Dhoot Transmission Ltd, a Top 2 player in India's two- and three-wheeler wiring harness market with 23 plants across India, the UK, Slovakia and Thailand, reports into a quarter where two-wheeler industry volumes ran at double-digit growth and EV penetration hit new highs. The print will speak to whether the 15%-16% EBITDA margin band survives record copper prices with a quarterly-lag pass-through, and how much the first full quarter of the Rs. 435 crore Multilink acquisition adds to the 25%-30% FY27 growth guidance.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,446.42 Cr (+49.7% YoY, +13.2% QoQ) |
| Previous quarter PAT | Rs. 132.67 Cr (+37.8% YoY) |
| Previous quarter EBITDA margin | 15.1% (-240 bps YoY, +110 bps QoQ) |
| Market cap | Rs. 31,747.41 Cr |
| CMP | Rs. 1,546.6 |
The board will meet on Tuesday, November 3, 2026, to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The trading window for designated persons remains shut until 48 hours after the results announcement, i.e., up to November 5, 2026.
The Q2 print tests whether Dhoot's 15%-16% FY27 EBITDA margin band can hold with LME copper at record levels — an all-time peak of $14,635/ton on September 8, 2026, still near $14,340/ton on October 20 — for a metal that is 20%-23% of the company's Bill of Materials. On the demand side, SIAM two-wheeler domestic dispatches summed to 6.43 million units in Q2 FY27, +15.2% YoY, with three-wheeler sales at 2.85 lakh, +23.6%, and e-2W retail penetration reaching 11.58% in September — a mix tailwind given EV harness content of 1.5x-2.5x ICE. Q2 is also Multilink's first full quarter of consolidation (control from June 11, 2026), stacking inorganic growth on top of an industry print that management itself notes benefits from a soft H1 base created by last year's September 22, 2025 GST reduction. Management's Q1 framing was that the immediate Q2 margin impact of the copper uptrend is not expected to be significant, with a noticeable impact anticipated in Q3 as prices stabilize — a framing that predated the September record run, making the lagged-repricing question sharper this quarter. The upcoming call is also where two promised disclosures fall due: the IPO proceeds utilization update and the passenger-vehicle HV harness JV update.
FY27 revenue and margin guidance tracking
Multilink integration and IPO-funded capacity
EV share and passenger-vehicle HV harness JV
Copper pass-through and margin bridge
Operating metric trajectory
Management said 'most of the copper inflation is already passed on' but prices are recovered from customers with a quarterly lag, and Rahul Dhoot noted 'whenever the raw material starts coming down, we should be doing better on the margin side.' Copper is about 20%-23% of the company's Bill of Materials cost.
IPO-funded expansion at the Jhajjar and Hosur plants is expected to add about 15%-20% to capacity this year (FY27). Management maintains roughly 75% utilisation year-round so customers can run at 100% efficiency during the 5-6 month Diwali season peak.
In Q1 FY27, wiring harness revenue was Rs. 1090 crores (up 44.6% YoY from Rs. 753 crores) and non-wiring harness revenue was Rs. 358 crores (up 67.7% YoY from Rs. 213 crores). The Multilink acquisition contributed approximately 3% to overall revenue growth.
Management has guided to 25%-30% consolidated revenue growth for FY27 and Q1 FY27 revenue grew 49.7% YoY to Rs. 1,446.42 Cr. Management noted the first half faces a soft comparison base due to last year's GST reduction.