Food Momentum Offsets Oil Softness; Guidance Reaffirmed

Actual revenue ₹20,048.1 Cr grew 17.5% YoY; management slightly overstated growth rate

Claim aligns with consolidated EBITDA growth narrative; not contradicted by result

Actual PAT growth 47.7% YoY; management understated PAT growth (claimed 40%, actual 47.7%)

Delivered number ₹1,726 Cr confirms growth trajectory; segment margin 6% shows investment phase

Claim logical given commodity weakness and supply chain friction; recovery guidance 5%-6% reasonable

Q1 delivered 22% growth; management reaffirmed mid-teen range, implying moderation but no cut. Investment phase continues.

Q1 miss blamed on de-stocking and volatility. Full-year recovery expected, not a guidance revision, just Q1 softness.

₹15K-20K tons/month scale-up, ₹700-800 Cr annual revenue, 0.5% royalty to Renuka. New strategic asset but margin profile TBD.

56% YoY growth; management now calls it 'structural shift in consumer behavior,' not just a channel. Increased capex/tech investment.

Long-term north star; no new catalysts disclosed. ₹700 Cr annual CAPEX assumption provided for modeling.

18%-20% revenue guidance; EBITDA margin average of last 4 quarters (not 6% this quarter). Food remains in growth/investment phase.

Currently 15,000 tons/month, target 20,000 tons/month by year-end. ₹700-800 Cr full-year revenue. 0.5% royalty on sales. Margin same as Food segment average.

De-stocking and volatility caused Q1 miss. Rest of 9 months expected to grow 5%-6% volume. Q2+ should improve as festive demand and monsoon rains arrive.

Can't give specific capex commitment; will add as needed. Oil refining at 60%-61% utilisation, will need capex in next couple years. Food 50% toll ops to be converted. Assume ₹700 Cr/year steady state.

Sourcing efficiency already existed. Biggest leverage: Wilmar's R&D on value extraction, technical expertise. Wilmar market intel is competitive edge.

Hard to quantify; India will import 70% for longer term. Focusing on mustard segment; govt pushing initiatives. Will reduce import reliance but volatility remains.

70%+ of oils imported; ~1/3 of that (~23% of total) from Wilmar (palm ~30% of volumes). 10-year CAGR 7% volume, expect 8%-9% going forward with Food double-digit growth.

Wilmar is preferred supplier at arm's length pricing. Terms in line with external suppliers. Brand itself acts as biggest hedge; some forward sales hedging done.

Mark-to-market quarterly (at quarter-end for declared results). Stock days: 30-35 days due to import voyage period of 35-40 days.

80%+ B2C, ~15% B2B. Building B2B slowly through institutional channel; currently 20% Food B2B, potential to grow.

Oil mix: 30% palm, 30-35% soya, 20% sunflower, 15% local oils (mustard, groundnut, cotton, rice bran). No regional split provided.

Not into palm plantation. Direct farmer procurement 18%-19% (castor seed focus). Mustard farming program with NGO Solidaridad: 3,500 model farms, productivity improvement focus.

Import and don't speculate; brand is biggest hedge. Most buying matches demand timeline. Forward sales also used. No specific hedge ratio disclosed.

Q1 delivered 22%; guided range reflects moderation but strong base. Madhur addition supports sustenance.

Food (double-digit) + Oil (5-6%) + Industry Essentials (8-9%) blended; proportional weighting assumed.

Long-term north star; no funded capex or M&A catalyst named; execution-dependent aspiration.

Q1 at 6% but management flagged this as one-off; guidance is 4-5 quarter average. Margin may compress further in investment phase.

Q1 delivered strong EBITDA/MT despite 2% volume; pricing power evident. Range is on track.

Q1 momentum strong (47% EBITDA growth). Oleochemical/Specialty Chem uplift supports range.

Oil refining capex in next 2 years as utilisation hits 100%. Food tolling-to-owned conversion capex needed. 50% of Food currently toll ops.

70% of edible oils imported; palm price swings drive quarterly EBITDA/MT variance. Q1 de-stocking cut volume 2% vs guidance.

Food at 6% EBITDA margin, management guidance 3%-4%; investment phase claimed 2-3 years but duration risk. NPM compressed to 1.8%.

Wilmar now increased stake; ~1/3 of oil imports from Wilmar. Terms claimed arm's-length but related-party concentration risk.

Madhur sugar brand licensed from Renuka; target 15K→20K tons/month, ₹700-800 Cr revenue. Margin profile same as Food (3-4% EBITDA); 0.5% royalty drag.

Quick commerce 56% YoY growth; management now calls structural shift. But margin per unit typically lower; scale-up capex intensive.