Gemini Edibles & Fats India IPO

Strengths · 7

• 01Revenue from operations grew from Rs 9,053.84 crore in FY2024 to Rs 10,755.95 crore in FY2025 and Rs 12,650.02 crore in FY2026.
• 02The sales network has 62 warehouses and over 1,600 distributors and wholesalers, reaching more than 1,000 cities and towns as at 31 March 2026.
• 03The top five customers gave 15.62% of FY2026 revenue from operations, down from 20.89% in FY2024, so no single buyer dominates.
• 04Net cash from operating activities was Rs 704.97 crore in FY2026, equal to 88.80% of EBITDA.
• 05Profit after tax rose from Rs 361.64 crore in FY2024 to Rs 597.04 crore in FY2026, and net worth rose from Rs 2,451.53 crore to Rs 3,530.81 crore.
• 06Three refineries in Andhra Pradesh are backed by a packaging unit in Odisha, and annual sales volume was 868,801 MT in FY2026.
• 07Working capital days improved from 57.85 in FY2025 to 51.06 in FY2026.

Risks · 10

• 01Margins fell in FY2026: EBITDA margin was 6.28% against 10.08% in FY2025, and EBITDA dropped from Rs 1,083.95 crore to Rs 793.93 crore.
• 02Profit after tax fell from Rs 817.95 crore in FY2025 to Rs 597.04 crore in FY2026, and return on net worth fell from 27.93% to 17.00%.
• 03Total borrowing was Rs 6,013.05 crore as on 31 March 2026 against a net worth of Rs 3,530.81 crore.
• 04A significant part of raw material is imported. The top 10 suppliers gave 53.21% of purchases in FY2026, and crude edible oil supply and price are outside the company's control.
• 05All three refineries are in Andhra Pradesh, and South India gave 79.02% of FY2026 revenue from operations.
• 06Sunflower oil, including the Freedom brand, is a major revenue source, and a decline in its sales would hurt results.
• 07The whole issue is an offer for sale of up to 4,11,50,030 shares. The company receives no money from it, and all proceeds go to the selling shareholders.
• 08Black River Food 2 Pte. Ltd. sells up to 3,08,62,524 shares at a weighted average cost of Rs 124.42 per share, while Investment and Commercial Enterprise Pte. Ltd. has a cost of Rs 1.26.
• 09There are 22 tax proceedings and 44 notices under the Food Safety and Standards Act against the company, with an aggregate amount involved of Rs 43.55 crore.
• 10One promoter, Alka Chowdhry, is described in the document as having limited experience in the edible oils and fats industry.

Gemini Edibles & Fats India Limited, based in Hyderabad, is moving from being mainly an edible oil company to a wider consumer brand business. It sells edible oils and specialty fats, and has recently added spices and convenience foods. The company works in four verticals: branded retail consumer, industrial consumer, bulk merchandising, and spices and convenience foods.

In the branded retail vertical, it sells sunflower, rice bran, mustard, groundnut, soybean and palm oil under its own brands, through distributors and wholesalers who reach retail stores. In the industrial vertical, it makes specialty fats and edible oils for food companies. In the bulk vertical, it sells edible oils, processed and non-processed, to players with their own brands and to sellers of loose oil.

Edible oils gave 99.72% of FY2026 revenue from operations, or Rs 12,614.15 crore. Spices and convenience foods gave 0.28%, or Rs 35.87 crore. The company bought the Annapoorna brand in FY2025, which is why spices revenue appears only for FY2025 and FY2026.

It owns and runs three refineries, one at Krishnapatnam and two at Kakinada, all in Andhra Pradesh. It also has a packaging facility in Cuttack, Odisha. As on 31 March 2026, the sales network had 62 warehouses and over 1,600 distributors and wholesalers, reaching retail outlets in more than 1,000 cities and towns in Telangana, Andhra Pradesh, Odisha, Karnataka, Chhattisgarh, Tamil Nadu and other states. For spices, it has 270 distributors, a presence in about 370 towns and two sales locations.

The company was incorporated in 2008. Pradeep Kumar Chowdhry is the Managing Director and has over 45 years of work experience, of which over 35 years are in the edible oils and fats industry. Singapore-based Golden Agri International Enterprises Pte. Ltd. holds 56.27% of the company before the issue.

The industry

The industry report by TKC says India's edible oil consumption rose from 22.0 million MT in 2020 to 26.0 million MT in 2025 and 26.6 million MT in 2026. It projects 31.0 million MT by 2031, a CAGR of 3.1% from 2026, against 3.4% during 2020-2025. Growth is expected from higher incomes, changing diets, food processing, quick service restaurants and industrial uses such as bakery and packaged foods.

Customer concentration: Top 5 customers gave 15.62% of FY2026 revenue from operations (13.83% in FY2025 and 20.89% in FY2024); the top customer gave 6.47% in FY2026.