The Defrail Technologies IPO will issue 18,60,800 shares, with a nominal value of ₹10 per share. Investors can start bidding from January 9, 2026. The bids can be made till January 13, 2026. Allotment of shares is anticipated to take place on January 14, 2026. Listing on the BSE SME is planned for January 16, 2026.
Investors may place bids within the ₹70 to ₹74 price band, with each lot made up of 1,600 shares. The minimum investment for retail applicants stands at 2 lots, amounting to ₹2,36,800. The sNII investors will place bids for at least 3 lots with ₹3,55,200, while the bNII category will have an outlay of ₹10,65,600 for 9 lots.
Defrail Technologies IPO Details
The following table presents the key details of the IPO:
| Particulars | Details |
| Bidding Opens | January 9, 2026 |
| Bidding Closes | January 13, 2026 |
| Face value | ₹10 per share |
| Price Band | ₹70 to ₹74 |
| Issue price | – |
| IPO Lot Size | 1,600 Shares |
| Offer for sale | – |
| Fresh issue | 18,60,800 shares (₹14 Crore) |
| Issue Type | Bookbuilding |
| Listing at | BSE SME |
| Total Issue | 18,60,800 shares (₹14 Crore) |
| Minimum Investment | ₹2,36,800 |
Defrail Technologies IPO Timeline
The important dates of the IPO are given below:
| Particulars | Details |
| Bidding Opens | January 9, 2026 |
| Bidding Closes | January 13, 2026 |
| Tentative Allotment | January 14, 2026 |
| Refund Initiation | January 15, 2026 |
| Demat Account Credit | January 15, 2026 |
| Listing Scheduled | January 16, 2026 |
| UPI Mandate Cut-off | – |
Defrail Technologies Key Performance Indicator
Given below are the Defrail Technologies’ key performance indicators (KPIs):
| KPIs | FY 2023 | FY 2024 | FY 2025 |
| ROE (%) | 45.72 | 67.81 | 73.72 |
| ROCE (%) | 23.68 | -2.52 | 24.43 |
| Debt Equity (times) | 1.48 | 2.66 | 1.27 |
| RoNW (%) | 45.72 | 67.81 | 73.72 |
| PAT Margin (%) | 14.70 | 5.49 | |
| EBITDA margin (%) | 6.36 | 19.86 | 9.29 |
| Price Book Value | – | – | 4.19 |
Defrail Technologies IPO Financials
The company’s major financial numbers are outlined below:
| Particulars (in ₹ lakh) | 2023 | 2024 | 2025 |
| Revenue | 71.72 | 6,222.08 | 3,908.49 |
| Total Asset | 121.71 | 3,391.36 | 3,722.40 |
| Profit | 10.54 | 341.82 | 150.63 |
Defrail Technologies India IPO Subscription Status
Subscription details of the IPO are shown in the table below:
| Day | NII | Individual Investor | Total |
| Day 1 | |||
| Day 2 | |||
| Day 3 |
Defrail Technologies IPO Grey Market Premium (GMP Today)
The GMP of Defrail Technologies IPO stands at ₹0 today, indicating a flat response from the market and no anticipated listing gains.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 06-01-2026 | ₹0 | ₹74 | 0% | Neutral |
| 05-01-2026 | ₹0 | ₹74 | 0% | Neutral |
Note: The GMP values are taken from unofficial market activity and can change with fluctuations in demand and subscription levels.
Defrail Technologies IPO Reservation
The shares are allocated across different investor categories in the following manner:
| Investor Category | Reservation |
| Market Maker Shares Offered | 94,400 (5.07%) |
| QIB Shares | 8,73,600 (46.95%) |
| NII (HNI) Shares | 2,68,800 (14.45%) |
| Retail Shares | 6,24,000 (33.53%) |
| Total Shares | 18,60,800 (100.00%) |
Defrail Technologies IPO Lot Size
Bids can be placed as per the given lot sizes:
| Investor Type | Lots | Shares | Amount |
| Retail Investors (Minimum) | 2 | 3,200 | ₹2,36,800 |
| Retail Investors (Maximum) | 2 | 3,200 | ₹2,36,800 |
| S-HNI (Minimum) | 3 | 4,800 | ₹3,55,200 |
| S-HNI (Maximum) | 8 | 12,800 | ₹9,47,200 |
| B-HNI (Minimum) | 9 | 14,400 | ₹10,65,600 |
Defrail Technologies IPO Anchor Investors Details
Information regarding the anchor investors in this IPO is presented in the table below:
| Particulars | Details |
| Anchor Bid Opens | January 08, 2026 |
| Offered Shares | 5,18,400 |
| Portion Size | Up to 60% of the QIB Portion |
| Lock-in of 50% shares for 30 days | February 13, 2026 |
| Lock-in of the remaining shares for 90 days | April 14, 2026 |
Defrail Technologies IPO Prospectus
Refer to the files below for more information on the IPO:
| Draft Red Herring Prospectus (DRHP) | |
| Red Herring Prospectus (RHP) | |
| Anchor Investors | – |
| Final Prospectus | Not Disclosed |
About Defrail Technologies
Defrail Technologies Limited was incorporated on October 9, 2023, and operates from Haryana. At the helm is Mr. Vivek Aggarwal, who serves as Managing Director and belongs to the promoter group, along with Ms. Ashi Aggarwal, Mr. Abhishek Aggarwal, and Mr. Dinesh Aggarwal. Together, they bring hands-on experience from the rubber manufacturing and industrial supply space.
The company manufactures industrial rubber hoses, moulded parts, and assemblies used across railways, automotive, and industrial applications. Operating in the industrial rubber components segment, it competes with peers such as Pentagon Rubber Limited and Gujarat Reclaim & Rubber Products Limited.
| Issue Registrar | Maashitla Securities Pvt. Ltd. |
| Lead Manager | NEXGEN Financial Solutions Pvt. Ltd. |
Defrail Technologies IPO Objectives
The funds raised will be allocated to the following objectives:
| Particulars | Amount (in ₹ lakh) |
| Purchase of equipment and machinery | 795.95 |
| Purchase and installation of solar panels | 173.25 |
| General Corporate Purposes | – |
Strength Of Defrail Technologies
The following factors support the company’s operations and growth:
1. Experienced Management
The promoter-led team brings long-standing industry experience, helping guide day-to-day decisions and future planning.
2. RDSO Approved Vendor Status
RDSO approval allows the company to supply to Indian Railways, adding credibility and access to a structured customer base.
3. Diversified Sector Reach
The company serves the railway, automotive, and defence segments. This spread helps smooth demand and lowers dependence on any single sector.
4. Strong Relationships
Ongoing relationships with customers and suppliers support steady operations. Reliable delivery and quality consistency have encouraged repeat business.
5. In-House Testing and R&D Centre
Internal testing and development help improve product performance and adapt to changing requirements.
Risk of Defrail Technologies
Investors should look out for these risks that can adversely affect the company’s performance:
1. Product Dependence
A large share of revenue comes from Rubber Hose and Assemblies. Any drop in demand, pricing pressure, or change in customer preference could affect revenues.
2. Auto Sector Exposure
A large share of business is tied to the Indian automobile market. Any slowdown, policy shift, or drop in vehicle demand may reduce orders.
3. Capacity Under-Utilisation
Manufacturing facilities are not fully utilised. If volumes do not increase as planned, operating efficiency and margins could remain under pressure.
4. Supplier Dependence
With procurement tied to a few suppliers, unexpected delays or revised terms could influence output and operations.
5. Power Dependence
Operations require an uninterrupted electricity supply. Power outages or higher tariffs may disrupt production and increase operating costs.
Defrail Technologies IPO Review
Defrail Technologies IPO is an SME issue with steady operations but clear concentration risks. Strong margins and rail exposure support the story, while flat GMP, capacity utilisation, and liquidity remain key watch points. Suitable only for investors comfortable with SME volatility and longer holding periods.
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Defrail Technologies IPO FAQ‘s
Defrail Technologies is launching a book-building SME IPO of approximately ₹14 crore, involving 18,60,800 shares, with listing on the BSE SME.
Applications can be placed through a broker or a trading platform. The payment can be completed using UPI or the ASBA facility, with bids submitted in the prescribed lot size during the bidding period.
The IPO offers exposure to a niche manufacturing business with rail approvals and improving margins. However, product concentration, sector dependence, and flat GMP suggest it suits long-term, risk-aware investors.
With the GMP currently at ₹0, no immediate listing gains are indicated. Returns will largely depend on business execution and growth after listing.
The Defrail Technologies IPO opens on January 9, 2026.
The lot size is 1,600 shares. Retail investors must apply for 2 lots (3,200 shares), requiring a minimum investment of ₹2,36,800 at the upper price band.
The allotment of shares will take place on January 14, 2026.
The listing is planned for January 16, 2026 on the BSE SME.
