Ruchi Infrastructure is a storage company at its core - it owns tanks and warehouses, then charges customers to keep their liquids, grains or factory goods inside them. It was founded in 1984 as a public company and has spent four decades expanding from a single port terminal into a network of liquid-storage sites, agricultural and industrial warehouses, and a small fleet of wind turbines, all within India. The recurring pattern is visible across every business: the company builds or buys a hard asset, locks in long-term agreements with customers who need that specific storage, and then looks for the next specialised niche - stainless-steel tanks for nitric acid, insulated tanks for bitumen, custom-built sheds for FMCG brands - where capacity is scarce and the fees are stickier. # Business segments Three engines at different stages - a port-based liquid-storage backbone, a warehousing platform that has quietly shifted from farm to factory clients, and a small renewable-energy fleet - each built with the cash flows of the one before. ## 1. Bulk liquid storage: the original infrastructure moat **The company owns tank terminals at five Indian ports and earns storage fees under long-term contracts - a business where the asset itself is the barrier to entry.** - **Port-side tanks with pipeline transfer** - the terminals sit at Haldia, Mangalore, Chennai, Kakinada and Karwar, and move product directly from ship to tank via pipeline, handling everything from edible oils and caustic soda to sulphuric acid and molasses. That means customers avoid the cost and delay of trucking cargo inland before it can be stored. - **Long-term contracts, not spot trading** - revenue comes from storage fees and cargo handling under multi-year agreements, including a five-year deal signed in mid-2020 with a related party that renews by mutual consent. The company does not own the liquids inside the tanks; it simply gets paid for the space and the service. - **Moving into specialised chemistries** - it is building dedicated stainless-steel capacity of 6,000 metric tonnes at Haldia for nitric acid, and is exploring insulated-tank storage for bitumen and coal tar, products that are hard to store and face limited capacity across India. These niches carry higher margins because fewer competitors have the right tank materials or the skilled labour to handle them. - **The Cochin exit sharpened the portfolio** - the petroleum terminal at Cochin Port was sold in a slump sale to Konkan Storage Systems (Kochi) Private Limited, completed in January 2024, exiting a location and freeing capital for the higher-specialisation strategy. - **A concentrated customer base** - one major customer, Patanjali Foods (formerly Ruchi Soya), contributed cargo handling income of roughly ₹6.6 crore in FY23, which exceeded 10% of total company revenue that year. That relationship is deep but also a source of dependency. ## 2. Warehousing: from grain sheds to factory-grade logistics **What was once an agri-commodity storage yard in Madhya Pradesh has been rebuilt so that more than 70% of EBITDA now comes from fixed, non-agri clients - FMCG, e-commerce, cement and paint companies that need customised sheds and pay predictable fees.** - **Location on the freight highway** - the five warehouses sit close to the Delhi-Mumbai Industrial Corridor as it cuts through Madhya Pradesh, putting them within reach of factories and consumption hubs along India’s busiest freight route. - **The agri floor is still there** - the older part of the business stores wheat, maize, soybean, cotton and chana, and serves the agricultural spot market on exchanges including NCDEX and MCX. That provides a base volume, but the growth is coming from the industrial side. - **Fragmented market, gradual formalisation** - unorganised players still hold 70 to 75 percent of India’s total warehousing space, which means the company’s move into system-run, monitored sheds with digital stock management is a bet on customers shifting from informal godowns to compliant, trackable storage. ## 3. Wind power: a debt-light green-energy sideline **Two wind projects in Madhya Pradesh - one owned directly, one through a subsidiary - generate about 40 million units of electricity a year, enough to light roughly 15,000 homes, and the older project carries no debt.** - **A 14-year-old, debt-free anchor** - the company’s own 10.8 MW wind farm has been running for around 14 years and is fully paid off, so its output flows straight to the bottom line after operating costs. - **The subsidiary project is nearly deleveraged** - the 14.7 MW farm held through Ruchi Renewable Energy has reduced its debt to less than 40% of the original sanction, with a clear line of sight to another 17 years of generation and revenue. - **Theft and mechanical failures have bitten** - copper-cable theft at the Palsodi-Ratlam site caused a 30-35% drop in unit generation in the quarter ended December 2024 versus the same quarter a year earlier, and two of seven turbines at the Ghatia site suffered generator failures in May 2025, cutting production by roughly 20% for two months. Restoration costs are largely covered by O&M contracts and insurance, but the downtime is real. - **Solar is on the radar** - the company says it is exploring entry into solar power, though no projects have been announced yet. # Group structure and partners **The company is a listed entity with three operating subsidiaries and a promoter group that has recently been reshaped by the exit of Patanjali Foods from the promoter category and a series of share conversions and inter-se transfers.** - **Three subsidiaries, each with a clear job** - Peninsular Tankers (100%), Mangalore Liquid Impex (99.9%) and Ruchi Renewable Energy (100%) hold the tanker, liquid-storage-contract and wind-farm operations respectively. The parent has provided a corporate guarantee of ₹72 crore outstanding for the renewable-energy subsidiary as of March 2023. - **Patanjali Foods moved to the public category** - Patanjali Foods (formerly Ruchi Soya) held 9.24% of the equity and was reclassified from promoter group to public shareholder effective February 2025, after confirming it has no board representation, no special rights and no control over the company. That reclassification reduced promoter holding from roughly 65% to about 56%. - **Promoter-group warrants were converted** - Ruchi Realty, a promoter entity, received 1.11 crore shares in August 2024 upon conversion of warrants originally issued in February 2023, taking its stake to 8.7%. Indivar Foundation had its 1,02,62,000 warrants fully converted in March 2023. - **A merger of two investment shells is underway** - in May 2026 the board approved a scheme to amalgamate Lennox Investment and Multiacre Investment Services, both zero-turnover investment companies, into Ruchi Infrastructure, which will issue roughly 13.1 crore new shares and increase paid-up capital from about ₹23.6 crore to about ₹36.7 crore.