Vijay Solvex Ltd (531069)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Vijay Solvex's revenue was ₹623 Cr (+35.2% year on year, -9.2% on the previous quarter), and net profit ₹5.6 Cr (+426.7% year on year); the operating margin was 1.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹623 | +35.2% | -9.2% |
| Operating profit | ₹8.7 | +232.5% | -35.7% |
| Net profit | ₹5.6 | +426.7% | -17.7% |
| EPS (₹) | 17.44 | +426.9% | -17.6% |
| Operating margin | 1.4% | — | — |
📢 Recent Corporate Announcements
Vijay Solvex Ltd has announced its 38th Annual General Meeting (AGM) to be held on September 28, 2026, at its registered office in Alwar. The company has fixed September 21, 2026, as the cut-off date (record date) to determine shareholder eligibility for remote e-voting. The register of members and share transfer books will remain closed from September 22 to September 28, 2026, for the purpose of the AGM. Remote e-voting will be available from September 24 to September 27, 2026.
- 38th Annual General Meeting scheduled for September 28, 2026, at 10:30 A.M.
- Book closure period of 7 days from September 22, 2026, to September 28, 2026.
- Cut-off date for e-voting eligibility set for September 21, 2026.
- Remote e-voting window opens on September 24, 2026 (10:00 A.M.) and ends on September 27, 2026 (5:00 P.M.).
Vijay Solvex Ltd has announced its 38th Annual General Meeting (AGM) to be held on September 28, 2026, at its registered office in Alwar. The company has fixed September 21, 2026, as the cut-off date to determine shareholder eligibility for remote e-voting. The share transfer books will remain closed from September 22 to September 28, 2026. This is a standard regulatory procedure for the company, which reported a TTM revenue of Rs 2,366 Cr and thin operating margins of 1.4%.
- 38th Annual General Meeting scheduled for September 28, 2026, at 10:30 A.M.
- Record date for e-voting eligibility is fixed as September 21, 2026.
- Book closure period set from September 22, 2026, to September 28, 2026 (7 days).
- Remote e-voting window opens on September 24, 2026, and closes on September 27, 2026.
- Company operates with a TTM PAT of Rs 19 Cr on a revenue base of Rs 2,366 Cr.
Vijay Solvex reported a strong start to FY27 with consolidated revenue growing 35.2% YoY to ₹622.50 Cr. Net profit surged 426% YoY to ₹5.58 Cr, compared to ₹1.06 Cr in the year-ago quarter, driven by growth in the core edible oil segment. The edible oil business remains the primary driver, contributing over 98% of total revenue. Total comprehensive income reached ₹14.08 Cr, significantly boosted by a ₹8.22 Cr gain from associate companies.
- Consolidated revenue from operations increased 35.2% YoY to ₹622.50 Cr from ₹460.42 Cr.
- Net profit for the quarter jumped to ₹5.58 Cr, a 426% increase from ₹1.06 Cr in Q1 FY26.
- Edible oil segment revenue grew 35.1% YoY to ₹615.61 Cr, maintaining its dominant share of the business.
- Finance costs decreased to ₹0.57 Cr from ₹0.69 Cr in the corresponding quarter last year.
- Total Comprehensive Income stood at ₹14.08 Cr, aided by ₹8.22 Cr share of other comprehensive income in associates.
Vijay Solvex reported a strong performance for Q1 FY27, with consolidated revenue growing 35.2% YoY to ₹622.50 Cr. Net profit saw a significant surge to ₹5.58 Cr from ₹1.06 Cr in the same quarter last year, primarily driven by the core edible oil segment. While profitability improved, the company continues to operate on thin margins, with Profit Before Tax (PBT) at approximately 1.2% of revenue. The board also scheduled the 38th Annual General Meeting for September 28, 2026.
- Consolidated Revenue from operations rose 35.2% YoY to ₹622.50 Cr from ₹460.42 Cr.
- Net Profit for the quarter surged to ₹5.58 Cr, a 426% increase from ₹1.06 Cr in Q1 FY26.
- Edible Oil segment revenue reached ₹615.61 Cr, accounting for 98.9% of total turnover.
- Earnings Per Share (EPS) increased to ₹17.44 from ₹3.31 in the year-ago period.
- Finance costs for the quarter were reduced to ₹0.57 Cr from ₹0.69 Cr YoY.
Vijay Solvex Ltd has scheduled a board meeting on August 14, 2026, to review and approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The board will also finalize administrative details for the 38th Annual General Meeting (AGM), including the date, book closure, and e-voting cut-off. Additionally, the meeting will approve the Director's Report and Management Discussion for the financial year ended March 31, 2026. This is a routine regulatory filing ahead of the quarterly earnings release.
- Board meeting scheduled for August 14, 2026, to approve Q1 FY27 results.
- Meeting will finalize the date and venue for the 38th Annual General Meeting.
- Board to approve the Director's Report and Management Discussion for FY26.
- Appointment of Mr. Arun Jain as Scrutinizer for the upcoming AGM e-voting process.
Vijay Solvex has approved the re-appointment of Mrs. Pallavi Sharma as a Non-Executive Independent Woman Director for a second five-year term, effective from July 23, 2026, to July 22, 2031. Mrs. Sharma is a Chartered Accountant with 11 years of experience in finance and audit and currently holds a leadership role at Accenture Solutions. The re-appointment is subject to shareholder approval at the upcoming Annual General Meeting. This move ensures continuity in the company's board composition as it navigates a highly competitive edible oil market with thin PAT margins of 1.00% in FY25.
- Re-appointment for a second consecutive term of 5 years
- New term commences on July 23, 2026, and ends on July 22, 2031
- Director brings 11 years of professional experience in Finance, Accounts, and Taxation
- Company operates with a thin PAT margin of 1.00% as of FY25
- Appointment is subject to approval by members at the ensuing Annual General Meeting
Financial Performance
Revenue Growth by Segment
Total revenue from operations was INR 1,830.73 Cr in FY25, representing a marginal growth of 0.08% over FY24 (INR 1,829.23 Cr). Revenue is primarily driven by the Edible Oil and Vanaspati segments, with additional contributions from Ceramics and Wind Power.
Geographic Revenue Split
Primarily domestic (India), with manufacturing units strategically located near raw material sources in Rajasthan, contributing to nearly 100% of the revenue base.
Profitability Margins
Gross margins improved as the cost of materials consumed fell by 14.7% to INR 1,326.03 Cr in FY25. Net Profit (PAT) margin rose to 1.00% in FY25 from 0.13% in FY24, though it declined to 0.22% in Q1FY26.
EBITDA Margin
PBILDT margin improved to 1.46% in FY25 from 0.24% in FY24, driven by lower raw material costs. However, the margin contracted to 0.60% in Q1FY26 due to the low value-added nature of the business.
Capital Expenditure
Historical capital expenditure is reflected in the property, plant, and equipment additions, with depreciation of INR 2.62 Cr recorded in FY25. Planned CAPEX is not disclosed in available documents.
Credit Rating & Borrowing
The long-term bank facilities are rated CARE BB; Stable (Issuer Not Cooperating), downgraded from CARE BB+ in May 2025. Short-term facilities are rated CARE A4. Ratings were withdrawn in October 2025 at the company's request.
Operational Drivers
Raw Materials
Oilseeds and crude edible oil, which represent the primary input for the edible oil and vanaspati divisions.
Import Sources
Not disclosed in available documents, though manufacturing units are strategically located near domestic raw material sources in Rajasthan.
Raw Material Costs
Raw material costs (Cost of Material Consumed) were INR 1,326.03 Cr in FY25, representing 72.4% of revenue, a 14.7% decrease from FY24.
Strategic Growth
Expected Growth Rate
1%
Growth Strategy
The company aims to achieve growth by leveraging operational synergies with group entities like Deepak Vegpro Private Limited and VDSD Foods Private Limited. It focuses on maintaining its market position in the edible oil and vanaspati segments while utilizing its strategic manufacturing locations in Rajasthan to minimize procurement costs and ensure proximity to raw material sources.
Products & Services
Edible Oil, Vanaspati, Ceramic products, and Wind Power.
Brand Portfolio
Vijay
Strategic Alliances
Operational linkages with group companies Deepak Vegpro Private Limited (DVPL) and VDSD Foods Private Limited (VDSD).
External Factors
Industry Trends
The edible oil industry is growing but remains highly fragmented with low entry barriers. Future trends include a shift toward branded products and increased regulatory focus on import-export duties.
Competitive Landscape
Highly fragmented market with intense competition from both domestic participants and cheap international imports.
Competitive Moat
The company's moat is built on its long-standing brand presence and strong operational linkages with group companies, which provide a competitive edge in procurement and distribution. These advantages are sustainable due to the strategic location of manufacturing units near raw material hubs.
Macro Economic Sensitivity
Highly sensitive to food price inflation and changes in government fiscal policy regarding import duties on edible oils.
Consumer Behavior
A gradual shift in consumer behavior toward branded and packaged edible oils is affecting demand dynamics in the domestic market.
Geopolitical Risks
Impacted by global edible oil trade dynamics and potential trade barriers or duty changes on imported crude edible oil.
Regulatory & Governance
Industry Regulations
Operations are subject to food safety standards for edible oils, pollution control norms for the ceramics division, and government policies regarding import duties on crude and refined edible oils.
Taxation Policy Impact
The company reported an effective tax rate of approximately 18% for FY25, with a Net Profit Before Tax of INR 22.49 Cr and a PAT of INR 18.43 Cr.
Legal Contingencies
The company faces pending litigations as disclosed in Note 35 of the consolidated financial statements, which are considered a key rating weakness by CARE Ratings.
Risk Analysis
Key Uncertainties
Key risks include the volatility of raw material prices (oilseeds), which can impact margins by over 1%, and the threat of cheap edible oil imports disrupting domestic pricing.
Geographic Concentration Risk
High geographic concentration in Rajasthan, where the registered office and primary manufacturing operations are located.
Technology Obsolescence Risk
Low risk in the edible oil segment, though the ceramics division requires ongoing updates to meet manufacturing standards.
Credit & Counterparty Risk
Trade payables stood at INR 20.85 Cr as of March 31, 2025, with INR 1.44 Cr due to micro and small enterprises.
