Financial Performance (Standalone)

H2 FY26 Performance:

  • Revenue from operations: ₹189.50 crore
  • EBITDA: ₹24.82 crore with EBITDA margin of 13.10%
  • Profit After Tax (PAT): ₹12.35 crore with PAT margin of 6.52%
  • Performance reversed from losses in the corresponding period last year

FY26 Full Year Performance:

  • Revenue from operations: ₹363.12 crore, representing 112.07% year-on-year growth
  • EBITDA: ₹40.20 crore with EBITDA margin of 11.07%
  • PAT: ₹21.19 crore
  • Earnings Per Share: ₹10.40 compared to ₹0.65 in previous financial year

Financial Performance (Consolidated)

H2 FY26 Performance:

  • Revenue from operations: ₹207.81 crore
  • EBITDA: ₹25.12 crore with EBITDA margin of 12.09%
  • PAT: ₹12.61 crore with PAT margin of 6.07%

FY26 Full Year Performance:

  • Revenue from operations: ₹381.50 crore, representing 109.46% year-on-year growth
  • EBITDA: ₹40.37 crore with EBITDA margin of 10.58%
  • PAT: ₹21.32 crore compared to ₹1.16 crore in FY25
  • Earnings Per Share: ₹10.46

Operational Highlights

  • Core business involves processing raw cashew nuts into high-quality kernels for domestic and international markets
  • Expanding into sustainable by-products including biofuel and activated carbon
  • Current operational capacity scaling from 40 metric tonnes per day to 140 metric tonnes per day backed by IPO proceeds
  • Manufacturing facility located in Surat, Gujarat spread across approximately 2.38 lakh square feet
  • Product range includes plain cashew kernels along with value-added variants (roasted, salted, flavored)
  • Current capacity utilization at 94-95%
  • Processed approximately 16,000 tonnes of raw cashew nuts in H2 FY26

Supply Chain and Sourcing

  • Source raw cashew nuts primarily from West African regions and reputed Indian MNCs
  • Approximately 95% of processing depends on African origins
  • 60-65% through direct sourcing
  • Average kernel realization: ₹590-595 per kg
  • Recovery mix: 63% whole kernels, 37% pieces

Leadership Team

  • Mr. Hozefa Jawadwala - Chairman, Managing Director & CEO (25+ years experience in financial management, treasury operations, M&A, fundraising)
  • Mr. Ashok Patel - Whole-Time Director & CFO (20+ years experience in finance, credit management, project funding)
  • Mr. Satyanarayan Patro - Whole-Time Director & Chief Operating Officer (expertise in food and soft commodities, structured trade operations)
  • Ms. Devyani Vanapariya - Company Secretary & Compliance Officer
  • Mr. Firoz Hathiyari - Non-Executive Director (25+ years experience in accounting, auditing, taxation)

10-Year Strategic Outlook (2037 Vision)

Nuts and Fruits Expansion:

  • Target 1000 metric tonne per day cashew processing capacity
  • Plan to expand into almonds, walnuts, dates, pistachio, and makhana
  • Expected consumption growth rates: cashew (5% CAGR), almond (7% CAGR), walnut (8% CAGR), dates (2% CAGR), pistachio (9% CAGR), makhana (10% CAGR)
  • Target 100 premium retail stores (franchise model)
  • 50% of processing to be sold through retail value-added products and institutional integration

Fuel and Sustainability Focus:

  • Focus on biodiesel, bioethanol, green thermal power, soil amendments, and bio met coke
  • Emphasis on green steam and chilling solutions beyond electricity
  • Production of ISCC EU certified biofuels and ISCC plus industrial oils
  • Rooftop solar already executed; ground-mounted solar pending government approvals

Three Whites Expansion (Later Phase):

  • Rice: Export-focused processing with preferential access to Africa
  • Sugar: Conversion focus with preferential Africa access and Indian retail premium
  • Wheat: Value-added processing focused on Indian market (suji, rava, etc.)

ESG and Social Impact:

  • Target 3,000 direct employments and 50,000 indirect employments
  • Focus on rural and women employment
  • Engagement with FPOs and FPCs
  • Reduction in import dependencies and trade surplus creation

CNSL Oil Extraction Project

  • 50 metric tonne CNSL extraction facility under construction
  • Construction expected to complete within next 30 days subject to government approvals
  • Expected commissioning in H2 FY27
  • Projected product-level EBITDA margin of approximately 10%
  • Well-established market with existing buyers

Financial Metrics and Guidance

  • Finance cost increased to ₹8 crore in FY26 from ₹2 crore previously due to deeper value chain integration
  • Finance cost expected to increase further in FY27
  • B2C segment currently represents 1% of total sales with EBITDA margins of 13-15%
  • Inventory increased to ₹100 crore due to business growth and expansion
  • Working capital intensive business model with focus on back-to-back operations

Q&A Session Highlights

  • Management expects similar growth rate for FY27 but cannot provide specific numbers due to regulatory constraints
  • Phase 2 (CNSL) capex largely committed and underway; Phase 3 capex to occur later
  • Geopolitical tensions causing currency volatility (₹0.50 daily movements in USD) and increased sea transit times
  • Company follows conservative but aggressive growth strategy with focus on survival and long-term value creation