Sundrex Oil IPO brings a niche way to participate in the growing demand for specialty lubricants and industrial oils, backed by strong recent growth and high return ratios but also carrying leverage, working-capital and SME-listing risks.
Sundrex Oil IPO – Snapshot
- Company: Sundrex Oil Company Limited
- Business: Manufacturing and marketing specialty lubricants, industrial oils and related petroleum products to industrial and commercial clients.
- IPO Type: SME IPO (book-built, fresh issue)
- IPO Open Date: 22 December 2025
- IPO Close Date: 24 December 2025
- Basis of Allotment: 26 December 2025
- Refunds / Demat Credit: 29 December 2025
- Listing Date: 30 December 2025 (SME platform)
Promoters & Holding:
- Promoters: Mahesh Sonthalia, Shashank Sonthalia, Aman Sonthalia
- Promoter holding pre‑issue: 100% (96,44,752 shares)
- Promoter holding post‑issue: 1,33,95,152 shares (stake % to be confirmed in RHP)
Use of IPO Proceeds (₹ crore):
- Working capital: 20.87
- Capital expenditure: 0.73
- Prepayment/repayment of secured and unsecured loans: 2.58
- General corporate purposes and issue-related expenses
Business & Financial Highlights
Sundrex Oil manufactures specialty lubricants and industrial oils that are used by various industrial segments and commercial users. The company has scaled rapidly over the last three years with visible improvement in profits and capital efficiency.
Financials (₹ in crore):
Sundrex Oil Co.Ltd.'s revenue increased by 41% and profit after tax (PAT) rose by 112% between the financial year ending with March 31, 2025 and March 31, 2024.
|
Period Ended |
30 Jun 2025 |
31 Mar 2025 |
31 Mar 2024 |
31 Mar 2023 |
|
40.21 |
38.43 |
24.15 |
14.93 |
|
|
19.18 |
69.12 |
49.19 |
27.79 |
|
|
1.94 |
5.44 |
2.57 |
0.40 |
|
|
3.11 |
9.19 |
5.13 |
1.99 |
|
|
17.22 |
15.28 |
3.96 |
1.39 |
|
|
7.57 |
5.63 |
2.97 |
0.41 |
|
|
17.13 |
17.38 |
13.63 |
9.80 |
|
|
Amount in ₹ Crore |
||||
Peer: Arabian Petroleum Limited (EPS 9.06, P/E 8.12x, RoNW 15.68%).
IPO Reservation
Sundrex Oil IPO offers total 37,50,400 shares. Out of which 75,200 (2.01%) allocated to QIB, 13,96,800 (37.24%) allocated to NII 20,89,600 (55.72%) allocated to RII
IPO Lot Size
Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereof.
Key Strengths
- Strong top-line growth FY23–FY25
- PAT expanding faster than revenue
- High ROE and ROCE for a small-cap industrial player
- Healthy EBITDA and PAT margins in lubricant segment
- IPO proceeds largely for working capital and debt reduction
- 100% promoter holding pre-issue; majority stake retained post-issue
Key Risks
- Leverage still meaningful (debt–equity 1.14) post issue
- Small absolute size vs large lubricant and oil companies
- Working-capital heavy (inventory + receivables) operations
- Exposure to crude/base-oil price swings and margin pressure
- High minimum retail ticket (₹2.75 lakh) and SME liquidity risk
- Competitive pressure from established national and regional brands
How To Apply for the IPO ?
- Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of IPO?
Steps to check IPO allotment status on JM Pro app:
- Log in to the JM Pro app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
JM Financial Services will notify you of your IPO allotment status via push notification and email
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