Watrana Rentals IPO – Company Analysis
Watrana Rentals IPO is a bookbuild issue of Rs. 120.10 Cr (49.02 lakh shares) by Watrana Rentals Limited, which specializes in material and cargo handling equipment rentals, offering a fleet that includes forklifts (battery‑operated, diesel, gas), electric stackers, pallet trucks, speciality attachments (e.g., paper‑roll clamps, bale clamps, side shifters), and ground‑support gear.
They engaged in the business of providing material handling equipment (“MHE”) on a rental basis and trading of new and used MHE and batteries used in MHE. They cater to customers operating across various industries, including automotive, tyre, beverage, glass, paper, logistics & warehouse.
Business Portfolio:
Rental Solutions: Provides rental services for MHE tailored to meet business needs for flexibility without long-term capital investment.
Trading in MHE: Engaged in trading MHE, this offer allows customers to buy material handling equipment suited to their budget and needs.
Trading in Batteries for MHEs: Offers various batteries compatible with MHE models for rental and trading clients.
Watrana Rentals IPO Details
The Watrana Rentals IPO date is 19 Nov 2026; its initial public offering will end on 23 Nov, IPO allotment on Nov 25 and refund initiation on Nov 26, 2026. The Rs. 120.10 crore new SME IPO comprises a wholly fresh issue of 49.02 lakh shares.
The Watrana Rentals IPO listing date (expected) might be Friday, Nov 27, 2026, and the listing on the NSE and SME.
Watrana Rentals IPO price band is Rs. 232 to Rs. 245.
|
Events |
Date |
|
IPO Opening Date |
Nov 19, 2026 |
|
IPO Closing Date |
Nov 23, 2026 |
|
IPO Allotment Date |
Nov 25, 2026 |
|
Refund Initiation |
Nov 26, 2026 |
|
IPO Listing Date |
Nov 27, 2026 |
Click to open demat account and apply for the IPO.
Company Financial
(Amount in Cr)
|
Period |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Assets |
287.07 |
201.82 |
147.69 |
|
Total Income |
211.69 |
179.66 |
130.23 |
|
Profit After Tax |
29.16 |
24.43 |
18.05 |
|
EBITDA |
65.01 |
51.77 |
37.98 |
|
Net Worth |
85.55 |
56.39 |
31.96 |
|
Reserves & Surplus |
75.54 |
46.38 |
31.95 |
Cash Flows
(Amount in Lac)
|
Net Cash Flow |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
4,867.88 |
3,417.05 |
3,224.94 |
|
Net Cash Flow Investing Activities |
(9,138.79) |
(4,339.37) |
(5,263.04) |
|
Net Cash Flow Financing Activities |
4,418.95 |
925.22 |
1,934.64 |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
The Objective of the Issue
The Company desires to use the Net Proceeds from the Issue to fulfill its following goals:
-
Purchase of material handling equipment (MHE), aerial work platform (AWP) and batteries. ~ Rs. 98.13 Cr.
-
General Corporate Purposes.
Listed Peers of Watrana Rentals Ltd.
|
Name of the Company |
Face Value |
Basic EPS (₹) |
P/E Ratio (x) |
|
Seemax Resources Limited |
10 |
5.83 |
16.07 |
|
Leap India Ltd |
1 |
1.52 |
76.81 |
Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROE |
41.08% |
|
ROCE |
19.06% |
|
Debt/Equity |
2.91 |
|
RoNW |
29.13% |
|
PAT Margin |
13.80% |
|
EBITDA Margin |
30.76% |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 29.13 from the last year, the resulting P/E ratio is 8.41x.
|
Valuation Metric |
Pre IPO |
Post IPO |
|
EPS (₹) |
25.49 |
18.80 |
|
P/E (x) |
9.61 |
13.03 |
Explore the Core4 Engineers IPO.
IPO's Strengths
-
Experienced Promoters and a senior management team with technical expertise
-
Workforce is a key asset in delivering high-quality service to clients across India.
-
Quality Assurance of services is an integral part of the company's operations.
-
Wide network coverage.
IPO's Weaknesses
-
Require significant capital investment to acquire, maintain and periodically replace equipment fleets, resulting in high depreciation, financing and working capital requirements.
-
Profitability depends on maintaining high equipment utilisation, as idle equipment continues to incur depreciation, maintenance, insurance and financing costs without generating corresponding rental income.
-
Rental operations require continuous preventive maintenance and depend on trained operators, technicians and service personnel to maintain equipment reliability, operational efficiency and service quality.
Watrana Rentals IPO GMP (Grey Market Premium)
Watrana Rentals IPO GMP today is Rs. 18 as of 14 November 2026, while writing this information.
Watrana Rentals IPO Summary
|
IPO Opening & Closing Date |
19 Oct, 2026 to 23 Nov, 2026 |
|
Face Value |
Rs. 10 per Share |
|
Issue Price |
Rs. 232 to Rs. 245 per Share. |
|
Lot Size |
600 Shares |
|
Issue Size |
49,02,000 Shares (Rs. 120.10 Cr) |
|
Offer for Sale |
- |
|
Fresh Issue |
46,50,000 Shares (Rs. 113.93 Cr) |
|
Market Makers |
2,52,000 Shares (Rs. 6 Cr) |
|
Issue Type |
Bookbuild Issue |
|
Registrar |
Maashitla Securities Pvt. Ltd. |
IPO Lot Details
Retail investors can invest in a minimum and maximum of 2 Lots (1200 Shares) for Rs. 2,94,000, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (1800 Shares) for Rs. 4,41,000.
|
Minimum Lot Investment (Retail) |
2 Lots |
|
Maximum Lot Investment (Retail) |
2 Lots |
|
HNI (Min) |
3 Lots |
Watrana Rentals IPO Allotment Status
To check the Watrana Rentals IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Watrana Rentals Ltd.
-
Sanjeev Kumar Watrana
-
Rajeev Kumar Watrana
-
Neha Watrana.
|
Pre-Issue Promoter Shareholding |
100% |
|
Post-Issue Promoter Shareholding |
70% |
IPO Lead Managers
Oneview Corporate Advisors Pvt. Ltd.
Dividend Policy
The company has not paid a dividend during the last three FYs.
Conclusion
Watrana Rentals IPO offers exposure to the growing material handling equipment rental industry, with strong revenue and profit growth over the last three financial years. However, its high debt-to-equity ratio of 2.91 and capital-intensive business model remain key concerns. Investors should carefully evaluate its valuation, financial risks and equipment utilisation before making an investment decision.
Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
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To read the Prospectus of the company, click here to download the DRHP & RHP.
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DISCLAIMER: DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is only for educational purposes. Always discuss with your SEBI-registered financial advisor for investment-related decisions. p>
