Defrail Technologies IPO
Bookbuilding IPO | ₹14.00 Cr | Listing at BSE SME
IPO Open
Fri, Jan 09, 2026
IPO Close
Tue, Jan 13, 2026
Price Band
₹70.00 to ₹74.00
Market Cap (Pre-IPO)
₹51.98 Cr
IPO Details
| IPO Date | Jan 09, 2026 to Jan 13, 2026 |
| Listing Date | Tentative: Jan 16, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹70.00 to ₹74.00 |
| Lot Size | 1600 Shares (Minimum: ₹118,400.00) |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Issue Size | ₹14.00 Crores |
| Total Shares Offered | 1,860,800 shares |
| Offer For Sale | 1,860,800 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 0.00x |
| NII | 0.88x |
| RII | 0.00x |
| Total | 0.80x |
Defrail Technologies IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 7,73,600 (41.57%) |
| Retail Shares Offered | 6,24,000 (33.53%) |
| NII Shares Offered | 2,68,800 (14.45%) |
Defrail Technologies IPO Lot Size
Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹236,800 |
| Retail (Max) | 2 | 3,200 | ₹236,800 |
| S-HNI (Min) | 3 | 4,800 | ₹355,200 |
| S-HNI (Max) | 8 | 12,800 | ₹947,200 |
| B-HNI (Min) | 9 | 14,400 | ₹1,065,600 |
Defrail Technologies Financial Information (Restated Consolidated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 37.22 | 33.91 | 1.22 |
| Total Income | 39.08 | 62.22 | 0.72 |
| Profit After Tax | 1.51 | 3.42 | 0.11 |
| EBITDA | 3.44 | 5.78 | 0.14 |
| NET Worth | 10.62 | 9.12 | 0.16 |
| Reserves and Surplus | 5.46 | 3.96 | 0.11 |
| Total Borrowing | 11.78 | 11.56 | 0.41 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 73.72% |
| ROCE (Return on Capital Employed) | 24.43% |
| Debt/Equity | 1.27 |
| RoNW (Return on Net Worth) | 73.72% |
| PAT Margin (Profit After Tax Margin) | 5.49% |
| EBITDA Margin | 9.29% |
| Price to Book Value | 4.19 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 4.19 | 4.29 |
| P/E (x) | 11.18 | 17.25 |
| Promoter Holding | 100.00% | 73.52% |
Company Promoters
- Mr. Vivek Aggarwal
- Mr. Abhishek Aggarwal
- Ms. Ashi Aggarwal
- and Mr. Dinesh Aggarwal are the promoters of the company.
Company Overview
Incorporated in October 2023, Defrail Technologies Limited is engaged in the business of manufacturing rubber parts and components, including rubber hoses and assemblies, rubber profiles and beadings, and moulded rubber parts. Its products find applications across industries such as automotive, railways, and defence, with the company offering clients both standard products and customised solutions tailored to their operational requirements.
Defrail Technologies traces its origins to 1980 with the establishment of Vikas Rubber Industries, followed by the formation of Impex Hitech Rubber in 2008 to serve B2B customers with expanded capabilities. On April 1, 2024, both businesses were consolidated into Defrail Technologies Limited through Business Transfer Agreements. The company primarily operates on a B2B model, supplying bulk orders to clients in the automotive sector, while also serving the B2G segment by delivering products directly to government authorities such as Indian Railways and the Defence.
The company operates two manufacturing plants in Faridabad, Haryana:
- Neemka, Tigaon Road, Sector 71 (2,420 sq. yards)
- Sector 24, Faridabad (4,833.33 sq. yards)
These facilities are equipped with advanced machinery enabling the production of a wide range of rubber products, including diesel and petroleum hose pipes, LPG hose pipes, nylon tubes, gaskets, grommets, air intake hoses, EPDM profiles, sponges, and aluminium window rubber beadings.
The company is ISO 9001:2015 certified for quality management systems. It is registered as a seller on the Government e-Marketplace (GeM), enabling participation in government procurement tenders and vendor contracts.
As of November 30, 2025, the company has 298 permanent employees.
Company Strengths
- The company has experienced management with strong knowledge of its industry and operations.
- The company is an RDSO-approved vendor, enabling it to supply products to the Indian Railways sector.
- The company offers a diversified product range that caters to multiple industries.
- The company maintains strong relationships with both customers and suppliers, which support stable, consistent business operations.
- The company has an in-house testing and research and development center, supporting product quality and innovation.
Use of Proceeds
| 1) | Purchase of equipment/machineries | 7.96 |
| 2) | Purchase and installation of Solar Panel | 1.73 |
| 3) | General Corporate Purposes |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Defrail Technologies IPO Peer Comparison
Defrail Technologies peer comparison with similar listed entities. (As on March 28, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Defrail Technologies Ltd. | 2.96 | 2.96 | 20.36 | - | 11.76 | - | - |
| Pentagon Rubber Limited | 0.82 | 0.82 | 4.22 | 86.59 | 1.95 | 17.75 | - |
| Grp Limited | 6.36 | 6.36 | 36.14 | 265.72 | 1.73 | 77.67 | - |
Quick Info
| Sector | Defrail Technologies |
| Exchange | BSE SME |
| Market Cap (Pre-IPO) | ₹51.98 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Jan 09, 2026 |
| IPO Close | Jan 13, 2026 |
| Allotment Date | Jan 14, 2026 |
| Credit to Demat | Jan 15, 2026 |
| Listing Date | Tentative: Jan 16, 2026 |
Lead Manager(s)
NEXGEN Financial Solutions Pvt. Ltd.
Registrar
Maashitla Securities Pvt.Ltd.
+91-11-45121795-96
Description
- Defrail Technologies IPO is a book build issue of ₹13.77 crores. The issue is entirely a fresh issue of 0.19 crore shares of ₹13.77 crore.
- Defrail Technologies IPO bidding opened for subscription on Jan 9, 2026 and will close on Jan 13, 2026. The allotment for the Defrail Technologies IPO is expected to be finalized on Jan 14, 2026. Defrail Technologies IPO will list on BSE SME with a tentative listing date fixed as Jan 16, 2026.
- Defrail Technologies IPO price band is set at ₹70 to ₹74 per share. The lot size for an application is 1,600. The minimum amount of investment required by an individual investor (retail) is ₹2,36,800 (3,200 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (4,800 shares), amounting to ₹3,55,200.