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Ajanta Soya Ltd (519216)

📊 BSE: 519216 🏢 Edible Oil 📢 Latest filing: 12 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Ajanta Soya's revenue was ₹330 Cr (+5.9% year on year, -1.9% on the previous quarter), and net profit ₹7.8 Cr (+340.0% year on year); the operating margin was 3.2%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹330	+5.9%	-1.9%
Operating profit	₹10.7	—	+944.2%
Net profit	₹7.8	+340.0%	from loss
EPS (₹)	0.97	+340.9%	from loss
Operating margin	3.2%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Ajanta Soya CFO Anil Kumar Rana Resigns Effective October 11, 2026

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 12 Oct 2026, 05:07 PM

Ajanta Soya Limited announced that its Chief Financial Officer and Key Managerial Personnel, Anil Kumar Rana, has resigned to pursue career growth. His resignation became effective on October 11, 2026, following the end of his notice period tendered on September 12, 2026. The company stated it is actively seeking a suitable replacement for the CFO position. Ajanta Soya operates on thin operating margins (1.7% TTM) with Rs 1,326 Cr in TTM revenue, making financial management and working capital oversight critical.

CFO and KMP Anil Kumar Rana relieved from duties effective October 11, 2026
Formal resignation notice was originally tendered on September 12, 2026
Reason cited for departure is career growth
Search is currently underway to appoint a replacement CFO and KMP

💡 Track upcoming regulatory disclosures for the announcement of a successor CFO to gauge leadership continuity and smooth financial reporting transition.

Ajanta Soya Approves 3-Year Re-Appointments of MD Sushil Goyal and WTD Abhey Goyal

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Sep 2026, 04:53 PM

Ajanta Soya Limited announced shareholder approval at its 35th AGM on September 28, 2026, for the re-appointment of two key promoter-directors. Mr. Sushil Kumar Goyal has been re-appointed as Managing Director for a 3-year term from July 26, 2026 to July 25, 2029. Additionally, Mr. Abhey Goyal has been re-appointed as Whole-time Director for a 3-year term from July 1, 2026 to June 30, 2029. Both terms provide operational continuity for the company, which generated Rs 1,326 Cr in TTM revenue.

Shareholders approved the re-appointment of Managing Director Sushil Kumar Goyal for 3 years (July 26, 2026 to July 25, 2029)
Shareholders approved the re-appointment of Whole-time Director Abhey Goyal for 3 years (July 1, 2026 to June 30, 2029)
Re-appointments were formally approved at the 35th Annual General Meeting held on September 28, 2026
Mr. Sushil Kumar Goyal has served as Managing Director for over 27 years since 1992
Mr. Abhey Goyal (son of Sushil Kumar Goyal) has been associated with the company since 2008

💡 Track the upcoming quarterly financial results to see if the ongoing leadership can stabilize operating margins (1.7% TTM) against volatile edible oil input costs.

Ajanta Soya issues notice for 35th AGM on Sept 28, 2026; proposes MD re-appointment

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Sep 2026, 08:43 AM

Ajanta Soya has issued the notice for its 35th Annual General Meeting scheduled for September 28, 2026, via video conferencing. Key agenda items include the re-appointment of Mr. Sushil Kumar Goyal as Managing Director for a 3-year term with gross monthly remuneration of up to Rs 12.50 lakh plus a performance bonus up to Rs 2.50 crore per annum. The company also seeks approval to increase remuneration for related party Ms. Prachi Goyal up to Rs 36 lakh per annum. The cut-off date for remote e-voting eligibility is set for September 21, 2026.

35th AGM scheduled for Monday, September 28, 2026, at 12:30 PM IST via VC/OAVM
Cut-off date for e-voting eligibility is September 21, 2026; remote e-voting window runs from September 25 to September 27, 2026
Re-appointment of Managing Director Mr. Sushil Kumar Goyal proposed for 3 years with gross monthly pay up to Rs 12.50 lakh and performance bonus up to Rs 2.50 crore per annum
Proposed approval for related-party remuneration to Ms. Prachi Goyal up to Rs 36 lakh per annum with effect from October 1, 2026

💡 Eligible shareholders may review the voting agenda and cast their votes between September 25 and September 27, 2026; watch for voting results disclosure post-AGM.

CRISIL Reaffirms Ajanta Soya at 'BBB-', Revises Outlook to 'Stable' from 'Positive' on ₹170 Cr Loans

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 29 Aug 2026, 02:34 PM

Ajanta Soya Limited received an updated credit rating assessment from CRISIL Ratings for its ₹170 crore bank loan facilities. The rating agency reaffirmed the long-term rating at 'CRISIL BBB-' but revised the rating outlook downward to 'Stable' from 'Positive'. The short-term rating for the proposed non-fund-based limits of ₹4 crore was reaffirmed at 'CRISIL A3'. The rated facilities comprise ₹116 crore with State Bank of India, ₹50 crore with HDFC Bank, and ₹4 crore in proposed facilities.

Total bank loan facilities rated by CRISIL stand at ₹170 crore.
Long-term rating reaffirmed at 'CRISIL BBB-', with outlook revised to 'Stable' from 'Positive'.
Short-term debt rating reaffirmed at 'CRISIL A3'.
Facility allocation includes ₹116 crore with SBI, ₹50 crore with HDFC Bank, and ₹4 crore proposed.
Rating review letter remains valid until March 31, 2027.

💡 Track subsequent quarterly operating margins and working capital cycle to see if cash flow stability supports debt servicing across its ₹170 crore rated limits.

₹7.83 Cr Q1 PAT: Ajanta Soya Reports 340% YoY Profit Jump; Appoints VP-Administration

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 06:23 PM

Ajanta Soya reported a strong turnaround in Q1 FY27, with net profit surging to ₹7.83 Cr compared to ₹1.78 Cr in the same quarter last year and a loss of ₹1.19 Cr in the preceding March quarter. Revenue from operations grew 5.9% YoY to ₹330.40 Cr. The company also announced the appointment of Mr. Gagan Goyal, son of the Managing Director, as Vice President - Administration effective September 1, 2026. While the profit growth is substantial, the business continues to operate on thin margins characteristic of the edible oil industry.

Net profit for Q1 FY27 reached ₹7.83 Cr, a 340% increase over the ₹1.78 Cr reported in Q1 FY26.
Revenue from operations stood at ₹330.40 Cr, representing approximately 25% of the TTM revenue of ₹1308 Cr.
Earnings Per Share (EPS) improved significantly to ₹0.97 from ₹0.22 in the year-ago period.
Appointment of Mr. Gagan Goyal as VP-Administration, who brings 21 years of experience in Finance and International Trade.
Total expenses for the quarter were managed at ₹321.29 Cr against a total revenue of ₹331.59 Cr.

💡 Investors should monitor the sustainability of these improved margins in upcoming quarters, as the edible oil sector is highly sensitive to global palm oil price volatility and import duty changes.

Rs 7.83 Cr Net Profit: Ajanta Soya Reports Strong Q1 FY27 Turnaround, YoY Profit Up 340%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 06:14 PM

Ajanta Soya reported a significant financial turnaround in Q1 FY27, posting a net profit of Rs 7.83 Cr compared to a net loss of Rs 1.19 Cr in the preceding quarter (Mar 2026). Revenue from operations grew 5.9% year-on-year to Rs 330.40 Cr, while profitability was bolstered by improved margin management. The company also announced the appointment of Mr. Gagan Goyal (son of the Managing Director) as VP - Administration, effective September 1, 2026. This quarter's profit alone nearly matches the entire TTM PAT of Rs 8 Cr, indicating a sharp recovery in operational efficiency.

Net Profit surged to Rs 7.83 Cr in Q1 FY27, a 339.9% increase from Rs 1.78 Cr in Q1 FY26.
Revenue from operations reached Rs 330.40 Cr, up 5.9% from Rs 312.08 Cr in the same quarter last year.
Earnings Per Share (EPS) improved significantly to Rs 0.97 from Rs 0.22 YoY.
Profit Before Tax (PBT) stood at Rs 10.30 Cr, recovering from a loss of Rs 0.99 Cr in the previous quarter.
Appointment of Mr. Gagan Goyal as VP-Administration, bringing 21 years of experience in finance and international trade.

💡 Investors should monitor the sustainability of these improved margins, as the edible oil industry is highly sensitive to global commodity price fluctuations. Watch for the next quarterly results to see if the company can maintain an operating margin above its historical TTM average of 0.9%.

₹7.83 Cr Q1 Net Profit: Ajanta Soya Reports 340% YoY Profit Surge and Management Change

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 06:08 PM

Ajanta Soya Ltd reported a strong recovery in Q1 FY27, with net profit jumping to ₹7.83 Cr from ₹1.78 Cr in the same quarter last year. Revenue from operations grew 5.9% YoY to ₹330.40 Cr, while the company successfully reversed a loss of ₹1.19 Cr from the preceding March 2026 quarter. The quarterly EPS of ₹0.97 is significant, nearly matching the entire TTM EPS of ₹1.03. Additionally, the board appointed Mr. Gagan Goyal, a related party to the promoters, as VP - Administration.

Net Profit surged 340% YoY to ₹7.83 Cr compared to ₹1.78 Cr in June 2025.
Revenue from operations increased to ₹330.40 Cr, up 5.9% from ₹312.08 Cr YoY.
Profit Before Tax (PBT) stood at ₹10.30 Cr, a sharp recovery from a loss of ₹0.99 Cr in the previous quarter.
Quarterly EPS reached ₹0.97, representing 94% of the total FY26 EPS of ₹1.04.
Appointment of Mr. Gagan Goyal as VP - Administration effective September 1, 2026.

💡 Investors should monitor the sustainability of these improved margins in upcoming quarters, as the edible oil sector is highly sensitive to global crude palm oil price volatility and import duty changes.

Ajanta Soya Board Meeting on August 13, 2026, to Approve Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 04 Aug 2026, 12:26 PM

Ajanta Soya Ltd has scheduled a board meeting for August 13, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. This follows a volatile FY26 where the company reported a TTM revenue of ₹1,308 crore but a thin net profit of only ₹8 crore. Investors will be closely watching for a recovery from the ₹1.19 crore net loss reported in the previous quarter (March 2026). The trading window for designated persons has been closed since July 1, 2026.

Board meeting scheduled for August 13, 2026, to approve Q1 results.
Results pertain to the quarter ended June 30, 2026.
Trading window closed from July 1, 2026, until 48 hours post-announcement.
Company operates with a thin TTM operating margin of 0.9%.
Market capitalization stands at ₹174 crore as of the announcement date.

💡 Watch for the earnings release on August 13 to see if the company has managed to improve its operating margins from the 0.3% seen in the March 2026 quarter.

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💰 Financial Performance

Revenue Growth by Segment

Total revenue grew by 29.78% YoY, increasing from INR 1,031.31 Cr in FY 2023-24 to INR 1,338.49 Cr in FY 2024-25. Growth was driven by higher throughput and increased revenue from operations across its edible oil and vanaspati segments.

Geographic Revenue Split

Not specifically disclosed by region, though the company operates primarily in the Indian domestic market with a focus on regional demand to minimize distribution costs. Approximately 50% of revenue is generated from sales under its own brands.

Profitability Margins

Net Profit Margin improved significantly from 0.39% in FY24 to 2.03% in FY25. Operating Profit Margin rose from 0.29% to 2.57% (with some reports indicating recovery to 2.8-3.0% for the full fiscal year) due to stabilized raw material prices and higher revenue.

EBITDA Margin

Operating margins recovered to approximately 2.8-3.0% in FY25 from a low of 0.75% in FY24. This recovery is attributed to the stabilization of global edible oil prices and improved capacity utilization.

Capital Expenditure

The company has recently completed a successful expansion in its refining capacity. While specific INR figures for future projects are not disclosed, the management is currently focusing on increasing capacity utilization rather than major new capital expenditure in the immediate term.

Credit Rating & Borrowing

Long-term rating is Crisil BBB-/Positive (upgraded from Stable) and short-term rating is Crisil A3. The company maintains a healthy financial risk profile with negligible gearing (below 0.1 time) and an interest coverage ratio that improved from 2.45 to 14.31 in FY25.

⚙️ Operational Drivers

Raw Materials

Crude edible oils including Palm oil, Palmolein oil, Soyabean oil, Cottonseed oil, Groundnut oil, and Mustard oil. These represent the bulk of the manufacturing cost.

Import Sources

Majorly imported from Indonesia and Malaysia (for palm-based oils), making the company susceptible to export taxes and trade policies in these countries.

Key Suppliers

Not specifically named, but the company maintains long-term relationships with global suppliers in Indonesia and Malaysia and domestic oilseed producers.

Capacity Expansion

Current refining capacity has been recently expanded to cater to varied customer needs; however, the specific MTPA (Metric Tonnes Per Annum) is not disclosed. The strategic focus is now on increasing the utilization of this expanded capacity.

Raw Material Costs

Raw material costs are highly volatile; operating margins dropped to 0.50%-0.75% in previous years due to price spikes but recovered to ~3% as raw material prices stabilized. The company uses back-to-back procurement to mitigate price risk.

Manufacturing Efficiency

Efficiency is driven by multi-processing capabilities and state-of-the-art manufacturing plants. The company is focusing on increasing throughput to improve the absorption of fixed costs.

Logistics & Distribution

The company focuses on regional demand to avoid high marketing and distribution costs, which is critical given the price-sensitive nature of the edible oil industry.

📈 Strategic Growth

Expected Growth Rate

30%

Growth Strategy

Growth will be achieved by increasing capacity utilization of existing refining units, expanding the market for different product variants, and leveraging its strong B2B relationships. The company also aims to increase the share of its own branded sales, which currently stands at 50% of revenue.

Products & Services

Vanaspati, Refined Palm Oil, Refined Soyabean Oil, Mustard Oil, and specialized bakery shortening products used in biscuits, puffs, and pastries.

Brand Portfolio

Ajanta (primary brand for Vanaspati and Edible Oils).

New Products/Services

Focusing on variants for bakery applications and shortening products to cater to evolving consumer preferences in the post-pandemic, health-conscious market.

Market Expansion

Targeting increased market penetration for branded products and expanding the B2B client base in the food processing industry.

Market Share & Ranking

Described as a leading manufacturer and marketer of Vanaspati and Edible Oils in India for over two decades, though specific percentage market share is not disclosed.

Strategic Alliances

Maintains strong supply relationships with major FMCG players, though no specific new JVs were disclosed in the current period.

🌍 External Factors

Industry Trends

The industry is shifting toward increased health awareness and digital marketing. While the sector is growing due to strong consumer demand, it remains fragmented with intense competition from new brands adopting aggressive pricing.

Competitive Landscape

Intense competition from both large national players and aggressive new digital-first brands, leading to constant price pressure.

Competitive Moat

Moat is built on three decades of promoter experience, established relationships with top-tier FMCG clients (Britannia, ITC), and a diversified product portfolio. This is sustainable due to the high entry barriers in establishing large-scale B2B supply chains.

Macro Economic Sensitivity

Highly sensitive to Indian government reforms in agriculture and infrastructure, as well as inflation and currency fluctuations which affect consumer purchasing power.

Consumer Behavior

Rapidly evolving post-pandemic behavior with a shift toward branded, quality-assured edible oils and increased health awareness.

Geopolitical Risks

Significant risk from trade policies in Indonesia and Malaysia, such as changes in duty differentials between crude and refined oil and export quantitative caps.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by FSSAI standards, pollution control board norms, and SEBI listing regulations. Import/export duties imposed by the Government of India are the most critical regulatory factor affecting the bottom line.

Environmental Compliance

Investing in energy-saving technologies and pollution reduction measures to comply with industrial standards.

Taxation Policy Impact

Subject to Indian corporate tax rates; profitability is also heavily influenced by government import duty structures on crude vs. refined oils.

Legal Contingencies

No instances of industrial disputes or labor-related concerns were reported for the year ended March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

Volatility in international commodity prices and currency fluctuations could impact profitability by 1-2% in a single quarter, as seen in the margin dip in Q4FY25.

Geographic Concentration Risk

Revenue is primarily domestic-focused, with a high concentration of raw material sourcing from Southeast Asia (Indonesia/Malaysia).

Third Party Dependencies

High dependency on global suppliers for crude oil and a few large B2B clients like Britannia and Parle for a significant portion of institutional sales.

Technology Obsolescence Risk

Low risk in core processing, but the company is proactively upgrading to a 'robust risk management system' and adopting energy-efficient manufacturing technologies.