Fine Refiners IPO
Issue Size
₹59.48 Cr
Lot Size
3200 shares
0About Fine Refiners Ltd.
Fine Refiners Ltd. is engaged in the procurement, processing, refining, and trading of petroleum-based products, including waste and used lubricating oils, base oils, diesel, fuel oils, and industrial lubricants. The company specializes in recycling used oil from industrial and marine sources and converting it into refined petroleum products such as base oil, recycled fuel oil, and industrial fuel oil. It also trades a wide range of petroleum products including furnace oil, light diesel oil, and other hydrocarbon derivatives. The company operates ISO 9001:2015 and ISO 14001:2015 certified facilities and is compliant with environmental regulations under the Gujarat Pollution Control Board.
Visit WebsiteIPO Details
| Price Band | TBA |
| Face Value | ₹10 |
| Lot Size | 3200 shares0 |
| Issue Size | ₹59.48 Cr |
| Fresh Issue | ₹53.89 Cr |
| Total Shares Offered | 71,84,000 |
| Listed On | BSE |
Objects of the Issue
Setting up an advanced recycling and re-refining plant for waste and used lubricating oils; meeting working capital requirements; and general corporate purposes.
Key Financial Metrics
EPS (Basic)
₹4.25
ROE
36.81%
ROCE
22.76%
Debt / Equity
1
Financial Performance
| Particulars (₹ Cr) | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Revenue | 60.22 | 96.12 | 126.86 | 67.75 |
| EBITDA | 5.23 | 5.43 | 15.36 | 11.75 |
| PAT | 2.99 | 2.25 | 9.77 | 7.89 |
| Total Assets | 22.21 | 24.11 | 43.39 | 58.92 |
| Net Worth | 5.59 | 7.79 | 17.47 | 25.4 |
| Total Borrowings | 12.76 | 15.55 | 22.65 | 25.49 |
Valuation
Market Capitalisation
P/E Ratio
Promoter Holding
Public Holding
Lot Size & Allocation
Investment by Category
| Category | Lot Size | Min Investment | Max Investment |
|---|---|---|---|
| Retail (RII) | 3200 shares | — | — |
| HNI (NII) | 2 × 3200 | — | — |
| Market Maker | 3200 shares | — | — |
Reservation / Allocation
| Category | Allocation | Cut-off |
|---|---|---|
| QIB (Qualified Institutional Buyers) | 50% | Yes |
| NII (Non-Institutional Investors) | 15% | Yes |
| RII (Retail Individual Investors) | 35% | Yes |
Registrar & Lead Managers
Registrar
Lead Managers (1)
Peer Comparison
| Company | Listed | Mkt Cap (₹ Cr) | EPS (₹) | P/E | ROE % |
|---|---|---|---|---|---|
| Fine Refiners IPO (this IPO) | — | 90 | ₹4.25 | — | 36.81% |
| Bharat Petroleum Corporation Ltd | Yes | 1,25,000 | ₹42.1 | 7.8x | 18.5% |
| Indian Oil Corporation Ltd | Yes | 1,80,000 | ₹18.6 | 9.2x | 12.4% |
| Hindustan Petroleum Corporation Ltd | Yes | 85,000 | ₹24.3 | 8.9x | 14.1% |
| Gujarat Alkalies and Chemicals Ltd | Yes | 9,500 | ₹78.2 | 10.5x | 22.3% |
| Savita Oil Technologies Ltd | Yes | 4,200 | ₹32.4 | 14.8x | 16.9% |
Data as of 31/3/2025
Frequently Asked Questions
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