BSE: 519216
AJANTA SOYA LTD.
Operates in the edible oil business within India's Fast Moving Consumer Goods sector, earning revenue by trading and/or processing edible oils. Raw materials — essentially the oils themselves — account for 84.4% of revenue, which is typical of a thin-margin edible oil business where the cost of the input dominates the P&L. The company engages in international trade, as evidenced by a customs matter dated 12 March 2026 relating to imported goods and the use of Merchandise Exports from India Scheme (MEIS) scrips, with the company indicating it intends to appeal to CESTAT. In FY26, total revenue from operations stood at Rs 1,307.67 crore, with an EBITDA margin of just 1.47% and net profit of Rs 8.38 crore — a sharp decline from the prior year. Beyond raw materials, employee cost is 0.8% of revenue, other operating expenses 3.7%, depreciation 0.2% and capex 0.6%, leaving very little operating headroom. The low capex intensity relative to revenue suggests a trading or blending profile rather than heavy refining, though the disclosed pack does not specify plant locations, capacities, brands or product mix. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Edible oil trading and/or processing. Thin-margin, materials-driven edible oil business with low capex intensity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,345 | 1,236 | 1,022 | 1,330 | 1,308 |
| EBITDA (ex other income) | 47 | 6 | 3 | 34 | 12 |
| margin % | 3.5 | 0.5 | 0.3 | 2.6 | 0.9 |
| Owners' profit | 42 | 2 | 4 | 27 | 8 |
| EPS, as reported (₹) | 26.22 | 0.28 | 0.50 | 3.37 | 1.04 |
| ROE % · ROCE % | 34.3 · 39.3 | 1.8 · 5.0 | 3.1 · 6.8 | 17.1 · 23.9 | 5.0 · 9.1 |
| Debt / equity (x) | 0.00 | 0.01 | 0.00 | 0.00 | 0.05 |
| Cash from operations | 25 | (23) | 25 | 16 | (33) |
| Capex | (7) | (2) | (8) | (3) | (7) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 272 | 304 | 366 | 388 | 312 | 347 | 312 | 337 |
| Profit before tax | 6 | 10 | 13 | 7 | 2 | 8 | 3 | (1) |
| Net profit | 4 | 8 | 10 | 5 | 2 | 5 | 3 | (1) |
| EPS (₹) | 0.54 | 0.98 | 1.22 | 0.62 | 0.22 | 0.65 | 0.31 | (0.15) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MARICO LIMITED | 1,01,043 | 53.3 | 22.48 | 39.9 | 40.3 | 38.1 | 11.1 | 21.9 |
| PATANJALI FOODS LIMITED | 38,620 | 19.6 | 2.95 | 23.6 | 13.9 | 10.3 | — | 4.8 |
| AWL AGRI BUSINESS LIMITED | 23,782 | 20.6 | 2.28 | 9.1 | 10.0 | 11.1 | — | 3.8 |
| GOKUL AGRO RESOURCES LTD | 6,108 | 11.7 | 4.29 | 9.1 | 26.0 | 26.9 | 23.5 | 4.1 |
| SUNDROP BRANDS LIMITED | 2,809 | 100.7 | 1.90 | 44.9 | 1.4 | 1.7 | — | 6.1 |
| CIAN Agro Ind & Infra Ltd | 2,796 | 8.7 | 1.26 | 7.6 | 10.0 | 7.7 | 53.1 | 32.3 |
| Shri Venkatesh Refineries Limi | 1,544 | 31.2 | — | — | — | 22.2 | — | — |
| KN AGRI RESOURCES LIMITED | 507 | 11.3 | 1.32 | 9.2 | 8.2 | 11.4 | — | 4.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.6 | 18.8 | 16 of 28 | 44% |
| P/B | 1.0 | 1.3 | 9 of 25 | 63% |
| ROCE | 6.8 | 7.4 | 17 of 30 | 45% |
| ROE | 5.0 | 8.2 | 16 of 25 | 38% |
| Debt / Equity | 0.1 | 0.2 | 7 of 25 | 75% |
| EBITDA margin | 0.3 | 4.4 | 22 of 26 | 16% |
| Revenue growth | (13.3) | 5.0 | 18 of 25 | 29% |
| Profit growth | (123.7) | 27.1 | 22 of 23 | 5% |
| Market cap | 163 | 108 | 13 of 31 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · Ajanta Soya submits dematerialisation compliance certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Reappointment of MD and Whole-time Director approved by shareholders | management changes | medium | — | — |
| 30 Sept 2026 · Ajanta Soya 35th AGM voting results: All 6 resolutions passed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Proceedings of the 35th Annual General Meeting of the Company held on Monday, 28th September, 2026 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 18 Sept 2026 · CKG Family Trust acquires 36.93% in Ajanta Soya via inter-se gift transfer | ownership changes | medium | — | — |
| 18 Sept 2026 · CKG Family Trust acquires 36.93% in Ajanta Soya via promoter group gift | ownership changes | medium | — | — |
| 18 Sept 2026 · Promoter Chander Kala Goyal gifts 36.93% stake to CKG Family Trust | ownership changes | medium | — | — |
| 18 Sept 2026 · Chander Kala Goyal acquires 51% in promoter entity CAMWPL by gift | ownership changes | medium | — | — |
| 5 Sept 2026 · Newspaper ad for 35th AGM notice and e-voting information | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.