Mayank Cattle Food Limited (**MCFL**) is a prominent Indian agro-processing entity specializing in the production of maize-based derivatives and advanced animal nutrition solutions. Established in **1998** and headquartered in Gujarat, the company transitioned to a public limited entity in **June 2023** and successfully listed on the **BSE SME Platform** in **February 2024**. MCFL operates at the intersection of the edible oil and livestock industries, the latter of which contributes **25.6% to India’s total agricultural GDP**. --- ### **Core Manufacturing Operations & Infrastructure** MCFL’s primary business model centers on the manufacturing and sale of **Raw Unfiltered Edible Maize Oil and Maize Cake**. The company operates a centralized manufacturing base on the **Rajkot-Jamnagar Highway** in **Gujarat**. * **Capacity Expansion:** The company recently enhanced its production capabilities by installing **two new Oil Expeller machines** at its **Manavadar Plant, Junagadh**, resulting in an estimated **40% increase** in total production capacity. * **Distribution Reach:** MCFL maintains an extensive **pan-India network**, recently strengthening its footprint by allotting distributorships to **78 selected dealers and sub-dealers**. * **Operational Standards:** Products are processed under strict quality controls to ensure purity, focusing on improving **feed conversion efficiency** and supporting the long-term well-being of livestock. --- ### **Diversified Product Portfolio & Market Segments** The company has evolved from a traditional feed producer into a diversified agribusiness with three primary segments: **Cattle Feed**, **Poultry Feed**, and **Aquafeed**. #### **1. Animal Nutrition & Supplements** MCFL combines traditional Ayurvedic knowledge with modern veterinary science to produce high-value supplements. * **MAYANK ALL IN ONE (Launched March 2026):** A nutritional supplement enriched with vitamins and minerals designed to increase **milk yield** and **fat content**. * **MAYANK HAJMA HAJAM (Launched March 2026):** A digestive supplement utilizing enzymes and live yeast to prevent bloating and support rumen function. * **Masino Nuskho (Launched Sept 2025):** An Ayurvedic postnatal care formulation for cattle, focusing on uterine health and lactation stimulation. #### **2. Edible Oils & Industrial Byproducts** * **Maize Oil:** Produced in both non-edible and raw unfiltered edible varieties. * **Rapeseed Oil (Launched April 2024):** A heart-healthy edible oil rich in **Omega-3**, featuring a high smoke point (**400°F**) for human consumption. * **Maize Cake:** A high-demand byproduct used extensively as a primary cattle feed ingredient. --- ### **Strategic Growth & Forward Integration** MCFL is executing a multi-pronged strategy to transition from a regional player to a national agribusiness leader through vertical integration and inorganic growth. * **Acquisitions:** The company executed a **₹6.00 Crore slump sale** to acquire **M/S Ajay Industries**, integrating ginning and oil manufacturing operations to capture synergies and expand its customer base. * **Agrochemical Entry:** MCFL acquired a **65% equity stake** in **Nanogen Agrochem Private Limited**, facilitating entry into the fertilizer sector (though it subsequently divested a **64.96% stake** in **March 2026** after establishing **50 franchises**). * **Object Clause Amendments:** The company formally amended its Memorandum of Association to permit trading in **Cottonseed Oil**, **Agrochemicals**, and providing specialized services to the **Ginning and Oil industries**. --- ### **Financial Performance & Capital Structure** MCFL demonstrated robust financial scaling in **FY 2024-25**, characterized by significant margin expansion and debt reduction. **Standalone Financial Highlights:** | Metric (₹ in Crore) | FY 2024-25 | FY 2023-24 | Growth (%) | | :--- | :--- | :--- | :--- | | **Income from Operations** | **390.86** | **290.30** | **34.64%** | | **Profit After Tax (PAT)** | **4.97** | **3.03** | **63.87%** | | **Earnings Per Share (₹)** | **9.21** | **7.80** | **18.07%** | | **Total Long-Term Borrowings**| **5.31** | **10.38** | **(48.84%)** | **Consolidated Performance (FY 2024-25):** * **Consolidated Revenue:** **₹392.43 Crore** * **Consolidated EPS:** **₹9.33** * **Capital Reserve:** **₹18.68 Lakhs** (generated from the Ajay Industries acquisition). **Capital Management:** The company’s paid-up share capital rose from **₹20 Lakhs** to **₹5.40 Crore** following a **34,00,000 share Bonus Issue** and the **18,00,000 share IPO**. MCFL has utilized **96.18%** of its **₹19.44 Crore** IPO proceeds as of August 2025. --- ### **IPO Proceeds & Reallocation Table** To maintain liquidity and address operational exigencies, the company reallocated a portion of its IPO funds: | Original Object | Reallocated Amount | New Purpose | | :--- | :--- | :--- | | **Capital Expenditure (CapEx)** | **₹74.17 Lakhs** | **Working Capital Requirements** | | **Unutilized Funds** | **Remaining Balance** | **Fixed Deposits (HDFC Bank)** | --- ### **Risk Factors & Mitigation** Investors should consider the following risks inherent to MCFL’s operations and the broader agro-commodity sector: * **Raw Material Volatility:** Fluctuating prices and availability of maize and seeds require the company to pivot toward alternative ingredients to maintain margins. * **Strategic Reallocation Risk:** The diversion of **₹74.17 Lakhs** from planned CapEx to working capital indicates a prioritization of short-term liquidity over long-term infrastructure investment. * **Environmental & Regulatory Pressures:** Rising concerns regarding the carbon footprint of animal agriculture and water usage may lead to stricter government mandates or shifts in consumer demand toward sustainable practices. * **Market Competition:** The Indian cattle feed market is projected to reach **$19.23 billion by 2028**, attracting intense competition from both organized and unorganized players. * **Internal Controls:** While no **material weaknesses** were reported by internal auditors, the company remains exposed to supply chain disruptions caused by geopolitical issues or transportation strikes.