NSE: KOTYARK · BSE: 544726
KOTYARK INDUSTRIES LTD
Manufactures biodiesel from multiple feedstocks (10-15 types) at its Rajasthan plant, which was tripled in capacity from 500 KLPD to 1,500 KLPD in FY26, taking cumulative annual capacity to 4,80,000 KL. Two additional 200 KLPD plants at Jhajjar (Haryana) and Kanpur (UP) are targeted for commissioning in December 2026. The company sells biodiesel primarily to Oil Marketing Companies (OMCs) under tender, and is pushing into industrial buyers and export channels. Order book stands at ~Rs 80 cr executable (about Rs 50 cr from OMCs, Rs 30 cr from others) plus a ~Rs 215 cr pipeline. By-products include glycerin, which is also monetised, and the company has generated 57,000+ Vera-certified carbon credits, making it the first Indian biodiesel firm to receive this certification. The FY26 cost base is dominated by materials/feedstock at 67.4% of revenue, with depreciation at 4.1% and other operating expenses at 6.1%. Current capacity utilisation is only 7-8%, which management plans to lift to 60-70% over the next few years. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Biodiesel, Glycerin and other by-products, Carbon credits. Asset-heavy biodiesel manufacturing, currently operating at very low utilisation with multi-feedstock processing platform
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 288 | 315 |
| EBITDA (ex other income) | — | 48 |
| margin % | — | 15.2 |
| Owners' profit | — | 19 |
| EPS, as reported (₹) | 13.96 | 18.26 |
| ROE % · ROCE % | — · 16.2 | 10.6 · 17.2 |
| Debt / equity (x) | — | 0.36 |
| Cash from operations | 31 | (4) |
| Capex | (14) | (3) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 91 | 147 | 64 | 92 |
| Profit before tax | (5) | 9 | 14 | 7 |
| Net profit | — | — | 9 | 4 |
| EPS (₹) | (3.40) | 5.97 | 9.08 | 0.34 |
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. % |
|---|---|---|---|---|---|---|---|---|
| RELIANCE INDUSTRIES LTD | 16,18,817 | 21.7 | 1.49 | 8.9 | 8.8 | 7.5 | 17.2 | 17.3 |
| INDIAN OIL CORP LTD | 1,86,047 | 5.4 | 0.82 | 3.9 | 19.4 | 17.1 | 11.6 | 1.6 |
| BHARAT PETROLEUM CORP LT | 1,26,297 | 7.4 | 1.26 | 3.8 | 25.8 | 23.2 | 11.4 | (0.6) |
| HINDUSTAN PETROLEUM CORP | 75,325 | 45.1 | 1.15 | 3.8 | 27.5 | 19.3 | 12.1 | (10.7) |
| MRPL | 33,010 | 10.5 | 2.33 | 7.3 | 13.6 | 15.7 | 15.6 | 4.5 |
| CHENNAI PETROLEUM CORP LT | 23,303 | 5.6 | 2.10 | 5.0 | 27.9 | 31.9 | 13.4 | 5.4 |
| SANMIT INFRA LIMITED | 687 | 362.5 | 17.79 | — | 5.1 | 6.1 | — | 10.2 |
| RAJASTHAN SECURITIES LIMITED | 462 | 5.7 | 3.95 | — | 69.3 | 88.6 | — | 119.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2.8 | 8.0 | 2 of 13 | 92% |
| P/B | 2.1 | 1.8 | 7 of 12 | 46% |
| ROCE | 13.2 | 16.4 | 8 of 12 | 36% |
| ROE | 10.6 | 13.6 | 7 of 11 | 40% |
| Debt / Equity | 0.4 | 0.4 | 6 of 12 | 55% |
| EBITDA margin | 12.7 | 5.4 | 3 of 11 | 80% |
| Market cap | 379 | 687 | 9 of 13 | 33% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Board meeting set for October 28 to approve Q2 and half-year results | results | low | — | — |
| 22 Oct 2026 · Board comments on NSE and BSE fine for delayed Q1 results filing | regulatory legal | high | — | — |
| 15 Oct 2026 · Routine SEBI Reg 74(5) compliance certificate for July to September 2026 quarter | compliance | minimal | — | — |
| 9 Oct 2026 · Board Meeting To Consider Q2 Results Cancelled | board shareholder meetings | low | — | — |
| 7 Oct 2026 · Kotyark Industries board to consider fund raising via preferential equity on Oct 12 | fund raising | medium | — | — |
| 28 Sept 2026 · Trading window closed for insiders ahead of Q2/H1 results | compliance | minimal | — | — |
| 18 Sept 2026 · Kotyark Industries shares investor presentation with exchange | investor communications | medium | — | — |
| 12 Sept 2026 · NSE and BSE fine Kotyark Industries for delayed Q1 FY27 results filing | regulatory legal | high | — | — |
| 9 Sept 2026 · Kotyark Q1 FY27: Revenue up 11.5% to Rs 91.98 Cr, PBT jumps 30.6% YoY | compliance | low | — | — |
| 8 Sept 2026 · Newspaper publication of Q1 FY27 unaudited financial results | 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.