In progress
Valuation
Market Cap
₹400.34 Cr
P/E Ratio
8.41x
P/B Ratio
2.87x
Watrana Rentals Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
Watrana Rentals Limited, incorporated in Delhi in 2019, rents out Material Handling Equipment (MHE) and Aerial Work Platforms (AWP) to industrial customers and also trades in new and used MHE and MHE batteries. Its owned fleet of 2,679 units (2,646 MHE and 33 AWP as of June 30, 2026) spans diesel and electric forklifts, reach trucks, stackers, pallet trucks, order pickers and tow trucks from brands such as Hangcha, Toyota and Dingli. Hiring income made up 87.66% of FY26 revenue. The company serves logistics and warehousing, food and beverage, tyre, solar and automobile clients across 515 rental sites in 24 states, with about 3,883 employees.
Lots & IPO Size
Watrana Rentals Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 1,200 | ₹2,94,000 |
| Ind (Max) | 2 | 1,200 | ₹2,94,000 |
| S-HNI (Min) | 3 | 1,800 | ₹4,41,000 |
| S-HNI (Max) | 6 | 3,600 | ₹8,82,000 |
| B-HNI (Min) | 7 | 4,200 | ₹10,29,000 |
Market Maker
₹2.52 L
Employee
₹0.00
Shareholder
₹0.00
Watrana Rentals Size
Total
₹120 Cr
Fresh Issue
₹120 Cr
(0.49 Cr
Shares)
Offer For Sale
₹0
(0.00
Shares)
Objects of the Issue
Purchase of Material Handling Equipment (MHE)
Purchase of Aerial Work Platforms (AWP)
Purchase of Batteries for MHE and AWP
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
The company has availed secured borrowings from banks and financial institutions; any default or covenant breach could lead to enforcement against its charged equipment and hurt operations.
Key Risk Factors
The company has availed secured borrowings from banks and financial institutions; any default or covenant breach could lead to enforcement against its charged equipment and hurt operations.
The business depends heavily on renting out MHE and AWP, with hiring income at 87.66% of FY26 revenue; any fall in demand for such equipment could materially affect its revenue and profits.
Revenue is concentrated among key customers, with the top 10 contributing 25.70% of FY26 revenue (33.73% in Q1 FY27); the loss of any major customer could hurt revenue and fleet utilisation.
The company bought 642 MHE units from promoter group firm Watrana Traction Company in FY26 without a formal purchase agreement or e-way bills, exposing it to possible GST or regulatory action.
The company does no in-house servicing and has no formal maintenance agreements; it relies on ad-hoc third-party vendors to maintain its MHE and AWP fleet, risking downtime and client disruption.
The promoters have interests in Watrana Traction Company and Watrana Traction Pvt Ltd, which run overlapping MHE rental and battery businesses, creating possible conflicts despite non-compete pacts.
The company relies on third-party suppliers, including China-based Zhejiang Hangcha for new MHE, to source equipment and batteries; supply disruptions could delay client orders and raise costs.
Revenue is tied to the capex and operating cycles of client industries such as logistics, warehousing, tyres and manufacturing; a slowdown in any of them could reduce rentals and pricing.
The company has a history of delayed ROC filings (delays of 3 to 93 days), non-filing of certain charge forms and errors in filed forms under the Companies Act, 2013, which may attract penalties.
Secured loans sanctioned at ₹229.18 Cr as of June 30, 2026 carry restrictive covenants and can be recalled on default, which could strain the company's operations, cash flows and finances.
Watrana Rentals IPO Details Live GMP
GMP
₹0
Est. Price
₹245
Est. Gain
0.00%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 13 Nov | ₹0 (0%) | ₹245 |
Watrana Rentals Peer Comparison
(Rs. in crores)
| Particulars | Watrana Rentals | Seemax Resources | Leap India |
|---|---|---|---|
| Revenue | 211.36 | 13.74 | 729.53 |
| PAT | 29.16 | 1.75 | 62.34 |
| EPS (₹) | 29.13 | 5.83 | 1.52 |
| NAV (₹) | 85.47 | 24.90 | 24.52 |
| RONW | 34.08% | 23.41% | 6.19% |
| EBITDA | 30.76% | 34.66% | 50.69% |
| PAT Mrgn | 13.80% | 12.72% | 8.34% |
| PE Ratio | 8.41 | 16.07 | 76.81 |
All information pertains to FY 2025-26.
The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of 30th October, 2026 for Peers
Watrana Rentals IPO Financial Performance
(Rs. in crores)
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue | 53.47 | 211.36 | 179.48 | 130.12 |
| Profit | 7.68 | 29.16 | 24.43 | 18.05 |
| Net Worth | 93.24 | 85.55 | 56.39 | 31.96 |
| Borrowings | 164.72 | 164.08 | 110.14 | 93.12 |
| Assets | 301.71 | 287.07 | 201.82 | 147.69 |
| NAV (₹) | 93.14 | 85.47 | 56.34 | 31.93 |
| EPS (₹) | 7.67 | 29.13 | 24.41 | 18.03 |
Key Performance Indicators (KPIs)
Debt to Equity
1.92
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Financial Margin Trends
Watrana Rentals IPO Financial Statements
(Rs. in crores)
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue from Ops | 53.47 | 211.36 | 179.48 | 130.12 |
| Other Income | 0.15 | 0.34 | 0.18 | 0.12 |
| Total Income | 53.62 | 211.69 | 179.66 | 130.23 |
| Cost of Revenue | 6.77 | 47.81 | 45.14 | 35.04 |
| Changes in Inventories | -0.43 | -0.19 | -0.38 | 0.00 |
| Employee Expense | 27.01 | 91.27 | 77.66 | 54.26 |
| Finance Costs | 2.63 | 9.91 | 7.99 | 6.49 |
| Depreciation | 5.18 | 16.00 | 11.01 | 7.43 |
| Other Expenses | 2.11 | 7.71 | 5.38 | 2.86 |
| Total Expenses | 43.28 | 172.51 | 146.81 | 106.07 |
| Profit Before Tax | 10.33 | 39.18 | 32.85 | 24.16 |
| Tax Expense | 2.65 | 10.02 | 8.41 | 6.11 |
| Profit After Tax | 7.68 | 29.16 | 24.43 | 18.05 |
| EPS — Basic (₹) | 7.67 | 29.13 | 24.41 | 18.03 |
| EPS — Diluted (₹) | 7.67 | 29.13 | 24.41 | 18.03 |
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Equity Share Capital | 10.01 | 10.01 | 10.01 | 0.01 |
| Reserves & Surplus | 83.23 | 75.54 | 46.38 | 31.95 |
| Total Equity | 93.24 | 85.55 | 56.39 | 31.96 |
| Total Borrowings | 164.72 | 164.08 | 110.14 | 93.12 |
| Trade Payables | 4.68 | 4.26 | 9.69 | 7.13 |
| Other Current Liabilities | 25.44 | 21.79 | 18.92 | 11.15 |
| Other Liabilities | 13.65 | 11.37 | 6.68 | 4.32 |
| Total Equity & Liab | 301.71 | 287.07 | 201.82 | 147.69 |
| Fixed Assets | 237.52 | 226.18 | 151.17 | 113.87 |
| Trade Receivables | 33.82 | 38.02 | 35.85 | 29.07 |
| Cash & Bank Balances | 2.01 | 2.32 | 0.69 | 0.40 |
| Other Assets | 28.36 | 20.55 | 14.11 | 4.36 |
| Total Assets | 301.71 | 287.07 | 201.82 | 147.69 |
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| CF from Operating Activities | 16.72 | 48.68 | 34.17 | 32.25 |
| CF from Investing Activities | -15.16 | -91.39 | -43.39 | -52.63 |
| CF from Financing Activities | -1.97 | 44.19 | 9.25 | 19.35 |
| Net Change in Cash & Equivalents | -0.41 | 1.48 | 0.03 | -1.03 |
| Cash & Equivalents at End of Period | 1.11 | 1.52 | 0.04 | 0.01 |
Promoter Holding
Promoter
100.00%
Public
0.00%
Rajeev Kumar Watrana
50.00%
Sanjeev Kumar Watrana
50.00%
Management
Sanjeev Kumar Watrana
Age: 52
MD
Remuneration
₹₹12 Lakhs p.a. (₹1 Lakh/month), no perquisites
Education
Diploma in Tool & Die Making (Board of Technical Education, Delhi)
Prior Experience
Partner at Watrana Traction Company since 2011, where he started the MHE rental business; 15+ years in the MHE industry.
Rajeev Kumar Watrana
Age: 50
WTD & CFO
Remuneration
₹₹12 Lakhs p.a. (₹1 Lakh/month), no perquisites
Education
BCA (IGNOU)
Prior Experience
Partner at Watrana Traction Company and instrumental in starting its MHE rental business; 15+ years in the MHE industry.
Rajesh Chander
Head - Strategy & Planning
Remuneration
₹₹30.45 Lakhs (paid, FY26)
Education
Basic Engineering Course (Naval College of Engineering); Fellow, IE(I); Chartered Engineer
Prior Experience
Head of Strategy & Planning at Watrana Traction Company (2014-2021) after Indian Navy engineering training; 12+ years in strategy.
Sandeep Pandey
Head - Operations
Remuneration
₹₹15.25 Lakhs (paid, FY26)
Education
BA (Dr. Ram Manohar Lohia Avadh University)
Prior Experience
Rose from Operations Executive to Head of Operations at Watrana Traction Pvt Ltd (2004-2021); 21+ years in operations.
Registrar & Lead Managers
Registrar
Maashitla Securities
Lead Managers (1)
Company Details
Name: Watrana Rentals Limited
Address: B-2, Third Floor, Derawal Nagar, Near Model Town Metro Station, Gujranwala Colony, North-West Delhi, Delhi - 110009
Number: +91 9289100302
Email: cs@watranarentals.com
Website: https://www.watranarentals.com
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Frequently Asked Questions (FAQs)
What is Watrana Rentals?
Watrana Rentals is a SME IPO having an issue size of
₹120 Crs.
Watrana Rentals is priced at
₹232 - ₹245 per
share.
The
issue opens on 19 Nov 26
and
closes on 23 Nov 26.
When will Watrana Rentals open?
Watrana Rentals opens on
19 Nov 26 and closes on
23 Nov 26.
What is the GMP of Watrana Rentals?
The estimated Grey Market Premium of Watrana Rentals is
₹0 per share (0.00%).
What is the lot size of Watrana Rentals?
The minimum lot size of Watrana Rentals is
600 shares & the minimum application amount
is
Rs.
147000.
When is the allotment of Watrana Rentals?
The allotment date of Watrana Rentals is
25 Nov 26.
What is the listing date of Watrana Rentals?
The listing date of Watrana Rentals is
27 Nov 26.
What is the subscription of Watrana Rentals?
Watrana Rentals is subscribed
-.
What is the price band of Watrana Rentals?
Watrana Rentals is priced at
₹232 - ₹245 per
share.
How to check allotment status of Watrana Rentals?
Click the allotment link on Watrana Rentals page of IPO360.
How to apply Watrana Rentals in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Watrana Rentals in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Watrana Rentals using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Watrana Rentals from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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