As the manufacturing, auto parts and construction segment grows across the country, India's industrial lubricants and specialty oil market is set to grow. The requirement for performance lubricants is expected to grow at a rate of 8% per year until 2029, as sustainability and managing the life cycle of equipment becomes more important. Sundrex Oil company ltd, a company in Delhi that makes industrial lubricants, greases and specialty oils, is planning its NSE SME IPO (22-24 Dec 2025) to improve its blending capacity, distribution network and research and development (R&D) capabilities.
Sundrex Oil IPO Details:
Sundrex Oil IPO Issue Management:
Affinity Global Capital Market Private Limited serves as the book-running lead manager for the Sundrex Oil Company SME IPO.
Sundrex Oil IPO RTA (Registrar) Details:
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Sundrex Oil IPO Allotment Status:
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Action Links:
Apply Sundrex Oil IPO by opening the demat here
Sundrex Oil Subscription Status: Check live subscription here
Sundrex Oil GMP Update: Check latest grey market premium here
Sundrex Oil Company Limited, based in Kolkata, West Bengal, is one of the best producers and wholesalers of high-performance industrial and automotive lubricants, greases and specialty oils. They serve a wide range of industries in India and nearby areas. The company was founded over thirty years ago and is led by Chairman and Managing Director Mahesh Sonthalia (36+ years in lubricants), Whole-time Director and CEO Shashank Sonthalia (CFA-qualified), and Whole-time Director Radhagobinda Chowdhury (42+ years of operational experience). Collectively the business's entire line of products includes hydraulic oils, gear oils, diesel engine oils (both multigrade and monograde), transformer oils, rust preventives, refrigeration oils, and custom formulations. They also offer toll blending, contract manufacturing, and private-label solutions that let customers sell high-quality lubricants under their own brand name.
Sundrex Oil SME IPO comprises a fresh issue of ₹32.25 Cr (37.50 lakh shares) to fund working capital, capex, loan repayment, and general corporate purposes as the company scales its lubricants business.
Sundrex Oil IPO proceeds will be deployed towards the following objectives:
Sundrex Oil SME IPO reserves shares across investor categories, with retail investors at 55.72%, NII (HNI) at 37.24%, QIB at 2.01%, and market makers at 5.03%.
Sundrex Oil IPO does not have a dedicated anchor investor portion. Instead, the issue is structured as a pure public subscription offering characteristic of NSE SME IPOs.
Do note, if anchor investors (if included) must follow a mandatory 30-day/90-day split lock-in to prevent volatility post-listing. Since Sundrex Oil has no anchor investors, this lock-in requirement simply doesn't apply.
In the competitive lubricants market, Sundrex Oil is a highly profitable and efficient company. The company makes 0.36 in profit for every rupee of shareholder equity. This is an attractive return that beats many of its competitors in the sector. The company keeps 13.68 paise as operating profit and 8.10 paise as net profit for every rupee in sales, which is even more impressive because it demonstrates business efficiency and keeps costs under control.
The important risks and strengths of Sundrex Oil IPO are mentioned below:
Strengths
Integrated Manufacturing & Quality: The in-house facilities are certified by BIS and ISO, and they are fully backward integrated, which keeps costs economical and quality exceptional.
Strong Financial Growth: 41% increase in revenue, 35.63% return on equity (ROE), and 27.03% return on capital employed (ROCE) show that the company is running efficiently and reflecting strong profitability.
A diverse B2B client base with 99% of revenue coming from the automotive, manufacturing, mining, and power sectors, which lowers the risk of relying on a single client.
Regional Market Leadership: One of the biggest lubricant contract manufacturers in Eastern India, with a proven competitive edge and operations in the area.
Tech Differentiation through ANALYTEX™—a proprietary AI-powered oil monitoring platform that can make recurring money and customers stay along.
Risks
Competing forces from large organisations. It faces established majors (IOC, BPCL, Chevron) and regional competitors; limited scale limits pricing power and distribution reach
Geographic Concentration Risk: The company's income is dependent greatly on the market in Eastern India, limiting it to any other markets in India, thereby it is susceptible to regional economic cycles.
Working Capital Intensity: 68.3% of IPO proceeds go to working capital. Poor management of inventory and receivables could make liquidity tight.
Limited Scale & Growth Constraints: ₹69 crore in revenue is minuscule compared to the market; not enough capital expenditure (2.4% of proceeds) limits growth and requires future capital raising or debt.
The company's growth story is interesting: in just one year, revenue nearly doubled (41% rise to ₹69.12 crore), and profits more than doubled (112% rise to ₹5.44 crore). This isn't just luck; it shows that the business is really taking off in a lubricants market that is growing quickly and has strong demand from the automotive, manufacturing, and industrial sectors.
This is where things get interesting for IPO applicants: at the IPO price of ₹86 per share, you're buying into this growing, profitable company for just 9.98 times its earnings, which is a lot less than the 15–20 times earnings that many more established businesses trade at. The 3.44x price-to-book ratio also shows that the company is fairly valued based on its assets and profits.
Sundrex Oil offers compelling growth potential in industrial lubricants at an attractive 9.98x P/E valuation amid 41% revenue growth and strong 35.63% ROE, but investors should monitor leverage risks, market competition from larger organized players, and execution on working capital deployment. This analysis is for your information.
Action Links:
Apply Sundrex Oil IPO by opening demat account here
Sundrex Oil Subscription Status: Check live subscription here
Sundrex Oil IPO GMP Update: Check current grey market premium here
1. What is Sundrex Oil IPO opening and closing date?
Sundrex Oil Company Limited IPO opens on December 22, 2025 and closes on December 24, 2025. Allotment takes place on December 26, 2025, with listing on December 30, 2025.
Check live subscription here and GMP updates here on Finnpick's IPO tracker for real-time bid count and expected listing gains.
2. What is Sundrex Oil IPO price band and minimum investment required?
Sundrex Oil IPO price band is ₹81-86 per share with a lot size of 1,600 shares. Minimum investment for retail investors is ₹2,75,200 (2 lots), while HNI minimum is ₹4,12,800 (3 lots).
Track live GMP here on Finnpick to gauge investor demand before submitting your bid.
3. How much is Sundrex Oil IPO issue size and fund utilization?
Sundrex Oil IPO is raising ₹32.25 crore through fresh issue of 37,50,400 shares with nil offer for sale. Funds allocated towards working capital (₹20.87 Cr, 68.3%), loan repayment (₹2.58 Cr, 8.4%), capex (₹0.73 Cr, 2.4%), and corporate expenses (₹8.07 Cr, 25.0%).
4. Who are Sundrex Oil IPO promoters and what is their holding?
Sundrex Oil promoters are Mahesh Sonthalia (Chairman & MD, 36+ years), Shashank Sonthalia (Whole-time Director & CEO), and Aman Sonthalia. They hold 100% pre-IPO equity diluting to 72.18% post-IPO. Strong promoter backing with decades of lubricants industry expertise ensures management stability.
5. What are Sundrex Oil IPO financial highlights and valuation?
Sundrex Oil delivered 41% revenue growth to ₹69.12 crore and 112% PAT growth to ₹5.44 crore in FY2025 with 35.63% ROE and 27.03% ROCE. At upper price band (₹86), IPO values company at 10.69x P/E and 5.43x P/B, offering reasonable valuation for a high-growth lubricants player.
6. How to apply for Sundrex Oil IPO and check subscription status?
Apply for Sundrex Oil IPO by opening a demat account here (Zerodha, Upstox, AngelOne) or ASBA (bank net banking) by December 24, 2025, 5 PM. Check live subscription status here, bid-to-offer ratio, and GMP trends here. Track allotment on Cameo Corporate Services (ipo.cameoindia.com) from December 26, 2025.
