Nomura initiates India's Dhoot Transmissions at 'buy'

Dhoot Transmission

15/10/2026 05:23

** Nomura initiates two- and three-wheeler wiring harness maker Dhoot Transmission DHOT.NS at "Buy" with PT of 1,800 rupees
** Shares up 2.2% at 1,504.1 rupees
** Brokerage says India EV demand at inflection point with rapid adoption expected over next decade
** Suppliers focused on localization and cost-reduction can emerge as winners; Dhoot's localization focus should sustain healthy margins despite normalizing labour costs
** Notes co holds ~70-80% wallet share in popular 2-wheeler EV models, demonstrating technology edge and market share gain potential 
** Expects Dhoot’s EV revenue share to rise from ~24% in FY26 to ~48% by FY29F, driven by addition of customers in the EV battery pack segment and volume rampup in 2-wheeler components
** Sees co delivering a revenue CAGR of 27% over FY26-29F
** Stock up 25.3% since debut on August 17
     
     

 (Reporting by Mridula Kumar in Bengaluru)
 ((Mridula.Kumar@thomsonreuters.com;))