AELEA COMMODITIES LIMITED

The business processes raw cashew nuts (RCN) into kernels at its Surat facility, which runs at 140 MTPD of processing capacity at 94-95% utilisation, having expanded from 40 MTPD previously. Raw cashew nuts, sourced largely from Africa (95% of inputs), make up 94.2% of revenue, so the company is heavily exposed to RCN price moves and USD/INR volatility. Beyond kernel processing, it is building a Cashew Nut Shell Liquid (CNSL) extraction facility due to commission shortly, with biochar/activated carbon planned as Phase 3, plus a 4 MW captive solar plant, reflecting a vertical integration push across cashew, by-products and renewable energy. Sales run through bulk B2B kernel channels and a small branded B2C business (Tribal and Supreme brands) that currently contributes about 1% of revenue but carries 13-15% EBITDA margins. Finance costs rose from around ₹2 crore to around ₹8 crore as the company deepened its value chain and held 80-90 days of inventory. FY26 consolidated revenue stood at ₹381.50 crore with PAT of ₹21.32 crore, and management has set a 2037 roadmap targeting around 1,000 MTPD of cashew capacity, 100 premium retail franchise stores, and entry into new nuts (almond, walnut, makhana, pistachio).