BN Agrochem Ltd Q2FY26 — From Solvent Seeds to Global Stunts: How a Once-Tournesol Trader Suddenly Became a ₹3,724 Crore Headline

1. At a Glance

If there’s ever been a glow-up story in Indian midcaps that deserves a Netflix biopic titled“From Oilseed to Overseas Bonds”, it’sBN Agrochem Ltd (formerly Arihant Tournesol Ltd). From generatingzero revenuein FY23 to reporting awhopping ₹719 crore in FY25, and even squeezing out aPAT of ₹67.3 crore, the company has pulled off a financial resurrection that’d make even the Bhagavad Gita’s shlokas on rebirth nod in approval:“For the soul, there is neither birth nor death at any time.”

Apparently, the same applies to defunct edible oil manufacturers.

With amarket cap of ₹3,724 crore,P/E of 55.3x, andROE of 26%, BN Agrochem now flaunts numbers like a freshly IPO’d FMCG wannabe. But scratch the surface, and you find a B2B edible oil trader who’s decided to cosplay as a global conglomerate withwholly owned subsidiaries in London, Singapore, and even Liberia(because why not?).

The share price at ₹381 has delivered133% returns in one year,244% in three years, and a dramatic84% in five years— and the 17.9% three-month bump suggests investors are still buying the dream. Whether it’s a dream or delusion is what we’re about to find out.

2. Introduction

Once upon a time, BN Agrochem (then Arihant Tournesol) was another sleepy Madhya Pradesh oilseed crusher. You know, the kind that grinds soybean while the market grinds their stock. Then 2023 happened — zero sales, zero action, just losses and maybe a chai stall nearby doing more volume.

Thenbam!In FY24, the company generated ₹7.08 crore in revenue, and by FY25 that ballooned to ₹719 crore. That’s a10,044% sales growth, a number so absurd it feels like a typo until you realize it’s not.

What changed?

Well, apparently, they discovered the world map. The company reincarnated asBN Holdings Ltd, formedsubsidiaries in Europe and Singapore, and even birthed a Liberian stepchild calledBNPB Industries Liberia Corporation. Somewhere in this chaos, they also found time to issue400 Foreign Currency Convertible Bonds worth USD 40 million, invest₹72 crore in Epitome Industries, and raise₹82 crorevia convertible warrants to something calledGlobal Focus Fund.

No wonder BSE had to fine them twice in 2025 — not for fraud, but probably just to remind them Earth still exists.

Today, BN Agrochem isn’t just making edible oils; it’s a case study in how to reinvent yourself faster than a startup influencer with a ring light.

3. Business Model – WTF Do They Even Do?

Let’s decode this corporate thali.

At its core, BN Agrochemclaimsto be in the business ofmanufacturing and trading edible oils, oilseeds, solvent extractions, extracted oil-cakes, and refined oils. Classic agri-processing stuff. But look deeper and you’ll find that BN has now morphed into aninvestment-cum-holding structure, dabbling in everything fromfood and FMCGtorenewable energy dreams.

Think of it as a chef who started with mustard oil and now wants to run a solar-powered, vegan cloud kitchen in three continents.

Their overseas subsidiaries — inLondonandSingapore— are meant to be gateways for global food trade and expansion into “renewables.” The company also claims to be making “strategic international investments” (which, in smallcap language, usually means “we’re figuring it out as we go”).

In FY24, theyacquired 3.5% CCPS in Epitome Industries— another edible oil firm — worth ₹72 crore. So yes, the oil money stayed in the oil family. Meanwhile, they raised₹82.49 crorefrom Global Focus Fund through convertible warrants andincreased authorized capital to ₹62 crore.

It’s as if someone told them: “You can’t make profit from oil trading,” and they replied, “Fine, we’ll just issue FCCBs and invest in Singapore instead.”

4. Financials Overview

Annualized EPS = ₹7.32 → P/E ≈ 52x (still lofty).

Commentary:EBITDA margin? 1%. P/E ratio? 55x. In short, it’s a luxury valuation on a diet of wafer-thin profits and generous “other income.” The quarterly growth looks flatter than a