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Sundrex Oil IPO
Sundrex Oil Company Ltd
₹2,59,200 /3200 sharesMinimum investment
IPO listing details
Listed on
30 Dec '25
Issue price
₹86.00
Listing price
₹68.80
Listing gains
-₹17.20 (20.00%)
Exchange
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IPO details
Minimum investment
₹2,59,200
Price range
₹81 - ₹86
Lot size
1,600
Issue size
32.25 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers1.00x
Non-Institutional Investor1.01x
Retail Individual Investor1.89x
Total1.50x
As of 24 Dec'25, 04:31 PM
Schedule
22 Dec 2025
IPO open date
24 Dec 2025
IPO close date
26 Dec 2025
Allotment date
26 Dec 2025
Funds unblock or debit
30 Dec 2025
Tentative listing date
About
Founded in
2010
MD/CEO
Mr Mahesh Sonthalia
Parent organisation
Sundrex Oil Company Ltd
Sundrex Oil Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
Sundrex Oil claims to operate an in-house manufacturing plant with a capacity of 100 KL per day for white oil, 60 KL per day for lubricants, and 9 MT per day for greases on a double-shift basis. It states that the plant is currently running at around 45 percent capacity, which it presents as providing scope to increase production without immediate capacity expansion.
Sundrex Oil claims that its factory in Howrah, West Bengal, is located within 100 km of the Haldia Refinery and close to IOCL and HPCL lubricant plants. It states that this proximity keeps base oil transport costs below Rs 0.80 per litre and the lead times to a few hours, compared with higher freight costs and longer lead times from western and southern refineries.
The company claims that its factory is located near Kolkata Port (about 30 km) and Haldia Port (within 120 km) and is connected via NH16 to major cities such as Chennai, Mumbai, and Delhi. It presents this as supporting efficient domestic distribution and facilitating import and export movements.
Sundrex Oil reports that it uses a direct sales model focussed on selling to end customers rather than relying heavily on intermediaries. It states that this structure removes channel markups and allows it to manage pricing and customer relationships directly.
The company claims to have a diversified customer base, with billed customers increasing from 390 in FY22 to 532 in FY25.
The company is ISO 9001:2015 certified for its quality management systems.
The company has reported a consistent increase in revenue from operations and profit after tax. Revenue from operations increased from Rs 27.49 crore (standalone) in FY23 to Rs 48.31 crore (consolidated) in FY24 and Rs 67.20 crore (consolidated) in FY25. PAT increased from Rs 0.40 crore (standalone) in FY23 to Rs 2.56 crore (consolidated) in FY24 and Rs 5.44 crore (consolidated) in FY25.
The top five customers accounted for Rs 6.75 crore (36.07 percent) of the company’s total sales for the period ended June 30, 2025; Rs 22.73 crore (33.83 percent) in FY25; Rs 14.31 crore (29.62 percent) in FY24, and Rs 11.20 crore (40.79 percent) in FY23. Failure to retain these key customers or loss of business from them can hurt the company’s business and finances.
The top five suppliers accounted for Rs 13.29 crore (84.80 percent) of the company’s total purchases for the period ended June 30, 2025; Rs 50.35 crore (86.20 percent) in FY25; Rs 33.66 crore (83.26 percent) in FY24, and Rs 18.42 crore (86.19 percent) in FY23. If supplies get disrupted from one or more of them, or raw material prices turn volatile, it could adversely affect the company’s operations, cost structure, and financial performance.
Sundrex Oil’s primary raw material, base oil, is priced with reference to international indices that are influenced by exchange rate movements. Any significant depreciation of the local currency can increase base oil costs, compress margins, and make it difficult for the company to fully pass on higher input prices to customers. Persistent volatility in exchange rates and global oil prices can therefore negatively affect its production costs, pricing decisions, and financial performance.
West Bengal accounted for Rs 16.29 crore (89.59 percent) of the company’s revenue for the period ended June 30, 2025; Rs 54.96 crore (87.63 percent) in FY25; Rs 31.51 crore (84.69 percent) in FY24, and Rs 20.34 crore (91.94 percent) in FY23. Disruption in this region could negatively affect the company’s business and profitability.
The company reported negative cash flow from operating activities amounting to Rs 2.69 crore (consolidated) for the period ended June 30, 2025, Rs 0.78 crore (consolidated) in FY25, and Rs 2.41 crore (standalone) in FY23. This was driven largely by increases in trade receivables, higher inventory levels, and rises in other current assets and liabilities. If operating cash outflows continue to exceed inflows, the company may face challenges in managing its working capital cycle, meeting obligations to suppliers, and funding future growth.
As of June 30, 2025, the company had trade receivables of Rs 16.49 crore (consolidated), representing 52.34 percent of the company’s total current assets for the period ended June 30, 2025. This is an increase from Rs 14.08 crore (47.40 percent) (consolidated) in FY25; Rs 10.53 crore (52.72 percent) (consolidated) in FY24, and Rs 4.80 crore (38.69 percent) (standalone) in FY23. Any failure to manage collections or control credit risk can adversely affect the company’s sales, profitability, cash flow, and liquidity.
The company, its directors, promoters, and subsidiaries are involved in certain ongoing legal proceedings. Adverse judgments in any of these cases could hurt the company’s business prospects.
Sundrex Oil operates in a lubricant industry segment where sales are materially affected by seasonality, with lower demand in Q1 and Q2 and higher sales concentrated in Q3 and Q4. Factors such as monsoon-related slowdowns in construction and infrastructure, year-end bulk purchasing by customers and government entities, and cyclical demand from the jute industry can cause significant quarterly fluctuations. Any disruption during the peak quarters or inability to manage this seasonality could have a disproportionate effect on the company’s overall results of operations and cash flows.
As of June 30, 2025, the company had outstanding financial indebtedness of Rs 17.13 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Application details
For Sundrex Oil IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹81 - ₹86 | ₹2 - ₹5 Lakhs | 1600 |