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Riddhi Siddhi Gluco Biols Ltd

RIDDHI

BSE

₹700.00-2.05%19 Oct 2026

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Riddhi Siddhi Gluco Biols Ltd

RIDDHI

BSE

₹700.00

-2.05%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Riddhi Siddhi Gluco Biols is a company built on a single, defining pivot: it sold the corn-processing business that made its name, spent over a decade living off the proceeds as a treasury operation with a side of wind energy and commodity trading, and then - in April 2026 - bought its way back into corn wet milling with the acquisition of a large Cargill plant, coming full circle to what management calls leadership in India’s starch industry. Founded in 1990 and listed on the Bombay Stock Exchange, the company has always been a net-cash entity, with cash, bank balances and liquid investments far exceeding its debt. That cash-rich balance sheet is the recurring theme: every business it enters - whether a wind farm, a trading desk or a starch factory - is funded without stretching the balance sheet, and the treasury itself is run as a standalone profit centre.

Business segments

Four engines at different stages - a newly acquired starch factory returning the company to its roots, a commodity-trading desk dependent on a single customer, a small fleet of windmills selling power to state grids, and a large treasury operation that deploys surplus cash into loans and investments - all resting on the same net-cash foundation.

1. Corn wet milling and starch derivatives: the return to where it all began

A 300,000-tonne-per-year corn-processing plant in Karnataka, bought from Cargill in 2026, puts the company back into the business of making maltodextrin, liquid glucose and corn by-products - the industry it exited over a decade ago.

A ready-made factory, not a greenfield build - the Davangere facility has been running since 2016, sits on 52 acres, and came with land, production infrastructure, warehouses and corn silos already in place, so the company bought operating capacity rather than constructing it.
Captive renewable power locked in - alongside the plant, the company acquired a 26% partnership interest in a 25.30 MW wind-and-solar power plant, which qualifies it as a captive user and gives it long-term, cost-competitive electricity for the energy-hungry milling process.
Serves the factories that make food, drugs and paper - the plant’s output - maltodextrin, liquid glucose, corn germ, corn gluten and corn fibre - feeds into food, pharmaceutical, and industrial supply chains, giving the company a diversified customer base across essential industries.

2. Commodity trading: a concentrated bet on agricultural and metal goods

A trading desk that buys and sells agricultural and metal commodities, with nearly nine-tenths of its revenue coming from a single customer - making it a high-volume, high-dependence business.

Takes title, not just orders - the company holds inventory of trading goods on its books, valued at the lower of cost and net realisable value, and recognises revenue only when the customer takes delivery and control passes.
Weather moves the needle - performance depends on the monsoon season in India, because the agricultural commodities it trades are sensitive to crop output and rural demand cycles.

3. Wind energy generation: a small fleet selling electrons to state grids

Thirty-two megawatts of windmills across Tamil Nadu and Gujarat that generate electricity and sell it to state electricity distribution companies - a business where revenue rises and falls with the wind.

Paid per unit, net of what is lost on the wires - revenue is booked based on the electrical units generated minus transmission loss, as certified in power generation reports issued by the authorities.
The wind decides the output - with 31.65 MW of installed capacity, the business generated 32.49 million units in FY25, but its fundamental dependence on wind speed and turbine uptime means production is inherently variable.
A shrinking footprint - the company sold non-operational windmills in Maharashtra during FY25, reducing its total capacity from an earlier 33.15 MW, and the associated land is still held for sale pending a government no-objection certificate.

4. Treasury and lending: the cash engine that funds everything else

A portfolio of loans, listed shares, mutual funds and debentures, run as a separate corporate segment, that earns interest, dividends and investment gains on the surplus cash left over from the sale of the original corn business.

A lender, not just an investor - the company extends loans to other companies at prevailing market rates, and as of March 2025 had over ₹808 crore in outstanding loans, more than half of it to a related party, Bluecraft Agro Private Limited.
A liquid investment book - the portfolio includes listed equity shares valued at roughly ₹268 crore and investments in private and other funds of about ₹34 crore, alongside debt mutual funds, debentures and alternative investment plans.
Hedged, not speculative - the company uses forward exchange contracts only to hedge foreign-currency exposures tied to recognised liabilities and commitments, and explicitly stays away from derivatives for trading or speculation.

Group structure and partners

The company sits under a holding company, controls a struggling paper-mill subsidiary that now only bottles water, and is run by the Chowdhary family.

Owned by Creelotex Engineers - the company became a subsidiary of Creelotex Engineers Private Limited on 31 March 2017, and the promoter group held roughly 74.5% after a reclassification in mid-2023.
A subsidiary with one surviving division - Shree Rama Newsprint Limited, in which the company holds nearly 75% voting power, has shut its paper-making plant due to sustained losses and taken a nearly ₹100 crore impairment; only its packaged water bottling line continues to operate, and that depends on ongoing financial support.
Family-led, with a web of related entities - the Promoter-Chairman & Managing Director is Mr. Ganpatraj L. Chowdhary and the Whole-Time Director is his son, Mr. Siddharth G. Chowdhary; Mr. Siddharth G. Chowdhary is associated with several private companies including Bluecraft Agro, Safari Biotech and Midas Naturals, while Mr. Ganpatraj L. Chowdhary is associated with Safari Biotech (among others).

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

₹499Cr

Close Price

₹700.00

Industry

Trading

Price To Earnings

—

Price To Sales

2.92

Revenue

₹171Cr

Rev Gr TTM

Revenue Growth TTM

-37.98%

PAT Gr TTM

PAT Growth TTM

38.37%

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	18	136	51	14	49	44	28	155	32	40	9	90
Growth YoY Revenue Growth YoY%	-37.8	518.3	-27.8	-77.6	169.7	-67.3	-44.7	984.2	-34.4	-9.6	-67.7	-41.9
Expenses ExpensesCr	14	133	54	14	42	45	31	155	31	46	17	93
Operating Profit Operating ProfitCr	4	2	-3	0	6	-1	-3	0	2	-6	-8	-3
OPM OPM%	20.6	1.8	-6.0	-1.5	13.1	-1.7	-12.3	-0.2	4.8	-13.8	-89.1	-3.0
Other Income Other IncomeCr	23	20	16	20	21	20	26	21	22	14	11	17
Interest Expense Interest ExpenseCr	3	2	2	2	3	3	3	4	5	4	4	6
Depreciation DepreciationCr	3	3	3	2	2	2	2	2	2	2	2	2
PBT PBTCr	21	18	9	16	23	15	18	15	16	2	-4	6
Tax TaxCr	9	9	-20	-10	8	-4	15	6	1	2	1	2
PAT PATCr	10	6	21	24	13	-54	5	8	14	-1	-33	3
Growth YoY PAT Growth YoY%	48,950.0	131.3	123.3	287.8	35.9	-940.1	-78.4	-66.3	3.1	97.6	-807.1	-62.6
NPM NPM%	54.1	4.7	42.4	167.5	27.3	-121.9	16.5	5.2	42.8	-3.2	-361.8	3.4
EPS EPS₹	13.8	9.0	30.1	33.5	18.7	-75.8	6.5	11.3	19.3	-1.8	-45.9	4.2

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	18	136	51	14	49	44	28	155	32	40	9	90
Growth YoY Revenue Growth YoY%	-37.8	518.3	-27.8	-77.6	169.7	-67.3	-44.7	984.2	-34.4	-9.6	-67.7	-41.9
Expenses ExpensesCr	14	133	54	14	42	45	31	155	31	46	17	93
Operating Profit Operating ProfitCr	4	2	-3	0	6	-1	-3	0	2	-6	-8	-3
OPM OPM%	20.6	1.8	-6.0	-1.5	13.1	-1.7	-12.3	-0.2	4.8	-13.8	-89.1	-3.0
Other Income Other IncomeCr	23	20	16	20	21	20	26	21	22	14	11	17
Interest Expense Interest ExpenseCr	3	2	2	2	3	3	3	4	5	4	4	6
Depreciation DepreciationCr	3	3	3	2	2	2	2	2	2	2	2	2
PBT PBTCr	21	18	9	16	23	15	18	15	16	2	-4	6
Tax TaxCr	9	9	-20	-10	8	-4	15	6	1	2	1	2
PAT PATCr	10	6	21	24	13	-54	5	8	14	-1	-33	3
Growth YoY PAT Growth YoY%	48,950.0	131.3	123.3	287.8	35.9	-940.1	-78.4	-66.3	3.1	97.6	-807.1	-62.6
NPM NPM%	54.1	4.7	42.4	167.5	27.3	-121.9	16.5	5.2	42.8	-3.2	-361.8	3.4
EPS EPS₹	13.8	9.0	30.1	33.5	18.7	-75.8	6.5	11.3	19.3	-1.8	-45.9	4.2

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	342	508	804	682	576	498	223	173	268	136	236	171
Growth Revenue Growth%		48.6	58.2	-15.2	-15.5	-13.7	-55.1	-22.6	55.0	-49.4	74.0	-38.0
Expenses ExpensesCr	355	555	814	605	529	511	200	172	265	134	248	186
Operating Profit Operating ProfitCr	-13	-47	-10	77	48	-14	23	1	3	2	-12	-15
OPM OPM%	-3.9	-9.3	-1.3	11.3	8.3	-2.7	10.3	0.4	1.3	1.5	-5.2	-8.6
Other Income Other IncomeCr	134	111	76	70	50	59	62	67	81	88	69	64
Interest Expense Interest ExpenseCr	33	50	62	40	31	26	8	8	9	10	18	20
Depreciation DepreciationCr	28	35	34	35	37	37	13	12	11	9	8	8
PBT PBTCr	59	-21	-30	73	30	-18	64	48	65	71	31	21
Tax TaxCr	15	25	-39	6	6	44	16	15	8	8	10	7
PAT PATCr	44	-45	9	67	24	-62	49	33	57	63	20	-17
Growth PAT Growth%		-203.3	119.6	657.9	-64.2	-356.7	178.8	-31.5	71.3	10.3	-67.7	38.4
NPM NPM%	12.8	-8.9	1.1	9.9	4.2	-12.4	21.8	19.3	21.3	46.5	8.6	-10.1
EPS EPS₹	47.5	-60.0	26.6	68.3	46.1	-65.6	3.1	-119.1	61.5	-17.1	-17.2	-24.2

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	342	508	804	682	576	498	223	173	268	136	236	171
Growth Revenue Growth%		48.6	58.2	-15.2	-15.5	-13.7	-55.1	-22.6	55.0	-49.4	74.0	-38.0
Expenses ExpensesCr	355	555	814	605	529	511	200	172	265	134	248	186
Operating Profit Operating ProfitCr	-13	-47	-10	77	48	-14	23	1	3	2	-12	-15
OPM OPM%	-3.9	-9.3	-1.3	11.3	8.3	-2.7	10.3	0.4	1.3	1.5	-5.2	-8.6
Other Income Other IncomeCr	134	111	76	70	50	59	62	67	81	88	69	64
Interest Expense Interest ExpenseCr	33	50	62	40	31	26	8	8	9	10	18	20
Depreciation DepreciationCr	28	35	34	35	37	37	13	12	11	9	8	8
PBT PBTCr	59	-21	-30	73	30	-18	64	48	65	71	31	21
Tax TaxCr	15	25	-39	6	6	44	16	15	8	8	10	7
PAT PATCr	44	-45	9	67	24	-62	49	33	57	63	20	-17
Growth PAT Growth%		-203.3	119.6	657.9	-64.2	-356.7	178.8	-31.5	71.3	10.3	-67.7	38.4
NPM NPM%	12.8	-8.9	1.1	9.9	4.2	-12.4	21.8	19.3	21.3	46.5	8.6	-10.1
EPS EPS₹	47.5	-60.0	26.6	68.3	46.1	-65.6	3.1	-119.1	61.5	-17.1	-17.2	-24.2

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	7	7	7	7	7	7	7	7	7	7	7
Reserves ReservesCr	1,360	1,316	1,382	1,429	1,417	1,446	1,497	1,425	1,530	1,542	1,502
Current Liabilities Current LiabilitiesCr	347	640	416	357	340	292	156	190	168	182	178
Non Current Liabilities Non Current LiabilitiesCr	254	232	170	121	93	96	90	13	14	16	174
Total Liabilities Total LiabilitiesCr	2,075	2,373	2,143	2,078	1,991	1,941	1,838	1,692	1,774	1,784	1,891
Current Assets Current AssetsCr	1,123	1,347	1,070	935	983	600	539	727	679	610	694
Non Current Assets Non Current AssetsCr	952	1,026	1,073	1,144	1,007	1,341	1,298	965	1,095	1,174	1,198
Total Assets Total AssetsCr	2,075	2,373	2,143	2,078	1,991	1,941	1,838	1,692	1,774	1,784	1,891

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	7	7	7	7	7	7	7	7	7	7	7
Reserves ReservesCr	1,360	1,316	1,382	1,429	1,417	1,446	1,497	1,425	1,530	1,542	1,502
Current Liabilities Current LiabilitiesCr	347	640	416	357	340	292	156	190	168	182	178
Non Current Liabilities Non Current LiabilitiesCr	254	232	170	121	93	96	90	13	14	16	174
Total Liabilities Total LiabilitiesCr	2,075	2,373	2,143	2,078	1,991	1,941	1,838	1,692	1,774	1,784	1,891
Current Assets Current AssetsCr	1,123	1,347	1,070	935	983	600	539	727	679	610	694
Non Current Assets Non Current AssetsCr	952	1,026	1,073	1,144	1,007	1,341	1,298	965	1,095	1,174	1,198
Total Assets Total AssetsCr	2,075	2,373	2,143	2,078	1,991	1,941	1,838	1,692	1,774	1,784	1,891

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	0	-284	-34	-1	116	130	161	1	9	-28	-9
Investing Cash Flow Investing Cash FlowCr	-67	65	269	163	30	-91	-71	8	21	21	-22
Financing Cash Flow Financing Cash FlowCr	-55	192	-263	-169	-131	-108	-94	2	-41	8	140
Net Cash Flow Net Cash FlowCr	-122	-27	-28	-7	15	-69	-3	11	-11	0	108
Free Cash Flow Free Cash FlowCr	2	-284	-34	-1	118	144	166	1	16	-25	11
CFO To PAT CFO To PAT%	0.5	626.0	-377.9	-1.9	483.1	-210.2	331.1	1.6	15.6	-44.9	-45.3
CFO To EBITDA CFO To EBITDA%	-1.6	602.3	320.2	-1.7	244.7	-953.8	700.2	78.0	263.8	-1,422.3	75.2

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	0	-284	-34	-1	116	130	161	1	9	-28	-9
Investing Cash Flow Investing Cash FlowCr	-67	65	269	163	30	-91	-71	8	21	21	-22
Financing Cash Flow Financing Cash FlowCr	-55	192	-263	-169	-131	-108	-94	2	-41	8	140
Net Cash Flow Net Cash FlowCr	-122	-27	-28	-7	15	-69	-3	11	-11	0	108
Free Cash Flow Free Cash FlowCr	2	-284	-34	-1	118	144	166	1	16	-25	11
CFO To PAT CFO To PAT%	0.5	626.0	-377.9	-1.9	483.1	-210.2	331.1	1.6	15.6	-44.9	-45.3
CFO To EBITDA CFO To EBITDA%	-1.6	602.3	320.2	-1.7	244.7	-953.8	700.2	78.0	263.8	-1,422.3	75.2

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	221	316	446	236	142	176	246	238	360	374	294	499
Price To Earnings Price To Earnings	5.5		23.5	4.8	4.3		110.7		8.2
Price To Sales Price To Sales	0.7	0.6	0.6	0.3	0.3	0.3	1.1	1.4	1.3	2.8	1.3	2.9
Price To Book Price To Book	0.2	0.2	0.3	0.2	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.3
EV To EBITDA EV To EBITDA	-47.8	-20.3	-84.4	7.1	7.2	-29.5	17.4	448.1	128.0	238.4	-38.1	-46.5
Profitability Ratios Profitability Ratios
GPM GPM%	7.3	14.7	7.3	23.6	17.5	4.9	18.3	11.3	10.8	17.2	5.8	5.8
OPM OPM%	-3.9	-9.3	-1.3	11.3	8.3	-2.7	10.3	0.4	1.3	1.5	-5.2	-8.6
NPM NPM%	12.8	-8.9	1.1	9.9	4.2	-12.4	21.8	19.3	21.3	46.5	8.6	-10.1
ROCE ROCE%	5.2	1.5	1.7	6.4	3.7	0.5	4.3	3.7	4.6	4.9	2.7	2.7
ROE ROE%	3.2	-3.4	0.6	4.7	1.7	-4.3	3.2	2.3	3.7	4.1	1.4	1.4
ROA ROA%	2.1	-1.9	0.4	3.2	1.2	-3.2	2.6	2.0	3.2	3.5	1.1	1.1
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	221	316	446	236	142	176	246	238	360	374	294	499
Price To Earnings Price To Earnings	5.5		23.5	4.8	4.3		110.7		8.2
Price To Sales Price To Sales	0.7	0.6	0.6	0.3	0.3	0.3	1.1	1.4	1.3	2.8	1.3	2.9
Price To Book Price To Book	0.2	0.2	0.3	0.2	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.3
EV To EBITDA EV To EBITDA	-47.8	-20.3	-84.4	7.1	7.2	-29.5	17.4	448.1	128.0	238.4	-38.1	-46.5
Profitability Ratios Profitability Ratios
GPM GPM%	7.3	14.7	7.3	23.6	17.5	4.9	18.3	11.3	10.8	17.2	5.8	5.8
OPM OPM%	-3.9	-9.3	-1.3	11.3	8.3	-2.7	10.3	0.4	1.3	1.5	-5.2	-8.6
NPM NPM%	12.8	-8.9	1.1	9.9	4.2	-12.4	21.8	19.3	21.3	46.5	8.6	-10.1
ROCE ROCE%	5.2	1.5	1.7	6.4	3.7	0.5	4.3	3.7	4.6	4.9	2.7	2.7
ROE ROE%	3.2	-3.4	0.6	4.7	1.7	-4.3	3.2	2.3	3.7	4.1	1.4	1.4
ROA ROA%	2.1	-1.9	0.4	3.2	1.2	-3.2	2.6	2.0	3.2	3.5	1.1	1.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	KDGREEN	SUSAN	HPTL	RIDDHI	EVEXIA	ARVAYA	JKIPL
Market CapitalizationMkt CapCr	507	505	500	499	466	465	455
Close PriceClose₹	49.95	248.50	420.00	700.00	2.10	96.90	118.61
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	74.55	27.70	19.64		50.00	510.00	46.33
Price To SalesPS	4.35	1.88	0.21	2.92	3.93	51.08	1.25
RevenueRevenueCr	117	269	2,392	171	119	9	365
Revenue Growth TTMRev Gr TTM%			49.8%	-38.0%	26.1%		-3.8%
PAT Growth TTMPAT Gr TTM%			102.6%	38.4%	-7.0%		-60.7%

	KDGREEN	SUSAN	HPTL	RIDDHI	EVEXIA	ARVAYA	JKIPL
Market CapitalizationMkt CapCr	507	505	500	499	466	465	455
Close PriceClose₹	49.95	248.50	420.00	700.00	2.10	96.90	118.61
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	74.55	27.70	19.64		50.00	510.00	46.33
Price To SalesPS	4.35	1.88	0.21	2.92	3.93	51.08	1.25
RevenueRevenueCr	117	269	2,392	171	119	9	365
Revenue Growth TTMRev Gr TTM%			49.8%	-38.0%	26.1%		-3.8%
PAT Growth TTMPAT Gr TTM%			102.6%	38.4%	-7.0%		-60.7%

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Jun 26