Minerva Capital Research Solutions

Sumax Engineering

ListedListed 2 Sep 2026NSE SMENSE: SUMAX-SMCheck allotment
Current price₹ 89.95−10.94% since issue
Listing day+9.9%
Issue price
₹ 101
Issue size
₹ 53.4 Cr.
Min. investment
₹ 1,21,200
Listing price
₹ 111
Subscribed
151.74x
Lot size
1,200 shares
P/E
15.05
RoNW
20.44%
RoCE
24.64%
PAT margin
6.83%
EPS
₹ 6.71
Promoter stake
71.25%

About

Sumax Engineering Ltd was started in 1994. It makes and trades products used by vehicle makers and by the auto refinish market, that is the paint and body repair trade. The company works through two parts, manufacturing and trading. On the manufacturing side it makes adhesive tapes and die-cuts, pre-taped masking films, rubbing and polishing compounds, buffing and foam pads, reflective tapes, domes and graphics, and car care products. On the trading side it supplies electrical and pneumatic tools, abrasive sheets, discs and rolls, body shop consumables, retail products, accessories and aerosol products. The company has two manufacturing units, one at Sriperumbudur in Tamil Nadu and one at IMT Manesar in Haryana. It sells across 26 states and Union Territories in India and exports to markets including Thailand, South Korea, Russia, Turkey, China, Vietnam, the United States, Saudi Arabia and Taiwan. As on 31 March 2026 it had 121 employees.

Timeline

  1. Opens
    25 Aug
    done
  2. Closes
    28 Aug
    done
  3. Allotment
    31 Aug
    done
  4. Refunds
    1 Sep
    done
  5. Demat credit
    1 Sep
    done
  6. Listing
    2 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 36 on 28 Aug 2026
Lowest
₹ 20 on 18 Aug 2026
First quoted
₹ 20 on 18 Aug 2026

Subscription

How many times each investor group bid for its share, as of 03 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,200₹ 1,21,200
Retail (Max)11,200₹ 1,21,200
HNI (Min)22,400₹ 2,42,400

Company overview

Financials

Financials by year
Assets84.8166.1454
Total Income148.34147.18131.54
Profit After Tax12.769.987.43
EBITDA19.0815.0311.63
NET Worth61.648.8438.86
Reserves and Surplus46.8846.7536.77
Total Borrowing13.067.756.43

Strengths

  • Profit has grown every year, from Rs 7.43 crore in FY2024 to Rs 9.98 crore in FY2025 and Rs 12.76 crore in FY2026.
  • EBITDA improved from Rs 11.63 crore in FY2024 to Rs 19.08 crore in FY2026, so margins are getting better even though sales are flat.
  • Net worth rose steadily from Rs 38.86 crore in FY2024 to Rs 61.60 crore in FY2026.
  • The company has a long record of over 30 years, having started in 1994.
  • It has two manufacturing units in different states, at Sriperumbudur in Tamil Nadu and IMT Manesar in Haryana, so it is not tied to one location.
  • Sales reach 26 states and Union Territories and exports go to nine countries including the United States, South Korea and Thailand.
  • Most of the issue money goes into growth. About Rs 21.51 crore is for two new manufacturing units in Rajasthan and Haryana and Rs 12.00 crore is for working capital.
  • It serves both vehicle makers and the auto refinish trade, so it earns from new vehicle production as well as from repair and servicing.

Risks

  • Sales have stopped growing. Total income rose only 1% in FY2026, from Rs 147.18 crore to Rs 148.34 crore. The profit growth of 28% came from better margin, not from selling more.
  • Borrowing rose 68% in one year, from Rs 7.75 crore to Rs 13.06 crore.
  • A part of the business is trading, that is buying and reselling goods made by others, which usually earns a lower margin than manufacturing.
  • Sales depend on the vehicle industry. A slowdown in vehicle production or in body repair work directly reduces demand.
  • The company is building two new units at the same time, in Rajasthan and Haryana. Setting up both together brings execution risk and the new capacity will take time to earn.
  • It is a small company with 121 employees, competing with large chemical and abrasive brands in the auto refinish market.
  • Promoter holding will come down from 96.74% to 71.25% after the issue.
  • This is an SME issue. One lot is 1,200 shares, which is about Rs 1.21 lakh at the upper band of Rs 101, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Funding of Capital Expenditure towards Construction of proposed manufacturing Unit I at Plot No-E-185, RIICO IND Area Karoli Teh Tapukara, Rajasthan4.89
Funding of Capital Expenditure towards Construction of proposed manufacturing Unit II at Plot No. P 32 Street No. B, Sector 11, Model Economic Township, Village - Nimana, Tehsil Badli, District - Jhajjar, State Haryana16.62
Funding working capital requirements of the company12
General corporate purposes—

Promoters

  • Sudeep Mehta
  • Smriti Mehta
Promoter holding96.74%→71.25%before → after the issue · down 25.49 points

Registrar, lead managers and documents

Listing on
NSE SME
Face value
₹ 10 a share
Registrar
KFin Technologies Limited
Lead managers
GYR Capital Advisors Pvt.Ltd.
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.