In December 2025, India’s IPO market continued to witness steady activity, particularly in the SME segment, with companies from diverse manufacturing and industrial sectors tapping the primary markets. Rising investor interest in niche manufacturing businesses and improving financial performance across several mid-sized enterprises have supported this trend. Against this backdrop, Sundrex Oil Company Ltd is set to open its IPO on December 22, 2025. Here is a detailed overview of Sundrex Oil Company Ltd, its IPO details, and business outlook.
About Sundrex Oil Company Ltd.
Incorporated in 2010, Sundrex Oil Company Ltd is engaged in the manufacturing and wholesaling of high-performance industrial and automotive lubricants, greases, and speciality products. The company caters to customers across India and neighbouring countries.
Sundrex Oil’s product portfolio includes industrial lubricants, automotive lubricants, and speciality products. It manufactures products under its own brand and also provides contract manufacturing services, including toll blending and contract packaging. In addition, the company offers labelling services that enable businesses to market lubricants under their own brand names.
The product range includes hydraulic oil, gear oil, multigrade and monograde diesel engine oil, transformer oil, rust preventive oil, and refrigeration oil. As of June 30, 2025, the company employed 73 people across various departments.
Sundrex Oil Company IPO Details
Sundrex Oil IPO is a bookbuilding issue of ₹32.25 crore, consisting entirely of a fresh issue of 37,50,400 equity shares.
The IPO opens for subscription on December 22, 2025, and closes on December 24, 2025. The shares are proposed to be listed on NSE SME, with a tentative listing date of December 30, 2025.
The price band for the IPO has been fixed at ₹81 to ₹86 per share, with a lot size of 1,600 shares. The minimum investment required by a retail investor is ₹2,75,200 (3,200 shares) at the upper end of the price band.
Book Running Lead Manager: Affinity Global Capital Market Pvt. Ltd.
Registrar: Cameo Corporate Services Ltd.
Market Maker: Sunflower Broking Pvt. Ltd.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Mon, Dec 22, 2025 |
| IPO Close Date | Wed, Dec 24, 2025 |
| Allotment Date (Tentative) | Fri, Dec 26, 2025 |
| Initiation of Refunds | Mon, Dec 29, 2025 |
| Credit of Shares to Demat | Mon, Dec 29, 2025 |
| Listing Date (Tentative) | Tue, Dec 30, 2025 |
| Cut-off Time for UPI Mandate | 5 PM on Wed, Dec 24, 2025 |
Key IPO Details
| IPO Date | 22 to 24 Dec, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹81 to ₹86 |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 37,50,400 shares (agg. up to ₹32.25 Cr) |
| Reserved for Market Maker | 1,88,800 shares (agg. up to ₹1.62 Cr) Sunflower Broking Pvt.Ltd. |
| Net Offered to Public | 35,61,600 shares (agg. up to ₹30.63 Cr) |
| Share Holding Pre Issue | 96,44,752 shares |
| Share Holding Post Issue | 1,33,95,152 shares |
Sundrex Oil IPO Reservation
| Investor Category | Shares Offered |
| Market Maker | 1,88,800 (5.03%) |
| QIB | 75,200 (2.01%) |
| NII (HNI) | 13,96,800 (37.24%) |
| Retail | 20,89,600 (55.72%) |
| Total | 37,50,400 (100%) |
Sundrex Oil IPO Lot Size
| Application | 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 Company Ltd. Financials
Sundrex Oil Company has reported strong growth in revenue and profitability in recent years.
Key Financials (₹ in crore)
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 40.21 | 38.43 | 24.15 | 14.93 |
| Total Income | 19.18 | 69.12 | 49.19 | 27.79 |
| Profit After Tax | 1.94 | 5.44 | 2.57 | 0.40 |
| EBITDA | 3.11 | 9.19 | 5.13 | 1.99 |
| Net Worth | 17.22 | 15.28 | 3.96 | 1.39 |
| Reserves & Surplus | 7.57 | 5.63 | 2.97 | 0.41 |
| Total Borrowing | 17.13 | 17.38 | 13.63 | 9.80 |
Key Performance Indicators
| KPI | Value |
| 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 |
| Market Cap (Pre-IPO) | ₹115.20 Cr |
Pre IPO valuation metrics:
| Metric | Value |
| EPS (₹) | 8.04 |
| P/E (x) | 10.69 |
| Promoter Holding | 100.00% |
The Promoters of the company are Mr. Mahesh Sonthalia, Mr. Shashank Sonthalia, and Mr. Aman Sonthalia.
Competitive Strengths
- In-house manufacturing with advanced quality control systems
- Strategic location advantages
- Direct sales model with a diversified client base
- Experienced management and skilled workforce
- Strong logistical efficiency
- Cost leadership through operational efficiency
- Focus on vertical integration and product line expansion
Objects of the Issue
The company proposes to utilise the net proceeds from the IPO towards the following objectives:
| S. No. | Objects of the Issue | Estimated Amount (₹ Cr) |
| 1 | To meet working capital expenses | 20.87 |
| 2 | To meet capital expenditure | 0.73 |
| 3 | General corporate purposes | — |
| 4 | To meet offer related expenses | — |
| 5 | Prepayment and repayment of certain loans | 2.58 |
Sundrex Oil Company IPO: Peer Comparison
Sundrex Oil Company IPO can be compared with peers such as Adani Wilmar Ltd, Patanjali Foods Ltd, Ruchi Soya Industries Ltd, KSE Ltd, and Gokul Refoils & Solvent Ltd. Evaluating these companies helps investors understand Sundrex Oil Company’s positioning within the edible oils and agri-processing segment and assess its growth prospects relative to established players in the sector.
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Conclusion
Sundrex Oil Company Ltd presents an opportunity to gain exposure to the industrial and automotive lubricants segment through an SME IPO. The company has demonstrated steady growth in revenue and profitability, supported by in-house manufacturing capabilities, a diversified product portfolio, and operational efficiency. However, investors should carefully evaluate factors such as competition, working capital requirements, and leverage before making an investment decision.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
