Sundrex Oil IPO

23 Dec 2025

JM Financial Services

Bar chart showing Sundrex Oil revenue and PAT growth from FY23 to FY25 with EBITDA and PAT margins highlighted

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
Assets	40.21	38.43	24.15	14.93
Total Income	19.18	69.12	49.19	27.79
Profit After Tax	1.94	5.44	2.57	0.40
EBITDA	3.11	9.19	5.13	1.99
NET Worth	17.22	15.28	3.96	1.39
Reserves and Surplus	7.57	5.63	2.97	0.41
Total Borrowing	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

FAQs – Sundrex Oil IPO

Q1. What are the Sundrex Oil IPO dates and listing timeline?

The issue opens on 22 December 2025 and closes on 24 December 2025. Basis of allotment is on 26 December, refunds and Demat credit on 29 December, and listing on 30 December 2025.

Q2. What is the lot size and minimum investment for retail investors?

The minimum lot is 3,200 shares and the minimum application amount is approximately ₹2,75,200 for retail investors.

Q3. How is the issue allocated among investor categories?

Around 2.01% of the issue size is reserved for QIBs (ex‑anchor), 37.24% for NIIs and 55.72% for retail investors.

Q4. How will the IPO proceeds be utilised?

The company plans to use ₹20.87 crore for working capital, ₹0.73 crore for capex, ₹2.58 crore for repayment/prepayment of loans and the balance for general corporate purposes and issue expenses.

Q5. How has Sundrex Oil performed financially in recent years?

Revenue increased from ₹27.79 crore in FY23 to ₹69.12 crore in FY25, while PAT rose from ₹0.40 crore to ₹5.44 crore, with ROE at 35.63% and PAT margin at 8.10% in FY25.

Q6. Who are the promoters of Sundrex Oil?