditure budget shown in the presentation is ₹750 crore, although management indicated that spending could exceed the initially revised budget. The programme is intended to build wiring-harness capacity ahead of anticipated demand and supports the company's stated strategy of broadening EV, battery and global-business capabilities.

The planned commissioning schedule includes Chennai and a leased Pune wiring-harness site in Q3 FY27. Jhajjar is planned for commissioning in Q4 FY27 and Q2 FY28, while the Hosur facility is scheduled for Q1 FY28. These dates are company plans rather than completed capacity additions.

How do the results affect investors and industry operations?

For investors, the main reported data points are the 61% revenue increase, the 30.4% rise in adjusted PAT and the revised 40%-45% FY27 growth outlook. The stronger guidance follows first-half revenue growth of 56%, while the company has simultaneously outlined a substantial capacity-expansion programme.

The results also underline the increasing importance of EV-linked supplies in Dhoot Transmission's revenue mix. At 31% of Q2 revenue, EV supplies have become a material component of quarterly sales. However, the company did not disclose a share-price movement, order-book figure or customer-level production forecast in the supplied materials.

For operations, new sites in Chennai, Pune, Jhajjar and Hosur are intended to add wiring-harness capacity across FY27 to FY29. The execution of these projects, the pace of EV-related demand and the effect of expansion on margins will remain relevant operating factors, though the company has not given a specific margin target in the provided disclosures.

Conclusion

Dhoot Transmission delivered Q2 FY27 consolidated revenue of ₹1,827.21 crore and adjusted PAT of ₹161.50 crore, with India operations and EV-related supplies supporting growth. The results show both rapid sales expansion and a lower ex-Multilink EBITDA margin than the comparable prior-year quarter, making profitability trends as important as revenue growth.

Investors will next watch the commissioning of Chennai and leased Pune capacity in Q3 FY27, followed by the planned Jhajjar and Hosur facilities. Management's ability to deliver the revised 40%-45% FY27 revenue-growth guidance and execute capital expenditure expected to exceed the ₹750 crore budget will be central to subsequent updates.