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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Manufacture of rubber-based industrial components. Small-cap, asset-light B2B manufacturer of rubber industrial components for the railway sector
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 80 |
| EBITDA (ex other income) | 8 |
| margin % | 9.5 |
| Owners' profit | 4 |
| EPS, as reported (₹) | 7.26 |
| ROE % · ROCE % | 16.7 · 21.3 |
| Debt / equity (x) | 0.38 |
| Cash from operations | (2) |
| Capex | (2) |
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 41 |
| Profit before tax | 3 |
| Net profit | 3 |
| EPS (₹) | 7.26 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APCOTEX INDUSTRIES LIMITE | 3,130 | 19.4 | 5.04 | — | 16.3 | 19.6 | — | 22.8 |
| PIX TRANSMISSIONS LIMITED | 2,347 | 17.8 | 3.37 | 13.3 | 15.3 | 19.2 | 7.8 | 49.0 |
| TINNA RUBBER AND INFR LTD | 1,867 | 29.8 | 6.21 | 20.8 | 17.6 | 20.1 | 33.2 | 22.1 |
| GRP LIMITED | 1,021 | 180.2 | 5.73 | 29.6 | 1.8 | 2.9 | 13.9 | 11.1 |
| RUBFILA INTERNATIONAL LTD | 374 | 14.2 | 1.21 | 7.5 | 8.6 | 10.9 | 13.3 | 8.1 |
| HARRISON MALAYALAM LTD | 342 | 12.6 | 1.91 | 9.2 | 16.3 | 10.1 | 3.6 | 7.1 |
| ELGI RUBBER CO. LTD | 290 | — | 3.84 | — | (317.4) | (143.8) | 1.3 | 79.5 |
| AMEENJI RUBBER LIMITED | 248 | 31.3 | — | — | — | 11.2 | — | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · 3rd AGM voting results - all 3 resolutions passed with 100% approval | compliance | minimal | — | — |
| 10 Sept 2026 · AGM proceedings held on 10 Sept 2026; 3 ordinary resolutions transacted | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Addendum to AGM notice: Director re-appointment added | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Defrail Technologies 03rd AGM on Sep 10, 2026; e-voting Sep 7 to 9 | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Defrail Technologies FY25-26 Annual Report and 3rd AGM Notice filed | board shareholder meetings | medium | — | — |
| 6 Jul 2026 · Company Update: Letter Submitted to Exchange | general | minimal | — | — |
| 6 Jul 2026 · Routine compliance filing under SEBI Regulation 74(5) for Q1 FY27 | compliance | minimal | — | — |
| 4 Jul 2026 · Promoter buys 3,200 shares of Defrail Technologies via open market | ownership changes | high | — | — |
| 10 Jun 2026 · As per letter attached. | compliance | minimal | — | — |
| 25 May 2026 · as per file attached. | results | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.8 | 17.6 | 2 of 10 | 89% |
| P/B | 2.1 | 3.0 | 4 of 10 | 67% |
| ROCE | 18.5 | 10.9 | 4 of 11 | 70% |
| ROE | 16.7 | 15.1 | 2 of 10 | 89% |
| Debt / Equity | 0.4 | 0.4 | 5 of 10 | 56% |
| EBITDA margin | 10.6 | 16.9 | 8 of 10 | 22% |
| Market cap | 50 | 342 | 11 of 11 | 0% |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
