Established in **1990**, Natraj Proteins Limited is an Indian agri-business enterprise headquartered in **Itarsi, Madhya Pradesh**. The company specializes in the solvent extraction of oilseeds, refining of edible oils, and has recently diversified into rice milling and global commodity trading. Operating from a strategic location in the heart of India’s soybean belt, the company is currently transitioning from a bulk processor to a branded, consumer-centric food business. --- ### Integrated Manufacturing & Operational Infrastructure The company’s industrial operations are centralized at its integrated facility in **Nagpur Kalan, Ordinance Factory Road, Itarsi**, spanning **17.93 Acres**. * **Solvent Extraction & Refinery:** The core facility processes oilseeds—primarily **Soybean**—to produce refined edible oils, fats, and **De-oiled Cakes (DOC)**. * **Rice Milling Vertical:** A dedicated Rice Mill was successfully commissioned on **December 30, 2023**. This facility focuses on the custom milling of paddy, specifically targeting government procurement for the **Public Distribution System (PDS)**. * **Energy Efficiency:** To optimize operational costs, the company has implemented a **Solar Plant** for captive power consumption. * **Quality Assurance:** Operations adhere to a **three-stage quality control module** (incoming raw material, in-process control, and final testing) to ensure compliance with the **Prevention of Food Adulteration Act, 1954**. --- ### Strategic Business Segments & Market Positioning Natraj Proteins categorizes its revenue streams into three distinct pillars, balancing industrial processing with wholesale trading. | Segment | Primary Activities & Products | | :--- | :--- | | **Solvent Extraction** | Processing Soybean into refined oil and value-added soya food products. | | **Rice Milling** | Custom milling of paddy for government and private contracts. | | **Commodity Trading** | Wholesale trading of **Wheat, Tuar Dal, Maize, Moong Dal, Gram, and Paddy**, plus agri-equipment and derivatives. | **Growth Drivers:** * **Brand Transition:** The company is shifting focus toward **packaged oil** to capture the **75%** of the Indian market that has migrated to branded products. This includes introducing **various packaging sizes** to enhance retail reach. * **Global Footprint:** Expansion into international markets is managed through **Agronym Global Trades LLP**, in which the company holds a **19% capital stake**. * **Import Duty Dynamics:** Management anticipates that recent **import duty impositions** on edible oils will improve domestic price realizations and protect local margins. --- ### Financial Performance & Capital Structure The company has navigated a period of significant volatility, moving from profitability in **FY23** to a sharp downturn in **FY24**, followed by a recovery phase in **FY25**. **Three-Year Financial Summary:** | Metric (INR Crore) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :---: | :---: | :---: | | **Total Revenue** | **118.27** | **194.03** | **143.69** | | **Net Sales** | **117.78** | **193.73** | **143.60** | | **Profit / (Loss) After Tax** | **(1.46)** | **(12.52)** | **0.71** | | **Return on Net Worth** | *N/A* | **-37.14%** | **1.54%** | **Capital & Liquidity Profile:** * **Equity Base:** Paid-up equity capital stands at **₹3.75 Crore**, comprising **37.47 Lakh** shares (Face Value **₹10/-**). * **Shareholding:** **73.85%** of shares are held in dematerialized form via NSDL/CDSL. * **Dividend:** No dividend was declared for **FY 2024-25** due to the reported losses. * **Banking & Credit:** Working capital is secured through **Bank of Baroda**. Interest rates are **9.70%** on Open Cash Credit and **7.50%** on the Guaranteed Emergency Credit Line (**BGECLS**). * **Margin Money:** As of **March 31, 2025**, the company maintained **₹3.61 Crore** in margin money deposits to support credit limits and bank guarantees. --- ### Credit Ratings & Risk Profile The company’s creditworthiness is monitored by **CRISIL**, reflecting a stable but cautious outlook in a volatile commodity environment. * **Long Term Rating:** **CRISIL BB+/Stable** (Reaffirmed May 2024) * **Short Term Rating:** **CRISIL A4+** (Reaffirmed May 2024) **Key Risk Factors:** * **Raw Material Volatility:** Soybean yields are highly dependent on **monsoon patterns**. Furthermore, a regional shift in cultivation toward **paddy and maize** is reducing the available acreage for Soya. * **Product Substitution:** The demand for **De-oiled Cake (DOC)** is threatened by the increasing use of **DDGS** (Distillers Dried Grains with Solubles) as a cheaper alternative in poultry feed. * **Geopolitical & Regulatory Risks:** Political instability in **Bangladesh** impacts export demand. Additionally, the notification of new **Labour Codes** in **November 2025** may impact future employee benefit costs. * **Global Competition:** High production volumes in **South America** exert downward pressure on global commodity prices. --- ### Governance, Management & Compliance The company is led by a seasoned management team with deep roots in the Indian Soya industry. * **Leadership:** **Mr. Kailash Chand Sharma**, with **33 years of experience**, has been re-appointed as **Chairman and Managing Director** for a **3-year term** effective **August 1, 2025**. * **Audit & Oversight:** **M/s. D.K. Jain & Co.** has been appointed as Secretarial Auditor for a five-year tenure (**2025–2030**). Financials are strictly prepared under **IND-AS**. * **Employee Welfare:** The company maintains a funded **Gratuity** plan through **LIC of India**, which held a **Net Asset position of ₹11.73 Lakhs** as of the last valuation. * **Compliance Status:** * The company has **not accepted public deposits** under Section 73 of the Companies Act. * Management is working toward **100% dematerialization** of promoter holdings (currently at **97.92%**). * A civil suit was initiated in **September 2024** against **M/s Khedut Agro Engineering Private Limited** regarding operational disputes.