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Vijay Solvex Ltd

VIJSOLX

NSE

₹627.15-4.27%19 Oct 2026

Reports

Solvent Extraction

Vijay Solvex Ltd

VIJSOLX

NSE

₹627.15

-4.27%

19 Oct 2026

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Solvent Extraction

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.

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.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

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Mkt Cap

Market Capitalization

₹201Cr

Close Price

₹627.15

Industry

Solvent Extraction

Price To Earnings

8.43

Price To Sales

0.08

Revenue

₹2,528Cr

Rev Gr TTM

Revenue Growth TTM

32.18%

PAT Gr TTM

PAT Growth TTM

35.73%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	476	513	405	378	432	544	476	460	615	605	685	623
Growth YoY Revenue Growth YoY%	-18.8	-9.4	-34.8	-13.1	-9.2	6.0	17.6	21.7	42.5	11.2	43.9	35.2
Expenses ExpensesCr	475	518	398	377	426	533	468	458	607	597	672	614
Operating Profit Operating ProfitCr	1	-5	7	1	6	11	8	3	9	8	14	9
OPM OPM%	0.1	-1.0	1.8	0.3	1.3	2.1	1.7	0.6	1.4	1.3	2.0	1.4
Other Income Other IncomeCr	1	0	1	2	1	0	-1	0	3	0	0	0
Interest Expense Interest ExpenseCr	1	0	0	0	0	1	2	1	3	1	3	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	0	-6	8	2	6	10	4	1	8	7	10	8
Tax TaxCr	0	0	1	0	0	3	2	0	2	2	3	2
PAT PATCr	0	-6	7	2	6	7	3	1	6	5	7	6
Growth YoY PAT Growth YoY%	-96.9	-515.7	145.0	17.0	2,388.0	228.3	-59.2	-45.1	-2.1	-28.1	142.1	426.4
NPM NPM%	0.1	-1.1	1.7	0.5	1.4	1.4	0.6	0.2	1.0	0.9	1.0	0.9
EPS EPS₹	0.8	-18.2	21.4	6.0	19.4	23.4	8.8	3.3	19.0	16.8	21.2	17.4

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	476	513	405	378	432	544	476	460	615	605	685	623
Growth YoY Revenue Growth YoY%	-18.8	-9.4	-34.8	-13.1	-9.2	6.0	17.6	21.7	42.5	11.2	43.9	35.2
Expenses ExpensesCr	475	518	398	377	426	533	468	458	607	597	672	614
Operating Profit Operating ProfitCr	1	-5	7	1	6	11	8	3	9	8	14	9
OPM OPM%	0.1	-1.0	1.8	0.3	1.3	2.1	1.7	0.6	1.4	1.3	2.0	1.4
Other Income Other IncomeCr	1	0	1	2	1	0	-1	0	3	0	0	0
Interest Expense Interest ExpenseCr	1	0	0	0	0	1	2	1	3	1	3	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	0	-6	8	2	6	10	4	1	8	7	10	8
Tax TaxCr	0	0	1	0	0	3	2	0	2	2	3	2
PAT PATCr	0	-6	7	2	6	7	3	1	6	5	7	6
Growth YoY PAT Growth YoY%	-96.9	-515.7	145.0	17.0	2,388.0	228.3	-59.2	-45.1	-2.1	-28.1	142.1	426.4
NPM NPM%	0.1	-1.1	1.7	0.5	1.4	1.4	0.6	0.2	1.0	0.9	1.0	0.9
EPS EPS₹	0.8	-18.2	21.4	6.0	19.4	23.4	8.8	3.3	19.0	16.8	21.2	17.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	663	687	879	1,226	1,448	2,070	2,716	2,430	1,829	1,831	2,366	2,528
Growth Revenue Growth%	-13.7	3.7	27.9	39.5	18.1	43.0	31.2	-10.5	-24.7	0.1	29.3	32.2
Expenses ExpensesCr	648	671	859	1,200	1,412	1,991	2,644	2,409	1,825	1,804	2,333	2,489
Operating Profit Operating ProfitCr	14	16	20	26	36	78	72	21	4	27	33	39
OPM OPM%	2.1	2.3	2.3	2.1	2.5	3.8	2.6	0.9	0.2	1.5	1.4	1.5
Other Income Other IncomeCr	0	1	0	2	2	8	11	8	3	2	4	4
Interest Expense Interest ExpenseCr	5	2	3	7	8	-4	4	4	1	3	8	8
Depreciation DepreciationCr	1	1	2	2	2	2	2	2	3	3	3	3
PBT PBTCr	8	14	16	19	27	89	76	22	4	22	26	32
Tax TaxCr	2	5	6	6	7	22	19	5	1	4	7	8
PAT PATCr	5	9	10	13	21	67	57	17	3	18	19	24
Growth PAT Growth%	16.4	66.9	13.5	24.4	62.3	223.0	-14.0	-70.4	-82.7	526.9	4.8	35.7
NPM NPM%	0.8	1.3	1.2	1.0	1.4	3.2	2.1	0.7	0.2	1.0	0.8	0.9
EPS EPS₹	16.9	28.2	32.0	39.8	64.6	208.6	179.3	53.1	9.2	57.6	60.3	74.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	663	687	879	1,226	1,448	2,070	2,716	2,430	1,829	1,831	2,366	2,528
Growth Revenue Growth%	-13.7	3.7	27.9	39.5	18.1	43.0	31.2	-10.5	-24.7	0.1	29.3	32.2
Expenses ExpensesCr	648	671	859	1,200	1,412	1,991	2,644	2,409	1,825	1,804	2,333	2,489
Operating Profit Operating ProfitCr	14	16	20	26	36	78	72	21	4	27	33	39
OPM OPM%	2.1	2.3	2.3	2.1	2.5	3.8	2.6	0.9	0.2	1.5	1.4	1.5
Other Income Other IncomeCr	0	1	0	2	2	8	11	8	3	2	4	4
Interest Expense Interest ExpenseCr	5	2	3	7	8	-4	4	4	1	3	8	8
Depreciation DepreciationCr	1	1	2	2	2	2	2	2	3	3	3	3
PBT PBTCr	8	14	16	19	27	89	76	22	4	22	26	32
Tax TaxCr	2	5	6	6	7	22	19	5	1	4	7	8
PAT PATCr	5	9	10	13	21	67	57	17	3	18	19	24
Growth PAT Growth%	16.4	66.9	13.5	24.4	62.3	223.0	-14.0	-70.4	-82.7	526.9	4.8	35.7
NPM NPM%	0.8	1.3	1.2	1.0	1.4	3.2	2.1	0.7	0.2	1.0	0.8	0.9
EPS EPS₹	16.9	28.2	32.0	39.8	64.6	208.6	179.3	53.1	9.2	57.6	60.3	74.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3	3	3	3	3	3	3	3	3	3	3
Reserves ReservesCr	81	103	121	131	154	238	323	316	319	338	349
Current Liabilities Current LiabilitiesCr	84	77	113	102	120	162	182	76	43	64	101
Non Current Liabilities Non Current LiabilitiesCr	4	6	6	6	7	8	8	9	10	8	9
Total Liabilities Total LiabilitiesCr	172	190	243	243	284	411	516	405	375	414	463
Current Assets Current AssetsCr	130	113	159	156	189	291	360	209	221	257	307
Non Current Assets Non Current AssetsCr	42	77	84	87	95	120	157	196	154	156	156
Total Assets Total AssetsCr	172	190	243	243	284	411	516	405	375	414	463

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3	3	3	3	3	3	3	3	3	3	3
Reserves ReservesCr	81	103	121	131	154	238	323	316	319	338	349
Current Liabilities Current LiabilitiesCr	84	77	113	102	120	162	182	76	43	64	101
Non Current Liabilities Non Current LiabilitiesCr	4	6	6	6	7	8	8	9	10	8	9
Total Liabilities Total LiabilitiesCr	172	190	243	243	284	411	516	405	375	414	463
Current Assets Current AssetsCr	130	113	159	156	189	291	360	209	221	257	307
Non Current Assets Non Current AssetsCr	42	77	84	87	95	120	157	196	154	156	156
Total Assets Total AssetsCr	172	190	243	243	284	411	516	405	375	414	463

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	4	23	-38	53	46	-22	41	71	31	-22	-61
Investing Cash Flow Investing Cash FlowCr	0	-18	0	-14	-6	-58	74	-54	1	29	4
Financing Cash Flow Financing Cash FlowCr	-2	-5	32	-25	-5	29	28	-113	-32	21	26
Net Cash Flow Net Cash FlowCr	1	0	-5	14	35	-51	143	-97	0	28	-31
Free Cash Flow Free Cash FlowCr	2	20	-39	50	41	-25	37	63	21	-27	-67
CFO To PAT CFO To PAT%	68.3	250.9	-366.5	416.6	220.3	-33.0	70.9	416.6	1,047.1	-121.1	-317.9
CFO To EBITDA CFO To EBITDA%	25.9	143.3	-185.8	206.3	128.1	-28.0	56.8	338.9	711.0	-83.7	-186.6

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	4	23	-38	53	46	-22	41	71	31	-22	-61
Investing Cash Flow Investing Cash FlowCr	0	-18	0	-14	-6	-58	74	-54	1	29	4
Financing Cash Flow Financing Cash FlowCr	-2	-5	32	-25	-5	29	28	-113	-32	21	26
Net Cash Flow Net Cash FlowCr	1	0	-5	14	35	-51	143	-97	0	28	-31
Free Cash Flow Free Cash FlowCr	2	20	-39	50	41	-25	37	63	21	-27	-67
CFO To PAT CFO To PAT%	68.3	250.9	-366.5	416.6	220.3	-33.0	70.9	416.6	1,047.1	-121.1	-317.9
CFO To EBITDA CFO To EBITDA%	25.9	143.3	-185.8	206.3	128.1	-28.0	56.8	338.9	711.0	-83.7	-186.6

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	30		154	70	104	288	574	254	257	281	135	201
Price To Earnings Price To Earnings	5.5		15.0	5.5	5.0	4.3	10.0	14.9	87.3	15.3	7.0	8.4
Price To Sales Price To Sales	0.1		0.2	0.1	0.1	0.1	0.2	0.1	0.1	0.1	0.1	0.1
Price To Book Price To Book	0.4		1.2	0.5	0.7	1.2	1.8	0.8	0.8	0.8	0.4	0.6
EV To EBITDA EV To EBITDA	5.6		12.0	4.5	3.3	4.1	8.0	11.4	38.9	8.3	4.4	5.7
Profitability Ratios Profitability Ratios
GPM GPM%	8.5	6.0	5.3	4.8	5.2	5.7	4.0	3.1	3.0	3.6	3.0	3.0
OPM OPM%	2.1	2.3	2.3	2.1	2.5	3.8	2.6	0.9	0.2	1.5	1.4	1.5
NPM NPM%	0.8	1.3	1.2	1.0	1.4	3.2	2.1	0.7	0.2	1.0	0.8	0.9
ROCE ROCE%	8.8	9.4	8.5	12.1	14.7	23.6	17.0	7.4	1.5	6.9	8.1	8.1
ROE ROE%	6.4	8.5	8.3	9.5	13.2	27.7	17.6	5.3	0.9	5.4	5.5	5.5
ROA ROA%	3.1	4.8	4.2	5.3	7.3	16.3	11.1	4.2	0.8	4.5	4.2	4.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	30		154	70	104	288	574	254	257	281	135	201
Price To Earnings Price To Earnings	5.5		15.0	5.5	5.0	4.3	10.0	14.9	87.3	15.3	7.0	8.4
Price To Sales Price To Sales	0.1		0.2	0.1	0.1	0.1	0.2	0.1	0.1	0.1	0.1	0.1
Price To Book Price To Book	0.4		1.2	0.5	0.7	1.2	1.8	0.8	0.8	0.8	0.4	0.6
EV To EBITDA EV To EBITDA	5.6		12.0	4.5	3.3	4.1	8.0	11.4	38.9	8.3	4.4	5.7
Profitability Ratios Profitability Ratios
GPM GPM%	8.5	6.0	5.3	4.8	5.2	5.7	4.0	3.1	3.0	3.6	3.0	3.0
OPM OPM%	2.1	2.3	2.3	2.1	2.5	3.8	2.6	0.9	0.2	1.5	1.4	1.5
NPM NPM%	0.8	1.3	1.2	1.0	1.4	3.2	2.1	0.7	0.2	1.0	0.8	0.9
ROCE ROCE%	8.8	9.4	8.5	12.1	14.7	23.6	17.0	7.4	1.5	6.9	8.1	8.1
ROE ROE%	6.4	8.5	8.3	9.5	13.2	27.7	17.6	5.3	0.9	5.4	5.5	5.5
ROA ROA%	3.1	4.8	4.2	5.3	7.3	16.3	11.1	4.2	0.8	4.5	4.2	4.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SVRL	VIJSOLX	RBS	MKPL	AMBARPIL	YASHHTEJ	RCDL
Market CapitalizationMkt CapCr	1,641	201	186	149	110	108	77
Close PriceClose₹	741.75	627.15	77.50	3.98	190.95	47.00	16.00
IndustryIndustry	Solvent Extraction	Solvent Extraction	Solvent Extraction	Solvent Extraction	Solvent Extraction	Solvent Extraction	Solvent Extraction
Price To EarningsPE	42.95	8.43	15.02	30.62	10.92	14.03	4.49
Price To SalesPS	1.19	0.08	0.23	0.39	0.22	0.40	0.09
RevenueRevenueCr	1,378	2,528	823	383	497	269	872
Revenue Growth TTMRev Gr TTM%	96.3%	32.2%	-11.3%	17.8%	11.4%	-17.3%	39.5%
PAT Growth TTMPAT Gr TTM%	111.3%	35.7%	-23.6%	-50.2%	14.7%	17.9%	40.1%

	SVRL	VIJSOLX	RBS	MKPL	AMBARPIL	YASHHTEJ	RCDL
Market CapitalizationMkt CapCr	1,641	201	186	149	110	108	77
Close PriceClose₹	741.75	627.15	77.50	3.98	190.95	47.00	16.00
IndustryIndustry	Solvent Extraction	Solvent Extraction	Solvent Extraction	Solvent Extraction	Solvent Extraction	Solvent Extraction	Solvent Extraction
Price To EarningsPE	42.95	8.43	15.02	30.62	10.92	14.03	4.49
Price To SalesPS	1.19	0.08	0.23	0.39	0.22	0.40	0.09
RevenueRevenueCr	1,378	2,528	823	383	497	269	872
Revenue Growth TTMRev Gr TTM%	96.3%	32.2%	-11.3%	17.8%	11.4%	-17.3%	39.5%
PAT Growth TTMPAT Gr TTM%	111.3%	35.7%	-23.6%	-50.2%	14.7%	17.9%	40.1%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26