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FRESITA PROTEINS LIMITED

FRESITA

BSE

₹153.05-1.99%19 Oct 2026

Reports

Trading

FRESITA PROTEINS LIMITED

FRESITA

BSE

₹153.05

-1.99%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.

Sarda Proteins is a shell of a commodity trader that has been hollowed out and repurposed as a listed vehicle for a solar-energy group. Incorporated in 1991 to trade edible oils, the company passed through the hands of an Alwar-based agri group before being acquired in 2026 by Onix Renewable Limited, which now holds over 80% of the shares. The recurring pattern is one of clean breaks: each change of control has meant a complete exit from the previous business and a fresh start with a new line of work, leaving behind only the stock-exchange listing and a skeleton staff of three people.

Business segments

Two businesses at opposite ends of the scale - a solar-cell trading operation that is now the entire company, and a tiny manpower-services sideline that came along for the ride - both run from a single room with almost no employees.

1. Solar cell trading: a listed shell turned renewable-energy trader

The company buys and sells solar cells without ever manufacturing them - it is a pure intermediary, earning a margin on the flow of goods between suppliers and buyers.

A deliberate pivot, not an evolution - the board resolved on 4 September 2024 to switch the main line of business from edible oils to the power industry, specifically to manufacture solar cells and deal in all related machinery. In practice, the company has so far only traded solar cells, generating the majority of its operating revenue in FY25 from that activity.
No factory, no technology, no R&D - the company has not carried out any technology absorption and spends nothing on research and development; it is not energy-intensive because it does not make anything. The business is classified as a single operating segment called “Renewable Energy Sector Solar Cell Products”.
The acquirer’s intent is open-ended - Onix Renewable Limited has stated it will continue the existing line of business and may diversify into other businesses if lucrative opportunities arise, so the current trading model could be a placeholder while the group decides what to do with the listed entity.
A Gujarat-bound identity - alongside the business switch, the board proposed changing the company’s name to “Onix Power Limited” and moving the registered office from Rajasthan to Gujarat, citing the Kutchh and Saurashtra region’s potential in solar energy. The name change was later revised to “Sarda Enterprises Limited” to reflect a broader scope.

2. Manpower services: a residual revenue thread

A tiny ancillary activity that provides a few lakhs of revenue and appears to be a legacy of the company’s bare-bones operating structure.

Small and steady - revenue from manpower services was ₹14 lakh in FY25, up from ₹6 lakh the year before, making it a rounding error next to the solar-cell trading business.
Run by the managers themselves - the company has only three people on the payroll, two of them permanent, and operations have historically been handled entirely by the key managerial personnel. The manpower-services line is effectively the company renting out the time of its own tiny team.

Group structure and partners

The company is a tightly held acquisition vehicle with no subsidiaries, a single related-party link to its new parent group, and a board that was entirely reconstituted on a single day in July 2026.

No corporate family tree - Sarda Proteins has no subsidiaries, joint ventures or associate companies, so the entire business is whatever sits inside the listed entity itself.
A one-day board reset - on 4 July 2026, the managing director resigned and was replaced by Shirish Dhirajlal Savaliya; the CFO was redesignated as chairperson and a new CFO was appointed; three other directors resigned; and the audit, nomination and remuneration, and stakeholder committees were all reconstituted.
Capital base being rebuilt - the board approved an increase in authorised share capital from ₹13 crore to ₹100 crore and an alteration to the Memorandum of Association’s object clause, both steps that prepare the company for a larger or different business in the future.
A single related-party thread - the company had a related-party transaction of about ₹1.09 lakh with Onix Tech Renewable Private Limited, which shares a common director, the only visible operational link to the wider Onix group so far.

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

₹137Cr

Close Price

₹153.05

Industry

Trading

Price To Earnings

5.18

Price To Sales

7.55

Revenue

₹18Cr

Rev Gr TTM

Revenue Growth TTM

-48.24%

PAT Gr TTM

PAT Growth TTM

812.82%

Consolidated

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	0	1	0	0	0	24	0	11	4	0	1	13
Growth YoY Revenue Growth YoY%	-100.0	-56.0	-91.9	-100.0		2,305.0	-100.0		2,971.4	-99.0		18.6
Expenses ExpensesCr	0	1	0	0	0	24	0	11	4	0	0	16
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	-1	0	0	1	-3
OPM OPM%		-4.0	-33.3		71.4	0.4		-4.6	7.0	-48.0	92.3	-25.2
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	5
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	0	0	0	1	2
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	1
PAT PATCr	0	0	0	0	0	0	0	0	0	0	1	2
Growth YoY PAT Growth YoY%			150.0		1,200.0	900.0	-650.0	-512.5	263.6	-220.0	863.6	438.8
NPM NPM%		1.0	33.3		78.6	0.4		-4.5	9.3	-48.0	129.2	12.8
EPS EPS₹	0.0	0.0	0.1	-0.5	0.6	0.6	-0.7	-28.6	2.3	-0.7	9.4	18.5

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	0	1	0	0	0	24	0	11	4	0	1	13
Growth YoY Revenue Growth YoY%	-100.0	-56.0	-91.9	-100.0		2,305.0	-100.0		2,971.4	-99.0		18.6
Expenses ExpensesCr	0	1	0	0	0	24	0	11	4	0	0	16
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	-1	0	0	1	-3
OPM OPM%		-4.0	-33.3		71.4	0.4		-4.6	7.0	-48.0	92.3	-25.2
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	5
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	0	0	0	1	2
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	1
PAT PATCr	0	0	0	0	0	0	0	0	0	0	1	2
Growth YoY PAT Growth YoY%			150.0		1,200.0	900.0	-650.0	-512.5	263.6	-220.0	863.6	438.8
NPM NPM%		1.0	33.3		78.6	0.4		-4.5	9.3	-48.0	129.2	12.8
EPS EPS₹	0.0	0.0	0.1	-0.5	0.6	0.6	-0.7	-28.6	2.3	-0.7	9.4	18.5

Consolidated

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	2	6	6	7	5	11	11	6	1	24	16	18
Growth Revenue Growth%	-58.9	199.7	-8.5	27.7	-25.2	110.3	-5.3	-46.1	-77.6	1,766.9	-33.2	-48.2
Expenses ExpensesCr	2	6	6	7	5	11	10	6	1	24	16	21
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	0	0	0	0	-2
OPM OPM%	-6.0	-2.7	-6.3	-1.5	1.8	-0.2	2.5	-2.5	-11.3	0.1	1.8	-13.7
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	6
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	0	0	0	1	3
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	1
PAT PATCr	0	0	0	0	0	0	0	0	0	0	0	3
Growth PAT Growth%	-126.0	14.0	-150.5	62.7	126.7	-161.6	1,616.4	-110.7	158.7	-73.7	8,809.8	812.8
NPM NPM%	-7.5	-2.1	-5.8	-1.7	0.6	-0.2	2.9	-0.6	1.5	0.0	2.8	15.3
EPS EPS₹	-0.9	-0.8	-1.9	-0.7	0.2	-0.1	1.8	-0.2	0.1	0.0	7.1	29.6

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	2	6	6	7	5	11	11	6	1	24	16	18
Growth Revenue Growth%	-58.9	199.7	-8.5	27.7	-25.2	110.3	-5.3	-46.1	-77.6	1,766.9	-33.2	-48.2
Expenses ExpensesCr	2	6	6	7	5	11	10	6	1	24	16	21
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	0	0	0	0	-2
OPM OPM%	-6.0	-2.7	-6.3	-1.5	1.8	-0.2	2.5	-2.5	-11.3	0.1	1.8	-13.7
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	6
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	0	0	0	1	3
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	1
PAT PATCr	0	0	0	0	0	0	0	0	0	0	0	3
Growth PAT Growth%	-126.0	14.0	-150.5	62.7	126.7	-161.6	1,616.4	-110.7	158.7	-73.7	8,809.8	812.8
NPM NPM%	-7.5	-2.1	-5.8	-1.7	0.6	-0.2	2.9	-0.6	1.5	0.0	2.8	15.3
EPS EPS₹	-0.9	-0.8	-1.9	-0.7	0.2	-0.1	1.8	-0.2	0.1	0.0	7.1	29.6

Consolidated

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	3	3	3	3	3	3	3	3	3	3	10
Reserves ReservesCr	0	0	0	0	0	0	0	0	0	0	76
Current Liabilities Current LiabilitiesCr	1	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities Total LiabilitiesCr	3	3	2	2	2	2	2	2	2	3	87
Current Assets Current AssetsCr	2	2	2	2	2	2	2	2	2	1	84
Non Current Assets Non Current AssetsCr	1	1	1	0	0	0	0	0	0	2	2
Total Assets Total AssetsCr	3	3	2	2	2	2	2	2	2	3	87

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	3	3	3	3	3	3	3	3	3	3	10
Reserves ReservesCr	0	0	0	0	0	0	0	0	0	0	76
Current Liabilities Current LiabilitiesCr	1	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities Total LiabilitiesCr	3	3	2	2	2	2	2	2	2	3	87
Current Assets Current AssetsCr	2	2	2	2	2	2	2	2	2	1	84
Non Current Assets Non Current AssetsCr	1	1	1	0	0	0	0	0	0	2	2
Total Assets Total AssetsCr	3	3	2	2	2	2	2	2	2	3	87

Consolidated

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	0	0	-1	0	0	0	0	0	0	-76
Investing Cash Flow Investing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	83
Net Cash Flow Net Cash FlowCr	-1	-1	0	0	0	0	0	0	0	0	7
Free Cash Flow Free Cash FlowCr	-1	0	1	-1	0	0	0	0	0	0	-76
CFO To PAT CFO To PAT%	781.9	70.7	-144.9	474.9	-141.1	251.5	33.9	912.1	-1,189.7	-2,166.7	-16,804.3
CFO To EBITDA CFO To EBITDA%	968.6	56.5	-135.0	554.7	-48.6	245.1	38.5	205.1	157.8	-555.3	-26,403.4

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	0	0	-1	0	0	0	0	0	0	-76
Investing Cash Flow Investing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	83
Net Cash Flow Net Cash FlowCr	-1	-1	0	0	0	0	0	0	0	0	7
Free Cash Flow Free Cash FlowCr	-1	0	1	-1	0	0	0	0	0	0	-76
CFO To PAT CFO To PAT%	781.9	70.7	-144.9	474.9	-141.1	251.5	33.9	912.1	-1,189.7	-2,166.7	-16,804.3
CFO To EBITDA CFO To EBITDA%	968.6	56.5	-135.0	554.7	-48.6	245.1	38.5	205.1	157.8	-555.3	-26,403.4

Consolidated

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			1			2	6	10	9	22	76	137
Price To Earnings Price To Earnings							30.3		672.4	6,237.5	179.7	5.2
Price To Sales Price To Sales			0.1			0.2	0.6	1.7	7.1	0.9	4.7	7.5
Price To Book Price To Book			0.5			1.3	3.9	6.1	5.7	13.2	1.0	1.6
EV To EBITDA EV To EBITDA			-0.8			-80.5	22.6	-66.6	-62.6	1,080.2	236.2	-53.3
Profitability Ratios Profitability Ratios
GPM GPM%	12.8	3.5	2.9	2.6	5.1	3.3	4.4	1.3	6.8	1.2	4.2	4.2
OPM OPM%	-6.0	-2.7	-6.3	-1.5	1.8	-0.2	2.5	-2.5	-11.3	0.1	1.8	-13.7
NPM NPM%	-7.5	-2.1	-5.8	-1.7	0.6	-0.2	2.9	-0.6	1.5	0.0	2.8	15.3
ROCE ROCE%	-4.3	-6.6	-16.7	-4.1	8.2	3.0	14.8	0.6	0.8	0.9	0.7	0.7
ROE ROE%	-5.8	-5.2	-15.1	-6.0	1.6	-1.0	12.9	-1.4	0.8	0.2	0.5	0.5
ROA ROA%	-4.4	-4.5	-14.2	-5.6	1.5	-0.9	12.5	-1.4	0.8	0.2	0.5	0.5
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			1			2	6	10	9	22	76	137
Price To Earnings Price To Earnings							30.3		672.4	6,237.5	179.7	5.2
Price To Sales Price To Sales			0.1			0.2	0.6	1.7	7.1	0.9	4.7	7.5
Price To Book Price To Book			0.5			1.3	3.9	6.1	5.7	13.2	1.0	1.6
EV To EBITDA EV To EBITDA			-0.8			-80.5	22.6	-66.6	-62.6	1,080.2	236.2	-53.3
Profitability Ratios Profitability Ratios
GPM GPM%	12.8	3.5	2.9	2.6	5.1	3.3	4.4	1.3	6.8	1.2	4.2	4.2
OPM OPM%	-6.0	-2.7	-6.3	-1.5	1.8	-0.2	2.5	-2.5	-11.3	0.1	1.8	-13.7
NPM NPM%	-7.5	-2.1	-5.8	-1.7	0.6	-0.2	2.9	-0.6	1.5	0.0	2.8	15.3
ROCE ROCE%	-4.3	-6.6	-16.7	-4.1	8.2	3.0	14.8	0.6	0.8	0.9	0.7	0.7
ROE ROE%	-5.8	-5.2	-15.1	-6.0	1.6	-1.0	12.9	-1.4	0.8	0.2	0.5	0.5
ROA ROA%	-4.4	-4.5	-14.2	-5.6	1.5	-0.9	12.5	-1.4	0.8	0.2	0.5	0.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	GUJINJEC	CALLISTA	MTL	FRESITA	GVPTECH	AAYUSH	FRETAIL
Market CapitalizationMkt CapCr	141	138	138	137	128	124	124
Close PriceClose₹	9.60	138.35	132.00	153.05	7.00	25.49	2.28
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	48.00			5.18		28.97
Price To SalesPS	3.03		0.69	7.55	52.83	0.75	0.01
RevenueRevenueCr	46	0	200	18	2	166	8,615
Revenue Growth TTMRev Gr TTM%	151.7%		73.4%	-48.2%	-61.3%	95.5%	-1.9%
PAT Growth TTMPAT Gr TTM%	212.5%	73.5%	71.5%	812.8%	-13,325.4%	-0.5%	-71.2%

	GUJINJEC	CALLISTA	MTL	FRESITA	GVPTECH	AAYUSH	FRETAIL
Market CapitalizationMkt CapCr	141	138	138	137	128	124	124
Close PriceClose₹	9.60	138.35	132.00	153.05	7.00	25.49	2.28
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	48.00			5.18		28.97
Price To SalesPS	3.03		0.69	7.55	52.83	0.75	0.01
RevenueRevenueCr	46	0	200	18	2	166	8,615
Revenue Growth TTMRev Gr TTM%	151.7%		73.4%	-48.2%	-61.3%	95.5%	-1.9%
PAT Growth TTMPAT Gr TTM%	212.5%	73.5%	71.5%	812.8%	-13,325.4%	-0.5%	-71.2%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26