Sundrex Oil IPO is a book-built issue worth ₹32.25 crore, consisting entirely of a fresh issue of 0.38 crore equity shares.
The IPO will open for subscription on December 22, 2025, and close on December 24, 2025. The basis of allotment is likely to be finalised on December 26, 2025. Shares are proposed to be listed on the NSE SME platform, with a tentative listing date of December 30, 2025.
The price band for the IPO has been fixed at ₹81 to ₹86 per share. Investors can apply in a lot size of 1,600 shares. Retail investors are required to apply for a minimum of 3,200 shares, which amounts to ₹2,75,200 at the upper end of the price band. For HNIs, the minimum application is 3 lots or 4,800 shares, requiring an investment of ₹4,12,800.
Affinity Global Capital Market Pvt. Ltd. is acting as the book running lead manager for the issue, while Cameo Corporate Services Ltd. has been appointed as the registrar. Sunflower Broking Pvt. Ltd. will serve as the market maker for the IPO.
Sundrex Oil Co. IPO Objectives
Sundrex Oil Co. & Super Speciality will use the funds raised from the public issue for the following:
- The IPO is a fresh issue of 37,50,400 equity shares, and the company will use the net proceeds from the issue for its business requirements.
- The largest portion of the IPO funds, about ₹20.87 crore, will be used to meet working capital needs, such as managing day-to-day operations, inventory, and receivables.
- Around ₹0.73 crore will be spent on capital expenditure, including the purchase of equipment or upgrades to existing facilities.
- The company plans to use ₹2.58 crore to repay or prepay certain secured and unsecured loans, which will help lower its debt.
- A part of the proceeds will be allocated for general corporate purposes, supporting routine business activities and future growth plans.
About Sundrex Oil Co. Limited
Sundrex Oil Company Limited was incorporated in 2010 and is engaged in the manufacturing and wholesale of industrial and automotive lubricants, greases, and other specialty oil products. The company supplies its products to customers across India as well as nearby countries. Its product range includes both industrial and automotive lubricants along with specialty products used across various applications.
Sundrex Oil manufactures products under its own brand and also offers contract manufacturing services to other businesses. These services include toll blending, contract packaging, and labeling, allowing clients to sell quality lubricant products under their own brand names. The company’s product portfolio includes hydraulic oil, gear oil, multigrade and monograde diesel engine oil, transformer oil, rust preventive oil, and refrigeration oil. As of June 30, 2025, Sundrex Oil had a workforce of 73 employees across different departments.
The company’s key strengths include in-house manufacturing supported by modern quality control systems, a strategically located facility, and a direct sales model that serves a wide and diversified customer base. It is backed by an experienced management team and a skilled workforce. Sundrex Oil focuses on efficient logistics, cost control through operational efficiency, and expanding its product range through vertical integration.
Industry Outlook
- The global industrial lubricants market was valued at USD 74.21 billion in 2024 and is expected to grow to USD 104.68 billion by 2034, at a CAGR of 3.5%.
- The Asia-Pacific industrial lubricants market, driven by rapid industrialisation, is projected to expand from USD 30.11 billion in 2023 to USD 43.97 billion by 2034, growing at a CAGR of 3.7%.
- The global automotive lubricants market stood at USD 71.44 billion in 2024 and is forecast to reach USD 111.79 billion by 2033, registering a CAGR of 5.1%.
- Growth in vehicle production and passenger car demand in emerging markets is increasing consumption of engine oils and transmission fluids.
- The shift toward high-performance, synthetic, and bio-based lubricants is improving fuel efficiency, durability, and environmental compliance.
- The rise of electric vehicles (EVs) is creating demand for specialised lubricants and greases for electric drivetrains, bearings, and cooling systems.
How To Apply for the Sundrex Oil Co. IPO Online?
- Login to Your Angel One Account: Open the Angel One app or 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 Sundrex Oil Co. 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 Sundrex Oil Co. IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One 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.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Sundrex Oil Co. IPO
Sundrex Oil Co.Ltd. Address, 16 India Exchange Place, 3rd Floor, Room No.- 14, Kolkata, West Bengal, 700001
Phone: +91 8335073185
Email: cs@sundrex.co
Website: http://www.sundrex.com/
Sundrex Oil Co. IPO Reservation
| Investor Category | Shares Offered (% of Issue) |
| Market Maker | 1,88,800 (5.03%) |
| QIB | 75,200 (2.01%) |
| NII (HNI) | 13,96,800 (37.24%) |
| Retail Investors | 20,89,600 (55.72%) |
| Total | 37,50,400 (100.00%) |
Sundrex Oil Co. IPO Lot Size Details
| Application Category | Lots | Shares | Amount |
| Individual Investors (Retail) – Min | 2 | 3,200 | ₹2,75,200 |
| Individual Investors (Retail) – Max | 2 | 3,200 | ₹2,75,200 |
| S-HNI – Min | 3 | 4,800 | ₹4,12,800 |
| S-HNI – Max | 7 | 11,200 | ₹9,63,200 |
| B-HNI – Min | 8 | 12,800 | ₹11,00,800 |
Sundrex Oil Co. IPO Promoter Holding
Mr. Mahesh Sonthalia, Mr. Shashank Sonthalia, and Mr. Aman Sonthalia are the promoters of the company.
| Share Holding Pre-Issue | |
| Share Holding Post Issue |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Sundrex Oil Co. IPO
| KPI | Value (as of March 31, 2025) |
| ROE | 35.63% |
| ROCE | 27.03% |
| Debt / Equity | 1.14 |
| RoNW | 35.63% |
| PAT Margin | 8.10% |
| EBITDA Margin | 13.68% |
| Price to Book Value | 5.43 |
Sundrex Oil Co. IPO Registrar and Lead Managers
Sundrex Oil Co. IPO Lead Managers
Affinity Global Capital Market Pvt.Ltd
Registrar for Sundrex Oil Co. IPO
Cameo Corporate Services Ltd.
Contact Number: +91-44-28460390
Email Address: investor@cameoindia.com
Financial Performance of Sundrex Oil Co. Limited
| Particulars | Period Ended as of Jun 30 2025 | Period Ended as of Mar 31 2025 | Period Ended as of Mar 31 2024 | Period Ended as of Mar 31 2023 |
| Assets (₹ Cr) | 40.21 | 38.43 | 24.15 | 14.93 |
| Total Income (₹ Cr) | 19.18 | 69.12 | 49.19 | 27.79 |
| Profit After Tax (PAT) (₹ Cr) | 1.94 | 5.44 | 2.57 | 0.40 |
| EBITDA (₹ Cr) | 3.11 | 9.19 | 5.13 | 1.99 |
| Net Worth (₹ Cr) | 17.22 | 15.28 | 3.96 | 1.39 |
| Reserves and Surplus (₹ Cr) | 7.57 | 5.63 | 2.97 | 0.41 |
| Total Borrowings (₹ Cr) | 17.13 | 17.38 | 13.63 | 9.80 |
Sundrex Oil Co. Limited Peer Comparison
| Name of the Company | Face Value (₹/share) | CMP as on Sept 26, 2025 (₹) | P/E Ratio | RONW (%) | NAV (₹/share) | PAT (₹ in Lakhs) |
| Sundrex Oil Company Limited | 10 | [●] | [●] | 45.08 | 17.86 | 194.17 |
| Arabian Petroleum Limited | 10 | 73.60 | 8.12 | 15.68 | 53.43 | 912.43 |
Strengths and Opportunities of Sundrex Oil Co. Limited
- A fully equipped quality control lab with 50 testing instruments ensures compliance with industry standards; quality control spend rose to ₹17.41 lakh in FY25.
- The plant is strategically located in Howrah, West Bengal, close to IOCL and HPCL refineries, keeping base oil freight costs below ₹0.80 per litre.
- Proximity to Kolkata Port (30 km) and Haldia Port (120 km) supports cost-efficient imports and export opportunities.
- Around 84–93% of revenue comes from Eastern India, where the company enjoys a logistics cost advantage of ₹6–7 per litre over competitors from other regions.
- The customer base expanded from 391 in FY23 to 532 in FY25, reducing dependence on large customers.
- Revenue from the top 10 customers declined from 52.12% in FY23 to 41.70% in FY25, improving revenue stability.
- The company follows a vertically integrated model, covering manufacturing, packaging, and sales, supported by two subsidiaries.
- Product categories increased from 4 to 62, while GeM-listed products rose from 5 to 516, strengthening PSU sales.
- The business is led by an experienced management team with 15–40+ years of industry experience, supported by a skilled technical workforce.
Risks and Threats of Sundrex Oil Co. Limited
- The company depends on a limited number of customers, with the top 10 contributing up to 46.98% of sales in recent periods.
- Despite an increase in customers to 532 in FY25, customer concentration remains a risk if key clients reduce orders.
- The business relies heavily on a few suppliers, with the top 10 suppliers accounting for over 90% of raw material purchases.
- Base oil prices are linked to global indices and exchange rates, exposing the company to raw material cost volatility.
- Around 84–93% of revenue comes from eastern India, mainly West Bengal and nearby states, leading to geographic concentration risk.
- Working capital requirements are rising, increasing from ₹623 lakh in FY23 to ₹1,372 lakh by June 2025.
- The company is sensitive to crude oil price fluctuations, and delays in passing costs to customers may impact margins.
- Operations depend on promoters and key management, and the loss of key personnel could affect business continuity.
- The company uses third-party transport providers, and any disruption or cost increase may impact operations.
