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1. At a Glance
The company clocked ₹1,378 crore revenue in FY26, up 96% from ₹702 crore in FY25. The jump is real. Net profit climbed to ₹38 crore from ₹18 crore—a 111% jump. Earnings per share hit ₹17.27, versus ₹8.17 in FY25.
But the balance sheet tells a second story. Total debt jumped 71% to ₹313 crore from ₹183 crore. Working capital consumption accelerated. The P/E sits at 14.8x against a peer median of 20.28x, which sounds cheap until you ask why the company is borrowing so hard.
One tension: the operating margin sits at 5.3%, flat against history. The growth is turning volume into revenue faster than margins are improving.
2. Introduction
Shri Venkatesh Refineries (SVRL) was incorporated in 2003 and remained a private business until converting to public in December 2020. It migrated off the BSE SME platform to the mainboard in September 2025—a real corporate step.
The company refines edible oils (mainly soyabean and cottonseed) and trades in raw oils under brands Rich Soya, Rich Sun, Silver Gold, and Diamond Soya. The installed refining capacity is 54,000 TPA, with plans to double it (board-approved in August 2024). The network spans Maharashtra, Madhya Pradesh, and Gujarat through over 225 dealers and distributors.
Promoter Dinesh Ganapati Kabre and family hold 73.5% throughout FY26, with no pledging.
3. Business Model: WTF Do They Even Do?
SVRL is a refinery that buys raw oils (mainly from local Jalgaon farmers during season, supplemented by imports), refines them, packages them in cans and pouches, and sells to a dealer network. The company also trades wholesale edible oils—soya, sunflower, cottonseed, mustard, palm—to scale without owning that inventory.
The by-products (soya acid oil, soyabean sludge oil, fatty acids) are monetised as industrial feedstock. This mix—manufacturing-heavy but with a trading crutch—is why you see lumpy revenue and working-capital swings.
Distribution is dealer-heavy and location-specific. Maharashtra remains the heartland. The company has been upgrading: solar generation at the plant (650 KWH), newer warehouse capacity. But the model is still fundamentally local, not national.
Operating margins hover at 5%. That’s thin for a brand business, but unavoidable in edible oils where commodity pricing is regulated and competition includes unorganized refiners who don’t pay tax.
4. Financials Overview
Figures are consolidated, in ₹ crore.
Metric
FY26 (Latest)
FY25
YoY Change
Revenue
1,378
702
+96.3%
EBITDA
~73
~36
~+103%
PAT
38
18
+111%
EPS
17.27
8.17
+111%
The EBITDA calculation: Operating Profit (₹73 crore) + Depreciation (₹2.73 crore) ≈ ₹76 crore (EBITDA), because interest is post-EBITDA.
The half-year ended March 2026 (H2 FY26) saw PAT of ₹23.8 crore on revenue of ₹822 crore (the H2 is derived by subtracting H1 audited figures). The company reported a final dividend of ₹1 per share recommended for FY26 shareholder approval.
5. Market Expectations & Historical Multiples
This section describes how the market is currently pricing the company and how that compares with its own history and peer group. It is descriptive, not predictive.
Metric
Current
Historical Average (5Y)
Peer Median
P/E
14.76x
~16x
20.28x
EV/EBITDA
11.7x
~12x
N/A
ROE
33.7%
26.0%
~18%
ROCE
19.8%
~18%
12.27%
The market currently pays 14.76x earnings here versus a peer median of 20.28x. That peer set includes Marico (60x), Patanjali Foods (23x), AWL Agri (24x), and Gokul Agro (18x)—a wide band. On ROE, the company sits at 33.7%, above its own 5-year average of 26% and most peers.
What is the market pricing in? Volume growth and capacity utilization, not margin expansion. The
