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Ambar Protein Industries Ltd

AMBARPIL

BSE

₹190.95+4.92%19 Oct 2026

Reports

Solvent Extraction

Ambar Protein Industries Ltd

AMBARPIL

BSE

₹190.95

+4.92%

19 Oct 2026

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Solvent Extraction

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.

Ambar Protein Industries is a Gujarat-based edible-oil company that refines crude cottonseed oil and trades a basket of other refined oils, all from a single plant on the Sarkhej-Bavla Highway in Ahmedabad. Incorporated in 1992 as Ankur Protein Industries, it has spent three decades turning cotton country’s most abundant by-product into cooking oil, recently adding branded and cold-pressed oils to a business that was once purely a commodity play. The recurring approach is simple: stay physically close to the raw material, manage volatile input prices through hedging and forward buying, and sell both loose and packaged oil to a mix of trade buyers and a key related-party distributor.

Business segments

A single engine with two ways to market - refining its own cottonseed oil in-house, and buying, packing and reselling other refined oils - now extending into branded and cold-pressed products.

1. Edible-oil refining and trading: a cotton-belt processor with a broadening kitchen shelf

The company makes its own refined cottonseed oil and resells five other oils it buys ready-made, with a recent push into branded mustard oil and cold-pressed oils that moves it beyond commodity margins.

Refines what the cotton fields yield - crude cottonseed oil arrives in tanker loads from nearby crushing mills, and the company puts it through a three-stage process of alkali refining, bleaching and deodorization to strip out gums, colour and odour, producing a clear refined oil ready for cooking. Gujarat is one of India’s top cotton-processing states, so the raw material is on the doorstep.
Trades oils it does not crush - alongside its own refined cottonseed oil, the company buys, packs and resells groundnut, sunflower, maize, mustard and soybean oils, which together with cottonseed oil make up 100% of turnover. In FY24, it refined roughly 29,757 metric tonnes of cottonseed oil and traded another 3,776 metric tonnes of the other oils.
A step-change in capacity, then a second refinery - a new 200-tonnes-per-day refinery went live in April 2019, replacing older capacity, and in August 2023 the board approved a second 200 TPD sunflower refinery at the same Changodar site. By early 2025, machinery for four cold-pressed oils - groundnut, extra-virgin coconut, sesame and mustard - had been installed, adding a premium, less-processed tier to the product line.
Sells loose and packaged, with one buyer dominating - revenue is recognised when control of the goods passes to the customer, and sales are made on normal trade credit terms. A related-party agreement with Ankur Oil Industries, a group partnership firm, runs from April 2024 to March 2027, and in FY24 that single relationship accounted for more than 10% of revenue and nearly all trade receivables.
Hedging is the shield against wild input prices - crude cottonseed oil and internationally sourced raw materials expose the company to commodity-price and foreign-exchange swings, so management runs a mix of spot buying, forward contracts and currency hedging to keep input costs predictable.

Group structure and partners

A standalone, promoter-held company with no subsidiaries, whose most important commercial relationship is with a promoter-linked partnership firm that buys its oil.

The company has no holding, subsidiary or associate companies, and its only equity investment is 20,000 shares in a co-operative bank.
Promoters held 71.35% of the equity as of March 2025, down from roughly 75% in FY20-FY21, after some promoter-group entities sought reclassification to the public category in 2021.
Ankur Oil Industries, a group partnership firm, is the dominant customer, buying refined edible oils in loose and packaged form under a three-year agreement that runs to March 2027.
The company is listed solely on BSE, with connectivity to both NSDL and CDSL depositories, and had 40 permanent employees on its payroll as of 31st March, 2024.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹105Cr

Close Price

₹182.00

Industry

Solvent Extraction

Price To Earnings

10.41

Price To Sales

0.21

Revenue

₹497Cr

Rev Gr TTM

Revenue Growth TTM

11.43%

PAT Gr TTM

PAT Growth TTM

14.65%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	69	86	90	93	89	112	128	117	112	125	147	113
Growth YoY Revenue Growth YoY%	-9.4	-9.7	-0.5	-0.2	29.6	30.4	42.8	26.0	25.5	11.7	14.9	-3.3
Expenses ExpensesCr	67	82	90	90	85	107	124	115	109	122	143	108
Operating Profit Operating ProfitCr	2	4	-1	3	4	5	4	2	2	3	4	6
OPM OPM%	2.3	4.4	-0.8	3.2	4.7	4.3	3.0	1.8	2.2	2.6	2.8	5.1
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	0	1	1	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	1	3	-1	2	4	4	3	1	2	3	3	5
Tax TaxCr	0	1	-1	1	1	1	1	1	0	1	1	1
PAT PATCr	1	2	0	2	3	3	2	1	2	2	2	4
Growth YoY PAT Growth YoY%	69.6	51.5	-2,150.0	36.5	244.9	80.8	651.1	-56.4	-25.6	-35.8	-0.8	400.0
NPM NPM%	1.1	1.8	-0.5	1.9	3.0	2.5	1.9	0.6	1.8	1.4	1.7	3.3
EPS EPS₹	1.4	2.7	-0.8	3.0	4.7	4.9	4.3	1.3	3.5	3.2	4.3	6.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	69	86	90	93	89	112	128	117	112	125	147	113
Growth YoY Revenue Growth YoY%	-9.4	-9.7	-0.5	-0.2	29.6	30.4	42.8	26.0	25.5	11.7	14.9	-3.3
Expenses ExpensesCr	67	82	90	90	85	107	124	115	109	122	143	108
Operating Profit Operating ProfitCr	2	4	-1	3	4	5	4	2	2	3	4	6
OPM OPM%	2.3	4.4	-0.8	3.2	4.7	4.3	3.0	1.8	2.2	2.6	2.8	5.1
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	0	1	1	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	1	3	-1	2	4	4	3	1	2	3	3	5
Tax TaxCr	0	1	-1	1	1	1	1	1	0	1	1	1
PAT PATCr	1	2	0	2	3	3	2	1	2	2	2	4
Growth YoY PAT Growth YoY%	69.6	51.5	-2,150.0	36.5	244.9	80.8	651.1	-56.4	-25.6	-35.8	-0.8	400.0
NPM NPM%	1.1	1.8	-0.5	1.9	3.0	2.5	1.9	0.6	1.8	1.4	1.7	3.3
EPS EPS₹	1.4	2.7	-0.8	3.0	4.7	4.9	4.3	1.3	3.5	3.2	4.3	6.5

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	168	195	206	231	284	313	340	345	337	422	501	497
Growth Revenue Growth%	7.4	15.9	5.5	11.9	23.3	10.2	8.4	1.6	-2.3	25.0	18.7	11.4
Expenses ExpensesCr	167	193	203	227	278	306	330	338	330	406	489	481
Operating Profit Operating ProfitCr	2	3	3	4	6	7	9	7	7	16	12	16
OPM OPM%	1.2	1.3	1.5	1.7	2.1	2.4	2.7	2.1	2.2	3.7	2.4	3.1
Other Income Other IncomeCr	0	1	1	0	0	0	1	1	1	1	1	1
Interest Expense Interest ExpenseCr	1	1	1	1	3	3	3	3	2	2	2	2
Depreciation DepreciationCr	0	0	0	0	1	1	1	1	1	1	1	1
PBT PBTCr	1	2	3	3	3	4	6	4	4	13	9	13
Tax TaxCr	1	0	1	1	2	1	1	1	1	3	2	3
PAT PATCr	1	2	2	2	1	3	4	3	3	10	7	10
Growth PAT Growth%	-43.9	176.3	-10.5	-5.6	-38.7	176.7	29.0	-36.8	11.8	206.8	-27.2	14.7
NPM NPM%	0.5	1.2	1.1	0.9	0.4	1.1	1.3	0.8	0.9	2.3	1.4	2.0
EPS EPS₹	1.5	4.2	3.8	3.5	2.2	6.0	7.7	4.9	5.5	16.8	12.3	17.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	168	195	206	231	284	313	340	345	337	422	501	497
Growth Revenue Growth%	7.4	15.9	5.5	11.9	23.3	10.2	8.4	1.6	-2.3	25.0	18.7	11.4
Expenses ExpensesCr	167	193	203	227	278	306	330	338	330	406	489	481
Operating Profit Operating ProfitCr	2	3	3	4	6	7	9	7	7	16	12	16
OPM OPM%	1.2	1.3	1.5	1.7	2.1	2.4	2.7	2.1	2.2	3.7	2.4	3.1
Other Income Other IncomeCr	0	1	1	0	0	0	1	1	1	1	1	1
Interest Expense Interest ExpenseCr	1	1	1	1	3	3	3	3	2	2	2	2
Depreciation DepreciationCr	0	0	0	0	1	1	1	1	1	1	1	1
PBT PBTCr	1	2	3	3	3	4	6	4	4	13	9	13
Tax TaxCr	1	0	1	1	2	1	1	1	1	3	2	3
PAT PATCr	1	2	2	2	1	3	4	3	3	10	7	10
Growth PAT Growth%	-43.9	176.3	-10.5	-5.6	-38.7	176.7	29.0	-36.8	11.8	206.8	-27.2	14.7
NPM NPM%	0.5	1.2	1.1	0.9	0.4	1.1	1.3	0.8	0.9	2.3	1.4	2.0
EPS EPS₹	1.5	4.2	3.8	3.5	2.2	6.0	7.7	4.9	5.5	16.8	12.3	17.5

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6	6	6	6	6	6	6	6	6	6	6
Reserves ReservesCr	-1	0	2	4	5	9	13	16	19	29	36
Current Liabilities Current LiabilitiesCr	11	15	18	36	31	29	39	35	34	33	38
Non Current Liabilities Non Current LiabilitiesCr	0	2	5	8	8	7	6	5	3	3	2
Total Liabilities Total LiabilitiesCr	17	23	31	53	49	50	64	62	61	71	82
Current Assets Current AssetsCr	10	17	19	31	27	29	43	41	41	48	59
Non Current Assets Non Current AssetsCr	7	6	12	22	22	21	21	22	21	22	23
Total Assets Total AssetsCr	17	23	31	53	49	50	64	62	61	71	82

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6	6	6	6	6	6	6	6	6	6	6
Reserves ReservesCr	-1	0	2	4	5	9	13	16	19	29	36
Current Liabilities Current LiabilitiesCr	11	15	18	36	31	29	39	35	34	33	38
Non Current Liabilities Non Current LiabilitiesCr	0	2	5	8	8	7	6	5	3	3	2
Total Liabilities Total LiabilitiesCr	17	23	31	53	49	50	64	62	61	71	82
Current Assets Current AssetsCr	10	17	19	31	27	29	43	41	41	48	59
Non Current Assets Non Current AssetsCr	7	6	12	22	22	21	21	22	21	22	23
Total Assets Total AssetsCr	17	23	31	53	49	50	64	62	61	71	82

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	-3	1	1	3	1	-3	6	7	2	3
Investing Cash Flow Investing Cash FlowCr	-1	0	-5	-10	-1	0	0	0	0	0	-1
Financing Cash Flow Financing Cash FlowCr	1	3	6	7	0	-2	2	-6	-7	-2	-2
Net Cash Flow Net Cash FlowCr	-1	1	1	-2	1	-1	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	-2	-3	-5	-9	2	0	-3	5	6	1	1
CFO To PAT CFO To PAT%	-81.2	-105.3	37.3	52.0	243.4	31.9	-56.8	219.8	221.5	22.5	42.1
CFO To EBITDA CFO To EBITDA%	-36.2	-100.6	26.5	27.3	50.4	14.9	-27.3	85.1	94.3	13.8	24.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	-3	1	1	3	1	-3	6	7	2	3
Investing Cash Flow Investing Cash FlowCr	-1	0	-5	-10	-1	0	0	0	0	0	-1
Financing Cash Flow Financing Cash FlowCr	1	3	6	7	0	-2	2	-6	-7	-2	-2
Net Cash Flow Net Cash FlowCr	-1	1	1	-2	1	-1	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	-2	-3	-5	-9	2	0	-3	5	6	1	1
CFO To PAT CFO To PAT%	-81.2	-105.3	37.3	52.0	243.4	31.9	-56.8	219.8	221.5	22.5	42.1
CFO To EBITDA CFO To EBITDA%	-36.2	-100.6	26.5	27.3	50.4	14.9	-27.3	85.1	94.3	13.8	24.7

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							17	123	84	117	85	105
Price To Earnings Price To Earnings							3.8	43.8	26.6	12.1	12.1	10.4
Price To Sales Price To Sales							0.1	0.4	0.3	0.3	0.2	0.2
Price To Book Price To Book							0.9	5.6	3.3	3.4	2.0	2.5
EV To EBITDA EV To EBITDA							5.2	20.8	14.6	9.0	9.2	8.3
Profitability Ratios Profitability Ratios
GPM GPM%	8.1	2.9	3.3	2.9	3.3	3.5	4.1	3.3	4.1	5.0	3.6	3.6
OPM OPM%	1.2	1.3	1.5	1.7	2.1	2.4	2.7	2.1	2.2	3.7	2.4	3.1
NPM NPM%	0.5	1.2	1.1	0.9	0.4	1.1	1.3	0.8	0.9	2.3	1.4	2.0
ROCE ROCE%	17.1	19.6	14.2	11.7	14.4	15.8	16.6	12.7	13.0	25.2	16.9	16.9
ROE ROE%	17.2	41.8	27.2	20.4	11.1	23.6	23.3	12.8	12.6	27.8	16.8	16.8
ROA ROA%	5.0	10.4	7.0	3.8	2.5	6.9	6.9	4.5	5.1	13.7	8.6	8.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							17	123	84	117	85	105
Price To Earnings Price To Earnings							3.8	43.8	26.6	12.1	12.1	10.4
Price To Sales Price To Sales							0.1	0.4	0.3	0.3	0.2	0.2
Price To Book Price To Book							0.9	5.6	3.3	3.4	2.0	2.5
EV To EBITDA EV To EBITDA							5.2	20.8	14.6	9.0	9.2	8.3
Profitability Ratios Profitability Ratios
GPM GPM%	8.1	2.9	3.3	2.9	3.3	3.5	4.1	3.3	4.1	5.0	3.6	3.6
OPM OPM%	1.2	1.3	1.5	1.7	2.1	2.4	2.7	2.1	2.2	3.7	2.4	3.1
NPM NPM%	0.5	1.2	1.1	0.9	0.4	1.1	1.3	0.8	0.9	2.3	1.4	2.0
ROCE ROCE%	17.1	19.6	14.2	11.7	14.4	15.8	16.6	12.7	13.0	25.2	16.9	16.9
ROE ROE%	17.2	41.8	27.2	20.4	11.1	23.6	23.3	12.8	12.6	27.8	16.8	16.8
ROA ROA%	5.0	10.4	7.0	3.8	2.5	6.9	6.9	4.5	5.1	13.7	8.6	8.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	RBS	MKPL	YASHHTEJ	AMBARPIL	RCDL	DILIGENT	ROML
Market CapitalizationMkt CapCr	186	150	108	105	77	68	67
Close PriceClose₹	77.50	3.99	47.00	182.00	16.00	2.85	41.77
IndustryIndustry	Solvent Extraction	Solvent Extraction	Solvent Extraction	Solvent Extraction	Solvent Extraction	Solvent Extraction	Solvent Extraction
Price To EarningsPE	15.02	30.69	14.03	10.41	4.49	25.91	14.35
Price To SalesPS	0.23	0.39	0.40	0.21	0.09	0.48	0.44
RevenueRevenueCr	823	383	269	497	872	142	153
Revenue Growth TTMRev Gr TTM%	-11.3%	17.8%	-17.3%	11.4%	39.5%	-8.5%	20.9%
PAT Growth TTMPAT Gr TTM%	-23.6%	-50.2%	17.9%	14.7%	40.1%	-3.4%	-11.2%

	RBS	MKPL	YASHHTEJ	AMBARPIL	RCDL	DILIGENT	ROML
Market CapitalizationMkt CapCr	186	150	108	105	77	68	67
Close PriceClose₹	77.50	3.99	47.00	182.00	16.00	2.85	41.77
IndustryIndustry	Solvent Extraction	Solvent Extraction	Solvent Extraction	Solvent Extraction	Solvent Extraction	Solvent Extraction	Solvent Extraction
Price To EarningsPE	15.02	30.69	14.03	10.41	4.49	25.91	14.35
Price To SalesPS	0.23	0.39	0.40	0.21	0.09	0.48	0.44
RevenueRevenueCr	823	383	269	497	872	142	153
Revenue Growth TTMRev Gr TTM%	-11.3%	17.8%	-17.3%	11.4%	39.5%	-8.5%	20.9%
PAT Growth TTMPAT Gr TTM%	-23.6%	-50.2%	17.9%	14.7%	40.1%	-3.4%	-11.2%

FY2026

FY2025

FY2024

FY2023

FY2022

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FY2020

FY2026

Jun 26