Defrail Technologies IPO is a book-built issue with a total size of ₹13.77 crore. The entire issue consists of a fresh issue of equity shares, aiming to raise funds for the company’s business needs. The IPO opens for subscription on January 9, 2026, and will close on January 13, 2026.
The basis of allotment is expected to be finalised on January 14, 2026, and the shares are likely to be listed on BSE SME on January 16, 2026. The price band for the issue is set between ₹70 and ₹74 per share, offering investors an entry at different levels.
The minimum application size is 1,600 shares, making the minimum investment for retail investors ₹2,36,800 at the upper band. For HNI investors, the minimum lot size is 3 lots, equivalent to 4,800 shares, amounting to ₹3,55,200.
NEXGEN Financial Solutions Private Limited is acting as the book running lead manager, while Maashitla Securities Private Limited has been appointed as the registrar to the issue. Nikunj Stock Brokers Limited is serving as the market maker for this IPO.
Defrail Technologies IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funds will be used for purchase of equipment/machineries.
- Investment will go into purchase and installation of Solar Panel.
- Remaining funds will be used for general corporate purposes.
About Defrail Technologies Limited
Incorporated in October 2023, Defrail Technologies Limited is engaged in the manufacturing of rubber parts and components, including rubber hoses and assemblies, rubber profiles and beadings, and moulded rubber parts. Its products are used across multiple industries such as automotive, railways, and defence. The company offers both standard products and customised solutions tailored to clients’ specific operational requirements.
The origins of Defrail Technologies date back to 1980 with the establishment of Vikas Rubber Industries, followed by the incorporation of Impex Hitech Rubber in 2008 to cater to B2B customers with enhanced capabilities. On April 1, 2024, both entities were consolidated into Defrail Technologies Limited through Business Transfer Agreements. The company primarily operates under a B2B model, supplying bulk orders to automotive sector clients, while also serving the B2G segment by supplying products directly to government authorities, including Indian Railways and the Defence sector.
Defrail Technologies Limited operates two manufacturing facilities in Faridabad, Haryana, located at Neemka, Tigaon Road, Sector 71 (2,420 sq. yards) and Sector 24, Faridabad (4,833.33 sq. yards). These facilities are equipped with advanced machinery that supports the production of a wide range of rubber products, such as diesel and petroleum hose pipes, LPG hose pipes, nylon tubes, gaskets, grommets, air intake hoses, EPDM profiles, sponges, and aluminium window rubber beadings.
The company is certified under ISO 9001:2015 for its quality management systems and is registered as a seller on the Government e-Marketplace (GeM), enabling participation in government procurement tenders and vendor contracts. As of November 30, 2025, the company employs 298 permanent personnel.
Industry Outlook
- South Asia’s economic growth is projected to moderate to 5.8% in 2025 due to rising global trade barriers, which are expected to restrict exports, weaken business sentiment, and reduce investment activity across the region.
- Regional growth is expected to strengthen in the medium term, averaging 6.2% during 2026–27, supported by improved performance in India and a gradual recovery in other South Asian economies, broadly aligning with potential growth levels.
- Despite the growth outlook, employment generation is likely to remain insufficient to absorb the expanding working-age population in several countries, while continued emigration of skilled workers in some economies reflects limited domestic job opportunities.
- Excluding India, South Asia’s growth is expected to remain relatively subdued at 3.6% in 2025 and average 4.4% during 2026–27, reflecting weaker performance in several key regional economies and downward revisions to earlier forecasts.
- The outlook remains sensitive to global trade policies, with existing tariff measures assumed to remain unchanged; continued trade restrictions pose risks to export growth, manufacturing activity, and investment flows.
- India is expected to retain its position as the fastest-growing large economy, with growth of 6.3% in FY2025–26, although softer export demand and easing investment momentum have led to downward revisions, with a rebound anticipated in subsequent years.
- Other South Asian economies such as Bangladesh and Pakistan are projected to experience gradual growth improvement, supported by political stability, reform initiatives, remittance inflows, and moderating inflation, even as export growth faces headwinds from weak external demand.
How To Apply for the Defrail Technologies IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Defrail Technologies IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Defrail Technologies IPO?
- Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Defrail Technologies Limited
Registered office: Plot no 180, Sector 24, Faridabad Sector 22, Faridabad, Haryana, India, 121005
Phone: 0129 - 487 8760
E-mail:cs@defrailtech.com
Defrail Technologies IPO Reservation
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 94,400 (5.07%) |
| QIB Shares Offered | 8,73,600 (46.95%) |
| − Anchor Investor Shares Offered | 5,18,400 (27.86%) |
| − QIB (Ex. Anchor) Shares Offered | 3,55,200 (19.09%) |
| NII (HNI) Shares Offered | 2,68,800 (14.45%) |
| − bNII > ₹10L | 1,77,600 (9.54%) |
| − sNII < ₹10L | 91,200 (4.90%) |
| Retail Shares Offered | 6,24,000 (33.53%) |
| Total Shares Offered | 18,60,800 (100.00%) |
Defrail Technologies IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,36,800 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,36,800 |
| S-HNI (Min) | 3 | 4,800 | ₹3,55,200 |
| S-HNI (Max) | 8 | 12,800 | ₹9,47,200 |
| B-HNI (Min) | 9 | 14,400 | ₹10,65,600 |
Defrail Technologies IPO Anchor Investors Details
| Bid Date | Thu, Jan 8, 2026 |
| Shares Offered | 5,18,400 |
| Anchor Portion (₹ Cr.) | 3.84 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, Feb 13, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, Apr 14, 2026 |
Defrail Technologies IPO Promoter Holding
The promoters of the company include Mr. Vivek Aggarwal, Mr. Abhishek Aggarwal, Ms. Ashi Aggarwal, and Mr. Dinesh Aggarwal.
| Share Holding Pre-Issue | 100% |
| Share Holding Post Issue | 73.52% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Defrail Technologies IPO
| KPI | Values |
| ROE | 73.72% |
| ROCE | 24.43% |
| Debt/Equity | 1.27 |
| RoNW | 73.72% |
Defrail Technologies IPO Lead Manager
- NEXGEN Financial Solutions Private Limited
Registrar for Defrail Technologies IPO
- Maashitla Securities Private Limited
- Contact Number: +91-11-45121795-96
- Email Address: investor.ipo@maashitla.com
Financial Performance of Defrail Technologies Limited
| Particulars | Period ended September 30, 2025 | Financial Year ended March 31, 2025 | Financial Year ended March 31, 2024 |
| Revenue from operations (₹ lakhs) | 3,896.84 | 6,176.78 | 71.71 |
| EBITDA | 334.52 | 552.51 | 14.24 |
| EBITDA Margin (%) | 8.58 | 8.94 | 19.86 |
| Current Ratio | 1.06 | 1.04 | 1.43 |
| Operating Cash Flow | 221.47 | 207.06 | -5.4 |
| PAT (₹ lakhs) | 152.93 | 351.93 | 10.54 |
Defrail Technologies Limited Peer Comparison
| Company Name | Revenue FY 2024–25 (₹ lakh) | EBITDA Margin (%) | ROCE (%) | PAT FY 2024–25 (₹ lakh) |
| Defrail Technologies Limited | 6,176.78 | 8.94 | 25.8 | 351.93 |
| Pentagon Rubber Limited | 4,932.09 | 9.11 | N/A | 268.46 |
| Gujarat Reclaim & Rubber Products Limited | 53,427.09 | 13.98 | 26.24 | 3,786.02 |
Strengths and Opportunities of Defrail Technologies Limited
- The company is led by an experienced promoter and management team with over a decade of domain expertise, enabling effective strategic planning and consistent business growth.
- RDSO-approved vendor status strengthens the company’s credibility and enables direct participation in Indian Railways’ supply chain, providing access to a large and regulated market.
- A diversified product portfolio catering to the automotive, railways, and defence sectors reduces dependence on any single industry and mitigates sector-specific risks.
- Long-standing relationships with customers and suppliers support supply chain stability, repeat orders, and sustained demand for the company’s products.
- An in-house testing laboratory and R&D centre enable stringent quality control and ensure products meet customer and regulatory specifications.
- Continuous focus on research and development supports innovation, product enhancement, and the introduction of new offerings aligned with evolving market needs.
- Compliance with industry and safety standards reflects the company’s commitment to reliability, performance, and operational excellence.
- The company’s ability to deliver customised solutions enhances customer satisfaction and strengthens its competitive positioning across multiple end-use sectors.
Risks and Threats of Defrail Technologies Limited
- The company’s profitability may be impacted by fluctuations in raw material prices, which can lead to cost volatility and margin pressure.
- Increasing regulatory requirements and stringent environmental norms may raise compliance costs and operational complexity.
- Reliance on third-party suppliers for certain inputs exposes the company to supply disruptions and quality-related risks.
- Continuous technological upgradation poses challenges in terms of capital expenditure and timely adoption of advanced manufacturing processes.
- Rising competition within the rubber and allied industries may exert pressure on pricing and market share.
- Scarcity of key raw materials and volatility in their availability can adversely affect production planning and cost efficiency.
- The availability of substitute products and alternative materials may reduce demand for traditional rubber components in certain applications.
- Economic fluctuations and regulatory pressures can impact demand, supply chains, and overall business performance.
