Fine Refiners IPO
Fine Refiners IPO is a BSE SME book-built issue comprising a Fresh Issue and an Offer for Sale. The DRHP proposes an initial public offer of up to 71,84,000 equity shares of face value ₹10 each. The price band and minimum bid lot are yet to be announced.
Fine Refiners IPO Details
Fine Refiners IPO is a proposed SME public issue comprising a Fresh Issue and an Offer for Sale. The DRHP dated March 16, 2026 states that the company proposes to issue up to 57,90,000 equity shares through the Fresh Issue, while promoter selling shareholder Narjis A Vasaya proposes to offer up to 14,35,000 equity shares through the Offer for Sale. The price band and minimum bid lot will be decided and announced before the IPO opens. Fine Refiners Limited is engaged in the procurement, processing, recycling, refining and trading of petroleum and petrochemical products. The company processes used and waste oils and manufactures or trades products including recycled fuel oil, re-refined base oil, industrial fuel oil, distillate oil and other petroleum products. It operates an integrated refining and processing facility in Bhavnagar, Gujarat, and also has storage infrastructure for petroleum products and processed oils.
Fine Refiners IPO Lot Size
The Fine Refiners IPO price band and minimum bid lot will be decided by the company and the selling shareholder in consultation with the Book Running Lead Manager. Since these details have not yet been announced, the minimum investment amount cannot currently be calculated.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | |||
| Retail (Max) | |||
| S-HNI (Min) | |||
| S-HNI (Max) | |||
| B-HNI (Min) |
Fine Refiners IPO Reservation
Fine Refiners IPO proposes to reserve not more than 50% of the Net Offer for Qualified Institutional Buyers, not less than 15% for Non-Institutional Investors and not less than 35% of the Net Offer for Individual Investors applying for the minimum application size. The DRHP also provides for an Anchor Investor Portion within the QIB Portion, subject to applicable SEBI regulations.
Fine Refiners IPO Subscription
Fine Refiners IPO has not yet opened for subscription. Therefore, category-wise subscription figures are not available. The QIB, NII, Retail and Total subscription data will be updated once the IPO opens for bidding.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About Fine Refiners
Fine Refiners Limited was incorporated in May 2005 as Fine Refiners Private Limited and was subsequently converted into a public limited company in 2025. The company is engaged in the procurement, processing, recycling, refining, trading and import of petroleum and petrochemical products. Its product portfolio includes fuel oil, base oil, industrial fuel oil, light diesel oil, lubricating oil, recycled fuel oil, distillate oil, industrial oils, re-refined base oil, crude benzole, MHO, C-9 Plus, pitch oil, virgin base oil, slop oil, aromatic heavies and other petroleum products.
The company operates an integrated refining and processing facility in Bhavnagar, Gujarat, for recycling and re-refining used and waste oils. The facility has an installed refining capacity of 14.4 million litres per annum and an operational capacity of 7.2 million litres. The company also maintains storage infrastructure with a capacity of approximately 1,250 MT for petroleum products and processed oils.
Fine Refiners supplies petroleum and processed oil products to customers across industries such as chemicals, infrastructure, steel, pharmaceuticals, shipping and manufacturing. It is also registered as an authorised recycler and re-refiner under the Extended Producer Responsibility framework of the Central Pollution Control Board, with a consented annual capacity of 1,800 MTA.
Strengths
- Strategically located manufacturing facility.
- Integrated refining and processing facility for recycling and re-refining used and waste oils.
- Diversified petroleum and petrochemical product portfolio.
- Storage infrastructure for petroleum products and processed oils.
- Environmental and regulatory compliance framework.
- Experienced promoter and management team.
- EPR authorisation supporting its recycling and re-refining operations.
Risks to Consider
- Availability and price fluctuations of used oil, waste oil, crude oil and other raw materials may affect profitability.
- A significant portion of revenue is concentrated in Gujarat.
- Dependence on a limited number of suppliers for raw materials.
- Procurement of raw materials and traded goods is substantially concentrated in Gujarat.
- Dependence on certain key customers may affect revenue if their demand changes.
- The business requires significant working capital.
- Competition in the petroleum and waste-oil recycling industry may affect margins.
- Changes in environmental regulations may increase compliance requirements.
- The company operates in a sector exposed to fluctuations in petroleum-product prices.
Fine Refiners Financials (₹ Cr)
Fine Refiners reported growth in revenue and profitability during the financial years covered in its DRHP. Revenue from operations increased from ₹60.20 crore in FY2023 to ₹96.06 crore in FY2024 and ₹126.79 crore in FY2025. Profit after tax was ₹2.98 crore in FY2023, ₹2.25 crore in FY2024 and ₹9.77 crore in FY2025. For the six months ended September 30, 2025, revenue from operations stood at ₹67.73 crore and PAT was ₹7.88 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| 30 Sep 2025 | 67.73 | 7.88 | 58.91 | 25.54 |
| FY2025 | 126.79 | 9.77 | 43.38 | 17.46 |
| FY2024 | 96.06 | 2.25 | 24.11 | 7.78 |
| FY2023 | 60.20 | 2.98 | 22.20 | 5.59 |
KPIs & Valuation
Fine Refiners reported FY2025 EPS of ₹5.37 and NAV of ₹9.60 per share. Its Return on Net Worth was 77.41%, while ROCE stood at 37.57%. For the six months ended September 30, 2025, EPS was ₹4.33, RoNW was 30.85% and ROCE was 22.76%. The P/E ratio cannot yet be calculated because the IPO price band has not been announced.
Objects of the Issue
The company proposes to utilise the Net Proceeds from the Fresh Issue for capital expenditure towards setting up an advanced recycling and re-refining plant for waste and used lubricating oils, funding its working capital requirements and for general corporate purposes. The Offer for Sale proceeds will be received by the promoter selling shareholder and will not form part of the proceeds available to the company. The company proposed to utilise the IPO proceeds for:
- Capital expenditure towards setting up an advanced recycling and re-refining plant for waste and used lubricating oils — ₹21.98 crore.
- Funding the working capital requirements of the company — ₹37.50 crore.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Fine Refiners Limited is promoted by Vasaya Amin Rajahusenbhai, Narjis A Vasaya and Vasaya Alimizan Aminbhai. Fintellectual Corporate Advisors Private Limited is the Book Running Lead Manager to the proposed IPO, while MUFG Intime India Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | 022-49186000 |
| finerefiners.smeipo@in.mpms.mufg.com | |
| Website | www.in.mpms.mufg.com |
Fine Refiners IPO Review
Fine Refiners operates in the petroleum recycling and re-refining segment, with an integrated facility for processing used and waste oils. Its business combines recycling, re-refining, manufacturing, trading and import activities, giving the company exposure to multiple petroleum and petrochemical products. The company also has storage infrastructure and an EPR registration supporting its recycling operations.
The company's financial performance improved substantially in FY2025. Revenue from operations increased from ₹60.20 crore in FY2023 to ₹96.06 crore in FY2024 and ₹126.79 crore in FY2025. Profit after tax increased from ₹2.98 crore in FY2023 to ₹2.25 crore in FY2024 and ₹9.77 crore in FY2025. For the six months ended September 30, 2025, revenue from operations was ₹67.73 crore and PAT was ₹7.88 crore.
The proposed IPO proceeds are intended to expand the company's recycling and re-refining capacity and support its working capital requirements. However, investors should consider the company's concentration in Gujarat, dependence on selected suppliers and customers, raw-material price volatility and working-capital requirements. The IPO valuation also cannot yet be assessed because the price band has not been announced.
How to Apply
Fine Refiners IPO applications can be made through ASBA or UPI once the IPO opens for subscription. The final price band, lot size and IPO dates are yet to be announced. Eligible investors will be required to use the applicable ASBA or UPI mechanism for submitting their bids.
Through UPI
- Log in to your stockbroker app/website.
- Go to the IPO section.
- Select Fine Refiners IPO.
- Enter the number of lots you want to apply for.
- Select the bid price once the price band is announced.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's DRHP for detailed information about its business, financial performance, risk factors, IPO structure and utilisation of the issue proceeds. The Draft Red Herring Prospectus of Fine Refiners Limited is dated March 16, 2026. The RHP and final Prospectus will be available when issued.
Last updated Oct 6, 2026.