Fine Refiners IPO is a SME Book Built public issue by Fine Refiners Limited. The public issue consists of a fresh issue of equity shares along with an Offer for Sale (OFS) by an existing promoter selling shareholder. After completion of the IPO process, the company’s equity shares are proposed to be listed on the SME Platform of BSE Limited.
The objective of the fresh issue is to fund capital expenditure towards setting up an advanced recycling and re-refining plant for waste and used lubricating oils, meet the company’s working capital requirements, and support general corporate purposes. The proceeds from the Offer for Sale will be received by the promoter selling shareholder.
Fine Refiners Limited is engaged in the procurement, processing, recycling, re-refining, trading and import of petroleum and petrochemical products. The company processes waste and used oils and produces recycled and re-refined petroleum products for customers across several industrial sectors.
Its product portfolio includes Recycle Fuel Oil, Re-Refined Base Oil, Industrial Fuel Oil, Aromatic Heavies, Bottom Fuel Oil, Crude Oil and several other petroleum and petrochemical products. The company operates from Bhavnagar, Gujarat, and has developed its business around resource recovery, oil recycling and environmentally compliant refining processes.
The waste oil recycling and re-refining industry can benefit from increasing environmental awareness, regulatory requirements, industrial demand for petroleum products and the need for resource recovery. Fine Refiners is also registered as an authorised recycler and re-refiner under the Extended Producer Responsibility framework of the Central Pollution Control Board. Investors should carefully evaluate the company’s financial performance, environmental compliance, working capital requirements, customer relationships, competition and IPO valuation before making an investment decision.
Table of Contents
IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Fine Refiners IPO |
| Company Name | Fine Refiners Limited |
| IPO Type | Book Built Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | |
| Issue Size | Up to 71.84 Lakh Equity Shares |
| Fresh Issue | Up to 57.49 Lakh Equity Shares |
| Offer for Sale | Up to 14.35 Lakh Equity Shares |
| IPO Open Date | |
| IPO Close Date | |
| Anchor Investor Bidding | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date | |
| Listing Exchange | BSE SME |
| Lot Size | |
| Registrar | MUFG Intime India Private Limited |
| Book Running Lead Manager | Fintellectual Corporate Advisors Private Limited |
Fine Refiners IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | |
| IPO Opening Date | |
| IPO Closing Date | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date |
The final IPO timetable will be announced by the company after the offer price and bidding schedule are finalised. Investors should refer to the final Red Herring Prospectus and official issue advertisements for confirmed dates.
Fine Refiners IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% of the Net Offer |
| Non-Institutional Investors (NII) | |
| Retail Individual Investors (RII) | Not Less Than 35% of the Net Offer |
The final allocation under each investor category will depend on the applicable SEBI ICDR Regulations and the final basis of allotment.
Fine Refiners IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | ||
| Retail Maximum | ||
| S-HNI Minimum |
The application amount will be calculated after the company announces the final price band and lot size.
About Fine Refiners Limited
Fine Refiners Limited was originally incorporated as Fine Refiners Private Limited on May 16, 2005. The company was subsequently converted into a public limited company and renamed Fine Refiners Limited in August 2025.
The company is headquartered in Bhavnagar, Gujarat, and is engaged in the procurement, processing, recycling, re-refining, trading and import of petroleum and petrochemical products. It focuses on recovering useful petroleum products from waste and used oils generated by industrial and commercial establishments.
Fine Refiners manufactures and supplies several products including Recycle Fuel Oil, Re-Refined Base Oil, Industrial Fuel Oil, Aromatic Heavies, Bottom Fuel Oil and Crude Oil. It also deals in products such as Fuel Oil, Base Oil, Light Diesel Oil, Lubricating Oil, Distillate Oil, Industrial Oils, Recycle Base Oil, Mix Hydrocarbon Oil, Pitch Oil, Slop Oil, CNSL Oil, HP Fuel, Rubber Processing Oil and other petroleum products.
The company serves customers across industries including chemicals, construction, infrastructure, metals and steel, petroleum, pharmaceuticals and minerals. Its operations are supported by environmental authorisations and quality certifications, including ISO 9001:2015 and ISO 14001:2015 certifications.
Fine Refiners is registered as an authorised recycler and re-refiner under the Extended Producer Responsibility framework of the Central Pollution Control Board. The company’s EPR registration provides an annual consented recycling capacity of 1,800 metric tonnes.
Business Operations
Fine Refiners Limited operates in the waste oil recycling, re-refining and petroleum products business.
- Waste Oil Recycling – The company processes used and waste oils to recover valuable petroleum products.
- Re-Refined Base Oil – Fine Refiners produces re-refined base oil from waste and used lubricating oils.
- Recycle Fuel Oil – The company manufactures recycled fuel oil for industrial applications.
- Industrial Fuel Oil – Its product portfolio includes industrial fuel products supplied to customers across various sectors.
- Petroleum Products Trading – The company also procures, trades and imports several petroleum and petrochemical products.
- Industrial Oils – Fine Refiners supplies industrial oils to customers requiring petroleum-based inputs.
- Speciality Petroleum Products – Its portfolio includes Aromatic Heavies, MHO, C-9 Plus, Pitch Oil, Slop Oil and other products.
- Crude Oil Products – The company deals in crude oil and other petroleum-related products.
- B2B Operations – The company primarily serves industrial and commercial customers rather than retail consumers.
- Environmental Recycling – Its operations support resource recovery by converting waste oil into usable petroleum products.
Industry Overview
India’s petroleum recycling and re-refining industry plays an important role in resource recovery and environmental management. Used lubricating oils and other petroleum-based waste generated by industrial and commercial activities can be processed to recover useful products and reduce environmental impact.
Increasing environmental awareness and regulatory requirements are supporting the development of organised recycling and re-refining businesses. The implementation of Extended Producer Responsibility requirements has also increased the importance of authorised recyclers and environmentally compliant processing facilities.
Industrial demand for fuel oils, base oils and other petroleum products provides a market opportunity for recycling and re-refining companies. However, the industry remains influenced by crude oil prices, petroleum product prices, environmental regulations, availability of waste oils, operating costs and industrial demand.
Fine Refiners operates in this market through a combination of recycling, re-refining, procurement, trading and import activities. Its proposed investment in an advanced recycling and re-refining plant is intended to increase its processing capabilities and support future business growth.
Business Strategy
Fine Refiners Limited focuses on expanding its recycling and re-refining capabilities, improving operational efficiency and meeting the growing demand for recovered petroleum products.
A major part of its IPO strategy is the proposed establishment of an advanced recycling and re-refining plant for waste and used lubricating oils. The planned capital expenditure is expected to strengthen the company’s processing capabilities and support the production of higher-value recycled and re-refined products.
The company also plans to use a substantial portion of the IPO proceeds to meet its working capital requirements. Adequate working capital is important for procurement, inventory management and fulfilling customer orders in a petroleum-product-intensive business.
Through expansion of its recycling infrastructure, regulatory compliance, product diversification and customer relationships, Fine Refiners aims to strengthen its position in the waste oil recycling and petroleum products industry.
Fine Refiners IPO Financial Information
A company’s financial performance provides important insights into revenue growth, profitability, operating efficiency and financial stability. Reviewing financial results across multiple years helps investors understand how the business has developed and how effectively it has converted its operations into earnings.
Fine Refiners Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹60.20 Crore | ₹96.06 Crore | ₹126.79 Crore |
| Total Income | ₹60.22 Crore | ₹96.12 Crore | ₹126.86 Crore |
| EBITDA | ₹5.22 Crore | ₹5.43 Crore | ₹15.35 Crore |
| Profit Before Tax (PBT) | ₹3.96 Crore | ₹3.02 Crore | ₹13.07 Crore |
| Profit After Tax (PAT) | ₹2.99 Crore | ₹2.25 Crore | ₹9.77 Crore |
| Net Worth | ₹5.59 Crore | ₹7.78 Crore | ₹17.46 Crore |
| Total Borrowings | ₹12.75 Crore | ₹15.54 Crore | ₹22.64 Crore |
The company has reported significant growth in revenue and profitability over the last three financial years. Revenue from operations increased from approximately ₹60.20 crore in FY2023 to ₹126.79 crore in FY2025.
Profit after tax increased from ₹2.99 crore in FY2023 to ₹9.77 crore in FY2025. EBITDA also increased substantially from ₹5.22 crore to ₹15.35 crore during the same period, reflecting an improvement in operating profitability.
For the six months ended September 30, 2025, the company reported revenue of approximately ₹67.73 crore and PAT of ₹7.88 crore. On an annualised basis, revenue was approximately ₹135.46 crore and PAT was approximately ₹15.76 crore.
The company’s net worth increased from ₹5.59 crore in FY2023 to ₹17.46 crore in FY2025, while total borrowings increased during the same period. Investors should therefore evaluate the company’s profitability together with its leverage and working capital requirements.
Fine Refiners IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess the company’s profitability, operating efficiency, capital utilisation and financial strength. These financial ratios provide additional insights into the company’s performance and can also help investors compare it with companies operating in related petroleum and recycling segments.
| KPI | Sep 2025 | FY2025 |
|---|---|---|
| Return on Equity (ROE) | 36.81% | 77.41% |
| Return on Capital Employed (ROCE) | 22.76% | 37.57% |
| Return on Net Worth (RONW) | 36.81% | 77.41% |
| EBITDA Margin | 17.35% | 12.11% |
| PAT Margin | 11.63% | 7.71% |
| Debt-to-Equity Ratio | 1.00 | 1.30 |
| Earnings Per Share (EPS) | ₹5.37 | |
| Net Asset Value (NAV) Per Share | ₹13.96 | ₹9.60 |
The company’s profitability ratios improved significantly during FY2025. EBITDA margin increased to 12.11%, while PAT margin stood at approximately 7.71%. The return ratios were also strong, although investors should consider that the company has a relatively small equity base and a capital-intensive expansion plan.
KPIs & Valuation
Fine Refiners Limited reported diluted EPS of ₹5.37 for FY2025 and NAV per share of ₹9.60. The post-IPO EPS and P/E cannot be calculated until the final issue price and post-issue capital structure are officially determined.
| KPI & Valuation | Value |
|---|---|
| Pre-IPO EPS | ₹5.37 |
| Post-IPO EPS | |
| Pre-IPO P/E | |
| Post-IPO P/E | |
| NAV Per Share | ₹9.60 |
| Return on Net Worth | 77.41% |
| Return on Capital Employed | 37.57% |
The final valuation of Fine Refiners IPO will depend on the price band and offer price announced before the issue opens. Investors should compare the company’s valuation with listed companies operating in related petroleum and re-refining segments while considering differences in business model, scale and profitability.
Objects of the Fine Refiners IPO
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
- Capital expenditure towards setting up an advanced recycling and re-refining plant for waste and used lubricating oils.
- Funding the working capital requirements of the company.
- General corporate purposes.
The company has proposed approximately ₹21.98 crore towards capital expenditure for setting up the advanced recycling and re-refining plant.
Approximately ₹37.50 crore is proposed to be used for funding the company’s working capital requirements. The remaining amount is proposed to be used for general corporate purposes, subject to the final issue size and applicable adjustments.
The proceeds from the Offer for Sale will be received by the promoter selling shareholder and will not form part of the company’s funds.
Fine Refiners IPO Listing Performance
The listing performance reflects how the company’s shares perform after listing on the SME Platform of BSE. Listing gains or losses can indicate initial market sentiment, but long-term performance generally depends on business growth, financial results, industry conditions, execution and valuation.
| Particular | Value |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | |
| Issue Price | |
| Listing Price | |
| Listing Gain | |
| Listing Gain (%) |
The listing performance will be available after Fine Refiners shares commence trading on BSE SME. Investors should focus on long-term business fundamentals rather than short-term listing movements.
Fine Refiners IPO Subscription Status
The subscription figures indicate the level of investor participation received during the IPO bidding period. Strong subscription generally reflects healthy investor interest, although subscription levels alone should not be considered an indication of long-term investment potential.
Fine Refiners IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | |
| Non-Institutional Investors (NII) | |
| Retail Individual Investors (RII) | |
| Employee Category | |
| Total Subscription |
The final subscription figures will be available after the IPO bidding period begins and closes. They will provide an indication of investor demand across different categories.
Fine Refiners IPO Review
Fine Refiners Limited operates in the waste oil recycling and petroleum products industry and focuses on processing, recycling, re-refining, trading and importing petroleum and petrochemical products. The company’s operations are aligned with resource recovery and the circular economy because used and waste oils are processed into useful petroleum products.
One of the company’s key strengths is its diversified portfolio of petroleum products. It produces Recycle Fuel Oil, Re-Refined Base Oil, Industrial Fuel Oil, Aromatic Heavies, Bottom Fuel Oil and Crude Oil while also dealing in several other petroleum and petrochemical products. This allows the company to serve customers across multiple industrial sectors.
The company has reported strong growth in revenue and profitability. Revenue increased substantially between FY2023 and FY2025, while EBITDA and PAT recorded significant improvement. The six-month financial performance for September 2025 also indicates continued business momentum, with annualised revenue and PAT exceeding FY2025 levels.
Another important factor is the company’s environmental and regulatory positioning. Fine Refiners holds an EPR recycler registration under the CPCB framework and operates with ISO 9001:2015 and ISO 14001:2015 certifications. The proposed investment in an advanced recycling and re-refining plant could further strengthen its processing capabilities.
However, investors should also consider the risks associated with petroleum price volatility, availability of waste oils, working capital requirements, regulatory compliance, competition and execution of the proposed expansion project. Borrowings have also increased as the company has expanded its operations.
Overall, Fine Refiners operates in a segment with potential long-term opportunities arising from environmental regulation, industrial demand and increasing emphasis on recycling and resource recovery. Investors should carefully evaluate the final IPO valuation, financial performance, debt position, proposed capital expenditure and industry outlook before investing.
Fine Refiners IPO Strengths
- Strong revenue and profitability growth during the last three financial years.
- Diversified portfolio of recycled and re-refined petroleum products serving several industrial sectors.
- Environmental and regulatory compliance supported by CPCB EPR registration and ISO certifications.
- Proposed advanced recycling and re-refining plant expected to strengthen future processing capabilities.
- Experienced promoters and management with operating experience in the oil recycling business.
- Exposure to the growing recycling and circular economy segment supported by increasing environmental requirements.
Fine Refiners IPO Risk Factors
- Petroleum price volatility can affect product prices, margins and inventory values.
- Working capital requirements are significant because the business involves procurement, processing and inventory of petroleum products.
- Expansion execution risk exists in setting up the proposed advanced recycling and re-refining plant.
- Environmental and regulatory requirements may increase compliance costs or affect operations.
- Dependence on availability of waste and used oils can affect raw material procurement.
- Competition in the petroleum recycling and re-refining industry may affect pricing and profitability.
Fine Refiners IPO Promoters
Fine Refiners Limited is promoted by Vasaya Amin Rajahusenbhai, Narjis A Vasaya and Vasaya Alimizan Aminbhai. The promoters have been associated with the company’s development and operations in the petroleum products and oil recycling business.
The promoters have contributed to the company’s growth by developing its procurement network, customer relationships, recycling operations and petroleum product portfolio. Their experience in the industry supports the company’s operating strategy and planned expansion.
Fine Refiners IPO Promoters Details
| Promoter | Designation |
|---|---|
| Vasaya Amin Rajahusenbhai | Chairman & Managing Director |
| Vasaya Alimizan Aminbhai | Executive Director |
| Narjis A Vasaya | Non-Executive Director |
Fine Refiners IPO Management Team
The company is managed by an experienced board comprising executive, non-executive and independent directors. The management team is responsible for business operations, financial management, regulatory compliance, environmental standards and the company’s expansion plans.
The board also includes independent directors who support corporate governance, oversight and statutory compliance.
| Name | Designation |
|---|---|
| Vasaya Amin Rajahusenbhai | Chairman & Managing Director |
| Vasaya Alimizan Aminbhai | Executive Director |
| Narjis A Vasaya | Non-Executive Director |
| Kanbar Nikunj Mahendrabhai | Independent Director |
| Chandresh M Unagar | Independent Director |
Fine Refiners IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting shares to successful applicants, initiating refunds and handling investor-related services.
| Particular | Details |
|---|---|
| Registrar Name | MUFG Intime India Private Limited |
| Website | https://in.mpms.mufg.com |
| IPO Allotment Status | https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
| Email ID | [email protected] |
| Contact Number | +91 810 811 4949 |
Fine Refiners IPO Lead Manager Details
The Book Running Lead Manager is responsible for managing the IPO process, coordinating regulatory compliance and assisting the company throughout the public issue.
| Particular | Details |
|---|---|
| Lead Manager | Fintellectual Corporate Advisors Private Limited |
| Contact Persons | Amit Puri / Pramod Negi |
| Email ID | [email protected] |
| Telephone | +91-120-4266080 |
Fine Refiners Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Fine Refiners Limited |
| Registered Office | Office No. 105, First Floor, Aangi Arcade, Opp. Jawahar Ground, Atabhai Road, Bhavnagar, Gujarat – 364001 |
| Website | https://www.finerefiners.com |
| Email ID | [email protected] |
| Contact Number | 0278-2221193 |
How to Check Fine Refiners IPO Allotment Status
Investors can check the IPO allotment status after the basis of allotment is finalised through the registrar’s website or the BSE IPO allotment portal.
Through MUFG Intime India Private Limited
- Visit the official MUFG Intime IPO allotment portal.
- Select Fine Refiners IPO from the IPO list.
- Choose PAN Number, Application Number, or DP/Client ID.
- Enter the required details.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Fine Refiners IPO from the list of IPOs.
- Enter your PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to view the allotment result.
Fine Refiners IPO Conclusion
Fine Refiners IPO provides investors with an opportunity to participate in a company operating in the waste oil recycling, re-refining and petroleum products industry. The company has developed a diversified product portfolio and serves customers across several industrial sectors.
The company has reported strong growth in revenue, EBITDA and profit over the last three financial years. Its CPCB EPR registration, ISO certifications and focus on recycling and resource recovery provide additional strengths within an industry increasingly influenced by environmental and sustainability requirements.
The proposed investment in an advanced recycling and re-refining plant could strengthen the company’s production capabilities and support future growth. The proposed working capital allocation may also help the company meet its operational funding requirements as business volumes increase.
However, investors should also consider petroleum price volatility, raw material availability, working capital requirements, regulatory compliance, competition and the execution risks associated with the proposed plant.
A detailed assessment of the final IPO price, valuation, financial performance, debt position, expansion strategy, environmental compliance and industry outlook can help investors determine whether the Fine Refiners IPO is suitable for their investment objectives.
Fine Refiners IPO FAQs
What is Fine Refiners IPO?
Fine Refiners IPO is the proposed SME public issue of Fine Refiners Limited, a company engaged in the recycling, re-refining, processing, trading and import of petroleum and petrochemical products.
What is the price band of Fine Refiners IPO?
The price band of Fine Refiners IPO has not been announced in the currently available official offer documents.
What is the issue size of Fine Refiners IPO?
The proposed IPO comprises up to 71.84 lakh equity shares, including up to 57.49 lakh fresh issue shares and up to 14.35 lakh Offer for Sale shares.
When will the Fine Refiners IPO open?
The IPO opening date has not yet been announced.
When will the Fine Refiners IPO close?
The IPO closing date has not yet been announced.
On which stock exchange will Fine Refiners shares be listed?
The company’s equity shares are proposed to be listed on the SME Platform of BSE Limited.
Who is the registrar for the Fine Refiners IPO?
MUFG Intime India Private Limited is the registrar to the proposed issue.
What is the face value of Fine Refiners IPO shares?
The face value of each equity share is ₹10.
What does Fine Refiners Limited do?
Fine Refiners Limited procures, processes, recycles, re-refines, trades and imports petroleum and petrochemical products. It produces recycled and re-refined oil products for industrial customers.
What are the objects of the Fine Refiners IPO?
The company intends to use the fresh issue proceeds for setting up an advanced recycling and re-refining plant for waste and used lubricating oils, funding working capital requirements and general corporate purposes. The OFS proceeds will be received by the selling shareholder.
