Gokul Agro Resources Ltd

Business Overview

• Integrated agri-processing company across edible oils, castor oil, fats, and biodiesel.
• Pan-India footprint with four plants; coverage across 28 states and 33 countries.

Key Operational Highlights

• Biodiesel facility was fully operational in Q1FY27.
• Launched customized specialty fats for industrial applications.
• Introduced heavy-duty frying oil for HoReCa and households.
• Branded portfolio expanded with Rich Fry, Rich Spread, Rich Short; Amazon presence.
• Secured new institutional and export partnerships; expanded domestic and international markets.
• Invested in captive renewable energy; solar power plants commissioned.
• Mangalore refinery acquisition; oil palm plantation initiative.

Financial Performance

• Q1FY27 consolidated revenue ₹5,281.95 cr; total income ₹5,295.01 cr; YoY 7%.
• Q1FY27 EBITDA ₹203.94 cr; margin 3.86%; PAT ₹123.74 cr; margin 2.34%.
• FY26 revenue ₹24,076.98 cr; EBITDA ₹716.20 cr; PAT ₹386.87 cr; PAT margin 1.60%.
• FY25 revenue ₹19,550.75 cr; EBITDA ₹562.31 cr; PAT ₹249.64 cr; PAT margin 1.27%.

Capital Structure & Liquidity

• CRISIL rating: A/Positive; CRISIL A1 reaffirmed.
• Bank facilities ₹4,420 cr; credit profile strengthened.
• Net worth ₹1,422.81 cr; total assets ₹4,928.42 cr as of 31-Mar-26.
• Cash and bank balance ₹571.88 cr; current liabilities ₹3,125.48 cr.

Strategic Priorities & Outlook

• Capex-driven capacity expansion across four plants; target 8 lakh MTPA.
• Palm oil plantation expansion: 550 ha completed; 900 ha underway.
• Biodiesel plant commissioned; solar plants deployed to cut power costs.
• Branded consumer growth via B2C expansion; strengthen exports and institutional channels.

Risks & Mitigation

• Oil price volatility risk; hedged; diversified product mix.
• Policy/regulatory risk; NMEO and import duty alignment mitigate.
• Currency and sourcing risks mitigated by diversified sourcing network.

Governance & Leadership

• Promoter-led governance; experienced leadership over four decades in edible oils.
• Key executives: CEO Hitesh Thakkar; CFO Dhara Chhapia; Company Secretary Jaimish Patel.
• Renewables focus reflects governance priorities on ESG and energy efficiency.

Resolutions and outcomes

• Resolution 1: Tarpara appointed as Non-Executive Independent Director for 5 years (May 15, 2026); Special; Passed.
• Resolution 2: Dr. Pritha Dev appointed as Non-Executive Independent Director for 5 years (May 15, 2026); Special; Passed.
• Resolution 3: Manharbhai Kurjibhai Jadav appointed as Non-Executive Independent Director for 5 years (June 8, 2026); Special; Passed.
• Material impact: governance strengthened; no share capital change.

Resolutions and outcomes

• Resolution 1: Tarpara appointed as Non-Executive Independent Director for 5 years; Special, passed with majority; 99.9991% in favour.
• Resolution 2: Dr. Pritha Dev appointed as Non-Executive Independent Director for 5 years; Special, passed.
• Resolution 3: Manharbhai Jadav appointed as Non-Executive Independent Director for 5 years; Special, passed.

Governance and shareholder impact

• No share capital changes; governance strengthened by three independent directors.

Meeting Details

• Board meeting on July 29, 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve unaudited standalone and consolidated financial results for quarter ended June 30, 2026.
• Discussion of other businesses.

Other Notes

• Trading window closes 48 hours after results are made public on July 29, 2026.

Rating Action & Rated Instruments

• Long-term rating reaffirmed Crisil A/Positive; outlook revised to Positive.
• Short-term rating reaffirmed Crisil A1.
• Bank debt facilities rated; total facilities enhanced to Rs 4420 crore.
• Rating agency: Crisil Ratings Limited.

Rationale & Financial Profile

• Positive outlook reflects expected scale growth and healthy cash accrual.
• FY2026 revenue Rs 24,077 crore; YoY growth ~23%.
• PAT Rs 369 crore; PAT margin 1.53%.
• Operating margin 2.81% in FY2026.
• Gearing 0.50x; TOLTNW 2.47x as of Mar 31, 2026.
• Cash accruals above Rs 385 crore; debt obligations FY2027 ~Rs 91 crore.
• Capex Rs 450 crore; 75% debt funding.
• Mehsana captive solar plant: 15MW DC / 12MW AC.
• Diversified oil portfolio; RoCE >35% in FY2026.

Liquidity, Risks & Sensitivities

• Liquidity supported by strong cash flow; current ratio 1.22.
• Risks from agro-based business and regulatory changes.
• Commodity price volatility and thin refining margins.
• Rating sensitivities: up on revenue growth; down if TOLTNW worsens.

Outlook & Material Change

• Outlook changed from Stable to Positive.
• Capex expansion and Mehsana solar project underpin growth.
• Group entities consolidated: GARL, RAIPL, MPL, RIPL, MIHPL, Nabati.

Dematerialisation processing and listing

• Dematerialisation requests in the reporting quarter were processed and confirmed to depositories.
• Dematerialised securities were listed on the stock exchanges where the original securities are listed.
• Physical certificates were mutilated and cancelled; depository name substituted as registered owner within prescribed timelines.