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Sundrop Brands Limited (SUNDROP)

📊 NSE: SUNDROP 🏢 Edible Oil 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Fatal accident at Del Monte Hosur plant halts 1 pizza sauce line; overall impact immaterial

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 03 Sep 2026, 06:31 PM

Sundrop Brands reported a fatal accident involving one workman at the Hosur (Tamil Nadu) factory unit of its wholly owned subsidiary, Del Monte Foods Private Limited. Following the incident, authorities ordered the temporary stoppage of operations on one manufacturing line dedicated to pizza sauce under Section 40(2) of the Factories Act, 1948, pending safety assessments. Management stated that other manufacturing operations remain normal and the overall financial impact is preliminary assessed to be immaterial and covered by insurance.

Fatal accident at Hosur facility of wholly owned subsidiary Del Monte Foods resulted in 1 workman casualty
Operations halted on 1 manufacturing line ('pizza sauce product') per order dated September 3, 2026 under Section 40(2) of the Factories Act, 1948
Loss and damage are covered under insurance policies as per preliminary evaluation
Company stated all other production lines and business activities remain unaffected and fully operational

💡 Track statutory inspection outcomes from the Directorate of Industrial Safety and Health and the timeline for resumption of the pizza sauce manufacturing line.

Sundrop Brands Shareholders Approve All 4 AGM Resolutions With Over 99.99% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Aug 2026, 11:23 AM

Sundrop Brands Limited (formerly Agro Tech Foods Limited) announced the voting results of its 39th Annual General Meeting held on August 26, 2026. A total of 2,94,42,072 votes were polled out of 3,76,96,853 outstanding shares, representing a voter turnout of 78.10%. All 4 ordinary resolutions were passed with over 99.99% approval, including the adoption of FY26 financial statements and director reappointments.

Voter turnout stood at 78.10% with 2,94,42,072 votes polled out of 3,76,96,853 shares
Adoption of FY26 Standalone and Consolidated Financial Statements approved with 99.9998% votes in favor
Reappointment of Mr. Ramit Bharti Mittal approved with 99.9998% votes in favor
Reappointment of Mr. Nitish Bajaj approved with 99.9967% votes in favor
Remuneration of Cost Auditors for FY27 approved with 99.9967% votes in favor

💡 This is a routine regulatory filing; investors should track upcoming Q2 FY27 operational performance and margin trends following the Del Monte Foods integration.

Sundrop Brands Concludes 39th AGM; Adopts FY26 Financials and Approves Director Reappointments

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Aug 2026, 06:02 PM

Sundrop Brands Limited held its 39th Annual General Meeting on August 26, 2026, via video conferencing. Shareholders approved all four ordinary resolutions by requisite majority, including the adoption of standalone and consolidated financial statements for FY26. Additionally, the reappointments of directors Mr. Ramit Bharti Mittal and Mr. Nitish Bajaj (retiring by rotation) were cleared, along with the ratification of cost auditor remuneration for FY27. Detailed voting results under Regulation 44 will be submitted separately within two working days.

Concluded 39th Annual General Meeting held virtually on August 26, 2026, from 11:00 AM to 1:25 PM IST
Adopted audited Standalone and Consolidated Financial Statements for the Financial Year ended March 31, 2026
Approved reappointment of retiring directors Mr. Ramit Bharti Mittal and Mr. Nitish Bajaj
Ratified the remuneration payable to the Cost Auditors for the financial year 2026-27
Remote e-voting was conducted between August 22, 2026 (9:00 AM) and August 25, 2026 (5:00 PM)

💡 Track the formal voting breakdown and Scrutinizer's Report to be filed within two working days, along with Q2 FY27 operational updates.

Sundrop Brands Schedules One-on-One Investor Meetings on August 31, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Aug 2026, 06:24 PM

Sundrop Brands Limited has scheduled physical one-on-one meetings with institutional investors on August 31, 2026, in Mumbai from 9:30 AM to 5:30 PM. Participating institutions include ICICI Prudential AMC, Kotak AMC, UTI MF, Tata AMC, and 360 One MF. The company stated that discussions will refer to the Q1 FY27 post-earnings presentation and no unpublished price sensitive information (UPSI) will be shared.

One-on-one institutional meetings scheduled for August 31, 2026, between 9:30 AM and 5:30 PM IST
Physical meetings to take place in Mumbai across 5 institutional asset managers
Participating entities: ICICI Prudential AMC, Kotak AMC, UTI MF, Tata AMC, and 360 One MF
Discussions to focus on already public Q1 FY27 earnings presentations with no UPSI shared

💡 Track any post-meeting investor presentation disclosures on the stock exchanges for incremental commentary on product expansion and volume trends.

15% Revenue Growth in Q1 FY27; Sundrop Brands Reports 7% EBITDA Margin

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 10 Aug 2026, 12:46 PM

Sundrop Brands Limited (formerly Agro Tech Foods) reported a 15% YoY consolidated revenue growth for Q1 FY27, with sequential growth at 11%. The company achieved a stable EBITDA margin of 7% and expanded gross margins by 110 bps despite inflationary pressures in packaging and commodities. A key strategic shift is underway toward a capital-efficient 'food platform' model, utilizing third-party manufacturing to drive innovation. While the core Sundrop business grew 16%, the company is aggressively targeting the value-added Peanut Butter segment where it currently holds only a 3% market share compared to 33% in the standard segment.

Consolidated revenue grew 15% YoY and 11% sequentially in Q1 FY27
E-commerce channel delivered 32% YoY growth, significantly ahead of industry averages
Gross margins improved by 110 basis points despite commodity and packaging inflation
B2B business segment outperformed the overall group with 18% growth
Peanut Butter market share is 33% in standard variants but only 3% in the high-growth value-added segment

💡 Investors should monitor the success of new product launches in the value-added Peanut Butter and Del Monte segments to see if the company can reclaim market share from digital-first competitors. Additionally, track the execution of the 'capital-efficient' manufacturing model and its impact on long-term ROCE.

Sundrop Brands Releases Audio Recording of Q1 FY27 Investor Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Aug 2026, 03:00 PM

Sundrop Brands Limited (formerly Agro Tech Foods) has published the audio recording of its investor conference call held on August 07, 2026. The call discussed the unaudited financial results for Q1 FY2026-27, following a year where the company reported a TTM revenue of ‑1,166 Cr. This disclosure is a routine regulatory requirement to ensure transparency for all shareholders regarding management's commentary on performance and strategy. Investors can access the recording via the company's website to hear updates on the Del Monte integration and edible oil margin trends.

Conference call conducted on August 07, 2026, at 12:00 Noon IST regarding Q1 FY27 results
Company is operating under its new identity, Sundrop Brands Limited, following rebranding
Management discussed performance against a TTM revenue base of ‑1,166 Cr
The company maintains a significant retail footprint of 500,000 outlets
Discussion included the 'scaled food platform' strategy following the 100% acquisition of DMFPL

💡 Investors should review the recording for management's outlook on commodity price volatility in the edible oil segment and the growth trajectory of the high-margin Del Monte portfolio.

15% Revenue Growth and 7% EBITDA Margin in Q1 FY27 Investor Update

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 10:54 AM

Sundrop Brands reported a 15% YoY increase in consolidated revenue to ₹428.1 Cr for Q1 FY27. Normalized EBITDA margins improved significantly to 7.0% from 4.3% in the previous year, driven by a 110 bps gross margin expansion and cost optimization initiatives. E-commerce remains a high-growth engine, up 32% YoY, while core categories now contribute 60% of total revenue. The company maintains a robust balance sheet with ₹40 Cr in free cash and minimal borrowings of ₹16 Cr.

Consolidated revenue increased 15% YoY to ₹428.1 Cr in Q1 FY27.
Normalized EBITDA margin expanded to 7.0% from 4.3% in the same quarter last year.
E-commerce sales grew 32% YoY, with Quick Commerce specifically delivering 35% growth.
Core categories (Popcorn, Culinary, Italian, Spreads) now account for 60% of revenue compared to 53% in FY23.
100 new product launches over the last 24 months contributed approximately ₹60 Cr (4% of total sales).

💡 Watch for the sustainability of the 7% EBITDA margin in upcoming quarters and the volume recovery in the 'Spreads' category, which saw a 3% decline this quarter.

Sundrop Brands Grants 29,500 ESOPs and Approves Q1 FY27 Financial Results

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 06 Aug 2026, 06:29 PM

Sundrop Brands Limited (formerly Agro Tech Foods) held a board meeting on August 6, 2026, to approve its Q1 FY27 unaudited financial results. The company also granted 29,500 stock options under its ESOP Scheme 2024, with 24,000 of these allocated to employees of its material subsidiary, Del Monte Foods Private Limited. Exercise prices are set at ₹636 for tenure-based grants and ₹515 for performance-based grants. Additionally, the board updated its Insider Trading Code of Conduct to include formal procedures for investigating leaks of price-sensitive information.

Grant of 29,500 Employee Stock Options (ESOPs) under the 2024 Scheme.
24,000 options specifically granted to employees of material subsidiary Del Monte Foods Private Limited.
Tenure-based exercise price set at ₹636 per option, while performance-based is ₹515.
Approval of Unaudited Standalone and Consolidated Financial Results for Q1 FY27.
Formalization of an 'Enquiry Committee' to investigate any suspected leaks of Unpublished Price Sensitive Information (UPSI).

💡 Investors should review the detailed Q1 FY27 financial results once published to evaluate the operational performance of the Del Monte business integration.

29,500 Options Granted under ESOP Scheme 2024 to Subsidiary and Company Employees

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Aug 2026, 06:22 PM

Sundrop Brands Limited (formerly Agro Tech Foods) has approved the grant of 29,500 stock options under its 2024 ESOP Scheme. A significant portion, 24,000 options, has been allocated to employees of its material subsidiary, Del Monte Foods Private Limited. Additionally, the company re-approved 5,500 options for a company employee, superseding a previous approval from May 2026. These decisions were finalized during a board meeting on August 06, 2026, which also included the approval of Q1 FY27 financial results.

Grant of 24,000 options to employees of the material subsidiary, Del Monte Foods Private Limited.
Re-approval of 5,500 options on August 06, 2026, replacing the earlier grant from May 07, 2026.
Total of 29,500 options issued under the 'Agro Tech Foods Limited Employees Stock Option Plan, 2024'.
The grant follows a series of previous ESOP-related updates dating back to June 07, 2025.

💡 Investors should monitor the upcoming Q1 FY27 financial results mentioned in the same board meeting for a comprehensive view of the company's performance.

Sundrop Brands grants 29,500 ESOPs and approves Q1 FY27 financial results

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 06 Aug 2026, 06:19 PM

Sundrop Brands (formerly Agro Tech Foods) held a board meeting on August 6, 2026, to approve the unaudited financial results for Q1 FY27. The company granted 29,500 stock options under its 2024 ESOP scheme, with 24,000 units specifically allocated to employees of its material subsidiary, Del Monte Foods Private Limited. Exercise prices are set at Rs 636 for tenure-based grants and Rs 515 for performance-based grants, representing a slight discount to the current market price of Rs 664.8. Additionally, the board amended its Insider Trading Code of Conduct to strengthen procedures for investigating leaks of price-sensitive information.

Grant of 29,500 Employee Stock Options (ESOPs) approved on August 6, 2026
24,000 options allocated to employees of material subsidiary Del Monte Foods Private Limited
Exercise price for tenure-based grants set at Rs 636 per option
Exercise price for performance-based grants set at Rs 515 per option
Minimum vesting period of 1 year with a 5-year exercise window from the date of vesting

💡 Investors should review the detailed Q1 FY27 financial results (once fully published) to assess the integration progress of Del Monte and the impact on operating margins, which stood at 4.7% TTM.

Sundrop Brands Submits FY 2025-26 Business Responsibility and Sustainability Report

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Jul 2026, 09:49 PM

Sundrop Brands Limited (formerly Agro Tech Foods) has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26. The report is prepared on a standalone basis and covers the company's ESG performance for the period ending March 31, 2026. Notably, the reporting boundary excludes two new manufacturing facilities in Krishnapatnam and Alwar as they became operational mid-year. The company maintains a paid-up capital of approximately ₹37.70 crore and derives 100% of its turnover from the FMCG sector.

Paid-up capital reported at ₹37,69,68,530 as of the reporting date.
FMCG activities, including edible oils and processed foods, account for 100% of total turnover.
Two manufacturing facilities (Krishnapatnam, Telangana and Alwar, Rajasthan) were excluded from current reporting as they started mid-year.
The company reported on a standalone basis for the financial year spanning April 1, 2025, to March 31, 2026.
Maintains a retail reach of approximately 500,000 outlets as per qualitative company context.

💡 Investors should treat this as a routine regulatory filing. The key takeaway is the operationalization of two new plants which will be fully reflected in sustainability disclosures from the next financial year.

Sundrop Brands Schedules 39th AGM for August 26, 2026; Dispatches FY26 Annual Report

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Jul 2026, 04:24 PM

Sundrop Brands Limited (formerly Agro Tech Foods) has initiated the dispatch of physical letters to shareholders regarding its 39th Annual General Meeting (AGM) scheduled for August 26, 2026. The communication provides a QR code and web link to the FY 2025-26 Annual Report for members without registered email addresses. This follows a transformative year where TTM revenue reached ₹1,166.14 crore, largely driven by the acquisition of Del Monte Foods Private Limited. Investors should note the e-voting cut-off date of August 19, 2026.

39th Annual General Meeting (AGM) to be held on August 26, 2026, at 11:00 AM IST via Video Conferencing.
Cut-off date for determining e-voting eligibility is set for August 19, 2026.
Remote e-voting period is scheduled from August 22, 2026 (9:00 AM) to August 25, 2026 (5:00 PM).
FY26 Annual Revenue stood at ₹1,166.14 crore, representing a significant scale-up from ₹388.94 crore in FY25.
Physical letters are being dispatched to shareholders whose email addresses are not registered with the RTA or Depository.

💡 Investors should review the FY25-26 Annual Report via the provided web link to assess the progress of the Del Monte integration and the 'scaled food platform' strategy.

39th AGM on Aug 26: Sundrop Brands Reports FY26 Revenue of ₹1,166 Cr Following M&A Integration

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 31 Jul 2026, 04:21 PM

Sundrop Brands (formerly Agro Tech Foods) has scheduled its 39th Annual General Meeting for August 26, 2026. This follows a transformative FY26 where revenue surged to ₹1,166.14 crore from ₹388.94 crore in FY25, primarily driven by the 100% acquisition of Del Monte Foods Private Limited (DMFPL). The meeting will address the adoption of audited financial statements and the reappointment of key directors, including Group Managing Director Nitish Bajaj. Shareholders as of the August 19, 2026, cut-off date are eligible to vote on these resolutions.

39th Annual General Meeting scheduled for August 26, 2026, at 11:00 AM IST via Video Conferencing
Cut-off date for determining shareholder voting eligibility is fixed as August 19, 2026
FY26 Revenue reached ₹1,166.14 crore, a significant jump from ₹388.94 crore in FY25 due to M&A
Company maintains a retail reach of 500,000 outlets, with tech platform coverage increasing to 23% in Q2 FY26
Employee turnover rate for permanent staff in FY25-26 was reported at 31.42%

💡 Investors should review the Annual Report for detailed management commentary on the integration of Del Monte Foods and the progress of the 'scaled food platform' strategy. Monitor the AGM for updates on how the company plans to manage commodity price volatility in the edible oil segment.

Board Meeting on Aug 6 to Approve Q1 FY27 Results; Analyst Call Scheduled for Aug 7

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 30 Jul 2026, 07:46 PM

Sundrop Brands Limited (formerly Agro Tech Foods) has scheduled a board meeting for August 6, 2026, to approve its unaudited standalone and consolidated financial results for Q1 FY27. This follows a significant growth year in FY26 where revenue reached Rs 1,166.14 crore, largely aided by the acquisition of Del Monte Foods Private Limited. An analyst conference call is set for August 7, 2026, at 12:00 PM IST to discuss the performance. The trading window for designated persons has been closed since July 1, 2026.

Board meeting scheduled for August 6, 2026, to review Q1 FY27 financial results.
Analyst/Investor conference call confirmed for August 7, 2026, from 12:00 PM to 1:00 PM IST.
Trading window remains closed from July 1, 2026, until 48 hours after the results announcement.
Company reported a TTM revenue of Rs 1,166 crore and TTM PAT of Rs 22 crore as of the latest context.
Management participants for the call include the Group MD, CEO, and CFO.

💡 Investors should watch for the Q1 FY27 results on August 6 and listen to the analyst call on August 7 for updates on the integration of Del Monte and the performance of the high-growth e-commerce channel.

Sundrop Brands Approves Merger of Del Monte Subsidiaries with Combined Turnover of Rs 753.56 Cr

🟡 NEUTRAL ⭐ 6/10

M&A 📅 09 Jul 2026, 12:30 PM

Sundrop Brands has approved the merger of its step-down subsidiary, Del Monte Foods India (North) (DMFN), into its material wholly-owned subsidiary, Del Monte Foods Private Limited (DMF). The combined provisional turnover of these entities for FY26 is Rs 753.56 Cr, which represents approximately 64.6% of Sundrop's TTM revenue of Rs 1166 Cr. This internal restructuring follows the 'Fast Track' route under Section 233 of the Companies Act, 2013. The move is designed to eliminate a subsidiary layer and reduce compliance costs without changing the consolidated shareholding pattern.

DMF (Transferee) reported a provisional turnover of Rs 670.27 Cr for the financial year ended March 31, 2026.
DMFN (Transferor) reported a provisional turnover of Rs 83.29 Cr for the financial year ended March 31, 2026.
The combined turnover of the merging entities (Rs 753.56 Cr) accounts for ~64.6% of Sundrop's TTM revenue.
The merger will be executed via the Fast Track route, subject to necessary regulatory and statutory approvals.
No new shares will be issued as the merger involves 100% wholly-owned subsidiaries.

💡 Investors should monitor the timeline for regulatory approvals and look for improvements in operational margins in the Del Monte segment in future quarterly results as cost synergies materialize.

View All SUNDROP Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated pro-forma revenue grew 8% in Q2 FY26 and 10% in H1 FY26. By segment, Sundrop Brands (58% of business) grew 7% in Q2 and 11% in H1, while Del Monte (42% of business) grew 10% in Q2 FY26. E-commerce revenue surged 41% in Q2 FY26, and B2B revenue grew 23% in the same period.

Geographic Revenue Split

Not disclosed in available documents, though the company mentions a media experiment in a regional market to expand the Sundrop Heart franchise.

Profitability Margins

Gross margins expanded by 250 bps in Q2 FY26 and 190 bps in H1 FY26. This was driven by a relentless focus on material costs and operational efficiencies in manufacturing and supply chain. Reported EBITDA margin improved to 4.0% in Q2 FY26 from 3.1% in Q2 FY25.

EBITDA Margin

Consolidated EBITDA (excluding ESOP and one-time costs) grew 29% in Q2 FY26 and 30% in H1 FY26. The pro-forma EBITDA growth reflects the successful integration of Del Monte and cost-rationalization programs.

Capital Expenditure

Not disclosed in absolute INR Cr for future periods, but the company emphasizes a 'capital efficient approach' to building scale and ensuring efficiency of capital deployed for any new expansion.

Credit Rating & Borrowing

The company maintains a strong balance sheet with NIL borrowings as of September 30, 2025. Operating margins improved to 3.7% in Q1 FY26 from 2.6% in FY25, which is a key credit monitorable.

⚙️ Operational Drivers

Raw Materials

Edible oils (commodity-linked), packaging materials (RM & PM), and food ingredients for spreads and snacks. Material costs accounted for INR 240.1 Cr in Q2 FY26, representing approximately 62.6% of total revenue.

Import Sources

Not specifically disclosed, though the company manages a global affiliation through its perpetually licensed food brands.

Capacity Expansion

Current capacity not disclosed in MT; however, the company is expanding its reach by bringing its 500,000 (5 lakh) outlet coverage onto a tech platform (Bizom), with 23% coverage achieved in Q2 FY26 vs 9% in Q1 FY26.

Raw Material Costs

Material costs were INR 240.1 Cr in Q2 FY26, up 86% on a reported basis due to the DMFPL acquisition. On a pro-forma basis, material costs improved as a ratio of revenue, contributing to a 250 bps gross margin expansion.

Manufacturing Efficiency

Manufacturing and supply chain costs were specifically targeted for improvement through external advisory, resulting in significant operational margin gains.

Logistics & Distribution

Distribution is being modernized via 'Sales Force Automation' through the Bizom platform, covering 113,000 outlets as of Q2 FY26 to track productivity KPIs.

📈 Strategic Growth

Expected Growth Rate

10%

Growth Strategy

Growth will be achieved through a 'scaled food platform' approach following the 100% acquisition of Del Monte Foods Private Limited (DMFPL). Strategies include aggressive investment in e-commerce (+41% growth), expanding the Sundrop Heart and Oats franchises, and leveraging a GST reduction (from 12%/18% to 5%) for 95% of the portfolio to drive volume.

Products & Services

Edible oils (Sundrop Heart), Peanut Butter (Spreads), Oats, Pasta, Olive Oil, Canned Fruits and Vegetables, and ready-to-cook/ready-to-eat snacks.

Brand Portfolio

Sundrop, Del Monte, Crystal.

New Products/Services

New launches in the Del Monte 'layers' and 'timed fruits and vegetable' segments, alongside an expansion into the Sundrop Oats business.

Market Expansion

Focusing on fast-growing channels like Quick Commerce and hybrid e-commerce platforms, which grew 41% YoY. Also expanding regional reach through targeted media experiments.

Market Share & Ranking

The company holds leadership positions in some categories and 'challenger' positions in others, with a total reach of 500,000 retail outlets.

Strategic Alliances

Acquired 100% equity of Del Monte Foods Private Limited (DMFPL) on February 6, 2025, to create a consolidated food platform.

🌍 External Factors

Industry Trends

Consumer megatrends are driving a shift toward branded packaged foods. The industry is seeing a reduction in GST for food items, which Sundrop has passed on to consumers via reduced MRPs to stimulate volume growth.

Competitive Landscape

Facing intense competition in the spreads and dips category from new entrants offering high-protein and chocolate variants.

Competitive Moat

Moat is built on strong brand recall for 'Sundrop' and 'Del Monte' and a massive distribution network of 5 lakh outlets. Sustainability is driven by 'perpetually licensed' brands and a shift toward high-margin food categories like spreads and oats.

Macro Economic Sensitivity

Highly sensitive to edible oil commodity cycles and GST policy changes. The transition of 95% of the business to a 5% GST bracket is a significant tailwind for consumption.

Consumer Behavior

Shift toward e-commerce and quick commerce for food purchases, where the company is investing ahead of the curve with 34% higher advertising spend.

Geopolitical Risks

Not disclosed, though global affiliations for brands like Del Monte imply exposure to international supply chain stability.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company recently changed its name from Agro Tech Foods Limited to Sundrop Brands Limited to reflect its focus on its core brand.

Taxation Policy Impact

95% of the group business (excluding edible and olive oils) has seen a GST reduction from 12%/18% down to 5%, which is being used to drive volume growth.

Legal Contingencies

The MDA report mentions legal proceedings but does not disclose specific case values or material pending litigation that would impact financial stability.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material costs for edible oils could impact absolute margins. The integration of DMFPL and the associated one-time costs (INR 6.2 Cr for advisory) and ESOP charges (INR 8 Cr) impact short-term reported profitability.