Defrail Technologies Limited
Bookbuilding IPO · BSE
- Price band
- ₹70 - ₹74
- Lot size
- 1,600 shares
- Issue amount
- ₹13.76 cr
- Total subscription
- 105.61×
- Opens
- 9 Jan 2026
- Closes
- 13 Jan 2026
- Allotment
- 14 Jan 2026
- Listing
- 19 Jan 2026
Offer at a glance
Issue overview
- Issue size
- 18,60,800 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,12,000
- Fresh issue
- ₹13.76 cr
- Offer for sale
- ₹0 cr
- Registrar
- Maashitla Securities Private Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,18,400
- Issue type
- Bookbuilding IPO
- Shares before issue
- 51,63,620
- Shares after issue
- 70,24,420
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 3,200 | ₹2,36,800 |
| sHNI | 3 | 4,800 | ₹3,55,200 |
| bHNI | 9 | 14,400 | ₹10,65,600 |
Share reservation
Subscription & GMP
Subscription by category
Reported 13 Jan 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 30 |
| NIB | 0 | 4,201 |
| RETAIL | 195 | 19,749 |
| HNIs(10L +) | 37 | 2,294 |
| HNIs (2-10L) | 19 | 1,907 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 2.63 | 186.85 |
| FIIs | 0 | 52.51 |
| Others | 0 | 134.3 |
| RETAIL | 4.62 | 467.66 |
| HNIs 2+ | 0.67 | 72.69 |
| HNIs 10+ | 1.31 | 248.17 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 2.92 | 6.62 | 21.09 |
| ROE | 0 | 0 | 0 |
| ROCE | 13.28 | 24.31 | 25.06 |
| RONW | 11.44 | 73.72 | 67.81 |
| PRE IPO(PE) | 0 | 11.18 | 0 |
| POST IPO(PE) | 17.25 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Pentagon Rubber Limited | 86.59 | 71.00 | 10.00 | 4.22 | 1.95 | 0.82 |
| Defrail Technologies Ltd | 0 | 0 | 10.00 | 20.36 | 11.76 | 2.96 |
| Gujrat Reclaim & Rubber Product Limited | 265.72 | 1690.00 | 10.00 | 36.14 | 1.73 | 6.36 |
Company information
Company profile
Defrail Technologies Limited, incorporated in October 2023, is engaged in the manufacturing of rubber parts and components such as rubber hoses and assemblies, rubber profiles and beadings, and moulded rubber parts used across automotive, railways, and defence sectors, offering both standard and customised solutions to meet client requirements. The company’s roots go back to 1980 with Vikas Rubber Industries, followed by Impex Hitech Rubber in 2008, and both businesses were consolidated into the present entity on April 1, 2024 through Business Transfer Agreements. Operating mainly on a B2B model and also serving B2G clients including Indian Railways and Defence, the company runs two manufacturing units in Faridabad, Haryana at Neemka, Tigaon Road, Sector 71 and Sector 24, equipped with advanced machinery to produce a wide range of products such as diesel and petroleum hoses, LPG hoses, nylon tubes, gaskets, grommets, air intake hoses, EPDM profiles, sponges, and aluminium window rubber beadings. The company is ISO 9001:2015 certified, registered on the Government e-Marketplace for public procurement, and had 298 permanent employees as of November 30, 2025.
Strengths
- Strong Legacy and Industry Experience – Backed by roots dating back to 1980 through its predecessor entities, the company benefits from decades of technical expertise, established manufacturing practices, and long-standing customer relationships across multiple industrial segments.
- Diversified Product Portfolio and End-User Segments – The company offers a wide range of rubber hoses, profiles, and moulded components with both standard and customised solutions, catering to automotive, railways, and defence sectors, which helps reduce dependence on any single industry.
- Robust Manufacturing Setup and Quality Compliance – Operating two advanced manufacturing units in Faridabad with modern machinery, supported by ISO 9001:2015 certification and Government e-Marketplace registration, the company ensures consistent quality, operational efficiency, and access to B2G opportunities.
Risk factors
- Limited Operating History as a Consolidated Entity – Although the business has a long legacy through predecessor firms, Defrail Technologies Limited was incorporated only in October 2023, and the consolidated structure has a relatively short standalone track record.
- Geographic Concentration of Manufacturing Facilities – All manufacturing units are located in Faridabad, Haryana, which may expose the company to operational disruptions, regional risks, or logistical challenges compared to companies with geographically diversified plants.
- Dependence on Industrial and Government Orders – A significant portion of revenue comes from B2B and B2G clients in sectors such as automotive, railways, and defence, making performance sensitive to industrial demand cycles, government procurement policies, and order execution timelines.
Promoters
Mr. Vivek Aggarwal
Mr. Abhishek Aggarwal
Ms. Ashi Aggarwal
Mr. Dinesh Aggarwal
Registrar & documents
Lead manager
NEXGEN Financial Solutions Private Limited
Registrar & contacts
Maashitla Securities Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Plot no 180, Sector 24, Sector 22, , Faridabad, Haryana, 121005
0129 - 487 8760
[email protected]Company website ↗Understanding DEFRAIL IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.