Shri Ahimsa Naturals Ltd Q2 FY26: When Jaipur’s Caffeine Factory Became the Nutraceutical Rockstar of Dalal Street

1.At a Glance

Once upon a caffeine molecule, deep in the pink city of Jaipur, a 1990-born extractor of green coffee beans decided to go public — and boom — the market couldn’t get enough of its “natural highs.” Shri Ahimsa Naturals Ltd, listed on NSE-SME in April 2025, has gone from a sleepy herbal extractor to a ₹607 crore caffeine empire with zero debt, a 24.4% ROCE, and enough export energy to keep Starbucks jittering.

At ₹260 per share, it’s up over60% in six months— and yet trades at a modestP/E of 22.4x, compared to industry averages above 35x. In Q2 FY26 (half-year ended Sept 2025), the company posted sales of₹60.5 crore, up 49% YoY, andPAT of ₹14.8 crore, up 53% YoY. That’s not caffeine — that’s compounding on steroids.

But before we crown them the “espresso kings of India,” let’s peek into the beans — the caffeine, the extracts, and the balance sheets. Because while Ahimsa preaches non-violence, its growth curve is brutally good.

2.Introduction

When you hear “Jaipur,” you think forts, marbles, and sweets — not a caffeine powerhouse exporting to nutraceutical giants across the globe. Yet Shri Ahimsa Naturals Ltd (SANL) has quietly built one of India’s most fascinating niche businesses: natural caffeine and botanical extracts.

Fromtea waste to treasury gain, SANL has extracted a golden goose out of green coffee beans and tea dust. The company’s flagship product,Caffeine Anhydrous Natural, forms 70% of its revenue — and no, that’s not your average coffee shop caffeine. This is pharma-grade, nutraceutical-grade, food-grade caffeine — the kind of stuff that powers your energy drinks, weight-loss pills, and those all-nighter “brain booster” supplements.

The company’s product portfolio screams diversification — not in theory, but in tonnage.270 MTPA caffeine,200 MTPA green coffee bean extract, and soon a700 MTPA expansionwith a brand-new facility via its subsidiary,Shri Ahimsa Healthcare Pvt Ltd.

But the real plot twist? It’s100% B2B. They don’t sell to you — they sell to the people who sell to you. Their top 10 customers account for 93.5% of sales, which sounds risky… unless you realize those customers are likely global nutraceutical giants who buy in bulk.

This is one of those rare SME stories where the business model is scientific, the financials are clean, and the management isn’t pledging shares to buy yachts.

3.Business Model – WTF Do They Even Do?

Let’s decode this caffeine cartel:

Shri Ahimsa Naturals extracts, refines, and exportsCaffeine Anhydrous NaturalandGreen Coffee Bean Extract (GCE)— both goldmines in the global nutraceutical and pharmaceutical markets. Add to that a supporting cast ofCrude Caffeineand a bunch ofherbal extractslike Ashwagandha, Turmeric (Curcumin), Bacopa Monnieri, and Garcinia Cambogia — basically, the Avengers of Ayurveda.

Here’s the trick:

• Theyextract crude caffeinefromtea and coffee waste(yes, literal waste).
• Then theypurify it into high-grade caffeine anhydrousused in pharma, cosmetics, and energy beverages.
• TheirGCE (Green Coffee Extract)is rich in chlorogenic acid — that magical ingredient behind every “fat burner” capsule.

Everything is done at their ISO-certified plant inJaipur, Rajasthan, with a capacity of270 MTPA caffeineand200 MTPA GCE. The next phase will jack this up to700 MTPA caffeineand500 MTPA GCE— that’s nearly3x production expansion.

They sell to nutraceutical, cosmetic, and F&B industries — allB2B exports, with86.5% of salesfrom exports (direct, deemed, and third-party combined).

So yes, you might not know them, but your Red Bull, your “natural energy pill,” and your post-workout fat burner