BSE: 544677
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. 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
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 41 |
| Profit before tax | 3 |
| Net profit | 3 |
| EPS (₹) | 7.26 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APCOTEX INDUSTRIES LIMITE | 2,722 | 16.9 | 4.38 | — | 16.3 | 19.6 | — | 22.8 |
| PIX TRANSMISSIONS LIMITED | 2,250 | 17.1 | 3.23 | 12.7 | 15.3 | 19.2 | 7.8 | 49.0 |
| TINNA RUBBER AND INFR LTD | 1,478 | 23.6 | 4.92 | 16.7 | 17.6 | 20.1 | 33.2 | 22.1 |
| GRP LIMITED | 930 | 164.0 | 5.21 | 27.4 | 1.8 | 2.9 | 13.9 | 11.1 |
| HARRISON MALAYALAM LTD | 297 | 11.0 | 1.67 | 8.3 | 16.3 | 10.1 | 3.6 | 7.1 |
| RUBFILA INTERNATIONAL LTD | 278 | 10.6 | 0.90 | 5.5 | 8.6 | 10.9 | 13.3 | 8.1 |
| AMEENJI RUBBER LIMITED | 264 | 33.3 | — | — | — | 11.2 | — | — |
| ELGI RUBBER CO. LTD | 258 | — | 3.41 | — | (317.4) | (143.8) | 1.3 | 79.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.9 | 16.3 | 1 of 10 | 100% |
| P/B | 2.1 | 2.8 | 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 | 51 | 278 | 11 of 11 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Defrail Technologies declares non-applicability of Reg 23(9) for H2 FY26 | compliance | minimal | — | — |
| 15 Oct 2026 · RTA confirms dematerialisation compliance for quarter ended September 2026 | compliance | minimal | — | — |
| 9 Oct 2026 · Routine quarterly demat compliance certificate submitted to BSE | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till 48 hours after H2 results | compliance | minimal | — | — |
| 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 | — | — |
How to read this document
| 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 |
| 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 |
Sources, method and disclosures
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.