Fine Refiners IPO Description – Fine Refiners operates in the waste oil recycling, petroleum refining, and industrial fuel trading segment, focusing on converting hazardous used oils into reusable petroleum products. Incorporated in 2005, the Gujarat-based company is a GPCB-approved refinery engaged in procurement, processing, re-refining, manufacturing, trading, and import of fuel oils, base oils, lubricants, industrial oils, and petrochemical products. The company primarily sources used and waste oils from industrial units, marine vessels, dealers, and collection agents, which are then processed into products such as Recycled Fuel Oil, Re-Refined Base Oil, Industrial Fuel Oil, Aromatic Heavies, and Distillate Oil.
Fine Refiners operates a refining facility in Bhavnagar, Gujarat, with an installed refining capacity of 14.4 million litres per annum and an operational capacity of 7.2 million litres. It also maintains a 1,250 MT storage infrastructure to support inventory management and trading operations. The company serves industries including chemicals, infrastructure, steel, pharmaceuticals, shipping, and manufacturing. As of 26 February 2026, the company has a workforce of 38.
Promoters of Fine Refiners – Vasaya Amin Rajahusenbhai, Narjis A Vasaya, Vasaya Alimizan Aminbhai
Fine Refiners IPO Details
| Fine Refiners IPO Dates | Coming soon |
| Fine Refiners Issue Price | Coming soon |
| Fresh Issue | 57,49,000 shares |
| Offer For Sale | 14,35,000 shares |
| Total IPO Size | 71,84,000 shares |
| Minimum Bid | Coming soon |
| Lot Size | Coming soon |
| Pre-issue Shares | 1,82,00,000 shares |
| Face Value | INR 10 per share |
| Listing On | BSE SME |
Fine Refiners IPO Category Allocation
Fine Refiners Financial Performance
| FY 2023 | FY 2024 | FY 2025 | H1 FY 2026 | |
| Revenue | 60.21 | 96.06 | 126.80 | 67.74 |
| Expenses | 56.26 | 93.10 | 113.79 | 57.13 |
| Net Income | 2.99 | 2.25 | 9.77 | 7.89 |
| Margin (%) | 4.97 | 2.34 | 7.71 | 11.65 |
Fine Refiners Offer News
Fine Refiners Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 | |
| EPS | 1.64 | 1.24 | 5.37 |
| PE Ratio | – | – | – |
| Price/Book Ratio | – | – | – |
| Price/Sales Ratio | – | – | – |
| Current Ratio | – | – | – |
| RONW (%) | 71.55 | 33.68 | 77.41 |
| NAV | 3.07 | 4.28 | 9.60 |
| ROCE (%) | 27.60 | 22.12 | 37.57 |
| EBITDA (%) | 8.68 | 5.66 | 12.11 |
| Debt/Equity | 2.28 | 1.80 | 1.59 |
Evaluate the quality of an IPO using these essential investing ratios to make an informed decision.
Fine Refiners IPO Anchor Investors
Fine Refiners raises () from anchor investors. Fine Refiners Anchor bid date is ().
| Bid Date | Coming soon |
| Shares Offered | Coming soon |
| Anchor Portion (INR Cr.) | Coming soon |
| Anchor lock-in period end date for 50% shares (30 Days) | Coming soon |
| Anchor lock-in period end date for remaining shares (90 Days) | Coming soon |
Fine Refiners Offer Objectives
The company proposes to utilize net proceeds from the issue towards the following objects:
- Capital Expenditure towards setting up an advanced recycling and re-refining plant for waste and used lubricating oils – INR 21.98 crore
- Funding the working capital requirement of the company – INR 37.50 crore
- General corporate purposes
Fine Refiners IPO GMP Today
Fine Refiners IPO Subscription – Live Updates
Coming soon
The market maker reservation portion of () shares and the anchor investor portion of () shares are not included in the above calculations.
Fine Refiners IPO Allotment Status
You can check Fine Refiners IPO allotment status on MUFG Intime India’s website. Click on this link to get the allotment status. Often not getting IPO allotment? Learn how to improve your IPO allotment chances.
Fine Refiners IPO Dates & Listing Performance
| IPO Opening Date | Coming soon |
| IPO Closing Date | Coming soon |
| Finalization of Basis of Allotment | Coming soon |
| Initiation of refunds | Coming soon |
| Transfer of shares to demat accounts | Coming soon |
| IPO Listing Date | Coming soon |
| Opening Price on BSE SME | Coming soon |
| Closing Price on BSE SME | Coming soon |
Fine Refiners Offer Lead Manager
FINTELLECTUAL CORPORATE ADVISORS PRIVATE LIMITED
B-20, Second Floor, Sector-1,
Noida-201301, Uttar Pradesh
Phone: +91 1204266080
Email: [email protected]
Website: www.fintellectualadvisors.com
Fine Refiners Offer Registrar
MUFG INTIME (LINK INTIME) INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park L.B.S. Marg,
Vikhroli West, Mumbai – 400 083, Maharashtra
Telephone: +91 810 811 4949
Email: [email protected]
Website: www.in.mpms.mufg.com
FINE REFINERS LIMITED
Office No. 105, First Floor, Aangi, Arcade,
Opp. Jawahar Ground, Atabhai Road,
Bhavnagar 364001, Gujarat, India
Phone: 0278-2221193
E-mail: [email protected]
Website: www.finerefiners.com
IPO Resources
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Fine Refiners offer lot size is NA shares.
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Fine Refiners IPO GMP today is INR NA per share.
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Fine Refiners Subject to Sauda rate today is INR NA per application.
Krishna comes from a family of investors and financial analysts, She learnt wading through regulatory filings pretty early in her career. She has several years of experience in financial and industry analysis under her belt. At IPO Central, Krishna plays twin roles of Contributor and Head of research desk.
