Sumax Engineering IPO

Sumax Engineering makes and trades consumables used on automotive production lines and in body shops. Its own plants produce adhesive tapes and precision die-cuts, pre-taped masking film, rubbing and polishing compounds, buffing and foam pads, reflective tapes, domes and graphics, and car care products; it also resells abrasive sheets, discs and rolls, body-shop consumables, aerosols, and electrical and pneumatic tools, some of them third-party made and sold under the Sumax brand. Customers are vehicle makers and the auto-refinish trade, and sales are almost entirely business-to-business and domestic — 99.96% B2B and 99.56% domestic in FY26. It manufactures at Sriperumbudur near Chennai and at IMT Manesar in Haryana, and employed 121 people at 31 March 2026. It has recently added paint protection film.

Revenue is almost all product sales to businesses: ₹147.69 crore from operations in FY26, of which adhesive tapes and die-cuts were 44.25% and bought-in abrasive sheets, discs and rolls 22.95%. Inputs dominate the cost base — material consumed was 36.41% of revenue in FY26, down from 44.04% in FY24, which the prospectus credits for the EBITDA margin widening from 8.84% to 12.86%; employee costs were 7.78%. The structural constraint is space and tenancy: the Chennai and Manesar sites total about 57,559 sq ft, Manesar is leased, and the die-cut, polish and buffing lines ran at 99%, 99% and 94% utilisation in FY26. The fresh issue funds two new units to replace Manesar. Top ten customers were 55.59% of revenue.