Vijay Solvex Ltd is fundamentally a regional Indian edible-oil manufacturer that turns oilseeds and imported crude oils into the everyday vanaspati and refined oils sold under its “SCOOTER” brand, with a ceramics sideline and a mothballed wind farm on the side. Incorporated in 1987 and anchored in Alwar, Rajasthan, the company is steered by a managing director with 45 years in the oil trade and a former presidency of the Solvent Extractors’ Association of India. The recurring approach that explains everything else is a tightly woven promoter-group ecosystem: the company buys from, sells to, and shares directors with a cluster of related edible-oil entities, using those relationships to chase market opportunities while keeping its own manufacturing footprint regional. # Business segments Two engines that share a promoter ecosystem - a dominant edible-oil manufacturer that feeds India’s kitchens and a small ceramics unit making insulators, while a wind-power project sits idle. ## 1. Edible oils and vanaspati: the kitchen staple that runs the company **A regional manufacturer sells branded vanaspati ghee and refined oils into a national market that imports more than half its edible oil, making the business a processor of both domestic oilseeds and imported crude oils.** - **Processes oilseeds and crude oils** - the company takes in domestically grown soybean, rapeseed-mustard, groundnut and sunflower, alongside crude palm, soya and sunflower oils shipped from Indonesia, Malaysia, Argentina and Brazil, then refines, bleaches and de-odorises them into practically colourless, odourless and tasteless oils that are interchangeable in the kitchen. - **Sells to homes and commercial kitchens** - its customer base spans households buying from kirana stores and supermarkets, plus the food-processing and HoReCa sectors including quick-service restaurants, cloud kitchens and food-delivery services, all reached through a multi-channel mix of conventional retail, modern retail, e-commerce and direct-to-consumer routes. - **Competes in a commodity market with thin defences** - the company faces “intense competition from low priced and unscrupulous brands” in a fragmented market crowded with regional players, where domestic prices are directly linked to the price of imported palm and soybean oil because India imports nearly 60-70% of its total edible oil consumption. - **Hedges against volatile raw-material costs** - because global prices, currency swings and import-duty changes can reshape its input costs overnight, the company uses forward exchange contracts to hedge foreign-exchange risk and has adopted measures to hedge commodity-price fluctuations. - **Operates inside a promoter-group trading web** - in the ordinary course of business, the company buys from and sells to three related edible-oil entities - Deepak Vegpro, Raghuvar (India) and VDSD Foods - with transactions with Deepak Vegpro exceeding/may exceed 10% of consolidated turnover, a structure the company says is necessary to “capitalize the market opportunities”. ## 2. Ceramics: a small insulator workshop inside an oil company **Operating as “Jaipur Glass & Potteries,” this unit makes insulators that are “well accepted in India” and contributes a steady but modest stream of sales from a handful of large customers.** - **A distinct manufacturing unit on Tonk Road** - the ceramics division sits at a separate Jaipur site and is overseen by a whole-time director who is a mechanical engineer with around 31 years of experience in both the oil and ceramic industries. - **Concentrated customer base** - in FY22, four customers each accounted for more than 10% of the division’s sales, meaning the unit’s fortunes are tied to a small set of buyers. - **Steady but small contributor** - the division’s sale performance has grown from roughly Rs. 10.4 crore in FY20 to about Rs. 19.1 crore in FY25, a meaningful niche but one that sits in the shadow of the edible-oils engine. # Wind power: an idle asset in the Jaisalmer desert **A wind-power plant that once fed electricity to the grid and the company’s own factories has been idle for years because running it costs more than it earns.** - **Built as a captive-plus-grid project** - the generators at Village Hansua, Jaisalmer, were designed to sell 60% of output to the state utility RVPNL and use the remaining 40% for captive consumption at the oil division in Alwar and the ceramics division in Jaipur, paying a 2% wheeling charge to the grid. - **Shut down because the economics broke** - by October 2021 the plant was not in operation because the service provider’s operating cost exceeded the revenue generated; it has remained idle through FY23, FY24 and FY25 as the segment was “not financially viable to run,” and its effect on overall revenue is described as “very marginal”. # Group structure and partners **Vijay Solvex is one node in a dense network of promoter-controlled edible-oil companies, with overlapping directorships, cross-shareholdings and material related-party transactions that blur the boundary between the listed company and its sister entities.** - **Promoters hold a commanding stake** - the promoter and promoter group collectively held 68.962% of the equity as of March 2026, with the largest individual holdings spread across Vijay Data, Vijay Agro Mills, Daya Kishan Data and Gaurav Enclave, among 22 promoter entities and individuals. - **Related-party transactions are structural, not incidental** - three promoter-group entities in the same edible-oil business - Deepak Vegpro, Raghuvar (India) and VDSD Foods - are the counterparties to material sale-and-purchase transactions approved at up to Rs. 1,100 crore, Rs. 300 crore and Rs. 300 crore respectively for FY26, all on an arm’s-length basis in the ordinary course of business. - **Directors sit across the group** - the managing director’s son Saurabh Data is also managing director of Deepak Vegpro, while another director, Ram Prakash Mahawar, is in the senior management of Deepak Vegpro and brings around 48 years of oil-industry experience from stints at Swaika Vanaspati, Rasoi and Bhiwani Vanaspati before joining the group entity in 2012. - **A web of cross-investments** - the company holds shares in associate and trade-investment entities including Raghuvar (India), Vijay International, Vijay Agro Mills, Data Foods, Deepak Vegpro and Saurabh Agrotech, while a suspended capital work-in-progress for a “Sri Ganganagar Cotton Complex” and a refinery under progress sit on the books.