Ramdevbaba Solvent Ltd is fundamentally a rice-bran refiner - it takes the brown outer layer discarded by rice mills and turns it into cooking oil, cattle feed, and industrial by-products, all from two factory sites in Maharashtra’s rice belt. The company was founded in 2008 and listed on the NSE Emerge platform in April 2024, but its promoters brought more than four decades of agro-food experience to the venture. Everything the company does follows a single, recurring logic: locate the plant next to an abundant, cheap raw material, extract every saleable molecule from it, and sell the output both under its own brands and in bulk to institutions - a model that turns a low-cost agricultural input into multiple revenue streams from one integrated site. # Business segments A single integrated engine - physically refined rice bran oil and its by-products - anchored by two factories in Maharashtra’s rice-growing heartland, with an ethanol subsidiary under construction next door. ## 1. Physically Refined Rice Bran Oil & By-Products: the core extraction-and-refining engine **The company buys rice bran cheaply from local mills, extracts crude oil, refines it physically, and sells the finished oil under its own brands while monetising every by-product - from cattle feed to wax.** - **Raw material at the factory gate** - the main input, rice bran, is sourced from rice mills in the Vidarbha region of Maharashtra, one of the largest rice-producing areas in the state, so the company secures a regular supply at competitive prices without long-distance logistics. - **Two integrated sites, five processing lines** - the company operates two manufacturing facilities at Bramhapuri and Mahadula near Nagpur, together housing three solvent extraction plants and two oil refineries, with pipelines connecting extraction to refining so material moves seamlessly and costs stay low. - **Own brands plus institutional bulk** - refined rice bran oil is sold under the ‘Tulsi’ and ‘Sehat’ labels through retail stores across Maharashtra, while institutional customers - FMCG companies, wholesalers, and distributors - buy directly, with the company developing customised variants in its own laboratories before scaling up. - **Everything that comes out gets sold** - beyond the main oil, the process yields De-oiled Rice Bran (DORB), branded ‘RBS HI-PRO DORB’ and sold as cattle, poultry, and fish feed across nine states, plus fatty acid, lecithin, gums, spent earth, and wax that go to food, cosmetics, and nutrition industries. # Group structure and partners **The listed company controls one operating subsidiary that is building an ethanol plant next door - a forward-integration play that will consume the parent’s by-product and return power and steam to the refinery.** - The company holds a 50.82% stake in RBS Renewables Private Limited, raised from an original 30% in January 2025 through a preferential issue, giving it control over the subsidiary’s grain-based ethanol project. - RBS Renewables is constructing a 200 KLPD (kilolitres per day) ethanol plant at Bramhapuri, adjacent to the parent’s solvent extraction unit, and began dispatching ethanol to Oil Marketing Companies in April 2026. - The parent-subsidiary relationship is designed as a closed loop: the listed company will supply DORB as feedstock for ethanol production, while the subsidiary will provide uninterrupted power and steam back to the refinery at arm’s length prices. - A second subsidiary, Too Gud FMCG Products Private Limited, was incorporated in December 2023 to trade in FMCG goods including cleaning products and edible oils, though it remains a small authorised entity with a share capital of Rs. 1,00,000.