Defrail Technologies Limited

Makes rubber-based industrial components for Indian Railways, including Air Brake Hose couplings used in train brake and feed pipe systems. Operations are based in Faridabad, Haryana, and the customer base appears concentrated with Indian Railways — a March 2026 purchase order from the North Eastern Railway division for air brake hose couplings was valued at about ₹1.48 crore. The company is small-scale, with FY26 revenue of ₹80.26 crore and net profit of ₹4.01 crore, and is newly public, having begun trading on the BSE SME platform in January 2026 under Scrip Code 544677. Raw materials are the dominant cost, accounting for 70.8% of revenue (₹56.85 crore), reflecting the rubber and metal inputs needed for hose coupling production; employees take another 15.3% (₹12.28 crore) and other operating expenses 13.7% (₹10.98 crore). Operating cash flow was negative at ₹136.14 lakhs in FY26 despite the positive net profit, driven by large increases in inventory (up ₹954.75 lakhs) and trade receivables (up ₹527.25 lakhs). The company raised fresh equity of ₹1,083.91 lakhs during the year, and shareholders' funds more than doubled to ₹2,383.03 lakhs.