Mayank Cattle Food Ltd is fundamentally a maize-and-cotton processor that turns agricultural commodities into cattle feed and oils, built around the mechanised expelling of maize germ - a process that has defined the company since its founding in 1998. It listed on the BSE SME platform in February 2024 and immediately transformed its structure by acquiring a related partnership firm, M/S Ajay Industries, bringing in a second plant and cotton-processing capabilities. The recurring approach that explains everything else is forward integration: the company repeatedly takes its core oil-and-cake output and pushes it further downstream into branded edible oils and a growing shelf of animal nutrition supplements, each launch deepening its hold on the same Gujarat-centred cattle-feed market. # Business segments A single engine - maize and cotton processing - that the company has extended forward into a branded portfolio of edible oils and animal nutrition products, all sold through a dealer network to the same dairy-farming customer base. ## 1. Maize and cotton processing: the commodity engine that feeds everything else **The company crushes maize germ and processes cotton seed into oil and cake, then sells both - the cake goes to cattle, the oil goes to industry, and the cash from this cycle funds every branded launch.** - **Two plants, one process** - manufacturing happens at the original Naranka facility in Rajkot and a second plant in Manavadar, Junagadh, acquired in 2024 through the slump-sale purchase of M/S Ajay Industries, a firm already run by the same promoter family. - **Maize germ in, oil and cake out** - the core operation is mechanical expelling: maize germ is pressed to yield non-edible maize oil and maize cake, the latter forming the company's foundational cattle-feed product. - **Cotton fills out the portfolio** - alongside its own manufacturing, the company trades in cotton cakes, cotton bales, cotton wash oil, cotton seed, and cotton soap, so it captures revenue across the cotton value chain without needing to process every item itself. - **Capacity added with internal cash** - in late 2024 the company bought two additional oil expellers for the Manavadar plant, lifting cotton-cake capacity by roughly 40% (about 20 tonnes per day) and cotton-oil capacity by about 3.2 tonnes per day, funded entirely from internal accruals at a cost of approximately one crore rupees. - **Raw-material risk is real** - key inputs like maize germ, soybean meal and sorghum face price swings and compete with human consumption, so input costs can move against the company even when demand for its output is steady. ## 2. Branded animal nutrition and edible oils: forward-integration bets on the same customer **Starting from its commodity oil-and-cake base, the company has launched a string of own-brand products - edible oils for kitchens, herbal and enzyme-based supplements for dairy animals - all sold through a growing dealer network to the same Gujarat farming community.** - **Edible oils stretch the asset** - rapeseed oil (launched April 2024) and groundnut oil (commenced production April 2026) take the company beyond non-edible industrial oils into the consumer and food-service market, using the same processing know-how. - **A shelf of animal supplements, built one launch at a time** - between September 2025 and May 2026 the company rolled out six branded products: a post-calving herbal formulation ("Masino Nuskho"), an all-in-one feed supplement for milk yield and herd health, a digestive-enzyme product for rumen function, a milk-fat booster, a liquid calcium supplement for lactation, and a multivitamin-mineral liquid - each targeting a specific productivity or health need in dairy animals. - **Dealers are the route to the farmer** - in December 2024 the company appointed 78 dealers and sub-dealers across Gujarat towns like Kesod, Mangrol, Kodinar and Manavadar, giving it a direct sales channel into the dairy-farming communities that buy its feed and supplements. - **India's milk bowl is the demand floor** - the company's customer base of farmers and dairy cooperatives sits inside the world's largest milk-producing country, which contributed 24% of global milk output in 2021-22, so the addressable market for cattle nutrition is both vast and local. # Group structure and partners **A tightly held promoter group runs the company, which briefly held a fertiliser subsidiary before selling almost all of it - the structure is designed for control, not complexity.** - **The Ajay Industries acquisition was an in-family consolidation** - the partnership firm bought via slump sale in April 2024 had as its partners Ankit, Tanmai and Mayank Vachhani, all of whom were already board members of Mayank Cattle Food; the approximately Rs. 7 crore bank payment brought a second plant and a business that had generated turnover of Rs. 27-33 crore in the preceding three years onto the listed company's books. - **A fertiliser subsidiary came and mostly went** - the company acquired 65% of Nanogen Agrochem Private Limited in April 2024 to enter fertilisers and agrochemicals, but by March 2026 it had transferred 64.96% of that stake, retaining only a token 0.04% interest; at the time of sale the subsidiary was not a material subsidiary as on 31st March, 2025.