Watrana Rentals Limited IPO

Watrana Rentals IPO is a book-built issue of ₹120.10 crore. The issue is entirely a fresh issue of 49.02 lakh shares aggregating to ₹120.10 crore. Watrana Rentals IPO opens for subscription on November 19, 2026, and closes on November 23, 2026.

Oneview Corporate Advisors Private Limited is the book-running lead manager, and Maashitla Securities Private Limited is the registrar to the issue.

About Watrana Rentals Limited

Incorporated on November 19, 2019, Watrana Rentals Limited is an India-based company engaged in providing Material Handling Equipment (MHE) and Aerial Work Platforms (AWP) on a rental basis. The company is also involved in trading new and used material handling equipment and batteries used in MHE. The company was originally incorporated as Watrana Rentals Private Limited and was converted into a public limited company in December 2024.

The company's business operations are organised into three principal verticals: rental solutions, trading in material handling equipment, and trading in batteries for material handling equipment. Its rental solutions include providing diesel and electric forklifts, reach trucks, battery-operated stackers, pallet trucks, order pickers, towing trucks, and other specialised equipment. The company has also commenced the induction of Aerial Work Platforms, which are used for carrying out work at elevated locations. Depending on customer requirements, the company provides operators and related operational support along with the equipment.

These services are ancillary to its equipment rental business and are not offered independently. The company also trades in new and used material handling equipment, catering to customers with different operational requirements and budgets. Additionally, it supplies batteries compatible with various categories and models of material handling equipment. Rental operations constitute the company's principal source of revenue, contributing 87.66% of revenue from operations in Fiscal 2026.

Watrana Rentals Limited operates across India and caters to customers from various industries, including automotive, tyres, food and beverages, glass, paper, manufacturing, logistics and warehousing, and industrial infrastructure. Its equipment is deployed for applications such as material movement, pallet handling, loading and unloading, warehouse storage and retrieval, order picking, and intra-facility transportation.

As of June 30, 2026, the company owned a fleet of 2,679 material handling equipment and aerial work platform units, comprising different categories of diesel and electric forklifts, reach trucks, battery-operated stackers, pallet trucks, order pickers, towing trucks, and aerial work platforms. Its equipment fleet includes products sourced from established brands such as Toyota, Hangcha, and Dingli.

The company provided rental and related services across 515 rental sites in India and operated in 24 states as of June 30, 2026. Its rental model is supported by both company-owned equipment and equipment procured on rent from third-party suppliers to fulfil customer requirements without immediately incurring additional capital expenditure.

The company focuses on equipment maintenance, workplace safety, operator training, and site-level service delivery. Its ground-level personnel, including operators and technicians, undergo induction and periodic refresher training covering equipment handling, safety procedures, and operational requirements.

Watrana Rentals Limited reported revenue from operations of ₹2,113.58 million and a profit after tax of ₹291.59 million in Fiscal 2026, compared with revenue of ₹1,794.78 million and a profit after tax of ₹244.32 million in Fiscal 2025. In Fiscal 2024, the company reported revenue from operations of ₹1,301.16 million and a profit after tax of ₹180.50 million.

For the three-month period ended June 30, 2026, the company reported revenue from operations of ₹534.69 million and a profit after tax of ₹76.82 million. As of June 30, 2026, the company had approximately 3,883 personnel across its operations, including executive directors, operators, technicians, engineers, site supervisors, senior managerial personnel, and support staff.

Industry Outlook

• The Material Handling Equipment (MHE) industry is an integral part of India's capital goods and industrial machinery sector. It supports manufacturing, warehousing, logistics, and distribution operations by facilitating the movement, storage, handling, and transportation of raw materials, work-in-progress inventory, and finished goods. The industry includes storage and handling equipment, industrial trucks, bulk material handling equipment, engineered systems, rental and leasing services, maintenance, and lifecycle support.
• The Indian Material Handling Equipment market is projected to grow from USD 4.20 billion in 2026 to USD 13.04 billion by 2036, registering a compound annual growth rate (CAGR) of 12.02%. The Indian automated material handling market, a key segment of the broader industry, was estimated at USD 1.47 billion in 2024 and is projected to reach USD 2.66 billion by 2029, growing at a CAGR of 12.70%. Increasing investments in industrial automation, warehouse efficiency, and mechanised material handling are supporting this growth.
• The Indian MHE rental equipment market is witnessing significant expansion, increasing from USD 2.06 billion in 2025 to USD 2.33 billion in 2026. It is projected to reach USD 7.90 billion by 2036, registering a CAGR of 13.00%. The growing preference for rental and leasing arrangements allows businesses to access material handling equipment without making substantial upfront capital investments while providing flexibility in equipment deployment based on operational requirements.
• The expansion of warehousing and logistics infrastructure is a major growth driver for the industry. Increasing consumption, supply chain formalisation, integrated logistics parks, and the development of Grade A warehouses are creating demand for forklifts, reach trucks, pallet trucks, stackers, conveyors, and automated storage systems. The growth of e-commerce, organised retail, and third-party logistics is further increasing the need for efficient inventory management, order fulfilment, and warehouse operations.
• Increasing manufacturing and industrial production are supporting demand for material handling equipment across automotive, engineering, electronics, pharmaceuticals, fast-moving consumer goods, and metals industries. Government initiatives such as Make in India and Production Linked Incentive (PLI) schemes are encouraging domestic manufacturing and industrial investments. These developments are increasing the requirement for mechanised equipment across manufacturing plants, assembly lines, raw material warehouses, and finished goods distribution centres.
• The Aerial Work Platform (AWP) rental market is emerging as another growth segment. The Indian AWP rental market was valued at USD 0.43 billion in 2025 and is estimated to reach USD 0.46 billion in 2026. It is projected to grow to USD 0.86 billion by 2036, registering a CAGR of 6.40%. Demand is supported by the increasing use of scissor lifts, articulated boom lifts, telescopic boom lifts, and vertical mast lifts across industrial and infrastructure applications.

Watrana Rentals IPO Objectives

The company proposes to utilise the net proceeds from the Issue towards the following objectives:

• Purchase of material handling equipment (MHE), aerial work platform (AWP), and batteries.
• Towards general corporate purposes.

Financial Performance of Watrana Rentals Limited

Watrana Rentals Limited Peer Details Comparison