Trading · Founded 1990 · www.riddhisiddhi.co.in · BSE 524480 · · ISIN INE249D01019
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Business
Riddhi Siddhi Gluco Biols Ltd. operates primarily in the trading sector in India. The company is involved in the buying, selling, and distribution of various commodities and industrial products, often specializing in those related to glucose, starch, and other bio-based derivatives. Its core business model revolves around sourcing these products from manufacturers or primary markets and supplying them to various end-user industries such as food & beverage, pharmaceuticals, textiles, and paper, leveraging its network and logistics capabilities. The company generates revenue by earning a margin on the trading activities, i.e., the difference between its purchase price and sales price of goods traded.
Revenue Mix
While specific revenue percentages are not publicly detailed, Riddhi Siddhi Gluco Biols Ltd.'s primary activities would fall under the broad category of trading. Based on its name and industry focus, key product segments likely include:
Starch and Starch Derivatives Trading: This would encompass products like liquid glucose, dextrose monohydrate, maltodextrin, various starches (e.g., maize starch, potato starch), and modified starches.
Other Industrial Chemicals/Commodities Trading: Potentially includes other bio-based chemicals or agricultural commodities relevant to the industries they serve.
The company's revenue mix is entirely driven by its trading volumes and the margins achieved on different product categories.
Industry
The company operates in the broader Indian trading industry, specifically focusing on industrial commodities like starches and glucose derivatives. This is a highly fragmented and competitive industry characterized by numerous players ranging from small regional traders to larger, integrated distributors. Competition is primarily based on price, supply reliability, credit terms, and established relationships. Riddhi Siddhi Gluco Biols likely positions itself by leveraging its established network, sourcing capabilities, and understanding of the specific market dynamics for "Gluco Biols" products, aiming to serve niche or specific industrial clients in India.
MOAT
Trading companies typically possess limited structural moats compared to manufacturing or technology firms. For Riddhi Siddhi Gluco Biols, potential competitive advantages, if any, would likely stem from:
Established Relationships: Long-standing ties with both suppliers and customers can provide a stable base for operations.
Supply Chain & Logistics Efficiency: An optimized network for sourcing, warehousing, and distribution can offer cost advantages and reliability.
Market Niche Expertise: Specialization in specific products like glucose and starch derivatives provides deeper understanding and potentially better pricing within that niche.
Working Capital Management: Efficient management of working capital is crucial in trading and can be a subtle advantage.
However, these are generally not considered strong, durable moats, as barriers to entry for new traders are relatively low, and competition can easily erode margins.
Growth Drivers
Growth in End-User Industries: Increased demand from the food & beverage, pharmaceutical, textile, and paper industries in India will directly drive demand for the products the company trades.
Expansion of Product Portfolio: Introducing new related commodities or industrial chemicals to their trading portfolio can open new revenue streams.
Geographic Expansion: Expanding reach to new regions or states within India.
Supply Chain Optimization: Improvements in sourcing, logistics, and inventory management can lead to higher efficiency and better margins.
Favorable Commodity Cycles: Upward trends in the prices of traded commodities, managed effectively, can boost top-line growth.
Risks
Commodity Price Volatility: Fluctuations in the prices of glucose, starch, and other traded commodities can significantly impact trading margins and profitability.
Intense Competition: The fragmented nature of the trading industry leads to intense price competition, which can pressure margins.
Supply Chain Disruptions: Issues in sourcing (e.g., crop failures, manufacturing outages) or logistics (e.g., transportation strikes, port congestion) can halt operations and impact profitability.
Working Capital Management: Trading businesses typically require significant working capital. Inefficient management or delays in receivables can strain liquidity.
Credit Risk: Risk of default or delayed payments from customers, especially during economic downturns.
Regulatory and Trade Policies: Changes in import/export duties, tariffs, or other trade policies can impact sourcing costs and market competitiveness.
Management & Ownership
As is common with many Indian companies in the trading sector, Riddhi Siddhi Gluco Biols Ltd. is typically promoted and managed by its founding family or a close-knit group. The promoter group likely holds a significant ownership stake, aligning their interests with the company's long-term performance. The quality of management would depend on their experience in commodity trading, financial prudence, ability to navigate market cycles, and strategic vision for growth and diversification within the trading segment. Specific details about management quality and track record would require reviewing their annual reports and public disclosures.
Outlook
Riddhi Siddhi Gluco Biols operates in a foundational but competitive sector. The company's outlook is closely tied to the underlying growth of industrial consumption in India, particularly within its key end-user segments like food and pharmaceuticals. A favorable macroeconomic environment, coupled with the company's ability to maintain strong supplier and customer relationships, efficient logistics, and prudent working capital management, could support stable operational performance and incremental growth. However, the inherent volatility of commodity prices and intense competition in the trading industry will remain significant challenges. The company's success will largely depend on its agility in adapting to market fluctuations, effective risk management, and its ability to continually optimize its trading margins amidst a low-margin business environment.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 51 | 14 | 49 | 44 | 28 | 155 | 32 | 40 | 9 | 90 |
| Other Income | 16 | 20 | 21 | 20 | 26 | 21 | 22 | 14 | 11 | 17 |
| Total Income | 67 | 34 | 70 | 65 | 54 | 176 | 54 | 54 | 20 | 107 |
| Total Expenditure | 54 | 14 | 42 | 45 | 31 | 155 | 31 | 46 | 17 | 93 |
| Operating Profit | 13 | 20 | 28 | 19 | 23 | 21 | 24 | 9 | 3 | 14 |
| Interest | 2 | 2 | 3 | 3 | 3 | 4 | 5 | 4 | 4 | 6 |
| Depreciation | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 9 | 16 | 23 | 15 | 18 | 15 | 16 | 2 | -4 | 6 |
| Provision for Tax | -20 | -10 | 8 | -4 | 15 | 6 | 1 | 2 | 1 | 2 |
| Profit After Tax | 29 | 26 | 15 | 19 | 3 | 10 | 15 | 0 | -5 | 4 |
| Adjustments | -6 | -2 | -2 | -55 | 1 | -1 | -1 | -2 | -21 | -1 |
| Profit After Adjustments | 23 | 24 | 13 | -36 | 4 | 8 | 14 | -1 | -26 | 3 |
| Adjusted Earnings Per Share | 32.2 | 33.8 | 18.9 | -50.6 | 5.1 | 11.6 | 19.5 | -1.6 | -35.8 | 4.6 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 342 | 508 | 804 | 682 | 576 | 498 | 223 | 173 | 268 | 136 | 171 |
| Other Income | 134 | 118 | 335 | 70 | 50 | 59 | 62 | 68 | 81 | 88 | 64 |
| Total Income | 476 | 626 | 1139 | 752 | 627 | 557 | 285 | 241 | 349 | 223 | 235 |
| Total Expenditure | 349 | 560 | 1073 | 605 | 529 | 511 | 200 | 173 | 265 | 134 | 187 |
| Operating Profit | 127 | 66 | 66 | 147 | 98 | 45 | 85 | 68 | 84 | 90 | 50 |
| Interest | 33 | 52 | 62 | 40 | 31 | 26 | 8 | 8 | 9 | 10 | 19 |
| Depreciation | 35 | 35 | 34 | 35 | 37 | 37 | 13 | 12 | 11 | 9 | 8 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 59 | -21 | -30 | 73 | 30 | -18 | 64 | 48 | 65 | 71 | 20 |
| Provision for Tax | 15 | 25 | -39 | 6 | 6 | 44 | 16 | 15 | 8 | 8 | 6 |
| Profit After Tax | 44 | -45 | 9 | 67 | 24 | -62 | 49 | 33 | 57 | 63 | 14 |
| Adjustments | -4 | 3 | 10 | -19 | 9 | 15 | -34 | -89 | -10 | -58 | -25 |
| Profit After Adjustments | 40 | -43 | 19 | 49 | 33 | -47 | 14 | -56 | 47 | 5 | -10 |
| Adjusted Earnings Per Share | 56.3 | -60 | 26.6 | 68.3 | 46.1 | -65.6 | 20.1 | -77.9 | 65.5 | 7.3 | -13.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -49% | -15% | -25% | 0% |
| Operating Profit CAGR | 7% | 2% | -2% | 0% |
| PAT CAGR | 11% | 9% | 21% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 27% | 21% | 14% | 7% |
| ROE Average | 4% | 3% | 2% | 2% |
| ROCE Average | 5% | 4% | 4% | 4% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 1367 | 1323 | 1389 | 1436 | 1425 | 1453 | 1504 | 1432 | 1537 | 1549 |
| Minority's Interest | 107 | 178 | 168 | 165 | 133 | 99 | 87 | 58 | 55 | 38 |
| Borrowings | 226 | 189 | 165 | 116 | 85 | 80 | 72 | 1 | 1 | 0 |
| Other Non-Current Liabilities | 29 | 43 | 4 | -7 | -24 | 16 | 18 | 11 | 14 | 16 |
| Total Current Liabilities | 347 | 640 | 416 | 357 | 340 | 292 | 156 | 96 | 92 | 119 |
| Total Liabilities | 2075 | 2373 | 2142 | 2066 | 1959 | 1941 | 1838 | 1692 | 1774 | 1784 |
| Fixed Assets | 783 | 769 | 744 | 723 | 748 | 770 | 738 | 392 | 383 | 434 |
| Other Non-Current Assets | 169 | 257 | 328 | 408 | 228 | 571 | 561 | 573 | 713 | 740 |
| Total Current Assets | 1123 | 1347 | 1070 | 935 | 983 | 600 | 539 | 490 | 454 | 464 |
| Total Assets | 2075 | 2373 | 2142 | 2066 | 1959 | 1941 | 1838 | 1692 | 1774 | 1784 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 43 | 31 | 30 | 8 | 17 | 72 | 4 | 0 | 11 | 0 |
| Cash Flow from Operating Activities | 0 | -284 | -34 | -1 | 116 | 130 | 161 | 1 | 9 | -28 |
| Cash Flow from Investing Activities | -67 | 65 | 269 | 163 | 30 | -91 | -71 | 8 | 21 | 21 |
| Cash Flow from Financing Activities | -55 | 192 | -263 | -169 | -131 | -108 | -94 | 2 | -41 | 8 |
| Net Cash Inflow / Outflow | -122 | -27 | -28 | -7 | 15 | -69 | -3 | 11 | -11 | -0 |
| Closing Cash & Cash Equivalent | 2 | 4 | 1 | 1 | 32 | 3 | 0 | 11 | 0 | 0 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 56.3 | -59.99 | 26.58 | 68.31 | 46.11 | -65.62 | 20.09 | -77.9 | 65.5 | 7.3 |
| CEPS(Rs) | 110.09 | -14.69 | 60.43 | 142.91 | 85.05 | -34.13 | 86.21 | 63.29 | 95.28 | 100.39 |
| DPS(Rs) | 3 | 2 | 0 | 2 | 0 | 0 | 1 | 1.5 | 3 | 3 |
| Book NAV/Share(Rs) | 1916.82 | 1855.36 | 1947.59 | 2013.04 | 1998.12 | 2037.66 | 2110.1 | 2008.5 | 2155.46 | 2172.72 |
| Core EBITDA Margin(%) | -2.08 | -10.12 | -33.44 | 11.28 | 8.25 | -2.74 | 10.3 | 0.09 | 1.26 | 1.47 |
| EBIT Margin(%) | 26.82 | 6.13 | 3.95 | 16.52 | 10.66 | 1.58 | 32.15 | 32.39 | 27.45 | 59.95 |
| Pre Tax Margin(%) | 17.21 | -4.04 | -3.74 | 10.69 | 5.25 | -3.63 | 28.78 | 28.01 | 24.15 | 52.75 |
| PAT Margin (%) | 12.79 | -8.89 | 1.1 | 9.86 | 4.18 | -12.42 | 21.82 | 19.31 | 21.34 | 46.53 |
| Cash Profit Margin (%) | 22.88 | -2.05 | 5.36 | 14.95 | 10.52 | -4.89 | 27.53 | 26.09 | 25.35 | 52.82 |
| ROA(%) | 2.12 | -2.04 | 0.39 | 3.2 | 1.2 | -3.17 | 2.58 | 1.89 | 3.3 | 3.54 |
| ROE(%) | 3.21 | -3.37 | 0.65 | 4.76 | 1.68 | -4.3 | 3.29 | 2.27 | 3.85 | 4.09 |
| ROCE(%) | 5.08 | 1.64 | 1.64 | 6.17 | 3.53 | 0.47 | 4.3 | 3.53 | 4.71 | 4.99 |
| Receivable days | 148.45 | 66 | 21.54 | 26.49 | 93.5 | 127.84 | 124.76 | 98.66 | 44.78 | 47.29 |
| Inventory Days | 34.39 | 144 | 167.42 | 217.22 | 205.64 | 155.58 | 224.25 | 64.22 | 6.42 | 66.32 |
| Payable days | 201.05 | 132.42 | 55.47 | 73.6 | 81.77 | 77.52 | 143.83 | 86.09 | 14.25 | 29.29 |
| PER(x) | 5.51 | 0 | 23.51 | 4.83 | 4.32 | 0 | 17.19 | 0 | 7.7 | 71.87 |
| Price/Book(x) | 0.16 | 0.24 | 0.32 | 0.16 | 0.1 | 0.12 | 0.16 | 0.17 | 0.23 | 0.24 |
| Dividend Yield(%) | 0.97 | 0.45 | 0 | 0.61 | 0 | 0 | 0.29 | 0.45 | 0.59 | 0.57 |
| EV/Net Sales(x) | 1.94 | 1.96 | 1.14 | 0.86 | 0.66 | 0.81 | 1.79 | 1.78 | 1.6 | 3.49 |
| EV/Core EBITDA(x) | 5.23 | 15.03 | 13.92 | 3.96 | 3.86 | 8.85 | 4.73 | 4.54 | 5.1 | 5.27 |
| Net Sales Growth(%) | 0 | 48.56 | 58.24 | -15.19 | -15.48 | -13.65 | -55.13 | -22.55 | 54.96 | -49.43 |
| EBIT Growth(%) | 0 | -66.03 | 1.54 | 254.7 | -45.47 | -87.2 | 813.19 | -21.98 | 31.32 | 10.45 |
| PAT Growth(%) | 0 | -203.25 | 119.58 | 657.92 | -64.19 | -356.68 | 178.82 | -31.46 | 71.28 | 10.25 |
| EPS Growth(%) | 0 | -206.57 | 144.31 | 156.99 | -32.5 | -242.3 | 130.62 | -487.71 | 184.09 | -88.86 |
| Debt/Equity(x) | 0.33 | 0.52 | 0.34 | 0.25 | 0.19 | 0.16 | 0.1 | 0.06 | 0.05 | 0.06 |
| Current Ratio(x) | 3.24 | 2.1 | 2.57 | 2.62 | 2.89 | 2.05 | 3.46 | 5.12 | 4.94 | 3.89 |
| Quick Ratio(x) | 3.15 | 1.53 | 1.69 | 1.38 | 2.29 | 1.31 | 3.1 | 5.07 | 4.88 | 3.52 |
| Interest Cover(x) | 2.79 | 0.6 | 0.51 | 2.84 | 1.97 | 0.3 | 9.54 | 7.39 | 8.31 | 8.33 |
| Total Debt/Mcap(x) | 2.01 | 2.16 | 1.06 | 1.5 | 1.9 | 1.29 | 0.63 | 0.34 | 0.2 | 0.27 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.54 | 74.54 | 74.54 | 74.54 | 74.54 | 74.54 | 74.54 | 86.55 | 75 | 75 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.67 | 2.67 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 25.45 | 25.45 | 25.45 | 25.45 | 25.45 | 25.45 | 25.45 | 13.44 | 22.32 | 22.32 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.62 | 0.53 | 0.53 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.02 | 0.02 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.1 | 0.16 | 0.16 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -49% | -15% | -25% | — |
| Operating Profit CAGR | +7% | +2% | -2% | — |
| PAT CAGR | +11% | +9% | +21% | — |
| Share Price CAGR | +27% | +21% | +14% | +7% |
| ROE Average | +4% | +3% | +2% | +2% |
| ROCE Average | +5% | +4% | +4% | +4% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.54 | 74.54 | 74.54 | 74.54 | 74.54 | 74.54 | 74.54 | 86.55 | 75 | 75 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.67 | 2.67 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 25.45 | 25.45 | 25.45 | 25.45 | 25.45 | 25.45 | 25.45 | 13.44 | 22.32 | 22.32 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.62 | 0.53 | 0.53 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.02 | 0.02 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.1 | 0.16 | 0.16 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 |
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