1. At a Glance – Soya, Solar & ₹89 Crore Ambition
Yashhtej Industries (India) is coming to the BSE SME platform with a ₹88.88–89 crore fixed price IPO at ₹110 per share. The company, incorporated in 2018, is asking investors to digest a post-issue P/E of 17.51x, a price-to-book of 6.14x (as of Sep 30, 2025), and a business that runs on razor-thin PAT margins of 3.79%.
Market cap (pre-IPO) stands at ₹253.88 crore. Promoters currently hold 100% and will dilute to 65% post listing. The minimum retail ticket size? A solid ₹2,64,000. SME investing isn’t for chai-money portfolios.
Financially, the company has grown total income from ₹12 crore (FY23) to ₹324.96 crore (FY25), and ₹191.22 crore in just half of FY26 (Sep 2025). PAT improved from negative ₹0.58 crore in FY23 to ₹11.57 crore in FY25.
So the big question:
Is this a genuine agro-processing growth story… or a commodity-margin treadmill dressed up in IPO clothing?
Let’s peel the soybean.
2. Introduction – From Latur to Listing
Founded in 2018 and based out of Latur, Maharashtra, Yashhtej Industries operates in the soybean processing space. In simple terms, they crush soybeans, extract crude oil, and sell the leftover high-protein residue (De-Oiled Cake or DOC).
Sounds simple? It is.
Profitable? Depends on global soybean prices, demand, and margin discipline.
The company operates in B2B mode. It sells crude oil to refiners. So they don’t sell you branded edible oil bottles. They supply the raw oil to someone else who brands and sells it.
This is not a glamorous FMCG story. It’s a processing-margin business.
Over the last three financial years:
- Total Income: ₹12 Cr → ₹59.25 Cr → ₹324.96 Cr
- PAT: -₹0.58 Cr → ₹1.13 Cr → ₹11.57 Cr
- Net Worth: -₹0.48 Cr → ₹8.05 Cr → ₹19.62 Cr
That’s a serious scale-up. But the margins? Still
