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Defrail Technologies IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
Defrail Technologies Limited is engaged in the manufacturing and supply of specialized rubber-based components primarily used in the railway and infrastructure sector. The company earns revenue through the production and sale of engineered rubber products that improve safety, vibration control, and durability in rail operations. Its products are used in rolling stock, track systems, and allied infrastructure applications, supporting long-term rail asset performance.
Defrail Technologies, an Book Built Issue, amounting to ₹
13.77 Crore,consisting entirely an Fresh Issue of
0.19 crore shares of ₹
13.77 Crore.The subscription period for the Defrail Technologies IPO opens on January 09, 2026, and closes on January 13, 2026. The allotment is expected to be finalized on or about Wednesday, January 14, 2026., and the shares will be listed on the BSE & NSE with a tentative listing date set on or about Monday, January 19, 2026.
The Share Price Band of Defrail Technologies IPO is set at ₹70 to ₹74 per share per equity share. The Market Capitalisation of the Defrail Technologies at IPO price of ₹74 per equity share will be ₹
51.98 Crores. The lot size of the IPO is 1600 shares. Retail investors are required to invest a minimum of ₹
236,800, 2 lots ( 3200 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is
3 lots (
4800 shares), amounting to ₹
355,200.
NEXGEN FINANCIAL SOLUTIONS PRIVATE LIMITED, are the book running lead manager of the Defrail Technologies Ltd. while MAASHITLA SECURITIES PRIVATE LIMITED is the registrar for the issue, The Market Maker of the company is Nikunj Stock Brokers Ltd.
Defrail Technologies Limited IPO GMP Today
The Grey Market Premium of Defrail Technologies IPO is expected to be ₹0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Defrail Technologies Limited IPO Live Subscription Status Today: Real-Time Update
As of 10:30 AM on 14 January 2026, the Defrail Technologies IPO live subscription status shows that the IPO subscribed 105.54 times on its Final Day of subscription period. Check the Defrail Technologies IPO Live Subscription Status Today at BSE.
Defrail Technologies Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Defrail Technologies IPO allotment date is 14 January 2026, Wednesday, Defrail Technologies IPO Allotment will be out on 14 January 2026, Wednesday, Tuesday, and will be live on Registrar Website from the allotment date.
Maashitla Securities Private Limited IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Defrail Technologies IPO from the dropdown list of IPO
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Defrail Technologies Limited IPO
Defrail Technologies to utilise the Net Proceeds towards the following objects:
1. ₹795.95 Lakh is required for Capital Expenditure- Purchase of equipment/machineries
2. ₹173.25 Lakh is required for Capital Expenditure- Purchase and installation of Solar Panel at
3. General Corporate Purposes
Refer to Defrail Technologies Limited RHP for more details about the Company.
Defrail Technologies Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|---|---|---|---|
| January 05, 2026 | ₹ 74 | ₹ 74 | ₹0(0.0%) | 06 January 2026; 10:36 AM |
Defrail Technologies IPO Details
| Market Capitalization | ₹51.98 Cr. |
| IPO Date | January 09, 2026 to January 13, 2026 |
| Listing Date | January 19, 2026 |
| Face Value | ₹10 Per Share |
| Price Band | ₹70 to ₹74 |
| Issue Price | ₹74 per share |
| Employee Discount | NA |
| Lot Size | 1600 Equity Shares |
| Total Issue Size | 18,60,800 Equity Shares (aggregating to ₹13.77 Cr) |
| Fresh Issue | 18,60,800 Equity Shares (aggregating to ₹13.77 Cr) |
| Offer for Sale | NA |
| Issue Type | Book Built Issue |
| Listing At | BSE SME |
| Share holding pre issue | 51,63,620 |
| Share holding post issue | 70,24,420 |
| Rating | Avoid |
Defrail Technologies IPO Anchor Investors Details
| Bid Date | N/A |
| Shares Offered | N/A |
| Anchor Portion Size (In Cr.) | N/A |
| Anchor lock-in period end date for 50% shares (30 Days) | N/A |
| Anchor lock-in period end date for remaining shares (90 Days) | N/A |
Defrail Technologies IPO Timeline (Tentative Schedule)
| IPO Open Date | Fri, Jan 9, 2026 |
| IPO Close Date | Tue, Jan 13, 2026 |
| Basis of Allotment | Wed, Jan 14, 2026 |
| Initiation of Refunds | Thu, Jan 15, 2026 |
| Credit of Shares to Demat | Thu, Jan 15, 2026 |
| Listing Date | Mon, Jan 19, 2026 |
| Cut-off time for UPI mandate confirmation | Wed, Jan 14, 2026 |
Defrail Technologies IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 930,400 | Not less than 50% of the Net Offer |
| Non-Institutional Investor Portion | 279,120 | Not more than 15% of the Net Issue |
| Retail Shares Offered | 651,280 | Not more than 35% of the Net Offer |
| Market Maker Portion | 94,400 | - |
Defrail Technologies IPO Promoter Holding
| Share Holding Pre Issue | 100.00% |
| Share Holding Post Issue | 73.51% |
Defrail Technologies IPO Lot Size
| 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 IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 3,55,200 | 2,52,49,600 | 71.09x | 14 January 2026; 11:12 AM |
| Non Institutional Investors(NIIS) | 279,120 | 4,32,64,000 | 155.00x | 14 January 2026; 11:12 AM |
| Retail Individual Investors (RIIs) | 6,24,000 | 6,31,96,800 | 101.28x | 14 January 2026; 11:13 AM |
| Total | 12,48,000 | 13,17,10,400 | 105.54x | 14 January 2026; 11:13 AM |
About Defrail Technologies Limited
Defrail Technologies Limited is engaged in the manufacturing and supply of specialized rubber-based components primarily used in the railway and infrastructure sector. The company earns revenue through the production and sale of engineered rubber products that improve safety, vibration control, and durability in rail operations. Its products are used in rolling stock, track systems, and allied infrastructure applications, supporting long-term rail asset performance.
Key Clients & Manufacturing Facilities
The company caters mainly to Indian Railways and railway equipment manufacturers through B2B supply arrangements. Its manufacturing facilities are located in Faridabad, Haryana, equipped with in-house rubber processing, moulding, and testing infrastructure. These facilities support consistent quality, customization, and timely execution of bulk orders, enabling the company to meet stringent railway standards and delivery schedules.
Product Portfolio & Order Book Execution
Defrail Technologies’ product portfolio includes critical rubber components used across various stages of railway asset life cycles, from installation to long-term maintenance. These products reduce wear, vibration, and operational stress, extending the usable life of client assets. The company typically operates on confirmed purchase orders, executing segment-wise orders through planned production cycles aligned with client timelines.
Merger History, Capex & Expansion Plans
The company was formed through the acquisition of running businesses of “Impex Hitech Rubber” and “Vikas Rubber Industries” on a going concern basis in April 2024. The IPO proceeds are intended to support capacity expansion, working capital needs, and operational scaling. Future capex plans focus on improving manufacturing efficiency, expanding product range, and strengthening order execution capabilities.
Employees & Banker Details
As on November 30, 2025, the company had 298 employees. The Banker to the Company is Yes Bank Limited.
MANAGEMENT & VISION
The management team, led by experienced promoters from the rubber manufacturing background, focuses on sustainable growth, operational discipline, and long-term client relationships. Their near-term vision includes capacity utilization improvement and order book expansion, while long-term goals involve scaling within the railway and infrastructure ecosystem. Funding for expansion is planned through a mix of IPO proceeds, internal accruals, and disciplined financial management.
INDUSTRY OVERVIEW
Defrail Technologies operates within the railway components and infrastructure support industry, a segment driven by rising government investment in rail modernization and safety. India’s railway infrastructure market continues to grow steadily due to network expansion, rolling stock upgrades, and maintenance demand. Globally, railway component demand is supported by urbanization and public transport investments. The industry is characterized by steady growth, long-term contracts, and high entry barriers due to technical qualification requirements.
SECTION 4: KEY RISK FACTORS
- Customer Concentration Risk
A significant portion of revenue is linked to railway-related clients. Any slowdown in railway procurement or policy changes could impact order inflows and revenue stability. - Raw Material Price Volatility
The company depends on rubber and polymer inputs. Fluctuations in raw material prices may affect margins if cost increases cannot be passed on promptly. - Execution & Capacity Risk
Delays in order execution due to operational constraints or capacity limitations could impact client relationships and financial performance. - Regulatory & Compliance Risk
The railway sector is highly regulated. Any changes in technical standards, approvals, or compliance requirements may affect product acceptance. - Industry Cyclicality Risk
Infrastructure spending is subject to budgetary allocations and economic conditions, which may influence long-term demand cycles.
KEY STRENGTHS & OPPORTUNITIES
- Specialized Product Focus
The company operates in a niche segment of engineered rubber products for railways, creating technical entry barriers for new competitors. - Established Manufacturing Base
In-house manufacturing facilities enable quality control, customization, and reliable execution of railway-grade products. - Strong Promoter Experience
Promoters bring operational experience from legacy businesses, supporting continuity, technical know-how, and client trust. - Growing Railway Infrastructure Spend
Ongoing investments in rail safety, modernization, and expansion create sustained demand opportunities. - Scalable Business Model
With capacity expansion and product diversification, the company can scale revenues without proportionate increases in fixed costs. - Long Product Life Cycle Relevance
Products support asset longevity, ensuring repeat demand through maintenance and replacement cycles.
Defrail Technologies Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakhs)
| Period Ended | Sep 30, 2025 | Mar 31, 2025 | Mar 31, 2024 |
|---|---|---|---|
| Reserve of Surplus | 546.08 | 395.85 | 10.54 |
| Total Assets | 3,722.40 | 3,391.36 | 121.71 |
| Total Borrowings | 1,177.87 | 1,156.20 | 41.31 |
| Fixed Assets | 1,348.82 | 1,281.07 | 29.00 |
| Cash | 91.16 | 84.40 | 11.92 |
| Cash flow from operating activities | 136.72 | -164.13 | -5.39 |
| Cash flows from investing activities | -109.87 | -874.05 | -29.00 |
| Cash flow from financing activities | -20.08 | 1,110.68 | 46.31 |
| Net Borrowing | 1,086.71 | 1,071.80 | 29.39 |
| Revenue | 3,908.49 | 6,222.08 | 71.72 |
| EBITDA | 343.99 | 578.16 | 14.24 |
| PAT | 150.63 | 341.82 | 10.54 |
| PAT Margin | 3.85% | 5.49% | 14.70% |
| EPS | 2.92 | 6.62 | 21.09 |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | 6.62 |
| EPS Post IPO (Rs.) | 4.87 |
| Adjusted 12M EPS Post IPO (Rs.) | 4.29 |
| P/E Pre IPO | 11.18 |
| P/E Post IPO | 15.21 |
| Adjusted 12M P/E Post IPO | 17.25 |
| ROE | 73.72% |
| ROCE | 24.43% |
| P/BV | 4.19 |
| Debt/Equity | 1.27 |
| RoNW | 73.72% |
| EBITDA Margin | 9.29% |
| PAT Margin | 5.49% |
Defrail Technologies Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| Defrail Technologies | 4.87 | 15.21 | 73.72% | 24.43% | 4.19 | 1.27 | 73.72% |
| Pentagon Rubber | 0.82 | 86.59 | 8.76 % | 7.38 % | 17.75 | 0.88 | 1.95% |
| Grp | 6.36 | 265.72 | 17.4 % | 17.5 % | 77.67 | 1.12 | 1.73% |
Defrail Technologies Limited Contact Details
Defrail Technologies Limited
Phone: 0129 - 487 8760
Email: cs@defrailtech.com
Website: http://www.defrailtech.in
Defrail Technologies IPO Registrar and Lead Manager(s)
Maashitla Securities Private Limited
Phone: +91 011 - 45121795
Email: ipo@mashitla.com
Website: http://www.mashitla.com
NEXGEN FINANCIAL SOLUTIONS PRIVATE LIMITED
Phone: +91 1141407600
Email: ipo@nexgenfin.com
Website: http://www.nexgenfin.com
Defrail Technologies IPO Review
Defrail Technologies Limited is engaged in the manufacturing and supply of specialized rubber-based components primarily used in the railway and infrastructure sector. The company earns revenue through the production and sale of engineered rubber products that improve safety, vibration control, and durability in rail operations. Its products are used in rolling stock, track systems, and allied infrastructure applications, supporting long-term rail asset performance.
The Company is led by Promoter, i.e.,MR. VIVEK AGGARWAL, MR. ABHISHEK AGGARWAL, MS. ASHI AGGARWAL AND MR. DINESH AGGARWAL
The Revenues from operations for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 3,908.49 Lakh, ₹ 6,222.08 Lakh, ₹ 71.72 Lakh, and ₹ - Lakh, The EBITDA for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 343.99 Lakh, ₹ 578.16 Lakh, ₹ 14.24 Lakh, and ₹ - Lakh, The Profit after Tax for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 150.63 Lakh, ₹ 341.82 Lakh, ₹ 10.54 Lakh, and ₹ - Lakh, respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹ 6.62 and post-issue EPS of ₹ 4.87 for FY25. The pre-issue P/E ratio is 11.18x,while the post-issue P/E ratio is 15.21x against the Industry P/E ratio is NA The company's ROE for FY25 is 73.72% and RoNW is 73.72% The Annualised EPS is ₹ 4.29x and P/E is 17.25x. These metrics suggest that the IPO is Fully priced.
The Grey Market Premium (GMP) of Defrail Technologies showing listing gains of 0%.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Defrail Technologies
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About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
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