Watrana Rentals SME IPO

Upcoming

NSE SMEOpens 19 November 2026Closes 23 November 2026

Watrana Rentals Limited specializes in material and cargo handling equipment rentals, offering a fleet that includes forklifts (battery-operated, diesel, gas), electric stackers, pallet trucks, reach trucks, order…

Live GMP Subscription Allotment

Price band

₹232 - ₹245

Issue size

₹120.10 Cr

Lot size

600 shares

Type

NSE SME

GMP

₹16 (+6.5%)

Est. listing

₹261

Est. profit / app

₹19,200

Retail quota

35.00%

Key ratios

As per RHP / filings

Face value

₹10

EPS

29.13

P/E ratio

8.41

RoNW

34.08%

ROE

41.08%

Debt / Equity

1.92

Timeline

IPO Opens
19 Nov 2026
IPO Closes
23 Nov 2026
Allotment
25 Nov 2026
Listing
27 Nov 2026

IPO Opens

19 Nov

IPO Closes

23 Nov

Allotment

25 Nov

Listing

27 Nov

IPO Timeline & Listing Details

Event	Date	Details
IPO Open Date	19 November 2026	Subscription starts
IPO Close Date	23 November 2026	Subscription ends
Allotment Date	25 November 2026	Allotment
Listing Date	27 November 2026	Listing

Investment Categories

Category	Lots	Amount
Individual	2	₹2,94,000
SHNI (Min)	3	₹4,41,000
SHNI (Max)	6	₹8,82,000
BHNIAbove ₹10,00,000	7	₹10,29,000

IPO Reservation Details

Category	Reservation
QIB (Qualified Institutional Buyer)	50.00%
NII (Non-Institutional Investor)	15.00%
SHNI (Small Non-Institutional Investor)	5.00%
BHNI (Big Non-Institutional Investor)	10.00%
Retail	35.00%
Total	100.00%

IPO Objectives

Purchase of material handling equipment (MHE), aerial work platform (AWP) and batteries (₹98.13 Crore / ₹9,812.67 Lakhs).
General Corporate Purposes (capped at 15% of the amount raised or ₹10 Crore, whichever is lower).

Strengths

Experienced promoters and a senior management team with deep technical expertise in the material handling equipment industry.
Large, skilled workforce (about 3,122 staff including operators, technicians and engineers) that is central to delivering high-quality service across India.
Strong focus on quality assurance, backed by ISO 9001:2015, ISO 45001:2018 and ISO 14001:2015 certifications.
Wide network coverage, with over 304 rental sites and more than 1,441 MHE units across India enabling quick response to client needs.
Diversified and modern rental fleet (forklifts, reach trucks, stackers, pallet trucks, order pickers and speciality attachments) serving multiple industries.
Asset-light flexibility for customers via rentals, plus complementary trading in MHE and batteries, supporting recurring hiring income (about 88-93% of revenue).
Strong and consistent financial growth, with FY26 revenue up about 18% and PAT up about 19% over FY25, and healthy EBITDA margins around 30%.

Weaknesses

High financial leverage, with total borrowings of about ₹164.08 Crore and a debt-to-equity ratio of 1.92 as of FY26; the rental model is capital-intensive and requires continual fleet investment.
Low current ratio of 0.45 (FY26), indicating tight short-term liquidity relative to current liabilities.
Heavy dependence on rental (hiring) income, which contributed about 87.66% of FY26 revenue, so a downturn in industrial activity or equipment utilisation would hit revenue directly.
Capital-expenditure and utilisation risk, as nearly all fresh-issue proceeds (₹98.13 Crore) fund new equipment that must be deployed and utilised to generate returns.
No long-term binding commitments from many customers, with engagements often short-term, exposing the Company to demand and renewal risk.
Declining return ratios off a high base, with RoE falling from 78.65% (FY24) to 55.30% (FY25) to 41.08% (FY26) as the equity and asset base grows.
Sensitivity to interest rates and asset financing costs given the debt-funded fleet, and to residual-value/obsolescence risk on ageing equipment.
Short track record as a public company (converted in December 2024) and promoter-concentrated ownership (100% pre-Issue).

Financial Performance

Period Ended	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets (₹ Cr.)	301.71	287.07	201.82	147.69
Revenue (₹ Cr.)	53.62	211.69	179.66	130.23
PAT (₹ Cr.)	7.68	29.16	24.43	18.05
Net Worth (₹ Cr.)	93.24	85.55	56.39	31.96

Peer Comparison

Company	P/B Ratio	P/E Ratio	RONW (%)	Net Worth (₹ Cr.)
Watrana Rentals Limited	2.87	8.41	34.08%	85.55
Leap India Limited	3.65	73.71	4.96%	1,006
Seemax Resources Limited	1.92	0	23.41%	7.47

Subscription Details

No daily bids available.

No subscription statistics available.

Company Details

Watrana Rentals Limited
Registered Office: B-2, Third Floor, Derawal Nagar, Near Model Town Metro Station, Gujranwala Colony, North West Delhi, Delhi - 110009, India
+91 9289100302
cs@watranarentals.com
https://www.watranarentals.com

Registrar Details

Maashitla Securities Private Limited
011-47581432
ipo@maashitla.com
https://www.maashitla.com

Frequently Asked Questions

What is the primary business of Watrana Rentals Limited?

Watrana Rentals rents and trades material handling equipment - forklifts, reach trucks, stackers, pallet trucks, order pickers and speciality attachments - and also trades batteries for MHE. Rental (hiring) is its core, contributing about 88-93% of revenue, delivered through 304+ rental sites and a fleet of 1,441+ units across India.

When does the Watrana Rentals SME IPO open and close?

The IPO opens on Thursday, November 19, 2026, and closes on Monday, November 23, 2026. The Anchor Investor bidding date is Wednesday, November 18, 2026, and listing is tentatively November 27, 2026 on NSE Emerge.

What is the structure of the IPO?

The Offer is a pure book-built Fresh Issue of up to 49,02,000 Equity Shares, aggregating about ₹120.10 Crore at the cap price. There is no Offer for Sale. The total includes a 2,52,000-share Market Maker reservation, leaving a Net Issue of 46,50,000 shares.

What is the price band and minimum lot size?

The price band is ₹232 to ₹245 per share (face value ₹10). The minimum application is 2 lots of 600 shares each (1,200 shares), amounting to ₹2,94,000 at the upper price band, so the minimum ticket exceeds the ₹2 Lakh retail threshold.

How did the company perform financially in FY26?

For FY2025-26 (restated), Watrana reported Total Income of ₹211.69 Crore and Profit After Tax of ₹29.16 Crore, up about 18% and 19% respectively over FY25, with RoNW of 34.08%, RoE of 41.08%, RoCE of 19.06%, a PAT margin of 13.80% and an EBITDA margin of 30.76%.

What are the objects of the Issue?

Net Proceeds from the fresh issue will fund the purchase of material handling equipment, aerial work platforms and batteries (₹98.13 Crore) and general corporate purposes.

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Sources

We match Watrana Rentals SME IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.

SEBIRules for IPO allotment and disclosures in India
NSEExchange notices, bidding data, and listing updates
BSEExchange notices and IPO allotment check tools
RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
Maashitla Securities Private LimitedOfficial site to check allotment status for this IPO

Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.

Reviewed by

Dinesh Agrawal · Lead IPO Analyst

15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.

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