Integrated Proteins Ltd is a company in the middle of a deliberate reinvention. Founded in 1992 as a regional processor of oil seeds in Jamnagar, Gujarat, it had largely ceased operations by the early 2020s. A change in control in late 2024 and a rewritten corporate charter have since transformed it into a multi-segment enterprise, using its listed-company shell to enter a collection of unrelated new businesses - from textiles and securities trading to medical supplies and real estate - all within a single fiscal year. # Business segments Five businesses at vastly different stages - a legacy commodity trader, two newly launched operating segments, and two asset-holding shells with minimal or no revenue - assembled through a recent corporate reset. ## 1. Textiles: the largest new revenue stream **A trading business that appeared in the final quarter of the year and immediately became the company’s biggest sales contributor.** - **Bought and sold, not manufactured** - the segment trades in textiles, generating revenue of Rs. 461.62 lakhs in its first year, all of which came in the quarter ending March 2026. - **Asset-light trading model** - it held Rs. 184.70 lakhs in segment assets with no reported liabilities, suggesting the company finances inventory without taking on segment-level debt. - **Thin margin by design** - the segment earned a profit before tax and interest of just Rs. 5.24 lakhs on those sales, consistent with a high-volume, low-markup trading operation. ## 2. Agro & Trading: the legacy commodity business **The company’s original activity, now a minor contributor kept alive after the core processing operations were shut down.** - **What remains of a processor** - the company once manufactured and processed oil seeds like soyabean, mustard, and groundnut, but it has ceased all solvent extraction operations. - **A shrinking footprint** - segment assets stood at just Rs. 26.18 lakhs as of March 2026, reflecting a business that has been deliberately scaled back as the company pivots elsewhere. ## 3. Securities: the profit engine with the biggest balance sheet **A portfolio of investments that earns more than any other segment while holding the bulk of the company’s assets.** - **The real profit centre** - despite contributing only Rs. 94.34 lakhs in revenue, the segment delivered a profit before tax and interest of Rs. 23.98 lakhs, the highest of any unit. - **The company’s vault** - segment assets of Rs. 1,531.32 lakhs dominate the balance sheet, meaning most of the company’s capital is deployed in financial instruments rather than in its trading operations. ## 4. Medical: a placeholder with a licence **A business that exists on paper with assets deployed but virtually no commercial activity yet.** - **A single transaction** - the segment recorded revenue of Rs. 0.50 lakhs for the entire year, with an identical profit figure, indicating at most a token sale. - **Capital committed, not yet working** - segment assets of Rs. 150.00 lakhs have been allocated, so the company has put money behind the intent even though operations have not begun in earnest. ## 5. Real Estate: land and construction rights with no sales **A segment that holds assets and earns a small profit without generating any revenue.** - **No revenue, but a profit** - the segment reported nil sales for the year yet posted a profit before tax and interest of Rs. 4.85 lakhs, likely from ancillary income on its property holdings. - **Land bank and permissions** - the company’s amended charter now permits construction of roads, dams, and buildings, and dealing in land, while the board has approved the sale of surplus land to related parties and recommended it for member approval. - **Capital at rest** - segment assets of Rs. 150.54 lakhs are tied up in real estate that has yet to produce a sale. # Group structure and partners **A listed shell with no subsidiaries, a new controlling shareholder, and a promoter group that has fully exited.** - **No corporate group** - during the years under review, the company did not have any subsidiaries, joint ventures, or associate companies, and it contains no core investment company. - **Ownership changed hands in a week** - in December 2024, Siddheshwar Advisory Private Limited, a non-promoter entity, acquired a 19.72% stake from the sole promoter, Arvind K. Shah, via an off-market transfer; it bought a further 2.79% the next day to reach 23.53%. - **Promoters seeking reclassification** - by July 2026, ten individuals from the promoter group holding a combined 2.23% had asked to be reclassified as public shareholders, completing the separation from the original founders. - **Loans from the old guard** - the company has historically accepted unsecured loans from Mr. Arvind Shah, the former managing director, and has also lent money to outside parties, with Rs. 174 lakhs outstanding as of March 2024.