NSE: VIJSOLX · BSE: 531069
VIJAY SOLVEX LTD.
The company derives its revenue primarily from edible oils, which contributed over 99% of FY26 revenue at Rs. 2,343.68 crore as per the audited results. Its remaining activity is split between a small ceramics line (Rs. 6.55 crore in FY26) and a wind power generation business that recorded no revenue in FY26. The core business is processing and selling edible oils; the company is registered out of Alwar, Rajasthan and sells into the Indian FMCG market. Cost economics are heavily dominated by raw materials, which were 72.7% of revenue in FY26, leaving limited room for other operating costs (employee costs 1.0%, other opex 3.8%, depreciation 0.1%). This thin cost gap results in an EBITDA margin of 1.53% on FY26 revenue of Rs. 2,366.23 crore and net profit of Rs. 19.30 crore. In FY26 the edible oils segment posted an EBIT of Rs. 33.19 crore, while ceramics contributed Rs. 0.05 crore of EBIT. To fund expansion the company carried Rs. 6,509.10 lacs in short-term borrowings at FY26 year-end, with inventories rising to Rs. 18,621.83 lacs from Rs. 11,528.94 lacs a year earlier. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Edible Oils (99%), Ceramics, Wind Power Generators. Asset-heavy, low-margin edible oil processing with negligible diversification.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,716 | 2,430 | 1,829 | 1,831 | 2,366 |
| EBITDA (ex other income) | 72 | 21 | 4 | 27 | 33 |
| margin % | 2.6 | 0.9 | 0.2 | 1.5 | 1.4 |
| Owners' profit | 57 | 17 | 3 | 18 | 19 |
| EPS, as reported (₹) | 179.31 | 53.12 | 9.18 | 57.56 | 60.29 |
| ROE % · ROCE % | 17.6 · 23.1 | 5.3 · 7.5 | 0.9 · 1.3 | 5.4 · 7.4 | 5.5 · 9.3 |
| Debt / equity (x) | 0.45 | 0.12 | 0.03 | 0.10 | 0.18 |
| Cash from operations | 41 | 71 | 31 | (22) | (61) |
| Capex | (3) | (7) | (10) | (5) | (6) |
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 | 378 | 432 | 544 | 476 | 460 | 615 | 605 | 685 |
| Profit before tax | 1 | 6 | 10 | 6 | 1 | 8 | 7 | 9 |
| Net profit | 2 | 6 | 7 | 3 | 1 | 6 | 5 | 7 |
| EPS (₹) | 6.02 | 19.44 | 23.35 | 8.75 | 3.30 | 19.02 | 16.78 | 21.19 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Edible Oils | 2,344 | 99.0 |
| Ceramics | 23 | 1.0 |
| Total, before eliminations | 2,366 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.2 | 18.8 | 8 of 28 | 74% |
| P/B | 0.6 | 1.3 | 6 of 25 | 79% |
| ROCE | 7.1 | 7.4 | 16 of 30 | 48% |
| ROE | 5.5 | 8.2 | 14 of 25 | 46% |
| Debt / Equity | 0.2 | 0.2 | 12 of 25 | 54% |
| EBITDA margin | 2.0 | 4.4 | 18 of 26 | 32% |
| Revenue growth | 43.9 | 5.0 | 3 of 25 | 92% |
| Profit growth | 142.3 | 27.1 | 6 of 23 | 77% |
| Market cap | 216 | 108 | 12 of 31 | 63% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 28 Sept 2026 · Reappointment of Mrs. Pallavi Sharma as Non- Executive Independent Woman Director of the Company for a second term of five consecutive years. | management changes | medium | — | — |
| 28 Sept 2026 · All 8 resolutions passed at Vijay Solvex 38th AGM | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Vijay Solvex 38th AGM held on 28 Sep 2026 - 8 resolutions transacted | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading Window Closure from Oct 1, 2026 for Q2/H1 FY27 Results | compliance | minimal | — | — |
| 10 Sept 2026 · Vijay Solvex shares permitted to trade on NSE from Aug 17, 2026 | capital market events | medium | — | — |
| 2 Sept 2026 · Newspaper publication of 38th AGM notice, book closure and e-voting details | compliance | minimal | — | — |
| 1 Sept 2026 · FY26 Annual Report and 38th AGM Notice filed with BSE | board shareholder meetings | low | — | — |
| 14 Aug 2026 · 38th AGM on Sep 28, 2026; book closure Sep 22 to Sep 28, 2026 | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Vijay Solvex 38th AGM on Sept 28, 2026; book closure from Sept 22-28 | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Board approves Q1 FY27 results, fixes AGM on Sept 28 | 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.