Sumax Engineering Limited
Company at a glance · Human reviewed · 26 Aug 2026
The business, in brief
We are engaged in both the manufacturing and trading of a diverse range of products tailored for the Automotive OEM (Original Equipment Manufacturer) Market and Auto Refinish Market.
- Customer concentration
- 55.59% top 10 customers
- Total borrowings
- ₹130.59 cr Fiscal 2025-26
- Adhesive Tapes and Die-cuts
- Pre-Taped Masking Film
- Rubbing and Polishing Compounds
- Buffing Pads and Foam Pads
- Reflective Tapes
- Domes and Graphics
- Car Care Products
- Tools – Electrical and Pneumatic
* Estimated date based on the standard exchange timeline. Unmarked dates are exchange-reported.
Calculated at the upper band of ₹101.00 per share. Amounts exclude blocked-funds variation.
Prospectus dossier
Numbers, plans & pressure points
A focused reading of the company's reported financials, planned use of proceeds, business strengths and material risks.
A multi-year view
Figures retain the units reported in the RHP| Fiscal year | Revenue | Profit after tax | Operating cash flow | Borrowings | Net worth |
|---|---|---|---|---|---|
| 2025-26 | ₹1,476.91 cr | ₹127.59 cr | ₹187.97 cr | ₹130.59 cr | ₹616.15 cr |
| 2024-25 | ₹1,461.26 cr | ₹99.82 cr | ₹7 cr | — | ₹488.56 cr |
| 2023-24 | ₹1,307.95 cr | ₹74.31 cr | ₹37.94 cr | — | ₹388.75 cr |
01 Use of funds
Where the
money goes.
04stated objects
in the filing
Funding of Capital Expenditure towards Construction of proposed manufacturing Unit I at Plot No-E-185, RIICO IND Area Karoli Teh Tapukara, RajasthanRHP p. 70
Funding 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 Haryana.RHP p. 70
Funding working capital requirements of our company;RHP p. 70
General corporate purposes.RHP p. 70
02 Growth case
What could drive
the business.
08signals found
in the filing
Experienced Promoters, management and operating teamRHP p. 122 | P a g e
Comprehensive Product RangeRHP p. 122 | P a g e
Strong Industry RelationshipsRHP p. 122 | P a g e
Advanced In-House Processing Facilities Focused on Cost CompetitivenessRHP p. 123 | P a g e
Tailored Product DesignRHP p. 123 | P a g e
Efficient Logistics and Supply Chain ManagementRHP p. 123 | P a g e
Strong Financial performanceRHP p. 123 | P a g e
Setting up new Manufacturing Units for enhanced production capabilitiesRHP p. 124 | P a g e
03 Risk factors
Read the downside first.
Selected material risks disclosed in the RHP. Read these before the upside case. This summary is not a substitute for the prospectus.
Rising costs, supply disruptions, and import restrictions on essential raw materials
The prices of primary raw materials like Jumbo Rolls, Solvents, Skins, Heat Film, and Velcro have been volatile. A substantial portion of raw materials is imported (76.65% in fiscal 2026), making the company susceptible to geopolitical risks, trade tensions, sanctions, tariffs, and foreign exchange fluctuations.
Dependency on top customers for a substantial portion of revenues
A substantial portion of revenues is derived from top 10 customers, contributing 55.59%, 46.43%, and 43.92% of total sales in Fiscal 2026, Fiscal 2025, and Fiscal 2024 respectively. The loss of business from any major customer could negatively impact revenues and profitability.
Reliance on the broader automotive industry
Sales of products and services to Automotive Industry suppliers accounted for 100% of sales in fiscal years 2026, 2025, and 2024. A downturn in the automotive sector could adversely affect business operations and profitability.
Significant working capital requirements and elongation of the working capital cycle
The business requires significant working capital. An elongation of the operating cycle in fiscal 2025 caused inventory holding days and trade receivable days to increase, leading to a substantial decline in net cash flow from operating activities compared to fiscal 2024.
Geographic concentration of sales in Tamil Nadu and Haryana
A majority of product sales and services are concentrated in Tamil Nadu and Haryana, accounting for 48.79%, 47.97%, and 48.48% of revenue from operations in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.
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The book, in motion
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