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SK Minerals & Additives IPO
SK Minerals & Additives Ltd
₹2,40,000 /1000 sharesMinimum Investment
SK Minerals & Additives IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹127.00 | ₹145.00 | ₹18.00 (14.17%) |
SK Minerals & Additives IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 10 Oct ‘25 - 14 Oct ‘25 | ₹2,40,000 | 1,000 | ₹120 - ₹127 |
| Issue Size | IPO Doc |
|---|---|
| 41.15Cr | RHP PDF |
Subscription rate
As of 14 Oct'25, 04:01 PM
| Qualified Institutional Buyers | 1.01x |
| Non-Institutional Investor | 5.12x |
| Retail Individual Investor | 2.98x |
| Total | 3.03x |
About SK Minerals & Additives
Founded in
2022
Managing director
Mr Mohit Jindal
Parent organisation
SK Minerals & Additives Ltd
Strengths & Financials of SK Minerals & Additives
Strengths
Risks
The company claims to have a well-diversified customer base across multiple industries and market segments, including food and bakery, animal feed, plywood, petroleum, and other allied sectors. This diversification is intended to reduce dependence on any single customer or industry and to provide stability against sector-specific downturns and macroeconomic volatility.
SK Minerals & Additives claims to operate across several states in India, including Punjab, Maharashtra, Karnataka, Gujarat, West Bengal, Uttar Pradesh, Haryana, Kerala, and Bihar. This widespread presence is said to help the company serve both metropolitan hubs and emerging markets while mitigating region-specific risks.
The company claims to have a dual approach that integrates in-house manufacturing with strategic trading. This model enhances operational efficiency, optimises supply chains, and expands the product portfolio while supporting revenue stability and cost-effectiveness.
The company is ISO 9001:2015 certified for its quality management systems, ISO 22000:2018 certified for its food safety management systems, and follows Good Manufacturing Practices (GMP).
The company has registered a consistent increase in profit after tax (PAT). It increased from Rs 1.89 crore in FY23 to Rs 3.09 crore in FY24 and Rs 10.94 crore in FY25.
SK Minerals & Additives’ manufacturing facility in Punjab initially commenced without receiving Consent to Establish (CTE) from the Punjab Pollution Control Board, although a Consent to Operate (CTO) was later granted on December 23, 2021. Procedural non-compliance may expose the company to regulatory scrutiny, enforcement actions, penalties, or restrictions on production. Any adverse regulatory action or delay in obtaining necessary environmental clearances could adversely impact the company’s business operations and reputation.
SK Minerals & Additives purchases significant quantities of traded goods from related parties, particularly Synergy Trade Links DMCC. It accounted for Rs 12.92 crore (18.62 percent) of the company’s total purchases in the period ended August 31, 2025; Rs 45.50 crore (24.84 percent) in FY25; Rs 30.67 crore (34.91 percent) in FY24; and Rs 2.72 crore (2.43 percent) in FY23. This high dependency exposes the company to potential conflicts of interest, limited bargaining power, and operational risks if these parties alter terms or discontinue supply.
The company derives a substantial portion of its revenue from trading activities. It accounted for Rs 60.44 crore (70.89 percent) of the company’s revenue in the period ended August 31, 2025; Rs 171.89 crore (81.21 percent) in FY25; Rs 74.65 crore (68.63 percent) in FY24; and Rs 106.55 crore (80.58 percent) in FY23. This heavy reliance on trading exposes the company to supply chain disruptions, procurement price volatility, intense competition, and limited control over product quality, design, and delivery timelines.
SK Minerals & Additives’ trading operations are heavily reliant on imported products. They accounted for Rs 45.98 crore (66.30 percent) of the company’s total purchases for trading operations in the period ended August 31, 2025; Rs 133.96 crore (73.13 percent) in FY25; Rs 48.23 crore (54.90 percent) in FY24; and Rs 53.99 crore (48.16 percent) in FY23. This exposes the company to global supply chain risks, foreign exchange fluctuations, regulatory changes, higher working capital requirements, and inventory-related challenges. Any disruption in the availability, cost, or timely procurement of imported goods could adversely affect the company’s trading operations, supply chain continuity, and overall financial performance.
The top five customers accounted for Rs 39.10 crore (45.86 percent) of the company’s revenue in the period ended August 31, 2025; Rs 103.96 crore (49.12 percent) in FY25; Rs 57.02 crore (52.42 percent) in FY24; and Rs 74.95 crore (56.68 percent) in FY23. Furthermore, the top customer alone accounted for Rs 12.30 crore (14.43 percent) of the company’s revenue in the period ended August 31, 2025; Rs 44.33 crore (20.94 percent) in FY25; Rs 20 crore (18.39 percent) in FY24; and Rs 35.82 crore (27.09 percent) in FY23. Any failure to retain these key customers, expand the customer base, or loss of business from these clients could adversely affect the company’s business and financial standing.
The top three suppliers accounted for Rs 31.09 crore (44.82 percent) of the company’s total purchases in the period ended August 31, 2025; Rs 91.53 crore (49.97 percent) in FY25; Rs 48.20 crore (54.86 percent) in FY24; and Rs 31.81 crore (28.37 percent) in FY23. Any disruption in supplies from these vendors could adversely affect the company’s business and finances.
The company reported negative cash flow from operating activities amounting to Rs 34.15 crore in the period ended August 31, 2025; Rs 2.91 crore in FY25; Rs 9.00 crore in FY24; and Rs 11.19 crore in FY23. This was primarily due to increases in short-term loans and advances, trade receivables, inventories, and other current assets, partially offset by changes in current liabilities and non-current assets. Additionally, negative cash flow from investing activities amounted to Rs 0.35 crore in the period ended August 31, 2025, Rs 0.98 crore in FY25, Rs 2.01 crore in FY24, and Rs 1.93 crore in FY23. This was mainly due to purchases of property, plant, and equipment. Any continued negative cash flows in the future could adversely affect the company’s liquidity, results of operations, and financial condition.
SK Minerals & Additives may face liquidity issues if it fails to realise payments from its debtors, as its current ratio has been below the generally considered healthy level of 2. The company’s current ratio was 1.41, 1.58, 1.31, and 1.41 for the period ended August 31, 2025, FY25, FY24, and FY23, respectively. This indicates limited ability to meet short-term liabilities using short-term assets.
As of August 31, 2025, the company had trade receivables of Rs 25.25 crore, representing 23.09 percent of the company’s total current assets. Failure to efficiently manage trade receivables could require the company to seek additional financing at higher costs, thereby adversely affecting its financial condition and operational flexibility.
The company derives approximately 25 percent of its revenue from government customers and public sector undertakings. Government contracts typically have longer credit cycles, ranging from 30 to 60 days, compared to 15 to 30 days for private customers. This extended payment period increases the company’s working capital requirements and can affect cash flows and liquidity. Any delays in receiving payments from government clients, a reduction or cancellation of government orders, or failure to secure future tenders could adversely impact the company’s revenue, cash flows, and profitability. Reliance on government clients also exposes the company to risks related to changes in government policies, leadership, priorities, or fiscal constraints.
The company, its directors and promoters, and group entities are involved in certain ongoing legal proceedings, including criminal and tax-related cases. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of August 31, 2025, the company had financial indebtedness of Rs 75.23 crore. Any failure to service or repay these loans can hurt the company’s operations and financial position.
SK Minerals & Additives was incorporated on February 10, 2022, and therefore has a limited operating history of just over two years. The company’s ability to achieve consistent revenue growth, manage operational risks, and execute its business strategy has yet to be proven over the long term. Any inability to scale operations, stabilise cash flows, or establish a sustainable track record could adversely affect the company’s financial condition and investor confidence.
SK Minerals & Additives Financials
*All values are in Rs. Cr
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Application Details of SK Minerals & Additives IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Individual investor | ₹120 - 127 | ₹2 - 5 Lakh |
For SK Minerals & Additives IPO, eligible investors can apply as Individual investor.