SO
Sundrex Oil Company
Book Building issueSMENSE₹32.24 Cr issue
-20.00%
Listing gain over issue price
Issue size
₹32.24 Cr
1 lot at cut-off
₹1,37,600
Lot size
1,600shares
Open
22 Dec 2025
Close
24 Dec 2025
Allotment
26 Dec 2025
Listing
30 Dec 2025
Listing performance
Issue price
₹86
Listed at
₹68.80
Listing-day close
₹65.40
Latest price
₹24.15
Listing gain
-20.00%
Return since listing
-71.92%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹86 | ₹0 |
| 29 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹86 | ₹0 |
| 28 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹86 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 22 Dec 2025 – 24 Dec 2025
- Listing date
- 30 Dec 2025
- Face value
- ₹10 per share
- Issue price
- ₹86 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹32.24 Cr
- Market cap at offer price
- ₹115 Cr
- Promoter holding
- 100.00% → 72.00% pre-issue → post-issue
- ISIN
- INE0CTB01014
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Affinity Global Capital Market Pvt.Ltd.
- Registered office
- 16 India Exchange Place, 3rd Floor, Room No.-14, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 1,88,800 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹86
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,37,600 |
| S-HNI (min) | 2 | 3,200 | ₹2,75,200 |
| S-HNI (max) | 7 | 11,200 | ₹9,63,200 |
| B-HNI (min) | 8 | 12,800 | ₹11,00,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹86 per share
Valuation and performance
Valuation at offer price
₹86 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.04 | — |
| P/E (×) | 10.70 | — |
| Price to book (×) | 5.43 | — |
| Market cap | — | ₹115 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 35.63%
- ROCE
- 27.03%
- Debt / equity
- 1.14
- PAT margin
- 8.10%
- EBITDA margin
- 13.68%
- NAV per share
- ₹15.84
- Price to book
- 5.43
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Sundrex Oil Company
Sundrex Oil Company Limited was incorporated on May 08, 2010 as a Public Limited Company under the Companies Act, 1956 with CIN U23200WB2010PLC147053. The company is an ISO 9001:2015 certified manufacturer and wholesaler of lubricants, greases, and a wide range of industrial products. The company's revenue profile is predominantly concentrated in the Business-to-Business (B2B) segment, which accounts for approximately 99% of total revenue, with the remaining 1% from the Business-to-Customer (B2C) segment. The company's portfolio includes industrial lubricants, automotive lubricants, specialty products, high-performance lubricants, greases, metalworking fluids, bituminous products, IS: 335 Certified Transformer Oils, and other specialized formulations. In addition to manufacturing under its own brand, the company offers contract manufacturing services including toll blending and contract packaging, as well as private labeling services.
Company Analysis
from RHPSundrex Oil Company Limited is a manufacturer and wholesaler of lubricants, greases, and industrial products serving both B2B and B2C markets across India and select international markets.
Sundrex Oil Company Limited was incorporated on May 08, 2010 as a Public Limited Company under the Companies Act, 1956 with CIN U23200WB2010PLC147053. The company is an ISO 9001:2015 certified manufacturer and wholesaler of lubricants, greases, and a wide range of industrial products. The company's revenue profile is predominantly concentrated in the Business-to-Business (B2B) segment, which accounts for approximately 99% of total revenue, with the remaining 1% from the Business-to-Customer (B2C) segment. The company's portfolio includes industrial lubricants, automotive lubricants, specialty products, high-performance lubricants, greases, metalworking fluids, bituminous products, IS: 335 Certified Transformer Oils, and other specialized formulations. In addition to manufacturing under its own brand, the company offers contract manufacturing services including toll blending and contract packaging, as well as private labeling services.
LubricantsGreasesAutomotiveIndustrialSpecialty Products
Objects of the Issue
- To meet working capital Expenses ₹2,086.93 lakhs p.36
- To meet Capital Expenditure ₹73.40 lakhs p.36
- Prepayment and repayment of all or a portion of certain secured and unsecured loan ₹258.09 lakhs p.36
- General Corporate Purposes p.36
- To meet the offer related expenses p.36
- To meet working capital requirements ₹2,086.93 lakhs p.131
- To meet Capital Expenditure ₹73.40 lakhs p.131
- Prepayment and repayment of secured and unsecured loans p.131
- General Corporate Purpose p.131
- To meet Offer expenses p.131
- Funding incremental working capital requirements of our Company ₹2,086.93 lakhs (as per deployment schedule) p.132
- Funding for Capital Expenditure ₹73.40 lakhs p.132
- Prepayment and repayment of all or a portion of certain secured and unsecured loan ₹258.09 lakhs p.132
- General Corporate Purposes [●] (not to exceed 15% of Gross Proceeds or Rs 1000 lakhs whichever is less) p.132
- To meet the offer related expenses [●] p.132
- General corporate purposes
Issue Structure
- Total Issue
- Up to 37,50,400 Equity Shares of face value of ₹10/- each aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 37,50,400 Equity Shares of face value of ₹10/- each aggregating up to ₹[●] lakhs
- Offer for Sale
- NIL
- Price Band
- ₹81 per Equity Share (Floor Price) to ₹86 per Equity Share (Cap Price)
- Lot Size
- 1,600 equity shares of face value Rs. 10 each
- Face Value
- ₹10/- each
Business Model
The company generates revenue through manufacturing and wholesale of lubricants, greases, and industrial products. Revenue is primarily derived from B2B customers (99% of total revenue) across India and select international markets (Nepal, Bhutan, Bangladesh and UAE). The company also provides contract manufacturing services including toll blending and contract packaging, and private labeling services allowing businesses to market premium-quality products under their own brand names.
Business Segments
Production and sale of various industrial lubricants including hydraulic oils, transmission oils, and gear oils, which are essential for various industrial machinery applications.
Production of lubricants for automotive applications.
Manufacture of high-performance lubricants, greases, metalworking fluids, bituminous products, IS: 335 Certified Transformer Oils, and other specialized formulations.
Offer contract manufacturing services, including toll blending and contract packaging, and private labeling services enabling companies to market premium-quality products under their own brand name.
Revenue distribution across quarters showing seasonal variation with Q1 typically lowest and Q4 highest in recent years
Geographic distribution of sales across depots in different regions of India
Production and supply of industrial lubricants including hydraulic oils, transmission oils, gear oils, metalworking fluids, and specialty products for machinery and equipment maintenance serving both private companies and public sector units (PSUs).
Manufacturing of Light Liquid Paraffin (Non-IP) with installed capacity of 18,250,000 liters per annum and production of Light Liquid Paraffin IP grade which is classified as an Active Pharmaceutical Ingredient (API) used in pharmaceutical and cosmetic applications.
Production of metalworking fluids for industrial applications.
Manufacturing of grease products for various industrial applications.
Production of IS: 335 Certified Transformer Oils for power sector applications.
Manufacturing of lubricants for automotive applications.
Provision of toll blending, contract packaging, and private labeling services allowing businesses to outsource production of lubricants tailored to their specific formulations.
Provides toll blending and private labeling services where customers outsource production of lubricants according to their unique formulations or sell lubricants under their own brand name.
Production and wholesale of lubricants designed specifically for the automotive industry.
Emerging B2C segment expanding presence in the retail market through distributors.
Manufacturing and sale of lubricants, oils, and greases under the Sundrex brand name.
Re-refining of used oils and production of re-refined base oils for the lubricants industry.
Manufactures and sells industrial lubricants for various industrial applications
Produces metalworking fluids for industrial use
Manufactures IS: 335 Certified Transformer Oils
Produces specialized greases
Manufactures white oils and lubricating low pour oils
Manufactures and sells automotive lubricants
Provides contract manufacturing services where the Company partners with other brands to produce lubricants under their labels
Toll blending and private labeling services offering tailored solutions for businesses
Supply of lubricants and industrial products to Public Sector Undertakings
Supply of lubricants and industrial products to private sector customers
SWOT Analysis
Strengths
- • Established market presence with ISO 9001:2015 certification and PAN-India operations(p.32)
- • Diversified product portfolio spanning industrial, automotive, and specialty lubricants(p.32)
- • Multiple revenue streams including contract manufacturing and private labeling services(p.32)
- • Growing customer base demonstrating market traction(p.48)
- • Growing lubricant market with strong CAGR(p.33)
- • Successful product customization and innovation capability(p.73)
- • Established preventive maintenance practices minimizing operational disruptions(p.72)
- • Strong revenue growth trajectory(p.68)
- • Geographic expansion reducing dependence on Indian market(p.71)
- • Diversification into automotive lubricants sector with B2C model(p.68)
- • In-house manufacturing with significant idle capacity for scale-up(p.193)
- • Strategic location advantage near major refineries and ports(p.194)
- • Direct sales model eliminating channel markups and improving margins(p.195)
- • Diversified customer base reducing concentration risk(p.195)
- • Experienced management with deep industry expertise(p.196)
- • Vertical integration across production and distribution(p.196)
- • Rapid expansion of approved products on Government e-Marketplace(p.197)
- • Growing PSU revenue providing stable recurring business(p.196)
- • In-house manufacturing with quality control infrastructure(p.200)
- • Strategic location near refineries and ports minimizing logistics costs(p.202)
- • Production flexibility for small orders and customized solutions(p.201)
- • Growing customer base with high repeat customers(p.203)
- • Strong GeM portal performance and government sector traction(p.202)
- • Diversified revenue streams across products and customer segments(p.199)
- • IP Grade White Oil Plant approval in progress(p.226)
- • Established governance framework with independent board oversight(p.273)
- • Robust audit and financial controls through specialized committees(p.273)
- • Strong focus on director independence and diverse board composition(p.273)
- • Well-defined related party transaction governance(p.275)
- • Comprehensive internal audit and risk management framework(p.275)
- • Diversified revenue streams across manufacturing and services(p.341)
- • Specialized high-performance lubricant products serving critical industries(p.343)
- • Contract manufacturing and toll blending services reduce client capital requirements(p.341)
- • Strong revenue growth momentum with 40.51% increase FY2024-25(p.348)
- • Successful market expansion with 196.32% jump in exports FY2025(p.349)
- • Expanded product portfolio from 6 to 57 product categories FY2025(p.349)
- • Significant 72.17% growth in PSU supply revenue FY2025(p.349)
- • Operating efficiency with PAT margin improvement to 7.88% in FY2025(p.354)
Weaknesses
- • Highly concentrated customer base with top 10 customers representing 35-52% of total revenue(p.48)
- • High supplier concentration with top 10 suppliers accounting for 88-92% of purchases(p.49)
- • Geographic revenue concentration in Eastern states (84-93% of revenue)(p.50)
- • Persistent negative operating cash flows despite positive operating profit(p.55)
- • Significant trade receivables representing over 50% of current assets(p.64)
- • History of delays in filing GST, EPF and ESIC returns(p.56)
- • Previous write-offs of bad debts indicating credit management challenges(p.64)
- • Reliance on promoter guarantees for debt facilities(p.55)
- • Heavy concentration of revenue from Indian market and domestic customers(p.71)
- • Significant dependence on manufacturing facilities and related operational risks(p.72)
- • Dependency on distributed network for sales and market reach(p.72)
- • Exposure to payment defaults from customers and distributors(p.72)
- • History of delays in statutory filings with regulatory authorities(p.74)
- • Operational dependence on labor availability(p.75)
- • All manufacturing facilities, office and warehouses on leased premises(p.75)
- • High debt-to-equity ratio though declining(p.157)
- • Significant working capital concentration with customer credit extensions(p.140)
- • Operating capacity utilization at only 45% creates fixed cost pressure(p.193)
- • Business dependency on PSU and government contracts with long payment cycles(p.140)
- • Heavy dependence on few large customers for revenue(p.211)
- • Concentrated plant location in West Bengal creating geographic risk(p.203)
- • Limited R&D capability with reliance on external suppliers(p.227)
- • Significant capacity underutilization in recent periods(p.205)
- • High employee attrition rates indicating retention challenges(p.257)
- • Nascent retail business with limited market presence in B2C(p.219)
- • Promoter concentration with limited public shareholding(p.286)
- • Significant debt-to-equity exposure in consolidated financials(p.337)
- • High reliance on related party transactions for supply chain(p.324)
- • Limited employee stock option scheme availability(p.285)
- • Significant dependence on small number of suppliers (84.80% from top 5)(p.365)
- • High leverage with debt-to-equity ratio of 0.99 pre-issue(p.366)
- • Negative operating cash flow in recent periods(p.362)
- • Concentrated production facility with single Howrah location(p.381)
- • Significant finance costs rising 25.13% YoY to Rs. 179.86 lakhs(p.350)
- • Unresolved income tax demands against promoters totaling Rs. 42.50 lakhs(p.372)
- • Litigation risk with multiple cheque dishonor cases filed by company(p.371)
- • Outstanding EPF dues of Rs. 28,894 and ESI compliance issues(p.371)
Opportunities
- • Expansion into untapped geographic markets and international markets(p.50)
- • Growth in automotive lubricants market with significant volume expansion(p.33)
- • Opportunity to capitalize on government year-end bulk procurement cycles(p.67)
- • Potential to serve growing industrial base post-monsoon and festive seasons(p.67)
- • Growing jute industry demand for lubricants in Eastern states(p.67)
- • Strong global lubricants market growth trajectory(p.70)
- • Expanding Indian lubricants market with significant CAGR(p.70)
- • Strong growth in Indian industrial lubricants sector(p.70)
- • Expansion into automotive lubricants market with consistent demand(p.70)
- • Strategy to target less seasonal industries for revenue stabilization(p.68)
- • Regulatory support via Extended Producer Responsibility framework(p.71)
- • Growing Indian lubricants market projected at 4.76% CAGR(p.186)
- • Industrial lubricants market expansion in Asia Pacific at 3.7% CAGR(p.184)
- • Expanding to new product line - IP Grade White Oil with higher margins(p.144)
- • Export market expansion through port connectivity and regional access(p.195)
- • Growing demand for electric vehicle lubricants and specialized fluids(p.188)
- • Increasing PSU participation and government procurement through GeM portal(p.138)
- • Oil polishing unit installation to enhance product quality and reduce raw material costs(p.141)
- • India's strong projected economic growth of 6.7% through FY26-27(p.179)
- • Expansion of government sector supplies through GeM platform(p.212)
- • Geographic expansion to underserved regions and international markets(p.252)
- • Growing pharmaceutical sector demand for IP Grade oils(p.226)
- • Contract manufacturing and private labeling business growth(p.214)
- • EPR compliance and re-refined oil market through Ecolixir subsidiary(p.254)
- • Product diversification and specialized lubricant segments(p.202)
- • Retail channel development through OPRS Enterprises subsidiary(p.254)
- • Expansion into emerging markets and export segments(p.334)
- • Diversified product portfolio addressing multiple industry verticals(p.335)
- • Contract manufacturing and revenue diversification(p.335)
- • Strong EBITDA growth and margin expansion trajectory(p.337)
- • Growing demand in industrial and automotive sectors(p.335)
- • Expansion of product portfolio with new niche market formulations(p.355)
- • Growing B2C and retail market penetration(p.356)
- • Increased industrial demand post-pandemic recovery(p.356)
- • Enhanced B2B partnerships with PSUs and industrial clients(p.356)
- • Geographic expansion across multiple states with GST registrations(p.384)
- • Scaling through toll blending and contract manufacturing(p.343)
Threats
- • Raw material price volatility and currency fluctuation exposure tied to international indices(p.50)
- • Vulnerability to crude oil price spikes and supply disruptions from geopolitical events(p.52)
- • Supply chain disruption risks from raw material sourcing concentration(p.49)
- • Reliance on third-party transportation and vulnerability to transportation cost increases(p.54)
- • Infrastructure limitations impacting supply chain reliability(p.54)
- • Delayed implementation of Extended Producer Responsibility (EPR) regulations creating compliance uncertainty(p.67)
- • Seasonal demand fluctuations with reduced sales in Q1 and Q2(p.67)
- • Outstanding litigation proceedings involving company and promoters(p.64)
- • Economic slowdown in India affecting domestic demand(p.81)
- • Volatility in foreign exchange rates affecting international operations(p.76)
- • Significant power supply disruptions and tariff volatility(p.76)
- • Rising competition from larger players with economies of scale(p.80)
- • Intense price competition and margin compression risks(p.80)
- • Raw material cost volatility and supply chain disruption risks(p.80)
- • International market regulatory and tariff risks(p.78)
- • Changes in government regulations including EPR norms and tariffs(p.81)
- • Global trade policy and tariff uncertainties(p.82)
- • Wage and operating cost inflation in India(p.86)
- • High inflation eroding profitability(p.83)
- • Volatility in crude oil prices affecting raw material costs(p.183)
- • Increasing stringency of environmental regulations and EPR compliance requirements(p.183)
- • Intense competition in lubricants market with price pressure in mature segments(p.183)
- • Technology disruption in automotive sector from electric vehicle adoption(p.183)
- • Potential for higher imports and dumping amid trade uncertainties(p.181)
- • Geopolitical disruptions affecting supply chains and exports(p.181)
- • Global economic uncertainty and modest growth projections affecting demand(p.181)
- • Regulatory changes and compliance requirements for petroleum products(p.238)
- • Competition from large established lubricant manufacturers(p.201)
- • Dependence on imported base oils and supply chain disruptions(p.217)
- • Volatility in crude oil and petrochemical prices affecting costs(p.217)
- • Environmental and Extended Producer Responsibility (EPR) regulations(p.225)
- • GST and tax-related policy changes impacting profitability(p.247)
- • Volatile commodity prices and raw material cost fluctuations(p.339)
- • Intense competition in lubricant manufacturing segment(p.340)
- • Geopolitical risks affecting supply chains and operations(p.340)
- • Regulatory and environmental compliance pressures(p.339)
- • Dependence on limited customer and supplier base(p.340)
- • Volatility in raw material costs (base oil, additives, chemicals)(p.342)
- • Price volatility in lubricant industry affecting margins(p.360)
- • Intense competition from existing and potential competitors(p.365)
- • Regulatory compliance burden including pollution control and hazardous waste management(p.382)
- • GST and tax regulatory changes impacting operational costs(p.376)
- • Seasonal and climate-dependent industrial demand(p.364)
- • Foreign exchange fluctuation risk from export operations(p.343)
- • Economic cyclicality affecting industrial lubricant demand(p.364)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mahesh Sonthalia | Promoter | 85.00% | — |
| Shashank Sonthalia | Promoter | 6.43% | — |
| Aman Sonthalia | Promoter | 1.43% | — |
| Mahesh Sonthalia | Promoter | 85.00% | [●] |
| Shashank Sonthalia | Promoter | 6.43% | [●] |
| Aman Sonthalia | Promoter | 1.43% | [●] |
| Richa Sonthalia | Promoter Group | 5.71% | [●] |
| Dolly Sonthalia | Promoter Group | 0.71% | [●] |
| Vignesh Sonthalia | Promoter Group | 0.71% | [●] |
| Shreya Sonthalia | Promoter Group | 0.00% | [●] |
| Mahesh Sonthalia | Promoter | — | — |
| Mahesh Sonthalia | Promoter | 85.00% | — |
| Shashank Sonthalia | Promoter | 6.43% | — |
| Aman Sonthalia | Promoter | — | — |
| Mahesh Sonthalia | Promoter | 85.00% | — |
| Shashank Sonthalia | Promoter | 0.71% | — |
| Aman Sonthalia | Promoter | 1.43% | — |
| Mahesh Sonthalia | Promoter | — | — |
| Shashank Sonthalia | Promoter | — | — |
| Mahesh Sonthalia | Promoter | — | — |
| Shashank Sonthalia | Promoter | — | — |
| Aman Sonthalia | Promoter | — | — |
Leadership
Mahesh Sonthalia · Chairman and Managing Director
Aman Sonthalia · Chief Financial Officer
Akansha Lakhani · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.