Rajgor Castor Derivatives is a castor-oil manufacturer that transformed itself almost overnight - until January 2022 it was a passive owner leasing out a plant, and then the Rajgor family bought in, took the keys, and turned it into an owner-operated factory. The company runs a single integrated plant in Gujarat, the state that grows roughly 80% of India’s castor seed, and sells three castor-based products to industrial buyers at home and abroad. Everything it does follows one recurring logic: start with the seed, process it in-house, and sell the oil and the protein-rich by-product into industries that want bio-based raw materials - pharmaceuticals, cosmetics, animal feed, and more. # Business segments A single integrated castor-processing engine - one plant, three products, two customer channels - where the oil and the by-product are made together and sold separately. ## 1. Castor oil and derivatives: a single-plant processor selling oil and protein to the world **One factory crushes castor seeds into refined oil, de-oiled cake, and high-protein meal - the oil goes to pharma and industry, the meal goes to farms and feedlots, and both are sold domestically and exported.** - **The plant sits where the seeds grow** - the 450-metric-tonne-per-day facility in Harij, Patan, Gujarat is close to the farms that produce about 80% of India’s castor seed, and it has good road and rail links to Mundra Port for exports. - **B2B, purchase-order by purchase-order** - the company sells to industrial customers on a purchase order basis and does not enter into long-term contracts with most of them, recognising revenue on delivery for domestic buyers and on a Free-on-Board basis for exports; customers cannot return material unless the company agrees. - **Exports are young but growing** - the company began exporting only in 2024, initially to South Asian countries, and by FY25 had added Thailand, Singapore, the USA, and a strengthened position in China, though roughly 94% of revenue still came from Gujarat and Maharashtra. - **Bio-based demand is an opportunity** - end-use industries span pharmaceuticals, cosmetics, lubricants, and specialty chemicals, driven by a rising global demand for sustainable products. # Group structure and partners **A family-promoted standalone company with no subsidiaries, trading with two related firms that share directors and buy and sell the same kinds of oils, seeds, and meals.** - The company is promoted by three members of the Rajgor family from Patan, Gujarat - Mr. Brijeshkumar Vasantlal Rajgor (Managing Director), Mr. Vasantkumar Shankarlal Rajgor (Executive Director), and Mr. Maheshkumar Shankarlal Rajgor (Chairman) - and has no subsidiaries, associates, or joint ventures. - It buys from and sells to Rajgor Industries Private Limited, where two of its directors also serve as directors; the estimated maximum annual transaction value with Rajgor Industries Private Limited was Rs. 100 crores for FY 2024-25. - Before the Rajgor Group bought the company in January 2022, it was a subsidiary of Mangalam Global Enterprise Limited, which held the entire stake and leased the castor plant; the purchase ended that arrangement and launched the current owner-operated manufacturing era.