Sundrex Oil Company Ltd
IPOIssue Details
Issue Size
– Cr
Fresh Issue
– Cr
OFS
– Cr
Price Band
₹81 – ₹86
Lot Size
1600
₹1,37,600
Face Value
₹10
Listing Price
₹68.8
Important Dates
Open Date
22 Dec 2025
Close Date
24 Dec 2025
Allotment
26 Dec 2025
Refund
29 Dec 2025
Listing
30 Dec 2025
About Company
Incorporated in 2010, Sundrex Oil Company Limited is a manufacturer and wholesaler of high-performance industrial and automotive lubricants, greases and specialty products.
The company serves a diversified base of industries in India and neighbouring countries through a primarily B2B model.
Products are manufactured under its own brand and also through contract manufacturing services including toll blending and contract packaging.
The company offers private labelling services, allowing customers to market and sell lubricants under their own brands.
Key product segments include industrial lubricants, automotive lubricants and specialty oils for a variety of applications.
As on June 30, 2025, the company employed 73 employees across various departments.
Objects of the Issue
| # | Description | Amount (₹ Cr) |
|---|---|---|
| 1 | To meet working capital expenses. | ₹20.87 |
| 2 | To meet capital expenditure requirements. | ₹0.73 |
| 3 | General corporate purposes. | ₹4.52 |
| 4 | Prepayment and repayment of all or a portion of certain secured and unsecured loans. | ₹2.58 |
Financial Performance
Share Reservations
QIB
75,200
Anchor
0
NII
13,96,800
Retail
20,89,600
Employee
0
Total
37,50,400
RHP Insights
AI-powered analysis from Red Herring Prospectus
SME IPO with Pure Fresh Issue
The ₹32 crore IPO is entirely a fresh issue, with proceeds earmarked for working capital, capex, loan repayment and general corporate purposes.
Impact: ModerateStrong Growth in Revenue and Profitability
The company reported a 41% increase in revenue and 112% rise in PAT between FY 2024 and FY 2025, indicating strong operating momentum.
Impact: HighHealthy Return Ratios with Moderate Leverage
Key ratios such as ROE and RoNW stand at around 35.63% for FY 2025 with a debt-to-equity ratio of about 1.14.
Impact: ModerateIssue Valuation Viewed as Aggressive
Analyst review flags the IPO as aggressively priced considering the recent sharp improvement in margins.
Impact: LowSpecialized Focus on Lubricants and Specialty Oils
The company’s concentration in lubricants and specialty oils offers niche positioning but also exposes it to sector-specific competition and raw material volatility.
Impact: ModerateSWOT Analysis
AI-generated strategic view
Strengths
- •In-house manufacturing with state-of-the-art quality control facilities.
- •Strategic location advantage aiding logistics and distribution.
- •Direct sales model with a diversified client base.
- •Experienced management and a skilled workforce.
- •Overall logistical efficiency supporting timely deliveries.
- •Cost leadership through operational efficiency.
- •Focus on vertical integration and product line expansion.
Weaknesses
- •Significant increase in margins from FY25 onwards in the pre-IPO period raises sustainability concerns.
- •Issue viewed as aggressively priced based on recent financial performance.
- •Operates in a competitive lubricants market with presence of large established players.
- •Working capital intensive business due to inventory and receivables cycle.
Opportunities
- •Growing demand for industrial and automotive lubricants driven by industrial growth and vehicle population.
- •Scope to expand product portfolio and specialty segments.
- •Potential to deepen penetration in neighbouring country markets.
- •Opportunity to scale private label and contract manufacturing relationships.
Threats
- •Intense competition from domestic and multinational lubricant companies.
- •Volatility in base oil and additive prices impacting margins.
- •Regulatory and environmental changes affecting lubricant formulations and usage.
- •Economic slowdown impacting industrial activity and lubricant consumption.
Sundrex Oil Company Ltd IPO Peer Comparison
The table below shows peer comparison from DRHP/RHP.
| Company | EPS Basic | EPS Diluted | NAV | P/E(x) | RoNW | Financial statements |
|---|---|---|---|---|---|---|
| Sundrex Oil Company Ltd | 8.04 | 8.04 | 22.79 | 10.69 | 45.08 | Consolidated |
| Arabian Petroleum Ltd | 9.06 | 9.06 | 49.31 | 8.12 | 15.68 | Consolidated |
Sundrex Oil Company Ltd - Documents & Links
Registrar
Company contact
Sundrex Oil Company Ltd
Address: 16 India Exchange Place, 3rd Floor, Room No. 14, Kolkata, West Bengal, 700001
cs@sundrex.cohttp://www.sundrex.com/Lead managers
Frequently Asked Questions
Common questions about Sundrex Oil Company Ltd IPO.