Anik Industries Ltd: Edible Oils, Real Estate & Courtroom Drama—A Cocktail No Analyst Ordered
1. At a Glance
Anik Industries Ltd is a jack-of-all-trades, master-of-none company that mixes edible oils, real estate projects, mining ambitions, and the occasional litigation settlement into one messy balance sheet. FY24 revenue: ₹154 Cr. PAT: a laughable ₹2.25 Cr. ROE? A microscopic 0.79%. The stock trades at 118x earnings, proving once again that markets sometimes value vibes over value.
2. Introduction
Once upon a time, Anik was known as Madhya Pradesh Glychem. Then someone decided “Glychem” sounded too much like a cough syrup brand, so they rebranded as Anik Industries, dabbling in everything from oils to apartments to mines.
Their edible oil business keeps the lights on—contributing 66% of revenue—while the real estate arm occasionally wakes up, like in FY24 when they finally completed and sold most of their luxury project One Rajarhat in Kolkata. Mining? Still waiting for approvals since forever. Wind power? A side hustle that generates more press releases than megawatts.
The company also carries the baggage of past financial guarantees gone wrong (hello, Suman Agritech case). Though they got a favourable ruling, contingent liabilities of ₹130 Cr still loom like a thundercloud.
Question: Is Anik the comeback story of a diversified hustler or just another edible oil trader masquerading as a conglomerate?
3. Business Model – WTF Do They Even Do?
Break it down:
Edible Oils & Agri Commodities (66%) – Import, trade, sell. Basically, Anik plays middleman in an industry where margins are thinner than papad.
Real Estate (34%) – They completed One Rajarhat—320 luxury apartments in Kolkata, 312 sold. Good execution, but one project doesn’t make a DLF.
Mining (0%) – Still stuck in paperwork. Permissions pending for Balaghat mine in M.P. since FY24. Investors, please don’t hold your breath.
Others – Wind energy and random ventures, more for show than for cash flow.
So yes, it’s a company with no dominant moat, running multiple side businesses hoping one day something clicks.
4. Financials Overview
Source table
Metric
Latest Qtr (Jun ’25)
YoY Qtr (Jun ’24)
Prev Qtr (Mar ’25)
YoY %
QoQ %
Revenue
₹47.8 Cr
₹10.6 Cr
₹48.7 Cr
+350%
-2.0%
EBITDA
₹0.25 Cr
₹0.10 Cr
₹0.93 Cr
+150%
-73.1%
PAT
₹0.23 Cr
₹1.02 Cr
₹0.43 Cr
-77.4%
-46.5%
EPS (₹)
0.08
0.37
0.15
-78.4%
-46.7%
Commentary: Revenue growth looks huge (base effect magic), but PAT shrank like a cotton kurta in monsoon. Profit margins are as consistent as Mumbai auto fares.
5. Valuation – Fair Value Range Only
P/E Method EPS (TTM): ₹0.81 Industry P/E: ~38 Fair Range (15x–38x): ₹12 – ₹31
