Sumax Engineering IPO
Sumax Engineering IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹95-101 |
| Face Value | ₹10 |
| Lot Size | 1200 Shares |
| Issue Size | ₹53.4 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | NSE SME |
| NSE Symbol | SUMAX-SM.NS |
| BSE Scrip Code | SUMAX |
| Min Investment | ₹121,200 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,200 | ₹121,200 |
| Retail (Max) | 1 | 1,200 | ₹121,200 |
| HNI (Min) | 2 | 2,400 | ₹242,400 |
Strengths & Risks
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.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 84.81 | 66.14 | 54.00 |
| Total Income | 148.34 | 147.18 | 131.54 |
| Profit After Tax | 12.76 | 9.98 | 7.43 |
| EBITDA | 19.08 | 15.03 | 11.63 |
| NET Worth | 61.60 | 48.84 | 38.86 |
| Reserves and Surplus | 46.88 | 46.75 | 36.77 |
| Total Borrowing | 13.06 | 7.75 | 6.43 |
About The Company
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.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 121.28× | 974,400 | — |
| Non-Institutional Investors (NII) | 198.39× | 993,600 | — |
| Retail Individual Investors (RII) | 158.98× | 1,692,000 | — |
| Employee | 1.06× | 192,000 | — |
| Total | 151.74× | 3,852,000 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
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