At a glance:
Rajputana Biodiesel Ltd (NSE: RAJPUTANA) has gone from garage startup to government-backed green fuel supplier — and FY25 is its coming-of-age story. With revenue growing 190% in 2 years, ₹51 Cr worth of PSU orders between April–July alone, a 29,764 carbon credit certificate from Verra, and expansion into Bio-CNG (CBG), this smallcap Rajasthan firm wants to become India’s green fuel factory.
🛢️ The Bio Behind Rajputana
- Incorporated: 2016 in Jaipur
- Listed on NSE Emerge: Dec 3, 2024
- Core business: Biodiesel (Methyl Ester), Glycerin, Fatty Acids
- New vertical: Compressed BioGas (CBG) via Nirvaanraj Energy Pvt Ltd (subsidiary)
- Clients: IOCL, BPCL, HPCL (15+ PSU depots)
- Plants: Meerut (80 KLPD, enhanced), Phulera (24 KLPD, new)
- Tech Upgradation: Ongoing at Meerut, completed at Phulera
📈 FY25 Financial Performance – Accelerating like a Biodiesel Truck
| 💰 Metric | FY23 | FY24 | FY25 | 💥 YoY |
|---|---|---|---|---|
| Revenue from Operations | ₹23.19 Cr | ₹53.45 Cr | ₹67.3 Cr | ✅ +26% |
| Net Profit | ₹1.73 Cr | ₹4.56 Cr | ₹5.92 Cr | ✅ +30% |
| EPS | ₹3.97 | ₹9.24 | ₹10.29 | ✅ +11% |
| PBT Margin | ~10.4% | ~11.4% | ~11.0% | — |
| EBITDA (est.) | ~₹5.5 Cr | ~₹8.2 Cr | ~₹10.5 Cr | ✅ |
💡 Fun Fact: In FY23, they were just breaking ₹20 Cr in revenue. Now they’re clocking ₹68 Cr. That’s nearly 3x in two years.
🧾 Balance Sheet – Smallcap with Muscle
| 🧮 Key Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Share Capital | ₹4.62 Cr | ₹5.13 Cr | ₹7.03 Cr |
| Reserves & Surplus | ₹-0.003 Cr | ₹9.08 Cr | ₹33.8 Cr |
| Net Worth | ₹4.61 Cr | ₹14.22 Cr | ₹40.83 Cr |
| Total Assets | ₹15.10 Cr | ₹42.29 Cr | ₹60.48 Cr |
📦 Working Capital Heavy: Inventory + receivables = ₹34 Cr+ in FY25
📉 Short-Term Borrowings: Still ₹8.48 Cr — manageable, but needs efficiency
🚀 Order Book: ₹51 Cr Between April–July FY25
| 📦 PSU Orders (Apr–Jul FY25) |
|---|
| IOCL: 2,119 KL |
| BPCL: 333 KL |
| HPCL: 290 KL |
| Nirvaanraj (sub): 3,292 KL |
| Total Volume: 6,034 KL |
| Contract Value: ₹51.13 Cr |
🔮 Visibility into FY26 — If they repeat this pace, ₹150 Cr revenue could be possible.
💚 Biodiesel + CBG: Their Twin Engine Growth Model
✅ Biodiesel
- Clean-burning methyl ester from non-edible oils
- BIS certified (15607:2022)
- Approved supplier to IOCL Jaipur since 2021
✅ CBG (Compressed BioGas)
- 2 units approved (Ajmer & Nagaur)
- Aligned with Rajasthan’s Integrated Clean Energy Policy 2024
- CBG margins are higher than biodiesel
🌍 Carbon Credits: 29,764 & Counting
- Certified by Verra (global standard for carbon offsets)
- Monetisable through platforms like:
- Xpansiv
- AirCarbon
- Patch
- Climate Impact X
- Long-term value over 21 years = potential recurring income stream
🤑 What’s 1 credit worth? Often between $5–$20. Even at $10, that’s ₹2.4 Cr worth of tradable carbon money.
🧠 EduInvesting SWOT
| 💪 Strengths | ⚠️ Weaknesses |
|---|---|
| PSU relations (6+ years) | High working capital cycle |
| Carbon Credit revenue stream | Slow receivables |
| Govt policy alignment | Capital intensity |
| Diversified into CBG early | SME-scale operational limits |
| 🚀 Opportunities | ☠️ Threats |
|---|---|
| Marine fuel blending | Policy volatility |
| Export of biodiesel | Feedstock price swings |
| CBG expansion (higher margins) | Delays in government order cycles |
🧪 EduInvesting Take
- From ₹23 Cr to ₹67 Cr in 2 years: That’s not growth — that’s a biodiesel turbocharger.
- PSU relationships act as tailwinds in a sector where private competition struggles to break in.
- Carbon credits are the dark horse here — Rajputana could generate ₹20–30 Cr in tradable credits over the next decade.
- CBG diversification is smart — it opens up new high-margin revenue verticals.
🎯 Risks to Watch
- 🚚 Delayed payments from government PSUs (a common industry pain)
- 💸 CBG infra setup needs capital, execution finesse
- ⚖️ Policy flip-flops or subsidy delays could throw a wrench in margins
🔥 Final Verdict
This isn’t just another smallcap SME on Emerge. Rajputana Biodiesel is quietly building an integrated green fuel empire — from supplying IOCL to earning carbon cash. If it moves to the mainboard and manages its working capital cycle, it might just become the Carbon Credit King of Rajasthan.
🗓️ Published: May 29, 2025
✍️ By: Prashant Marathe
Tags: Rajputana Biodiesel, FY25 Results, Biodiesel India, CBG Plants Rajasthan, Carbon Credit Verra, PSU Contracts, NSE Emerge, Renewable Energy, EduInvesting, SME IPO
