1. Export expansion - Export turnover surged over 430%, from ₹3.97 crore in FY 2023-24 to ₹21.06 crore in FY 2024-25, with new markets including Thailand, Singapore, and the USA. Management calls exports a key growth lever, and the base is still tiny at 3.36% of sales, leaving room to multiply.
2. Rights issue funding - The board approved a ₹23.92 crore rights issue on 16 July 2026, with the draft letter of offer filed with NSE for in-principle approval. At a ₹105 crore market cap, this raises roughly 23% of current equity value to fund capacity and product investments.
3. Product diversification - Management is investing in R&D for high-margin, customized castor derivatives for pharmaceuticals, cosmetics, and agrochemicals, where tailored solutions increase customer stickiness. The MD calls innovation the engine, and derivatives carry better margins than commodity castor oil.
4. Harij plant utilization - The single integrated plant at Harij (450 MT/day) sits near Mundra Port and Gujarat's 80% castor seed production, and FY 2024-25 saw further optimization of capacity utilization. Higher throughput on existing fixed costs directly lifts the thin 2.67% operating margin.