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1. At a Glance
Kriti Nutrients closed the June 2026 quarter with revenue of ₹247.08 crore, operating profit of ₹11.81 crore, and net profit of ₹9.06 crore. Against June 2025’s ₹229.04 crore, revenue is up 7.88%. Against the same quarter’s ₹9.21 crore of profit, PAT is down 1.63% — a decline so small it barely qualifies as a movement, more of a shrug rendered in decimals.
The sequential comparison is the livelier one. March 2026 delivered the highest revenue quarter in the visible series, ₹255.23 crore, and one of the thinner operating margins, 3.65%. June 2026 sold ₹8 crore less and made ₹2.49 crore more at the operating line, at 4.78%. Soya oil refining is a business where the top line and the margin frequently refuse to travel together.
The full year to March 2026 was the bigger number story: sales of ₹921.51 crore against ₹734.34 crore, a 25.5% jump, on operating profit of ₹43 crore against ₹48 crore. The company added ₹187 crore of revenue and subtracted ₹5 crore of operating profit doing it.
Elsewhere on the balance sheet, cash and bank stood at ₹59.19 crore as of March 2026 against borrowings of ₹9.10 crore, and the dividend payout ratio for FY26 was 49% against 4% the year before — a company that spent a decade paying out single-digit percentages suddenly writing a much larger cheque. The 30th AGM passed all eight resolutions on 14 August 2026.
2. Introduction
Kriti Nutrients was incorporated in 1992 and is in the business of soya seed extraction and the manufacture and sale of cooking oil. It sits inside the Kriti Group, headquartered in Indore, with the factory at Dewas in Madhya Pradesh — a company whose entire industrial existence fits inside one state’s worth of geography and whose brand name is also, conveniently, the group’s name, the oil’s name, and presumably the answer to most questions asked at the front desk.
Per CARE Ratings’ September 2025 press release, the company was demerged from Kriti Industries (India) Limited in January 2010; before that, one entity contained both edible oil and plastic fittings, an arrangement that presumably made annual report photography interesting. The plastics stayed with KIL. The soya came here.
The relationship did not end there. In June 2024, the company acquired 30,92,480 convertible warrants in Kriti Industries. CARE records loans and advances of ₹24.35 crore and investments in equity and convertible warrants of ₹51.52 crore in KIL as on 30 June 2025, forming about 35% of net worth at that date against about 27% at 31 March 2025. The June 2026 consolidated results include KIL as an associate, accounted by the equity method, contributing a share of associate loss of ₹13.80 lakh for the quarter. Consolidated PAT for the quarter is therefore ₹891.85 lakh against standalone ₹905.66 lakh — the associate line arriving in lakhs to trim a figure reported in crores.
Recent corporate activity has been procedural rather than dramatic. In March 2026, an EGM approved inserting Clause 35A into the Memorandum, adding power generation and thermal, nuclear, solar and related activities to the objects clause. A soya refiner’s founding document now formally contemplates nuclear power, which is either the most ambitious line in any Indore filing this year or the most thorough lawyer. In November 2025 the board approved an interim dividend of ₹3 per share on 5,01,03,520 shares, record date 13 November 2025. In August 2026, the 30th AGM reappointed M. Mehta & Co. for five years and reappointed two directors from 2026-27.
The statutory auditors expressed an unmodified audit opinion on the FY26 results, and the limited review for the June 2026 quarter reported that nothing came to their attention causing them to believe the statement was not prepared in accordance with the applicable standards — the accounting profession’s way of saying “fine” in ninety words.
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3. Business Model: WTF Do They Even Do?
They take soybeans apart and sell every single piece.
The Dewas facility is an integrated soybean processing plant: a solvent extraction unit with crushing capacity of 700 TPD and a refinery of 225 TPD, plus lecithin manufacturing, effluent treatment, water purification and packaging. Capacity utilisation for FY26 was 72%. The bean goes in whole and comes out as refined oil, soya meal, lecithin, acid oil, defatted flakes, hulls, and chunks — soya badi to most of India — containing 52% protein and made from non-GMO soy flour. There is a product line here for the fraction of the bean that most people would have thrown away, which is the entire point of solvent extraction as an industry.
The retail portfolio runs beyond soya into mustard, sunflower and groundnut oils, sold under the Kriti brand, which accounted for 95% of revenue in FY26. Retail distribution covers Madhya Pradesh, Uttar Pradesh and Rajasthan,
