Sumax Engineering IPO

SME • NSE SME • Fresh capital cum OFS

LISTEDSMENSE SME

Sumax Engineering

Price band

₹95 – ₹101

Lot size

1200 shares

Min investment

₹1,21,200

Issue size

₹53.4 Cr

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.

Sumax Engineering Ltd makes and trades products for the automotive OEM and auto refinish market, including adhesive tapes, masking films, rubbing and polishing compounds, buffing pads and car care items. Running since 1994, it has two plants at Sriperumbudur and IMT Manesar and sells across 26 states and to nine export markets.

IPO details

Issue price: ₹101
Price band: ₹95 – ₹101
Face value: ₹10
Lot size: 1200
Min investment: ₹1,21,200
Issue size: ₹53.4 Cr
Sale type: Fresh capital cum OFS
Listing on: NSE SME
BSE scrip code: SUMAX
NSE symbol: SUMAX-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,21,200
Retail (Max)	1	1,200	₹1,21,200
HNI (Min)	2	2,400	₹2,42,400

Investor reservation

CATEGORY	RESERVED
QIB	24,09,600 shares (49.90% of the Offer)
NII	7,27,200 shares (15.06% of the Offer)
Retail	16,92,000 shares (35.04% of the Offer)
Employee	1,92,000 shares (3.63% of the Offer)

Objects of the issue

1Funding of Capital Expenditure towards Construction of proposed manufacturing Unit I at Plot No-E-185, RIICO IND Area Karoli Teh Tapukara, Rajasthan4.89

2Funding 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

3Funding working capital requirements of the company12.00

4General corporate purposes

Financials

Rs. Crore • restated

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

Key performance indicators

P/E Ratio

15.05

EPS (₹)

6.71

RoCE

24.64%

RoNW

20.44%

PAT Margin

6.83%

✓ 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.

Promoters & holding

Sudeep Mehta and Smriti Mehta

Pre-issue promoter holding

96.74%

Post-issue promoter holding

71.25%

Data refreshed 07 Nov 2026, 05:03 pm IST. GMP is unofficial market sentiment, not investment advice.