BSE: 543373
Shri Venkatesh Refineries Limi
Refines and trades edible oils, primarily soyabean, cottonseed and cooking oils. Material related party transactions worth roughly Rs 22.4 crore with related firms such as Shri Balaji Oil Mills and Shrikrupa Ginners Pvt Ltd point to integrated sourcing from ginners and oil mills. Revenue from operations nearly doubled to Rs 1,37,757.38 lakhs in FY26 from Rs 70,164.21 lakhs in FY25, with the rise attributed to higher refining volumes and trading of oils. Profit after tax rose 111% to Rs 3,820.25 lakhs in FY26 from Rs 1,807.87 lakhs in FY25, lifting basic EPS to Rs 17.27 from Rs 8.17. Raw materials are by far the biggest cost at 92.5% of revenue in FY26, with other operating expenses at 0.7% and capex at 2.6% of revenue. The business is working-capital intensive: short-term borrowings doubled to Rs 21,138 lakhs in FY26, and operating cash flow turned negative at Rs -698.47 lakhs because of large inventory and trade receivable build-ups (inventories up Rs 14,274 lakhs, receivables up Rs 3,257 lakhs). The company is migrating from the BSE SME platform to the BSE Mainboard effective July 30, 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Edible oil refining, Trading of edible oils. Cyclical, working-capital-heavy edible oil refiner and trader
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 612 | 629 | 575 | 702 | 1,378 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 14.67 | 12.96 | 6.79 | 8.17 | 17.27 |
| ROE % · ROCE % | — · 27.9 | — · 25.1 | — · 23.5 | — · 20.4 | — · 30.4 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (20) | 7 | (28) | 1 | (70) |
| Capex | — | — | — | (47) | (36) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 324 | 160 | 305 | 287 | 288 | 308 | 393 | 822 |
| Profit before tax | 11 | 7 | 9 | 10 | 10 | 10 | 15 | 33 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 7.11 | 5.17 | 6.97 | 3.34 | 3.45 | 3.26 | 4.91 | 10.76 |
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) | 33.5 | 17.6 | 25 of 28 | 11% |
| ROCE | 22.2 | 7.4 | 4 of 30 | 90% |
| Revenue growth | 186.0 | 5.0 | 1 of 25 | 100% |
| Market cap | 1659 | 104 | 7 of 31 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 1 Oct 2026 · 24th AGM results: all 8 resolutions passed with 100% approval, final dividend declared | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 24th AGM held via VC; final dividend, director reappointments approved | board shareholder meetings | low | — | — |
| 18 Sept 2026 · 24th AGM notice and Annual Report FY25-26 submitted to BSE | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Record date fixed for FY26 dividend eligibility at Shri Venkatesh Refineries | corporate actions | medium | — | — |
| 18 Sept 2026 · Book Closure for AGM and Dividend Eligibility | corporate actions | low | — | — |
| 7 Sept 2026 · 24th AGM on Sept 29, 2026; Final Dividend of Rs 1 per Share Proposed | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Board meeting outcome approves AGM, related party deal and office shift | strategic transactions | high | — | — |
| 29 Jul 2026 · Migration from BSE SME Platform to BSE Mainboard approved | capital market events | high | — | — |
| 30 May 2026 · Dear Sir We would like to inform you that Board approved the Financial Results for Financial Year ending March 31 2026. | results | high | — | — |
| 30 May 2026 · We would like to inform you that the Board Meeting of the company was held today, May 30, 2026, which commenced at 6.00 PM and concluded at 9.25 PM, The following items were discussed .... | results | 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.