NSE: GOKUL · BSE: 532980
GOKUL REFOILS & SOLV LTD
Processes and sells edible oils and related agro-based commodities, with the bulk of operations routed through a wholly-owned subsidiary, Gokul Agri International. Materials make up 75% of revenue, reflecting the commodity nature of agricultural processing, while employee costs are 0.5% and other operating expenses are 2.0% of revenue. The business operates at thin margins typical of edible oil processing and trading, with total assets of Rs 910.49 crore. The promoter group, led by the Rajput family, holds 73.60% of equity with no encumbrances on their shares as of March 31, 2026. The company is classified in the edible oil industry under agricultural food products, is listed on NSE and BSE, and self-declared as outside the SEBI definition of a Large Corporate for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Agro Based Commodities (100%). Thin-margin agro commodity processing and trading
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,053 | 3,137 | 3,020 | 3,511 | 4,120 |
| EBITDA (ex other income) | 39 | 56 | 28 | 36 | 36 |
| margin % | 1.3 | 1.8 | 0.9 | 1.0 | 0.9 |
| Owners' profit | 27 | 0 | 0 | 0 | 18 |
| EPS, as reported (₹) | 2.68 | 2.44 | 0.18 | 1.50 | 1.87 |
| ROE % · ROCE % | 8.7 · 17.8 | 7.4 · 16.5 | 0.5 · 10.2 | 4.3 · 14.7 | 5.1 · 15.5 |
| Debt / equity (x) | 1.21 | 1.29 | 1.00 | 0.80 | 1.05 |
| Cash from operations | (60) | 92 | 56 | 17 | 34 |
| Capex | (20) | (29) | (13) | (10) | (8) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 856 | 1,007 | 860 | 926 | 1,063 | 1,076 | 1,056 | 1,017 |
| Profit before tax | 6 | 1 | 9 | 5 | 4 | 7 | 8 | 8 |
| Net profit | 5 | 1 | 7 | 4 | 4 | 5 | 6 | 6 |
| EPS (₹) | 0.52 | 0.06 | 0.67 | 0.39 | 0.36 | 0.53 | 0.59 | 0.61 |
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 | 1,00,055 | 52.8 | 22.26 | 39.5 | 40.3 | 38.1 | 11.1 | 21.9 |
| PATANJALI FOODS LIMITED | 40,393 | 20.5 | 3.08 | 24.6 | 13.9 | 10.3 | — | 4.8 |
| AWL AGRI BUSINESS LIMITED | 21,415 | 18.5 | 2.05 | 8.2 | 10.0 | 11.1 | — | 3.8 |
| GOKUL AGRO RESOURCES LTD | 6,128 | 11.8 | 4.31 | 9.1 | 26.0 | 26.9 | 23.5 | 4.1 |
| CIAN Agro Ind & Infra Ltd | 2,551 | 7.9 | 1.15 | 7.2 | 10.0 | 7.7 | 53.1 | 32.3 |
| SUNDROP BRANDS LIMITED | 2,394 | 85.8 | 1.62 | 38.2 | 1.4 | 1.7 | — | 6.1 |
| Shri Venkatesh Refineries Limi | 1,659 | 33.5 | — | — | — | 22.2 | — | — |
| KN AGRI RESOURCES LIMITED | 472 | 10.5 | 1.23 | 8.6 | 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) | 16.7 | 17.6 | 14 of 28 | 52% |
| P/B | 0.9 | 1.2 | 10 of 25 | 63% |
| ROCE | 6.6 | 7.4 | 18 of 30 | 41% |
| ROE | 5.1 | 8.2 | 15 of 25 | 42% |
| Debt / Equity | 1.1 | 0.2 | 22 of 25 | 13% |
| EBITDA margin | 2.0 | 4.4 | 19 of 26 | 28% |
| Revenue growth | 9.8 | 5.0 | 10 of 25 | 63% |
| Profit growth | 57.6 | 27.1 | 9 of 23 | 64% |
| Market cap | 345 | 104 | 9 of 31 | 73% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Routine confirmation certificate for Q2 FY27 filed with stock exchanges | compliance | minimal | — | — |
| 30 Sept 2026 · AGM results: all 6 resolutions passed at 33rd Annual General Meeting | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Gokul Refoils 33rd AGM proceedings; director reappointments and RPT approvals | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Trading window closure from October 1, 2026 until Q2 results are declared | compliance | minimal | — | — |
| 10 Sept 2026 · Independent Director Ms Chetna Vyas completes tenure at Gokul Refoils | management changes | medium | — | — |
| 5 Sept 2026 · Newspaper notice for 33rd AGM and e-voting information | compliance | minimal | — | — |
| 4 Sept 2026 · Promoter group member acquires 50,000 Gokul Refoils shares | ownership changes | high | — | — |
| 3 Sept 2026 · 33rd AGM Notice and FY26 Annual Report with Director Appointments and Material RPTs | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Promoter Bhikhiben Rajput buys 1,02,000 shares of Gokul Refoils via open market | ownership changes | medium | — | — |
| 28 Aug 2026 · Promoter Bhikhiben Rajput buys 3,650 shares via open market | ownership changes | high | — | — |
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.