Maharashtra Oil Extractions IPO

Strengths · 8

• 01Revenue from operations grew from Rs 1,744.90 crore in FY2024 to Rs 1,883.30 crore in FY2025 and Rs 2,211.54 crore in FY2026.
• 02EBITDA rose from Rs 45.87 crore in FY2024 to Rs 132.14 crore in FY2026, and PAT from Rs 17.35 crore to Rs 86.22 crore.
• 03The company works across the soya value chain, from solvent extraction at 420,000 MTPA to refining at 61,050 MTPA and packaging at 63,000 MTPA.
• 04Refined vegetable oil was 44.33% of product sales in FY2026, up from 34.48% in FY2024, while animal feed ingredients fell from 43.71% to 28.68%.
• 05Customers are spread out: the top 5 customers gave 22.45% of revenue in FY2026, against 24.81% in FY2024.
• 06Trade receivable days were 14 in FY2026 against 18 in FY2024, and interest coverage was 12.71 times against 1.61 times.
• 07Exports reached Rs 256.22 crore in FY2026 to 19+ countries, and the company says it is the largest exporter of soya toasted flakes by volume.
• 08Return on net worth was 20.63% in FY2026 and 25.98% in FY2025.

Risks · 10

• 01Raw materials, packaging and consumables were 77.11% of total expenses in FY2026 and 81.20% in FY2025, so soya bean price swings hit margins.
• 02Maharashtra gave 65.04% of domestic revenue in FY2026, so the business is concentrated in one state.
• 03Refined vegetable oil was 44.33% and animal feed ingredients 28.68% of product sales in FY2026, so two product groups drive most revenue.
• 04Operating cash flow was negative at Rs 88.32 crore in FY2026 while PAT was Rs 86.22 crore, and total borrowings rose to Rs 285.39 crore from Rs 157.13 crore.
• 05EBITDA margin fell from 6.67% in FY2025 to 5.97% in FY2026, and PAT margin from 4.59% to 3.89%.
• 06TSP capacity ran at 15.15% utilisation and soya flour at 61.73% in FY2026, so the new lines are not yet filled.
• 07The company discloses delays in statutory dues, untraceable corporate records and Companies Act defaults, with compounding applications filed with the ROC and the NCLT Mumbai Bench.
• 08Litigation against the company has 5 tax proceedings and 1 regulatory proceeding worth Rs 1.70 crore, and 3 criminal and 2 tax cases are pending against the promoters.
• 09The fresh issue is Rs 370.00 crore, of which Rs 125.00 crore is working capital, and the general corporate purposes amount is not yet fixed (capped at 25% of gross proceeds).
• 10Promoter group sellers are offering 21,428,571 shares in the offer for sale, and that money goes to them, not to the company.

Maharashtra Oil Extractions Limited is in the business of processing, manufacturing, marketing and sale of products across the soya bean value chain. Its products include crude and edible refined oil, plant based protein for feed, food grade soya meal, soya flour and Textured Soya Protein (TSP). It also sells by-products such as lecithin and other speciality and industrial chemicals. The company is based in Dhule, Maharashtra, and was incorporated in 1995.

The company sells to two kinds of buyers. Its B2B business covers exports and bulk sales of soya based products, edible oil intermediates and by-products to institutional buyers, processors and international customers. Its B2B2C business covers refined edible oils and protein rich food products, which are sold in bulk and in consumer packs through retailers, modern trade outlets and other direct-to-market channels. It makes non-GMO defatted toasted and untoasted soya flakes and grits for makers of soya sauce, TSP and other food products. The company states that it is the largest exporter of soya toasted flakes by volume, citing the CARE report.

It runs four manufacturing facilities. Three are operated by the company at Dhule, Nandurbar and Gangakhed in Maharashtra. One more unit, at Dhule, is run through its subsidiary BNPL. Installed capacity is 420,000 MTPA for the solvent extraction plant, 61,050 MTPA for refining, 63,000 MTPA for packaging, 21,000 MTPA for soya flour and 14,400 MTPA for TSP. In FY2026 the solvent extraction plant ran at 72.57% utilisation and refining at 74.01%. TSP ran at 15.15% after its capacity was raised from 2,400 MTPA to 14,400 MTPA. The company has storage for silos of 35,000 MT and warehouses of 41,650 MT.

Products are sold across twenty states and union territories in India, and the company exports to 19+ countries. Domestic sales were Rs 1,949.77 crore and export sales were Rs 256.22 crore in FY2026. The company had 291 permanent employees in FY2026. It is promoted by the Agrawal and Balesaria families, with Manoj Basantlal Agrawal as Managing Director.

The industry

Per the CARE report quoted in the document, the Indian edible oil market was valued at Rs 4,432 billion in FY26 and is projected to reach Rs 5,400 billion by FY29, a CAGR of 8.1% during FY24 to FY29. Growth is supported by rising per capita consumption, population growth, urbanisation, changing diets and demand from food processing and HoReCa. India is the fourth-largest player in the global edible oil sector after the USA, China and Brazil. It contributes about 15 to 20% of global oilseed area, 6 to 7% of vegetable oil production and 9 to 10% of global consumption.

Customer concentration: Top 5 customers gave 22.45% of FY2026 revenue (24.94% in FY2025 and 24.81% in FY2024).