Sundrex Oil Company Ltd IPO
Petrochemicals
Price Band
₹81 – ₹86
Lot Size
1600
Minimum Bid Quantity
3200
Minimum Investment
₹275200
Issue Size
₹32.25Cr
Opens
2025-12-22
Closes
2025-12-24
Listing
30-12-2025
Subscription Status
Qualified Institutional Buyers
1 x
Non-Institutional Investor
1.01 x
Retail Individual Investor
1.89 x
Total
1.5 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE0CTB01014
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Sundrex Oil Company is in the business of manufacturing and wholesale supply of lubricants, greases, and related industrial products. The company produces industrial lubricants, automotive lubricants, speciality products, metalworking fluids, bituminous products, IS: 335-certified transformer oils, hydraulic oils, transmission oils, and gear oils. Its portfolio serves both business-to-business (B2B) and business-to-customer (B2C) segments. Sundrex Oil also undertakes contract manufacturing, including toll blending and contract packaging, and offers private labelling services for lubricants and oils based on client formulations. The company’s registered office is at 16, India Exchange Place, Kolkata, and it supplies products to customers in India, Nepal, Bhutan, Bangladesh, and the UAE.
Pros
- • 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.
Cons
- • 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.
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