Watrana Rentals IPO

SME • NSE SME • Fresh capital only

UPCOMINGSMENSE SME

Watrana Rentals

GMP TODAY

₹22

+8.98% • Est. list ₹267

Price band

₹232 – ₹245

Lot size

600 shares

Min investment

₹1,47,000

Issue size

₹120.1 Cr

About the company

Watrana Rentals Limited, based in Delhi, rents material handling equipment (MHE) and aerial work platforms (AWP) to industries such as logistics and warehousing, automotive, tyres, food and beverages, glass and chemicals. Its rental fleet includes forklifts, reach trucks, stackers, pallet trucks, order pickers, towing trucks and AWPs, some owned and some obtained from third-party suppliers, with operators provided where required. 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.

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.

IPO details

Issue price: ₹245
Price band: ₹232 – ₹245
Face value: ₹10
Lot size: 600
Min investment: ₹1,47,000
Issue size: ₹120.1 Cr
Sale type: Fresh capital only
Listing on: NSE SME

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	600	₹1,47,000
Retail (Max)	1	600	₹1,47,000
HNI (Min)	2	1,200	₹2,94,000

Investor reservation

CATEGORY	RESERVED
QIB	23,22,000 shares (49.94% of the Offer)
NII	6,98,400 shares (15.02% of the Offer)
Retail	16,29,600 shares (35.05% of the Offer)

Objects of the issue

1Purchase of material handling equipment65.02

2Purchase of aerial work platforms14.58

3Purchase of batteries18.52

4General corporate purposes

Financials

Rs. Crore • restated

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

Key performance indicators

P/E Ratio

13.03

EPS (₹)

18.80

RoE

41.08%

RoCE

19.06%

RoNW

34.09%

PAT Margin

13.80%

EBITDA Margin

30.76%

Debt / Equity

2.91

NAV (₹)

85.47

✓ Strengths

• Revenue from operations rose from Rs 130.12 crore in FY2024 to Rs 179.48 crore in FY2025 and Rs 211.36 crore in FY2026.

• Profit 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.

• The rental fleet had 2,549 MHE and AWP units as of 31 March 2026.

• The company has over 630 rental sites and customer sites in 25 states, and about 3,855 personnel as of 31 March 2026.

• Top five customers gave 15.12% of FY2026 revenue from operations, down from 20.74% in FY2024.

• Operating cash flow was Rs 48.68 crore in FY2026 against profit after tax of Rs 29.16 crore.

• The company holds ISO 9001:2015, ISO 45001:2018 and ISO 14001:2015 certifications.

⚠ Risks

• Total 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.

• Cash used in investing activities was Rs 91.39 crore in FY2026, funded by operating cash flow and borrowings.

• Almost all revenue comes from renting machinery and equipment, in a single business and a single geography, India.

• Top five customers gave Rs 31.68 crore, or 15.12% of FY2026 revenue from operations.

• One material civil case against the company and its promoters involves Rs 16.00 crore.

• The company relies on third parties for maintenance and servicing of its fleet and for supply of equipment and batteries.

• The promoters have interests in entities engaged in similar businesses, which may create conflicts of interest.

• The risk factors disclose delayed filings and errors in statutory filings under the Companies Act, 2013.

• Promoters hold 99.99% before the issue and will remain the only managers of the company with two executive directors.

Promoters & holding

Sanjeev Kumar Watrana, Rajeev Kumar Watrana and Neha Watrana

Pre-issue promoter holding

99.99%

Post-issue promoter holding

70%

Promoters hold 1,14,38,460 of the 1,14,38,500 shares before the issue, or 99.99%.

Data refreshed 15 Nov 2026, 06:30 am IST. GMP is unofficial market sentiment, not investment advice.