As India prepares for dual listings, Dhoot Transmission and Molbio Diagnostics present contrasting prospects, with market sentiment favouring the auto parts maker for short-term gains while offering longer-term potential for the diagnostics firm.
Investors opening their books on Monday have two very different mainboard offerings to weigh up: Dhoot Transmission, an auto components maker, and Molbio Diagnostics, a healthcare technology company. India Today said the pair present a useful comparison for both short-term listing gains and longer-term prospects, with grey market sentiment currently leaning towards Dhoot. According to the report, Dhoot’s premium has held at about ₹259 a share, implying a potential gain of nearly 30%, while Molbio’s has eased to ₹122, pointing to a rise of around 15%. The grey market is an informal and unofficial gauge, but it often shapes early expectations.
The more recent filings suggest Dhoot is also the larger and more established business. Financial Express reported that the Bain Capital-backed company has already received approval from the Securities and Exchange Board of India for its proposed public issue, which is expected to raise about ₹2,258 crore through a mix of fresh shares and an offer for sale. Moneycontrol earlier said the draft structure included a fresh issue worth ₹1,400 crore and an offer for sale by promoter shareholders, with proceeds earmarked for debt reduction, subsidiary investments and new plants.
On operations, Dhoot has built a strong position in wiring harnesses and related electrical systems for vehicles, including parts for electric two-wheelers and three-wheelers. India Today said the company controls nearly 70% of that segment and ranks among the top two players overall. It also reported FY26 revenue of ₹4,524.9 crore and net profit of ₹396.8 crore, alongside a three-year revenue growth rate well ahead of the wider auto ancillary industry. Molbio, by contrast, operates in molecular diagnostics, with its portable Truenat platform used for rapid testing across a range of diseases and deployed in government health programmes and overseas markets. India Today said its FY26 revenue was ₹1,445.6 crore, with net profit of ₹164.1 crore.
Valuation also appears manageable in both cases, though each business carries distinct risks. India Today said Molbio is priced at a pre-IPO price-to-earnings ratio of 55.4 times, while Dhoot is valued at 41.4 times earnings, both broadly comparable with listed peers. The main concerns for Molbio are dependence on public procurement and aid-funded programmes, along with regulatory delays, while Dhoot faces customer concentration, raw material swings and the cyclical nature of the auto sector. For investors chasing only listing gains, Dhoot looks better placed at present; for those with a longer horizon, Molbio still offers exposure to a specialised diagnostics business with room to grow.
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