What is the Defrail Technologies IPO?

Defrail Technologies IPO is an SME IPO of 18,60,800 equity shares of the face value of ₹10 aggregating up to ₹14 Crores. The issue is priced at ₹74 per share. The minimum order quantity is 1,600 shares. The IPO opens on Fri, Jan 9, 2026, and closes on Tue, Jan 13, 2026. Maashitla Securities Pvt. Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.

What is the lot size of Defrail Technologies IPO?

Defrail Technologies IPO lot size is 1,600 shares. The minimum amount required for retail application at the upper price band is ₹1,18,400 for 1 lot, while the table on the site specifies a minimum practical bid of 2 lots (3,200 shares) amounting to ₹2,36,800.

When is Defrail Technologies IPO allotment?

The finalization of Basis of Allotment for Defrail Technologies IPO is scheduled for Wed, Jan 14, 2026, and the credited shares and refund initiation are expected on Thu, Jan 15, 2026.

When is Defrail Technologies IPO listing date?

The Defrail Technologies IPO listing date is Mon, Jan 19, 2026, on BSE SME.

Defrail Technologies

IPO

SMEBSEIndustrial Manufacturing

Opens

09 Jan 2026

Closes

13 Jan 2026

Listing

19 Jan 2026

Issue Size

– Cr

Price Band

₹70 – ₹74

Issue Details

Issue Size

– Cr

Fresh Issue

– Cr

OFS

– Cr

Price Band

₹70 – ₹74

Lot Size

1600

₹1,18,400

Face Value

₹10

Listing Price

₹95

Important Dates

Open Date

09 Jan 2026

Close Date

13 Jan 2026

Allotment

14 Jan 2026

Refund

15 Jan 2026

Listing

19 Jan 2026

About Company

Incorporated in October 2023, Defrail Technologies Limited is engaged in the business of manufacturing rubber parts and components, including rubber hoses and assemblies, rubber profiles and beadings, and moulded rubber parts.

Its products are used across industries such as automotive, railways, and defence, and the company offers both standard products and customised solutions as per client specifications.

Defrail Technologies traces its origins to Vikas Rubber Industries, founded in 1980, and Impex Hitech Rubber, set up in 2008, which were consolidated into Defrail Technologies Limited through Business Transfer Agreements effective April 1, 2024.

The company primarily operates on a B2B model supplying bulk orders to automotive sector clients and also serves the B2G segment by supplying products directly to Indian Railways and Defence authorities.

Defrail operates two manufacturing plants in Faridabad, Haryana, equipped with advanced machinery for producing 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 ISO 9001:2015 certified for its quality management systems and is registered as a seller on the Government e-Marketplace (GeM) platform.

As of November 30, 2025, Defrail Technologies had 298 permanent employees.

Objects of the Issue

#	Description	Amount (₹ Cr)
1	Purchase of equipment and machineries.	₹7.96
2	Purchase and installation of solar panel.	₹1.73
3	General corporate purposes.	–

Financial Performance

Share Reservations

QIB

8,73,600

Anchor

5,18,400

NII

2,68,800

Retail

6,24,000

Employee

Total

18,60,800

RHP Insights

AI-powered analysis from Red Herring Prospectus

AI Research

Successful Conversion to Corporate Entity

Originally operating as a sole proprietorship, the business was converted into a company (Defrail Technologies Limited) on April 1, 2024, to professionalize management and facilitate capital raising through the SME platform of BSE.

Impact: High

Strong Revenue Growth Trajectory

The company has demonstrated significant top-line momentum, with standalone net profit reaching ₹351.93 lakhs for the year ended March 31, 2025, a substantial increase compared to previous operational periods.

Impact: High

Stable Customer and Supplier Ecosystem

The company has established business relationships with key customers and suppliers, ensuring a stable supply chain and consistent demand through repeated orders and compliance with quality standards.

Impact: High

Regional Revenue Diversification

Defrail Technologies is expanding its geographical footprint across India, with revenue contributions emerging from states like Andhra Pradesh, Bihar, Chandigarh, and Gujarat, reducing regional concentration risk.

Impact: High

Addressing Historical Compliance Gaps

The company acknowledged historical delays in regulatory filings due to the absence of a dedicated compliance officer; it has since mitigated this by appointing a qualified Company Secretary.

Impact: Low

SWOT Analysis

AI-generated strategic view

AI-generated

Strengths

•Experienced management team with deep domain knowledge in rubber components manufacturing.
•RDSO-approved vendor status enabling supplies to Indian Railways.
•Diversified product portfolio catering to automotive, railways, and defence industries.
•In-house testing and research and development centre supporting quality and innovation.
•Long operating track record through legacy businesses and established customer relationships.

Weaknesses

•Small scale of operations and relatively low net worth compared to larger peers.
•Dependence on a limited number of end-user industries such as automotive and railways.
•High working capital requirements typical of manufacturing businesses.
•Exposure to fluctuations in raw material prices for rubber and related inputs.

Opportunities

•Growth in automotive, railways, and defence spending in India driving demand for rubber components.
•Scope to expand product portfolio and value-added offerings to existing clients.
•Potential to increase direct government business via GeM and tender-based contracts.
•Capacity expansion and efficiency improvements using IPO proceeds.

Threats

•Competition from organised and unorganised players in the rubber components market.
•Regulatory and compliance requirements for supplying to railways and defence.
•Cyclicality in automotive sector demand affecting order flows.
•Risks related to delay in government tender awards and payments.