Edible Oil · Founded 1987 · www.vijaysolvex.com · BSE 531069 · · ISIN INE362D01010
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Business
Vijay Solvex Ltd. is an Indian company primarily engaged in the manufacturing and trading of edible oils. Its core business model involves processing oilseeds (such as mustard seeds, soybeans, groundnuts, etc.) into crude oil, refining these oils, and then packaging and distributing them for consumer and industrial use. The company generates revenue by selling various types of edible oils, including refined oils and mustard oil, through its distribution channels. It may also derive income from the sale of oilseed cakes (de-oiled cakes or DOC), which are by-products of the oil extraction process, used primarily as animal feed.
Revenue Mix
The primary revenue segment for Vijay Solvex Ltd. is Edible Oils. While specific percentage contributions are not publicly available from general company information, the vast majority of its revenue is expected to come from the sale of refined edible oils and specialty oils like mustard oil. The company likely has a secondary revenue stream from the sale of de-oiled cakes (DOC) or other by-products derived from oilseed processing.
Industry
The Indian edible oil industry is vast, driven by consistent consumer demand, but also highly competitive and fragmented. It includes large national players, regional brands, and numerous unorganized players. India is a significant importer of crude edible oils (palm, soybean, sunflower) to meet domestic demand. Vijay Solvex Ltd. operates as a regional or mid-tier player within this landscape. It likely competes on product quality, price, and regional distribution strength, particularly in its focus areas for specific oils like mustard oil, against both larger national brands and other regional processors.
MOAT
Vijay Solvex Ltd. primarily derives its competitive advantage from established brand recognition for its specific products (e.g., "Engine Brand" mustard oil), particularly within its operating regions. This brand equity, built over years, fosters consumer trust and repeat purchases. Other potential advantages include efficient procurement of raw materials, operational cost efficiencies in its processing units, and a developed distribution network in its key markets. However, a significant scale advantage or extremely high switching costs typical of some other industries are generally less prominent in the edible oil sector.
Growth Drivers
Growing Edible Oil Consumption: India's rising population, increasing disposable incomes, and urbanization are consistent drivers of demand for edible oils.
Shift to Branded Oils: A gradual shift from unpackaged/loose oils to branded and packaged oils provides an opportunity for organized players.
Product Diversification: Expansion into new oil varieties or value-added products (e.g., fortified oils, healthier options) can open new market segments.
Geographic Expansion: Extending distribution networks and brand presence into new regions within India.
Capacity Enhancement: Investing in and optimizing existing or new processing capacities to meet rising demand.
Risks
Raw Material Price Volatility: Edible oil production relies heavily on agricultural commodities (oilseeds, crude palm oil), whose prices are subject to global supply-demand dynamics, weather patterns, and government policies, leading to margin fluctuations.
Intense Competition: The highly fragmented and competitive nature of the edible oil market can put pressure on pricing and market share.
Regulatory Changes: Changes in import duties, food safety standards, or agricultural policies can significantly impact costs and profitability.
Dependency on Imports: India's reliance on imported crude edible oils exposes companies to currency fluctuations and international commodity price movements.
Health Trends: Shifting consumer preferences towards specific oil types (e.g., perceived healthier options) could impact demand for certain product lines.
Management & Ownership
Vijay Solvex Ltd. is a promoter-driven company, which is common among Indian businesses. The promoter group typically holds a significant stake, exercising substantial control over strategic decisions and daily operations. The management team likely comprises individuals with considerable experience in the edible oil and agri-processing sectors, guiding the company's manufacturing, procurement, and distribution activities. Specific details on management quality or exact ownership percentages are not available in this general overview, but promoter-led companies often prioritize long-term stability and growth.
Outlook
Vijay Solvex Ltd. operates in an essential sector with consistent underlying demand from India's large consumer base. The company benefits from established brand equity and a focused approach, particularly in certain oil segments. The outlook is cautiously positive, underpinned by population growth and increasing consumption of edible oils. However, profitability will remain sensitive to volatile raw material prices, intense competition, and geopolitical factors affecting global edible oil markets. The ability to manage these external variables, maintain operational efficiency, and adapt to evolving consumer preferences will be crucial for sustainable growth and margin stability.
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| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 476 | 513 | 405 | 378 | 432 | 544 | 476 | 460 | 615 | 605 |
| Other Income | 1 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 3 | 0 |
| Total Income | 477 | 513 | 406 | 379 | 433 | 544 | 477 | 461 | 618 | 605 |
| Total Expenditure | 475 | 518 | 398 | 377 | 426 | 533 | 468 | 458 | 607 | 597 |
| Operating Profit | 2 | -5 | 8 | 2 | 7 | 12 | 8 | 3 | 12 | 8 |
| Interest | 1 | 0 | -0 | -0 | 0 | 1 | 2 | 1 | 3 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | -6 | 7 | 1 | 6 | 10 | 6 | 1 | 8 | 7 |
| Provision for Tax | 0 | -0 | 1 | 0 | -0 | 3 | 2 | 0 | 2 | 2 |
| Profit After Tax | 0 | -6 | 7 | 1 | 6 | 7 | 4 | 1 | 6 | 5 |
| Adjustments | 0 | 0 | 0 | 1 | 0 | 0 | -1 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | -6 | 7 | 2 | 6 | 7 | 3 | 1 | 6 | 5 |
| Adjusted Earnings Per Share | 0.8 | -18.2 | 21.4 | 6 | 19.4 | 23.3 | 8.7 | 3.3 | 19 | 16.8 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 768 | 663 | 687 | 879 | 1226 | 1448 | 2070 | 2716 | 2430 | 1829 | 1831 | 2156 |
| Other Income | 0 | 0 | 3 | 0 | 2 | 2 | 11 | 8 | 6 | 3 | 2 | 3 |
| Total Income | 768 | 663 | 690 | 879 | 1228 | 1450 | 2081 | 2723 | 2436 | 1832 | 1833 | 2161 |
| Total Expenditure | 755 | 648 | 671 | 859 | 1200 | 1412 | 1991 | 2644 | 2409 | 1825 | 1804 | 2130 |
| Operating Profit | 13 | 14 | 18 | 20 | 28 | 37 | 90 | 80 | 27 | 7 | 29 | 31 |
| Interest | 6 | 5 | 3 | 3 | 7 | 8 | 1 | 4 | 4 | 1 | 3 | 7 |
| Depreciation | 2 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 6 | 8 | 14 | 16 | 19 | 27 | 89 | 76 | 22 | 4 | 22 | 22 |
| Provision for Tax | 1 | 2 | 5 | 6 | 6 | 7 | 22 | 19 | 5 | 1 | 4 | 6 |
| Profit After Tax | 5 | 5 | 9 | 10 | 13 | 21 | 67 | 57 | 17 | 3 | 18 | 16 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
| Profit After Adjustments | 5 | 5 | 9 | 10 | 13 | 21 | 67 | 57 | 17 | 3 | 18 | 15 |
| Adjusted Earnings Per Share | 14.5 | 16.9 | 28.2 | 32.1 | 39.8 | 64.6 | 208.6 | 179.3 | 53.1 | 9.2 | 57.6 | 47.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | -12% | 5% | 9% |
| Operating Profit CAGR | 314% | -29% | -5% | 8% |
| PAT CAGR | 500% | -32% | -3% | 14% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -36% | -10% | -25% | 20% |
| ROE Average | 6% | 4% | 13% | 11% |
| ROCE Average | 7% | 5% | 13% | 12% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 79 | 85 | 107 | 127 | 134 | 157 | 241 | 326 | 320 | 323 | 342 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 4 | 4 | 6 | 6 | 6 | 7 | 8 | 8 | 9 | 10 | 8 |
| Total Current Liabilities | 80 | 84 | 77 | 113 | 102 | 120 | 162 | 182 | 76 | 43 | 64 |
| Total Liabilities | 163 | 172 | 190 | 246 | 243 | 284 | 411 | 516 | 405 | 375 | 414 |
| Fixed Assets | 15 | 15 | 16 | 16 | 18 | 20 | 22 | 24 | 22 | 35 | 38 |
| Other Non-Current Assets | 28 | 27 | 61 | 71 | 69 | 75 | 98 | 133 | 174 | 119 | 119 |
| Total Current Assets | 121 | 130 | 113 | 159 | 156 | 189 | 291 | 360 | 209 | 221 | 257 |
| Total Assets | 163 | 172 | 190 | 246 | 243 | 284 | 411 | 516 | 405 | 375 | 414 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 13 | 13 | 8 | 8 | 2 | 17 | 52 | 1 | 143 | 47 | 47 |
| Cash Flow from Operating Activities | 44 | 4 | 23 | -38 | 53 | 46 | -22 | 41 | 71 | 31 | -22 |
| Cash Flow from Investing Activities | 1 | -0 | -18 | 0 | -14 | -6 | -58 | 74 | -54 | 1 | 29 |
| Cash Flow from Financing Activities | -46 | -2 | -5 | 32 | -25 | -5 | 29 | 28 | -113 | -32 | 21 |
| Net Cash Inflow / Outflow | -1 | 1 | -0 | -5 | 14 | 35 | -51 | 143 | -97 | -0 | 28 |
| Closing Cash & Cash Equivalent | 13 | 14 | 8 | 2 | 17 | 52 | 1 | 143 | 47 | 47 | 74 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 14.51 | 16.89 | 28.19 | 32.08 | 39.79 | 64.58 | 208.56 | 179.31 | 53.12 | 9.18 | 57.56 |
| CEPS(Rs) | 19.31 | 21.3 | 32.33 | 36.78 | 44.72 | 70.52 | 215.37 | 186.6 | 60.89 | 17.14 | 65.75 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 243.01 | 259.54 | 333.22 | 395.23 | 420.07 | 490.16 | 753.18 | 1017.79 | 998.09 | 1007.81 | 1067.3 |
| Core EBITDA Margin(%) | 1.7 | 2.15 | 2.3 | 2.3 | 2.1 | 2.45 | 3.79 | 2.64 | 0.86 | 0.24 | 1.46 |
| EBIT Margin(%) | 1.52 | 1.96 | 2.47 | 2.15 | 2.11 | 2.44 | 4.35 | 2.96 | 1.09 | 0.28 | 1.42 |
| Pre Tax Margin(%) | 0.75 | 1.17 | 1.99 | 1.83 | 1.57 | 1.88 | 4.3 | 2.8 | 0.92 | 0.22 | 1.23 |
| PAT Margin (%) | 0.6 | 0.81 | 1.3 | 1.17 | 1.04 | 1.41 | 3.22 | 2.11 | 0.7 | 0.16 | 1.01 |
| Cash Profit Margin (%) | 0.8 | 1.03 | 1.5 | 1.34 | 1.17 | 1.56 | 3.33 | 2.2 | 0.8 | 0.3 | 1.15 |
| ROA(%) | 2.85 | 3.23 | 4.95 | 4.71 | 5.21 | 7.79 | 19.22 | 12.38 | 3.69 | 0.75 | 4.67 |
| ROE(%) | 5.97 | 6.72 | 9.43 | 8.8 | 9.76 | 14.08 | 33.55 | 20.25 | 5.27 | 0.92 | 5.55 |
| ROCE(%) | 8.48 | 9.15 | 10.77 | 9.66 | 11.85 | 15.53 | 30.19 | 19.42 | 6.39 | 1.47 | 7.35 |
| Receivable days | 13.76 | 15 | 14.34 | 16.52 | 14.48 | 10.15 | 6.71 | 6.01 | 6.68 | 6.17 | 4.55 |
| Inventory Days | 14.56 | 26.2 | 29.57 | 24.44 | 17.92 | 10.4 | 11.74 | 15.52 | 15.54 | 14.44 | 18.31 |
| Payable days | 9.32 | 9.75 | 7.99 | 5.51 | 4.58 | 6.04 | 6.34 | 4.63 | 4.41 | 5.57 | 4.67 |
| PER(x) | 0 | 5.54 | 0 | 14.97 | 5.5 | 5.05 | 4.32 | 10 | 14.91 | 87.3 | 15.27 |
| Price/Book(x) | 0 | 0.36 | 0 | 1.21 | 0.52 | 0.67 | 1.2 | 1.76 | 0.79 | 0.8 | 0.82 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.07 | 0.12 | 0.07 | 0.28 | 0.1 | 0.08 | 0.16 | 0.21 | 0.1 | 0.09 | 0.12 |
| EV/Core EBITDA(x) | 3.8 | 5.54 | 2.77 | 11.93 | 4.23 | 3.1 | 3.59 | 7.16 | 8.83 | 23.93 | 7.72 |
| Net Sales Growth(%) | 0 | -13.71 | 3.71 | 27.88 | 39.49 | 18.1 | 42.95 | 31.21 | -10.51 | -24.73 | 0.08 |
| EBIT Growth(%) | 0 | 11.66 | 30.37 | 11.36 | 37.32 | 36.33 | 154.97 | -10.69 | -67.06 | -80.89 | 412.25 |
| PAT Growth(%) | 0 | 16.41 | 65.51 | 14.7 | 24.04 | 61.18 | 225.36 | -14.03 | -70.38 | -82.71 | 526.86 |
| EPS Growth(%) | 0 | 16.41 | 66.93 | 13.79 | 24.03 | 62.3 | 222.97 | -14.03 | -70.38 | -82.71 | 526.86 |
| Debt/Equity(x) | 0.77 | 0.77 | 0.57 | 0.76 | 0.6 | 0.53 | 0.48 | 0.45 | 0.12 | 0.03 | 0.1 |
| Current Ratio(x) | 1.51 | 1.55 | 1.46 | 1.4 | 1.53 | 1.57 | 1.79 | 1.97 | 2.73 | 5.19 | 4.04 |
| Quick Ratio(x) | 1.12 | 0.78 | 0.85 | 0.78 | 1.04 | 1.3 | 1.18 | 1.26 | 1.73 | 3.58 | 2.23 |
| Interest Cover(x) | 1.99 | 2.47 | 5.13 | 6.82 | 3.86 | 4.39 | 79.68 | 18.6 | 6.27 | 5.03 | 7.47 |
| Total Debt/Mcap(x) | 0 | 2.13 | 0 | 0.63 | 1.14 | 0.8 | 0.4 | 0.26 | 0.15 | 0.04 | 0.12 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 68.19 | 68.23 | 68.72 | 68.72 | 68.72 | 68.96 | 68.96 | 68.96 | 68.96 | 68.96 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 31.81 | 31.77 | 31.28 | 31.28 | 31.28 | 31.04 | 31.04 | 31.04 | 31.04 | 31.04 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | -12% | +5% | +9% |
| Operating Profit CAGR | +314% | -29% | -5% | +8% |
| PAT CAGR | +500% | -32% | -3% | +14% |
| Share Price CAGR | -36% | -10% | -25% | +20% |
| ROE Average | +6% | +4% | +13% | +11% |
| ROCE Average | +7% | +5% | +13% | +12% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 68.19 | 68.23 | 68.72 | 68.72 | 68.72 | 68.96 | 68.96 | 68.96 | 68.96 | 68.96 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 31.81 | 31.77 | 31.28 | 31.28 | 31.28 | 31.04 | 31.04 | 31.04 | 31.04 | 31.04 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 |
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