Defrail Technologies IPO was launched through the Book Built SME route by Defrail Technologies Limited. The public issue consisted entirely of a fresh issue of equity shares. Through the IPO, the company planned to raise capital for expanding its manufacturing capabilities, installing solar power infrastructure at its production facilities, purchasing plant and machinery, and meeting general corporate requirements. Following the completion of the public issue, the company’s equity shares were listed on the BSE SME platform.
Defrail Technologies Limited is engaged in the manufacturing of specialised rubber products and engineered rubber components used across industries such as railways, automotive, defence, industrial engineering, infrastructure, and heavy equipment. The company’s product portfolio includes rubber hoses, moulded rubber products, sealing solutions, rubber profiles, extrusion products, gaskets, and customised rubber components manufactured according to customer specifications.
The company operates integrated manufacturing facilities where various production processes, including rubber compounding, moulding, extrusion, finishing, quality inspection, testing, packaging, and dispatch, are carried out under controlled manufacturing conditions. Its focus on quality assurance and process consistency enables the company to supply products that meet technical and industry-specific requirements.
Defrail Technologies Limited continues to strengthen its manufacturing operations by investing in modern machinery, renewable energy infrastructure, production efficiency, and process improvements. The company also focuses on expanding its customer base, enhancing product quality, and improving operational capabilities to support sustainable long-term business growth.
India’s engineered rubber products industry continues to benefit from increasing investments in railways, defence manufacturing, automotive production, industrial infrastructure, and engineering projects. Rising demand for high-performance industrial components and government initiatives supporting domestic manufacturing are expected to create long-term growth opportunities for companies operating in this sector.
Since the IPO has already been completed and the company’s shares are listed on the stock exchange, investors should carefully evaluate the company’s financial performance, manufacturing capabilities, operational efficiency, customer diversification, valuation, and long-term business prospects before making any investment decision.
Defrail Technologies IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Defrail Technologies IPO |
| Company Name | Defrail Technologies Limited |
| IPO Type | Book Built Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹70 to ₹74 Per Share |
| Issue Size | ₹13.77 Crore |
| Fresh Issue | 18,60,800 Equity Shares |
| Offer for Sale | Nil |
| Total Issue Size | 18,60,800 Equity Shares (₹13.77 Crore) |
| IPO Open Date | 9 January 2026 |
| IPO Close Date | 13 January 2026 |
| Basis of Allotment | 14 January 2026 |
| Refund Initiation | 15 January 2026 |
| Shares Credited to Demat Account | 15 January 2026 |
| Listing Date | 16 January 2026 |
| Listing Exchange | BSE SME |
| Lot Size | 1,600 Equity Shares |
| Registrar | Maashitla Securities Private Limited |
| Book Running Lead Manager | Finshore Management Services Limited |
The IPO consisted entirely of a fresh issue of equity shares without any Offer for Sale by existing shareholders. The funds raised through the issue were intended to support capacity expansion, investment in manufacturing equipment, installation of solar power infrastructure, and general corporate purposes to strengthen the company’s future growth.
Defrail Technologies IPO Dates
The key events relating to the Defrail Technologies IPO are provided below.
| IPO Event | Date |
|---|---|
| IPO Opening Date | 9 January 2026 |
| IPO Closing Date | 13 January 2026 |
| Basis of Allotment | 14 January 2026 |
| Refund Initiation | 15 January 2026 |
| Shares Credited to Demat Account | 15 January 2026 |
| Listing Date | 16 January 2026 |
After the allotment process was completed, successful applicants received the allotted equity shares in their demat accounts before trading commenced on the BSE SME platform. Applicants who did not receive an allotment were issued refunds according to the prescribed IPO schedule.
Defrail Technologies IPO Reservation
The equity shares offered through the public issue were reserved for different categories of investors in accordance with the regulations applicable to SME public issues.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The final allocation under each investor category depended on the number of valid applications received during the subscription period and the applicable regulatory guidelines governing SME public issues.
Defrail Technologies IPO Lot Size
Applications for the IPO were accepted only in the prescribed lot size announced before the issue opened for subscription.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 1 Lot (1,600 Shares) | ₹1,18,400 |
| Retail Maximum | 2 Lots (3,200 Shares) | ₹2,36,800 |
| HNI Minimum | 3 Lots (4,800 Shares) | ₹3,55,200 |
The investment values shown above are calculated using the upper price band of ₹74 per equity share. Investors were required to submit IPO applications in multiples of the prescribed lot size.
About Defrail Technologies Limited
Defrail Technologies Limited is an Indian manufacturing company engaged in the production of specialised rubber components and engineered rubber products for industrial applications. The company manufactures a wide range of rubber-based products used across the railway, automotive, defence, engineering, infrastructure, and heavy industrial sectors. Its products are designed to provide durability, flexibility, sealing performance, vibration resistance, and reliability under demanding operating conditions.
The company operates integrated manufacturing facilities where every stage of production is carried out under structured quality control processes. Its operations include raw material procurement, rubber compounding, extrusion, moulding, vulcanisation, finishing, testing, quality inspection, packaging, and dispatch. This integrated production process enables the company to manufacture customised products that meet customer specifications and applicable industry standards.
Over the years, Defrail Technologies Limited has strengthened its manufacturing capabilities through investments in modern machinery, production technology, renewable energy initiatives, and process improvement. The company continues to focus on enhancing operational efficiency, expanding production capacity, improving product quality, and building long-term relationships with customers across multiple industries.
Business Operations
Defrail Technologies Limited operates across multiple manufacturing segments within the engineered rubber products industry.
- Rubber Hose Manufacturing – The company manufactures industrial rubber hoses and hose assemblies for engineering, automotive, and industrial applications.
- Moulded Rubber Products – It produces customised moulded rubber components for railway, automotive, defence, and industrial equipment manufacturers.
- Rubber Profiles and Extrusions – The company manufactures rubber profiles, strips, seals, and extrusion products used in infrastructure and industrial applications.
- Sealing Solutions – It supplies gaskets, sealing components, and rubber products designed for high-performance industrial environments.
- Customised Engineering Products – The company develops rubber components based on customer drawings, technical specifications, and specialised industrial requirements.
- Manufacturing and Processing – Production activities include rubber compounding, moulding, extrusion, curing, trimming, finishing, inspection, and packaging.
- Quality Testing and Inspection – Products undergo multiple stages of quality testing to ensure compliance with technical specifications and industry standards.
- Research and Product Development – The company continues to improve product performance through material development, process optimisation, and manufacturing innovation.
- Industrial Supply Solutions – The company supplies engineered rubber products to customers operating in railways, defence, engineering, automotive, and infrastructure sectors.
- Customer Support Services – Technical assistance, product development support, and after-sales services help strengthen long-term customer relationships.
Industry Overview
India’s engineered rubber products industry plays an important role in supporting sectors such as railways, automotive, defence, infrastructure, heavy engineering, manufacturing, and industrial equipment. Rubber components are widely used for sealing, vibration control, insulation, fluid transfer, and mechanical protection in various industrial applications.
Growing investments in railway modernisation, defence manufacturing, industrial expansion, automotive production, and infrastructure development continue to create long-term demand for specialised rubber products. Government initiatives promoting domestic manufacturing and industrial self-reliance are also expected to support future growth within the sector.
The industry is increasingly adopting advanced manufacturing technologies, automation, improved quality standards, and customised engineering solutions. Companies with integrated manufacturing facilities, diversified product portfolios, strong technical expertise, and consistent quality systems are well positioned to benefit from the continued growth of India’s industrial manufacturing ecosystem.
Business Strategy
Defrail Technologies Limited aims to strengthen its position in the engineered rubber products industry by expanding manufacturing capacity, improving production efficiency, and enhancing its portfolio of specialised rubber components. The company continues to invest in advanced manufacturing equipment, renewable energy infrastructure, quality management systems, and product development to improve operational performance.
The management also focuses on strengthening relationships with industrial customers, expanding its presence across railway, defence, automotive, and engineering sectors, improving manufacturing productivity, and maintaining high product quality standards. Continuous investment in technology, infrastructure, and skilled manpower remains a key element of the company’s long-term growth strategy.
By combining manufacturing expertise, modern production technology, quality-focused operations, and customised engineering solutions, Defrail Technologies Limited aims to strengthen its presence in the engineered rubber products industry while achieving sustainable long-term business growth.
Defrail Technologies IPO Financial Information
A company’s financial performance provides important insights into its revenue growth, profitability, operational efficiency, and financial stability. Reviewing financial statements over multiple financial years helps investors understand how effectively the company generates earnings, manages costs, and utilises capital. Financial performance should always be evaluated together with the company’s business model, industry outlook, competitive position, and long-term growth strategy before making an investment decision.
Defrail Technologies Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹43.26 Crore | ₹61.48 Crore | ₹82.91 Crore |
| Total Income | ₹43.81 Crore | ₹62.17 Crore | ₹83.68 Crore |
| EBITDA | ₹6.18 Crore | ₹9.41 Crore | ₹13.86 Crore |
| Profit Before Tax (PBT) | ₹4.32 Crore | ₹6.81 Crore | ₹10.12 Crore |
| Profit After Tax (PAT) | ₹3.21 Crore | ₹5.08 Crore | ₹7.58 Crore |
| Net Worth | ₹16.42 Crore | ₹21.67 Crore | ₹29.38 Crore |
| Total Borrowings | ₹8.64 Crore | ₹7.35 Crore | ₹6.21 Crore |
Defrail Technologies Limited has reported steady financial growth over the last three financial years. The company recorded consistent increases in revenue, profitability, and net worth while maintaining a controlled borrowing position. Investors should evaluate these financial results together with the company’s manufacturing capabilities, customer base, operational efficiency, and long-term business strategy before making an investment decision.
Defrail Technologies IPO Key Performance Indicators (KPIs)
Key financial ratios provide additional insight into the company’s profitability, capital efficiency, financial strength, and overall operating performance. These indicators help investors evaluate the company’s financial position and valuation.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 25.80% |
| Return on Capital Employed (ROCE) | 31.42% |
| Return on Net Worth (RONW) | 25.80% |
| EBITDA Margin | 16.54% |
| PAT Margin | 9.15% |
| Debt-to-Equity Ratio | 0.21 |
| Earnings Per Share (EPS) | ₹8.43 |
| Net Asset Value (NAV) Per Share | ₹32.64 |
| Price to Earnings (P/E) | 8.78x |
The financial ratios indicate healthy profitability, efficient utilisation of capital, and a balanced financial structure. Consistent earnings growth and manageable debt levels further strengthen the company’s financial profile. However, investors should analyse these indicators together with the company’s valuation, manufacturing capabilities, competitive environment, and future growth opportunities before making an investment decision.
Objects of the Defrail Technologies IPO
The company proposed to utilise the net proceeds from the fresh issue for the following purposes:
- Purchase of plant and machinery.
- Installation of solar power infrastructure at manufacturing facilities.
- Meeting general corporate purposes.
The proposed utilisation of the IPO proceeds is expected to strengthen manufacturing infrastructure, improve production efficiency, reduce energy costs through renewable power generation, and support future business expansion. These initiatives are intended to enhance the company’s operational capabilities while supporting sustainable long-term growth.
Defrail Technologies IPO Listing Performance
The listing performance reflects how the company’s shares performed on the stock exchange on the first day of trading after the IPO process was completed. While listing gains or discounts indicate initial market sentiment, long-term shareholder returns depend on the company’s financial performance, manufacturing capabilities, customer relationships, operational efficiency, and future business growth.
| Particular | Value |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | 16 January 2026 |
| Issue Price | ₹74 Per Share |
| Listing Price | ₹88.80 Per Share |
| Listing Gain | ₹14.80 Per Share |
| Listing Gain (%) | 20.00% |
Defrail Technologies Limited made a positive debut on the BSE SME platform by listing at a premium over its issue price. The listing reflected healthy investor participation during the IPO. However, the company’s long-term market performance will depend on its ability to expand manufacturing capacity, maintain profitability, improve operational efficiency, and strengthen its presence across the railway, automotive, defence, and industrial sectors.
Defrail Technologies IPO Subscription Status
The subscription figures indicate the level of investor participation during the IPO bidding period. Although strong subscription generally reflects favourable market sentiment, investors should also evaluate the company’s financial performance, valuation, manufacturing capabilities, and long-term business outlook before making an investment decision.
Defrail Technologies IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 42.87 Times |
| Non-Institutional Investors (NII) | 128.54 Times |
| Retail Individual Investors (RII) | 91.63 Times |
| Total Subscription | 81.46 Times |
The IPO received strong demand across all investor categories. The Non-Institutional Investor segment recorded the highest subscription, while Retail Individual Investors and Qualified Institutional Buyers also showed healthy participation. The overall subscription reflected broad investor interest in the company’s public issue.
Defrail Technologies IPO Review
Defrail Technologies Limited operates in the engineered rubber products industry by manufacturing specialised rubber components for railway, automotive, defence, engineering, infrastructure, and industrial applications. Its product portfolio includes rubber hoses, moulded rubber products, rubber profiles, sealing solutions, and customised components developed according to customer requirements.
The company follows an integrated manufacturing process covering raw material processing, compounding, moulding, extrusion, finishing, testing, quality inspection, and dispatch. Continuous investment in production technology, manufacturing infrastructure, and renewable energy initiatives supports operational efficiency and product quality.
From a financial perspective, the company has reported consistent growth in revenue, profitability, and net worth over recent financial years. The proposed utilisation of IPO proceeds towards purchasing plant and machinery, installing solar power infrastructure, and supporting general corporate purposes is expected to strengthen manufacturing capabilities and improve long-term operational efficiency.
However, investors should also consider factors such as fluctuations in raw material prices, dependence on industrial and infrastructure demand, customer concentration, increasing competition within the engineered rubber products industry, and changes in economic conditions before making an investment decision.
Overall, Defrail Technologies Limited operates in an industry supported by continued investment in railways, defence, infrastructure, automotive manufacturing, and industrial development. Investors should carefully evaluate the company’s financial performance, manufacturing capabilities, valuation, competitive position, and long-term growth prospects before considering an investment.
Defrail Technologies IPO Strengths
Defrail Technologies Limited has developed its business through specialised manufacturing capabilities, quality-focused operations, and a diversified customer base across multiple industrial sectors.
- Experienced manufacturer of engineered rubber products for industrial applications.
- Diversified product portfolio serving railway, defence, automotive, and engineering industries.
- Integrated manufacturing facilities with quality-focused production processes.
- Consistent growth in revenue and profitability over recent financial years.
- Investment in renewable energy infrastructure to improve operational efficiency.
- Benefits from increasing demand across infrastructure, transportation, and industrial manufacturing sectors.
Defrail Technologies IPO Risk Factors
Like other companies operating in the engineered rubber products industry, Defrail Technologies Limited faces several operational and industry-related risks that investors should carefully evaluate.
- Fluctuations in rubber and other raw material prices may affect operating margins.
- Dependence on railway, automotive, defence, and industrial sectors could influence future revenue growth.
- Increasing competition within the engineered rubber products industry may impact market share and profitability.
- Delays in customer orders or project execution may affect financial performance.
- Customer concentration could expose the company to revenue fluctuations if significant customers reduce procurement.
- Economic slowdowns or reduced industrial production may adversely impact business growth and profitability.
Defrail Technologies IPO Promoters
Defrail Technologies Limited is promoted by experienced professionals with expertise in rubber manufacturing, engineering, production management, and industrial operations. The promoters have played an important role in developing the company’s manufacturing infrastructure, expanding its product portfolio, strengthening customer relationships, and maintaining quality-focused operations. Their long-term objective is to support sustainable business growth through continuous investment in technology, operational efficiency, and product innovation.
Defrail Technologies IPO Promoters Details
| Promoter | Designation |
|---|---|
| Bhavin Ramanlal Patel | Promoter & Managing Director |
| Mital Bhavin Patel | Promoter & Director |
Defrail Technologies IPO Management Team
The company is managed by professionals with experience in manufacturing, finance, engineering, operations, quality management, and corporate compliance. The management team focuses on improving manufacturing efficiency, expanding production capabilities, maintaining product quality, and supporting long-term business growth.
| Name | Designation |
|---|---|
| Bhavin Ramanlal Patel | Managing Director |
| Mital Bhavin Patel | Director |
| Dhaval Patel | Chief Financial Officer |
| Pooja Shah | Company Secretary & Compliance Officer |
Defrail Technologies IPO Registrar Details
The registrar managed the IPO application process, finalised the basis of allotment, credited shares to successful applicants, initiated refunds where applicable, and handled investor-related services throughout the public issue.
| Particular | Details |
|---|---|
| Registrar Name | Maashitla Securities Private Limited |
| Website | https://www.maashitla.com |
| IPO Allotment Status | https://maashitla.com/allotment-status |
| Email ID | [email protected] |
| Contact Number | +91-33-4064 5405 |
Defrail Technologies IPO Lead Manager Details
The Book Running Lead Manager coordinated the IPO process, ensured regulatory compliance, managed issue-related activities, and assisted the company throughout the public offering and listing process.
| Particular | Details |
|---|---|
| Lead Manager | Finshore Management Services Limited |
| Website | https://www.finshoregroup.com |
| Email ID | [email protected] |
| Contact Number | +91-33-2282 9335 |
Defrail Technologies Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Defrail Technologies Limited |
| Registered Office | Ahmedabad, Gujarat, India |
| Website | https://defrailtech.in/ |
| Email ID | [email protected] |
How to Check Defrail Technologies IPO Allotment Status
Investors could check the IPO allotment status after the basis of allotment was finalised through the registrar’s website or the BSE IPO portal.
Through Maashitla Securities Private Limited
- Visit the official IPO allotment portal of Maashitla Securities Private Limited.
- Select Defrail Technologies IPO from the list of available IPOs.
- Choose any one of the available search options such as Application Number, PAN, or DP/Client ID.
- Enter the required details in the respective field.
- Click on Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Equity as the issue type.
- Choose Defrail Technologies IPO from the company list.
- Enter your Application Number or PAN Number.
- Complete the verification process.
- Click on Search to check your allotment status.
Frequently Asked Questions (FAQs)
What is the Defrail Technologies IPO?
Defrail Technologies IPO was a Book Built SME public issue consisting entirely of a fresh issue of equity shares.
What was the price band of the Defrail Technologies IPO?
The IPO was offered at a price band of ₹70 to ₹74 per equity share.
What was the issue size of the Defrail Technologies IPO?
The total issue size of the IPO was ₹13.77 Crore.
When did the Defrail Technologies IPO open and close?
The IPO opened for subscription on 9 January 2026 and closed on 13 January 2026.
On which stock exchange are Defrail Technologies shares listed?
The company’s equity shares are listed on the BSE SME platform.
Who was the registrar for the Defrail Technologies IPO?
Maashitla Securities Private Limited acted as the registrar to the issue.
Who was the Book Running Lead Manager for the Defrail Technologies IPO?
The IPO was managed by Finshore Management Services Limited as the Book Running Lead Manager.
What was the minimum lot size for the Defrail Technologies IPO?
The minimum application size was 1 lot comprising 1,600 equity shares.
What does Defrail Technologies Limited do?
The company manufactures specialised rubber components and engineered rubber products used across the railway, automotive, defence, engineering, infrastructure, and industrial sectors.
What were the objectives of the Defrail Technologies IPO?
The company proposed to utilise the IPO proceeds for purchasing plant and machinery, installing solar power infrastructure at its manufacturing facilities, and meeting general corporate purposes.
