Defrail Technologies IPO
Defrail Technologies Limiteddefrailtech.in
- Price band
- ₹70 – ₹74
- Issue size
- ₹13.77 Cr
- Lot size
- 1600 sh
- Bidding
- 9 – 13 Jan
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 19 Jan 2026
No quote recorded
Market data to 23 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Defrail Technologies, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 1980 · Faridabad, Haryana · 298 employees
Defrail Technologies makes rubber parts for vehicles, railway rolling stock and defence equipment at two plants in Faridabad, Haryana, covering 7,253.33 square yards. Its range runs from air brake hose assemblies, radiator hoses and hydraulic hoses to rubber profiles, beadings, gaskets and moulded parts. Rubber hoses and assemblies are effectively the whole business: 96.80% of operating revenue in FY25 and 99.33% in the six months to 30 September 2025. Customers are vehicle makers and other manufacturers rather than consumers, with the automobile sector supplying 90.25% of FY25 revenue, railways 8.80% and defence 0.95%. The company is an RDSO-approved vendor, which lets it supply Indian Railways. It employed 298 people as on 30 November 2025.
Revenue comes from contract manufacturing of rubber components sold to industrial buyers, not consumers. Materials dominate the cost base: cost of materials consumed was Rs 4,229.13 lakhs in FY25 against Rs 6,220.93 lakhs of operating revenue, leaving an EBITDA margin of 9.29% in FY25, easing to 8.80% in the six months to 30 September 2025. Two concentrations shape the economics — a single customer supplied 83.91% of FY25 revenue and 81.65% in the six months to September 2025, while the top ten suppliers provide about 95% of raw material. Both Faridabad plants ran well under capacity in FY25, at 32.91% and 42.42%, so utilisation rather than installed capacity is the binding constraint.
The company on paper
- Legal name
- Defrail Technologies Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 9 Oct 2023trading as Defrail Technologies since 1980
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U30204HR2023PLC115548
- Sector
- Consumer Discretionary · Rubber hoses, profiles and moulded components for automotive, railway and defence equipment
- Employees
- 298
- Registered office
- Faridabad, Haryana
- Promoters
- Vivek Aggarwal, Abhishek Aggarwal, Ashi Aggarwal, Dinesh Aggarwal
- Promoter holding, pre-issue
- 99.0%
- Promoter holding, post-issue
- 72.8%
- Website
- defrailtech.in
The numbers
Financial performance
Revenue has compounded at 8540.3% a year across the 2 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹13.77 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹13.77 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 94,400
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 26.2% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹74.00
- Listed at
- ₹95.00
- Listing gain
- up 28.4%
- Since listing
- down 24.2%
- Against the issue price
- down 2.7%
Trading at ₹72.00 on 23 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 3,200
- At cut-off price
- ₹74.00
- Amount blocked
- ₹2,36,800
One lot is 1600 shares at ₹1,18,400. This issue requires a minimum of 2 lots, so the smallest application is ₹2,36,800. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~1.0%
chance of one lot, per application
- Retail subscription
- 101.28×
- Applicants per share available
- 101.3× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹95.00
listed at, 28.4% against the issue price
- Issue price
- ₹74.00
- Premium said
- —
- If allotted 1600 shares
- ₹33,600
Listing-day figures are as reported by the exchanges.
Our read
Easy to misread
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
Easy to miss in the prospectus
- FY24 is not a comparable base. Defrail was incorporated on 9 October 2023 and only acquired the two operating proprietorships under Business Transfer Agreements dated 1 April 2024, so FY24 revenue of Rs 0.72 Cr covers a near-dormant shell, not a smaller version of the FY25 business. The Prospectus states outright that FY25 and FY24 "cannot be directly compared". Growth read off this series is an artefact of the business transfer.
- FY24's 19.86% EBITDA margin, the highest in the series, sits on Rs 0.72 Cr of revenue in that same shell year and does not describe operating performance; the comparable figures are 9.29% in FY25 and 8.80% in H1 FY26.
- The third period is a six-month stub (ended 30 September 2025), not a year. Revenue of Rs 39.08 Cr and PAT of Rs 1.51 Cr should not be set against FY25's full-year Rs 62.21 Cr and Rs 3.42 Cr without annualising, and the Prospectus itself does not annualise them.
- EBITDA in this series is the Prospectus's own definition, "Profit before tax + Depreciation + Interest Expenses - other expenses", which is not the standard build-up and is not reconcilable to a conventional EBITDA from the published statements.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Nexgen Financial Solution Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Maashitla Securities Private Limited
How these figures were checked
Reconciled to Defrail Technologies's own prospectus and to exchange disclosures, then cross-checked against 5 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Defrail Technologies Limited — Prospectus dated January 2026 (BRLM Nexgen Financial Solution) · read 16 Oct 2026
- BSE cash-market bhavcopy, 19 January 2026 (scrip 544677, series MT) — ISIN, market lot, listing-day OHLC · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
Other issues worth reading next
Victory Electric Vehicles
Electric three-wheelers and two-wheelers — e-rickshaws, e-loaders and scooters
Listed 14 Jan 2026 · SME
- Price band
- ₹41
- Listing gain
- down 16.0%
- Score
- 61/100
Brandman Retail
Retail and distribution of premium international footwear, apparel and accessories
Listed 11 Feb 2026 · SME
- Price band
- ₹167 – ₹176
- Listing gain
- up 4.0%
- Score
- 88/100
Grover Jewells
Wholesale gold jewellery manufacturing, mainly machine-made gold chains
Listed 11 Feb 2026 · SME
- Price band
- ₹83 – ₹88
- Listing gain
- up 9.1%
- Score
- 73/100