Updated on 30.12.2025 @ 10:06 AM
Sundrex Oil Company Limited (SOCL) has announced its Initial Public Offering (IPO) on the NSE SME platform. It is a West Bengal-based manufacturer of industrial lubricants and greases.
The subscription will open on December 22, 2025 and close on 24th Dec 2025. You can check the details of all upcoming and live IPOs at our IPO hub page. For long-term financial planning beyond IPOs, investors may also explore our SIP Calculator and Mutual Fund Learning Hub to understand structured wealth-building strategies.
This issue comes with a price band of ₹81 to ₹86 per share.
The company, which operates primarily on a B2B model, plans to raise approximately ₹32.25 Crores through a 100% fresh issue.
In this article, you will find Sundrex Oil IPO GMP today, subscription status, allotment date, price band, and a detailed review.
Briefs of Sundrex Oil IPO Details:
- Price Band: ₹81 – ₹86 per share
- IPO Open / Close Dates: December 22, 2025 – December 24, 2025
- Lot Size: 1,600 Shares (Note: Minimum Retail Application is 2 Lots / 3,200 Shares)
- Issue Size: 37,50,400 Equity Shares / ₹32.25 Crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Cameo Corporate Services Ltd
- Listing Exchange: NSE SME
WHAT Is The Sundrex Oil IPO GMP Today?
You can check the GMP of this and other issues at our GMP hub page.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Listing Update:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 86 | 68.8 | -20.00 |
Source: NSE India
What Are The Important Sundrex Oil IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline:
- IPO Open Date: Monday, December 22, 2025
- IPO Close Date: Wednesday, December 24, 2025
- Basis of Allotment Date: Friday, December 26, 2025
- Refund Initiation Date: Monday, December 29, 2025
- Credit of Shares: Monday, December 29, 2025
- Listing Date: Tuesday, December 30, 2025
What Are The Objectives of Sundrex Oil IPO?
The company operates in a capital-intensive sector where procurement of base oil requires significant liquidity. The net proceeds are allocated as follows:
- Working Capital: The lion's share, ₹20.87 Crores, is earmarked for working capital expenses to manage inventory and receivables.
- Debt Repayment: The company plans to use ₹2.58 Crores to pre-pay or repay secured and unsecured loans.
- Capital Expenditure: A smaller portion of ₹73.40 Lakhs is set aside for capex requirements.
- General Corporate Purposes: To meet ongoing operational contingencies
How is The Financial Performance of Sundrex Oil (SOCL)?
(Figures in ₹ Crores)
| Period Ended | 30 Jun 2025 (Consolidated) | 31 Mar 2025 (Consolidated) | 31 Mar 2024 (Consolidated) | 31 Mar 2023 (Standalone) |
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 |
Total Borrowing | 17.13 | 17.38 | 13.63 | 9.80 |
Assets | 40.21 | 38.43 | 24.15 | 14.93 |
Source: RHP
Key Observations:
Total Income:
Total Income increased by 40.51% to ₹69.12 Crores in Fiscal 2025, driven primarily by increased supplies to Public Sector Undertakings (PSUs) and expansion into niche product categories.
Profit After Tax (PAT):
Profit After Tax grew to ₹5.44 Crores in Fiscal 2025, supported by revenue expansion and favorable raw material costs which improved the net profit margin to 8.10%.
EBITDA:
EBITDA rose to ₹9.19 Crores in Fiscal 2025, with margins expanding to 10.49% due to improved operational efficiency and leveraging of existing manufacturing capacity.
Net Worth:
Net Worth increased to ₹17.22 Crores as of June 30, 2025, reflecting the retention of earnings and strengthening of the equity base over the reporting periods.
Total Borrowings:
Total Borrowings stood at ₹17.38 Crores in Fiscal 2025, reflecting the working capital requirements necessary for financing inventory and raw material procurement in the lubricant business. The company intends to utilize a portion of the Net Proceeds from the Issue to reduce outstanding debt obligations.
Assets:
Total Assets grew to ₹40.21 Crores by June 30, 2025, driven primarily by increases in current assets such as inventory and trade receivables required for larger industrial contracts. This asset base supports the company's operational infrastructure and manufacturing capabilities.
P/E Ratio and Peer Comparison
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹8.12, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 10.59x at the upper end of the price band (₹86).
P/E Ratio = ₹86 (Price) / ₹8.12 (Earnings Per Share)
P/E Ratio ≈ 10.59x
Peer Analysis Table:
| Company | P/E Ratio | RoNW (%) | PAT in (₹ Crores) |
Sundrex Oil Company | 10.59 | 45.08 | 1.94 |
| Arabian Petroleum Ltd | 8.12 | 15.68 | 9.12 |
Analysis:
Sundrex Oil’s Initial Public Offering is priced at a P/E multiple of approximately 10.7x. For comparison, peer Arabian Petroleum trades at a P/E of 8.12x, while the broader industry average stands at 20.9x. On profitability, Sundrex Oil reports a Return on Net Worth (RoNW) of 45.08%, and Arabian Petroleum reports an RoNW of 15.68%.
Industry Outlook
Growth Potential:
The Indian lubricant market is the third-largest in the world. With the automotive and industrial sectors expanding, the demand for specialized greases and oils is projected to grow steadily.
Market Trends:
There is a shift towards high-performance and eco-friendly lubricants. SOCL’s subsidiary, Ecolixir Greentech, which focuses on re-refining base oils, aligns well with the government's Extended Producer Responsibility (EPR) norms and sustainability goals.
What Are The Strengths and Risks of Sundrex Oil IPO?
Strengths:
- Strategic Location: The manufacturing unit in Howrah is close to Haldia and Kolkata ports and refineries (IOCL/HPCL), ensuring low inbound logistics costs (less than 1.5% of raw material cost).
- B2B & PSU Focus: Deriving 99% of revenue from B2B and government tenders provides stable, high-volume orders compared to the volatile retail automotive market.
- Capacity Headroom: The plant currently operates at ~45% capacity, leaving ample room to scale up production without immediate heavy capital expenditure.
Risks:
- Negative Cash Flow: A major concern is the negative cash flow from operating activities in FY23, FY25, and the stub period of June 2025. This indicates the company is burning cash to fund inventory and receivables.
- Geographic Concentration: Over 84% of revenue comes from Eastern India (West Bengal, Jharkhand, Odisha). Any regional economic slowdown could impact the top line.
- High Entry Barrier for Retail: Unusually, the minimum application for retail investors is 2 Lots (3,200 shares), requiring an investment of ₹2,75,200. This reduces liquidity and participation from smaller investors.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should observe that Sundrex Oil is a high-growth play with strong margins but comes with liquidity risks.
- Ticket Size: The minimum investment is ₹2,75,200, which is double the standard SME IPO lot size value. This suggests the issue is targeted at High Net-worth Individuals (HNIs) and informed retail investors rather than small savers.
- Valuation: At ~10.59x P/E, the valuation appears reasonable, leaving room for potential listing gains if the market sentiment holds.
- Financial Health: While profits are up, the persistent negative operating cash flow is a red flag. The company borrows or raises equity to keep operations running, which is sustainable only if receivables are collected on time.
Disclaimer: This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
Key Takeaways
- IPO Price: ₹86 per share (Cap Price).
- Min Investment: ₹2,75,200 (3,200 Shares).
- Allotment Date: December 26, 2025.
- Listing: NSE SME platform on December 30, 2025.
FAQs on Sundrex Oil IPO
What is Sundrex Oil IPO price band?
The price band is set at ₹81 to ₹86 per equity share.
What is Sundrex Oil IPO allotment date?
The basis of allotment is expected to be finalized on Friday, December 26, 2025.
How to check Sundrex Oil IPO allotment status?
You can check the allotment status on the website of the Registrar or via the NSE IPO allotment portal. Check ipo allotment status of all IPOs at our allotment status hub page.
What is Sundrex Oil IPO listing date?
The shares are tentatively scheduled to list on Tuesday, December 30, 2025.
Investment Perspective on Sundrex Oil IPO
Sundrex Oil offers a strong B2B business model with impressive profitability ratios. However, the high minimum investment requirement and regional concentration risks make it a suitable consideration primarily for investors with a higher risk appetite and larger capital base.
Disclaimer:
The information provided in this article is based on the Red Herring Prospectus (RHP) and available public data. It is factual and neutral. IPO investments are subject to market risks. Read all scheme-related documents carefully. This is not a recommendation to buy or sell.
