Watrana Rentals SME IPO
Watrana Rentals IPO — date, price band, lot size & details 2026
Watrana Rentals IPO opens on 19 Nov and closes on 23 Nov 2026. Price band ₹232–245; lot size not announced yet. Listing date 27 Nov.
Watrana Rentals rents forklifts, reach trucks and aerial work platforms to industrial customers across 25 states. Revenue from operations grew from Rs 130.12 crore in FY2024 to Rs 211.36 crore in FY2026.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 13 November.
- Open 19 Nov 2026
- Close 23 Nov 2026
- Allotment TBA
- Refund/credit TBA
- Listing 27 Nov 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 19 to 23 Nov, 2026 |
|---|---|
| Price Band | ₹232 – ₹245 |
| Face Value | ₹10 |
| Lot Size | TBA Shares |
| Issue Size | ₹120.1 Cr |
| Issue Type | Book built issue |
| Fresh Issue | 49,02,000 shares |
| Shares Before Issue | 1,14,38,500 |
| Sale Type | Fresh capital only |
| Listing On | NSE SME |
| Registrar | Maashitla Securities Private Limited |
| Min Investment | TBA |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 7
- 01Revenue from operations rose from Rs 130.12 crore in FY2024 to Rs 179.48 crore in FY2025 and Rs 211.36 crore in FY2026.
- 02Profit after tax grew from Rs 18.05 crore in FY2024 to Rs 29.16 crore in FY2026, with an EBITDA margin of 30.76% in FY2026.
- 03The rental fleet had 2,549 MHE and AWP units as of 31 March 2026.
- 04The company has over 630 rental sites and customer sites in 25 states, and about 3,855 personnel as of 31 March 2026.
- 05Top five customers gave 15.12% of FY2026 revenue from operations, down from 20.74% in FY2024.
- 06Operating cash flow was Rs 48.68 crore in FY2026 against profit after tax of Rs 29.16 crore.
- 07The company holds ISO 9001:2015, ISO 45001:2018 and ISO 14001:2015 certifications.
Risks · 9
- 01Total borrowing rose from Rs 93.12 crore in FY2024 to Rs 164.08 crore in FY2026 against a net worth of Rs 85.56 crore in FY2026.
- 02Cash used in investing activities was Rs 91.39 crore in FY2026, funded by operating cash flow and borrowings.
- 03Almost all revenue comes from renting machinery and equipment, in a single business and a single geography, India.
- 04Top five customers gave Rs 31.68 crore, or 15.12% of FY2026 revenue from operations.
- 05One material civil case against the company and its promoters involves Rs 16.00 crore.
- 06The company relies on third parties for maintenance and servicing of its fleet and for supply of equipment and batteries.
- 07The promoters have interests in entities engaged in similar businesses, which may create conflicts of interest.
- 08The risk factors disclose delayed filings and errors in statutory filings under the Companies Act, 2013.
- 09Promoters hold 99.99% before the issue and will remain the only managers of the company with two executive directors.
Three years of numbers
All figures in ₹ crore, as reported in the Watrana Rentals offer document.
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue from Operations | 211.36 | 179.48 | 130.12 |
| EBITDA | 65.01 | 51.77 | 37.98 |
| Profit After Tax | 29.16 | 24.43 | 18.05 |
| Net Worth | 85.56 | 56.39 | 31.96 |
| Total Borrowing | 164.08 | 110.14 | 93.12 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Watrana Rentals RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Watrana Rentals IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Post-Issue |
|---|---|
| EPS (₹) | ₹29.13 |
| Market Cap at Offer Price (₹ Cr) | ₹245.25 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹245 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Concentration, as disclosed
| Top customers | 15.12% of revenue from the top 5 customers |
|---|
From the offer document, FY2026.
Key performance indicators by year
| KPI | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| EBITDA margin | 30.76% | 28.85% | 29.19% |
| PAT margin | 13.80% | 13.61% | 13.87% |
| RoE | 41.08% | 55.30% | 78.65% |
| RoCE | 19.06% | 23.85% | 24.11% |
| RoNW | 34.09% | 43.32% | 56.47% |
| NAV per share (Rs) | 85.47 | 56.34 | 31.93 |
| EPS (Rs) | 29.13 | 24.41 | 18.03 |
As stated in the offer document's KPI section.
Where the money goes
₹98.12 Cr of the issue is earmarked to named objects.
About the company
The company also trades in new MHE sourced from Zhejiang Hangcha IMP & EXP Co. Ltd., used MHE and batteries for MHE. It had a fleet of 2,549 units as of 31 March 2026, over 630 rental sites and customer sites in 25 states. It holds ISO 9001:2015, ISO 45001:2018 and ISO 14001:2015 certifications.
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The bankers & the filings
Who is running the book, and the documents this page is built from.
Watrana Rentals IPO Documents
Read the filings this page is built from.
Company contact
Frequently asked
What is the GMP of Watrana Rentals?
The current Grey Market Premium is ₹0.
What is the Watrana Rentals IPO price band?
₹232 to ₹245, on a face value of ₹10.
When is the allotment?
The basis of allotment is TBA, with listing on 27 November 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Maashitla Securities Private Limited.
Get ready before the book opens.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
