Fine Refiners IPO

About Fine Refiners IPO

The Fine Refiners IPO opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include up to 57,49,000 equity shares amounting to ₹ [●] crores. The offer for sale portion includes up to 14,35,000 equity shares amounting to ₹ [●] crores. The total number of shares is 71,84,000 and the aggregate amount is yet to be finalised.

Fine Refiners IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

Fine Refiners is engaged in the procurement, processing, trading, and import of Fuel oil, Base Oil, Industrial Fuel Oil, Light Diesel Oil (LDO), Lubricating oil, Recycle fuel oil, Distillate Oil, Industrial Oils, Crude Benzole, Recycle base oil, MHO (Mix Hydrocarbon Oil), C-9 Plus, Pitch oil, Virgin base oil, Slop oil, Aromatic Heavies, CNSL Oil, Crude Oil, HP Fuel (Furnace Oil), Industrial Solvent Heavies, Rubber Processing Oil and Other petroleum and petrochemical products. These products are supplied to customers across various industrial sectors, including chemical, construction, infrastructure, metal and steel, petroleum, pharmaceutical, and mineral sectors.

Objectives of Fine Refiners IPO

• Capital expenditure towards setting up an advanced recycling and re-refining plant for waste and used lubricating oils.

• To meet the working capital requirements of the company.

• General corporate purposes.

Industry Outlook

The oil refining industry in India forms a crucial segment of the country’s energy and industrial ecosystem, transforming crude oil into value-added petroleum products such as petrol, diesel, kerosene, jet fuel, liquefied petroleum gas, and petrochemical feedstocks. It supports multiple sectors including transportation, manufacturing, power generation, and agriculture. Alongside conventional refining, the oil re-refining industry has emerged as an increasingly important pillar of India’s circular economy framework, converting used and contaminated lubricants into high-quality base oils that can replace imports and reduce environmental impact. The refining landscape is led by major public and private sector companies with extensive integrated operations, while the re-refining segment comprises a mix of organized players adopting advanced recovery technologies to produce re-refined base oils that meet stringent quality standards.

About Fine Refiners

The company operates as a Gujarat Pollution Control Board (GPCB) approved refinery and follows environmentally responsible processes for the recovery of valuable oil products from waste oils generated by various industries including chemical, construction, infrastructure, metal and steel, petroleum, pharmaceutical, and mineral sectors.

Their core business activities include:

• Procurement of used and waste oils from dealers, collection agents, marine vessels, and manufacturing and processing industries that generate waste lubricating oil during their operations. • Recycling and refining of waste oils using efficient processing technology.

• Re-refining of used lubricating oils to produce base oil.

• Refining of Petroleum crude oil.

• Trading of Light Diesel Oil Slop Oil, Fuel Oil, HP Fuel (Furnace Oil), SN 60, Process Oil, Heavy Fuel Oil, Light Hydrocarbon Purge, Poly Iso Propylene Benzene, Recycle Oil, Lubricant Oil, Crude Benzole, Mineral Oil, Mix Hydrocarbon Oil (Kgs), Divyol 75, Pitch, Base Oil, Gums, Cnsl Oil, Avyol, Base Oil Recycle, Industrial Oil Solvent, Mineral Hydrocarbon Oil, Madsol C 50, SN 60 Ltrs, Mineral Oil, Marine Gas Oil, Industrial Fuel Oil, Industrial Oils, Columbia White Oil, Industrial Solvent Heavies, C-9 Plus, Mix Solvent, Re Refine Lub Oil, Cbfs, Crude Mixed Fatty, Rubber Process Oil, Madsol B80, Distilate Oil and Distillate Marine Oil.

Strengths of Fine Refiners

• Environmentally responsible and regulatory compliant operations.

• Quality control and assurance framework.

• Product diversification.

• Experienced promoter.

• Strong environmental compliance and EPR Authorization.

Risks of Fine Refiners

• Availability of raw materials and fluctuation in the prices of raw materials like used oil, waste oil, crude oil and additives.

• The majority of their sales are concentrated in limited regions.

• They depend on a limited number of suppliers for raw materials.

• The majority of their procurement of raw materials and traded goods is concentrated in the State of Gujarat, India.

• Their business is substantially dependent on certain key customers.

Anchor Investor Bidding Date: TBA

Registrar: MUFG Intime India Private Limited

Book Running Lead Managers: Fintellectual Corporate Advisors Private Limited

Fine Refiners Business Model

The company earns its revenue through the procurement, processing, trading, and import of Fuel oil, Base Oil, Industrial Fuel Oil, Light Diesel Oil (LDO), Lubricating oil, Recycle fuel oil, Distillate Oil, Industrial Oils, Crude Benzole, Recycle base oil, MHO (Mix Hydrocarbon Oil), C-9 Plus, Pitch oil, Virgin base oil, Slop oil, Aromatic Heavies, CNSL Oil, Crude Oil, HP Fuel (Furnace Oil), Industrial Solvent Heavies, Rubber Processing Oil and Other petroleum and petrochemical products.

Fine Refiners Growth Trajectory

Fine Refiners’ Total Income for FY25 was ₹126.860 crores, whereas in FY24 and FY23 it was ₹96.118 crores and ₹60.224 crores, respectively.

The Profit After Tax for FY25 was ₹9.773 crores, whereas in FY24 and FY23 it was ₹2.253 crores and ₹2.988 crores, respectively.

Their EBITDA for FY25 was ₹15.360 crores, whereas in FY24 and FY23 it was ₹5.434 crores and ₹5.228 crores, respectively.

Fine Refiners Market Position

The company is registered as an authorized recycler and re-refiner under the Extended Producer Responsibility (EPR) framework of the Central Pollution Control Board (CPCB), holding a valid EPR Recycler Registration Certificate (No. FIN20250079R, dated May 29, 2025) for an annual consented capacity of 1,800 MTA.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹126.860 crores, ₹9.773 crores, and ₹15.360 crores, respectively.

How to apply for Fine Refiners IPO?

• Step 1:  Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.

• Step 2:  Specify IPO details. Enter the number of lots and the price you wish to apply for.

• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

• Step 4:  Mandate Notification. Your UPI app will receive a mandate notification to block funds.

• Step 5:  Approve Request. Your funds will be blocked once you approve the mandate request on your UPI