Rajputana BiodieselShare price, financial results, shareholding and management

NSE Emerge · RAJPUTANABiodieselListed 3 Dec 2024IPO ₹130Catch them young
rajputanabiodiesel.com ↗Live price on NSE ↗ISIN INE0VHU01019 · Lot 500 shares · ₹1.01 lakh
₹201.70
+3.40% on the day
Close · 6 Nov 2026
Valuation
Market cap
₹142 cr
Stock P/E
13.5peers 16.7
Book value
₹70.9
Price to book
2.84
EV / operating profit
11.2
Market cap to sales
1.16
Returns and growth
ROCE · FY26
22.7%
ROE · FY26
23.2%
ROE, 3-year average
32.5%
Operating margin · FY26
12.3%peers 8.7%
Sales growth, 3 years
74.4%
Profit growth, 3 years
73.9%
Safety
Debt to equity
0.56peers 0.32
Borrowings
₹28.1 cr
Interest cover
9.2×
Cash from business / op. profit
-19%
Debtor days
47
Pledged
0.00%
Ownership and share
Promoter holding
65.77%
Change in promoter holding
0.00 pts
Shareholders
808
52-week high / low
₹299 / ₹169
Dividend yield
0.00%
Face value
₹10

Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.

Rajputana Biodiesel share price chart

₹201.70-18.02% 1 year

Close on 6 Nov 2026 · +3.44% on the day · Vol 6,500

Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.

Share price returns

To the close of 6 Nov 2026

1 month
+0.8%
3 months
-7.6%
6 months
-13.4%
1 year
-18.0%
Since IPO
+55.2%
Traded a day, 20 days
₹0.14 cr
Taken for delivery
85%

Business growth

Sales and net profit, from the reported results

SalesProfit
FY26 on FY25+81%+78%
3 years, a year+74%+74%
Latest half, H2 FY26+175%+321%

About Rajputana Biodiesel: business, products and customers

Rajputana Biodiesel makes biodiesel from non-edible oils and supplies most of it to the government oil companies, which blend it into diesel. It also plans to make biogas from grass it will grow itself.

Rajputana Biodiesel turns non-edible oils, waste fats and used oils into biodiesel at two plants: its own at Phulera near Jaipur and one at Meerut owned by its subsidiary Nirvaanraj Energy, bought in March 2024. Crude glycerine and fatty acids come out of the same process and are sold to soap, pharma and oleochemical users.

Most sales go to Indian Oil, Hindustan Petroleum and Bharat Petroleum through tenders held every few months, where the oil companies fix the price and suppliers bid for volumes. The Managing Director said the price has stayed at about ₹80 a litre, while the oils it buys are traded at market prices with no long term supply contracts, so profit depends on the gap between the two and on how much volume each tender cycle gives it.

Read more about the business

Raw material is bought and held ahead of supply, so stock and short term borrowing rise as volumes grow, and money comes in only after the oil companies pay. The plants were enlarged in FY26, and most of the year's growth came from the Meerut subsidiary: the parent company's own sales rose far less than the group's.

New lines are planned but not yet earning: two compressed biogas units in Ajmer and Nagaur districts approved by the Rajasthan renewable energy agency, Rajputana Agro LLP to grow napier grass as feedstock, biomass pellets, and a biodiesel unit in the Gulf region for ship fuel and European buyers. In August 2026 it bought Arvant Bioenergy, a new company with no sales, for ₹10,000.

From the offer document, the 2025-26 annual report, the November 2025 earnings call, the May 2026 investor presentation, the FY26 results and the company's August and September 2026 exchange announcements.

Read the deeper study ↓

In its favour

  • Sales have grown very fast: 74% a year over three years.
  • It earns a high return on the money it uses: ROCE 23% in FY26.
  • The promoters own a large part of the company: 65.77%.

To watch

  • Production of 130 to 150 kilolitres a day from FY27, the Managing Director's aim (Earnings call, November 2025, p.4 and p.6).
  • Building the two approved biogas units in Ajmer and Nagaur (Annual report 2025-26, p.45).
  • The preferential share issue the Managing Director said would fund the biogas and Gulf units (Earnings call, November 2025, p.17).
  • Volumes won in each oil company tender cycle, such as the June to August 2026 round (Exchange announcement, 23 September 2026, p.1).
  • Customers take longer to pay than before: 47 days in FY26, against 29 in FY21.

From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.

Rajputana Biodiesel revenue and profit growth

Half-yearly results · Profit and loss

Sales have grown very fast. Last year profit grew roughly in step with sales.

Sales and net profit, every year, ₹ crore
SalesNet profit
-50050100150Sales, FY21: 10 ₹ cr10Net profit, FY21: -1 ₹ cr-1FY21Sales, FY22: 17 ₹ cr17Net profit, FY22: 0 ₹ cr0FY22Sales, FY23: 23 ₹ cr23Net profit, FY23: 2 ₹ cr2FY23Sales, FY24: 53 ₹ cr53Net profit, FY24: 5 ₹ cr5FY24Sales, FY25: 67.3 ₹ cr67.3Net profit, FY25: 5.9 ₹ cr5.9FY25Sales, FY26: 122 ₹ cr122Net profit, FY26: 10.5 ₹ cr10.5FY26
The latest halves, ₹ crore
SalesNet profit
020406080Sales, H1FY24: 26 ₹ cr26Net profit, H1FY24: 2 ₹ cr2H1FY24Sales, H2FY24: 27 ₹ cr27Net profit, H2FY24: 3 ₹ cr3H2FY24Sales, H1FY25: 45 ₹ cr45Net profit, H1FY25: 5 ₹ cr5H1FY25Sales, H2FY25: 22.8 ₹ cr22.8Net profit, H2FY25: 1.1 ₹ cr1.1H2FY25Sales, H1FY26: 59.4 ₹ cr59.4Net profit, H1FY26: 6.1 ₹ cr6.1H1FY26Sales, H2FY26: 62.7 ₹ cr62.7Net profit, H2FY26: 4.5 ₹ cr4.5H2FY26

SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.

Rajputana Biodiesel half-yearly results

SME companies report every six months · ₹ crore

₹ crore · growth on the same half a year before
H1FY24H2FY24H1FY25H2FY25H1FY26H2FY26
Sales26274522.7859.3662.67
Expenses23233819.9651.0855.89
Operating profit4462.838.286.78
OPM13.0%16.0%14.0%12.4%13.9%10.8%
Interest1110.920.670.97
Depreciation0000.460.480.57
Profit before tax3361.617.645.78
Net profit2351.066.064.46

Rajputana Biodiesel profit and loss

Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported

₹ crore
FY21FY22FY23FY24FY25FY26
Sales1017235367.31122.03
Expenses1016204658.36106.97
Operating profit-11488.9515.06
OPM-7.0%7.0%15.0%14.0%13.3%12.3%
Other income00001.291.06
Interest11111.761.64
Depreciation11100.881.05
Exceptional and other items11·-1··
Profit before tax-20267.5313.42
Tax rate-26.0%30.0%0.0%16.7%21.4%21.6%
Net profit-10255.9210.52
EPS ₹-572803.668.8810.2912.88
Dividend payout0.0%0.0%0.0%0.0%0.0%0.0%

The years to FY24 come rounded to the nearest crore in the source.

Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.

A tax rate above 60% or below zero (FY21) comes from tax charged on a small or negative profit, as reported.

Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.

Rajputana Biodiesel profitability

Margins and returns on capital

Last year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.

Operating margin, every year

Per cent of sales kept before interest, depreciation and tax

-10%0%10%20%FY21: -7.0%-7.0%FY21FY22: 7.0%7.0%FY22FY23: 15.0%15.0%FY23FY24: 14.0%14.0%FY24FY25: 13.3%13.3%FY25FY26: 12.3%12.3%FY26
Per cent
FY21FY22FY23FY24FY25FY26
Operating margin-7.0%7.0%15.0%14.0%13.3%12.3%
Tax rate-26.0%30.0%0.0%16.7%21.4%21.6%
ROCE·11.7%25.0%29.8%21.1%22.7%
ROE··99.3%52.6%21.6%23.2%
Dividend payout0.0%0.0%0.0%0.0%0.0%0.0%

Rajputana Biodiesel debt and cash flow

Balance sheet · Cash flow · Working capital

The company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.

Its own money and its borrowings, ₹ crore
Net worthBorrowings
-200204060Net worth, FY21: -2 ₹ cr-2Borrowings, FY21: 9 ₹ cr9FY21Net worth, FY22: -1 ₹ cr-1Borrowings, FY22: 11 ₹ cr11FY22Net worth, FY23: 5 ₹ cr5Borrowings, FY23: 9 ₹ cr9FY23Net worth, FY24: 14 ₹ cr14Borrowings, FY24: 19 ₹ cr19FY24Net worth, FY25: 40.8 ₹ cr40.8Borrowings, FY25: 14 ₹ cr14FY25Net worth, FY26: 49.9 ₹ cr49.9Borrowings, FY26: 28.1 ₹ cr28.1FY26
Cash from the business against net profit, ₹ crore
Cash from the businessNet profit
-20-1001020Cash from the business, FY21: 1 ₹ cr1Net profit, FY21: -1 ₹ cr-1FY21Cash from the business, FY22: -1 ₹ cr-1Net profit, FY22: 0 ₹ cr0FY22Cash from the business, FY23: -1 ₹ cr-1Net profit, FY23: 2 ₹ cr2FY23Cash from the business, FY24: -5 ₹ cr-5Net profit, FY24: 5 ₹ cr5FY24Cash from the business, FY25: -15.3 ₹ cr-15.3Net profit, FY25: 5.9 ₹ cr5.9FY25Cash from the business, FY26: -2.9 ₹ cr-2.9Net profit, FY26: 10.5 ₹ cr10.5FY26

Bars below the line are cash going out.

Rajputana Biodiesel balance sheet

At each 31 March · ₹ crore

₹ crore
FY21FY22FY23FY24FY25FY26
Equity capital0.030.03557.037.03
Reserves-2-10933.8042.84
Net worth-1.97-0.9751440.8449.87
Borrowings91191914.0328.14
Other liabilities1.970.97195.6213.48
Total liabilities911154260.4991.49
Fixed assets44475.849.02
Capital work in progress000018
Investments00000.100.77
Other assets57113553.5573.70
Receivables····15.2015.65
Inventory····18.8735.74
Cash····1.562.06
Trade payables····2.195.72

Rajputana Biodiesel cash flow

₹ crore

₹ crore
FY21FY22FY23FY24FY25FY26
Cash from operations1-1-1-5-15.33-2.85
Cash from investing-201-3-2.23-9.10
Cash from financing1311115.4112.44
Net cash flow0213-2.150.49
Capital spending····1.8611.85

Working capital

Days

Days
FY21FY22FY23FY24FY25FY26
Debtor days292848878247
Inventory days2960108108132132
Days payable141627291521
Cash conversion cycle4472130166199158
Working capital days-292-1304570186102

Rajputana Biodiesel peers and competitors

Listed SME companies in the same industry

By sales, Rajputana Biodiesel is number 19 of the 44 listed SME companies in chemicals & petrochemicals.

Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.

CompanyMarket cap ₹ crP/ESales ₹ crProfit ₹ crOp. marginDebt/equity
Unilex Colours and Chemicals425.11458.22.6%0.31
Ushanti Colour Chem278-139-50.2%1.08
Patel Chem Specialities38529.71371312.0%0.15
Ducol Organics And Colours21930.21367.310.4%0.43
Rajputana Biodiesel14213.512210.512.3%0.56
Neochem Bio Solutions18615.111112.317.9%0.23
Silkflex Polymers (India)28423.61101220.0%1.29
Paragon Fine and Speciality Chemical10411.51109.111.6%0.01
Mahickra Chemicals28055.910657.0%0.24
Arunaya Organics246.51033.76.1%0.44
Yasons Chemex Care1616.796.80.9-0.6%0.32
Median of the 10 others20316.71107.78.7%0.32

Rajputana Biodiesel shareholding pattern

Promoters, FIIs, DIIs, HNIs and small holders

The promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.

Promoters
65.77%
+0.08 pts since Dec 24
Foreign investors (FIIs)
0.01%
-3.39 pts since Dec 24
Indian institutions (DIIs)
2.65%
-8.18 pts since Dec 24
HNIs (over ₹2 lakh each)
10.14%
+5.21 pts since Dec 24
Small holders (up to ₹2 lakh)
16.41%
+2.85 pts since Dec 24
Companies and others
5.02%
+3.43 pts since Dec 24
Number of shareholders
808
997 in Dec 24

Rajputana Biodiesel shareholding pattern

Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.

Dec 24Mar 25Sep 25Mar 26
Promoters65.69%65.73%65.77%65.77%
Foreign investors (FIIs)3.40%0.48%0.03%0.01%
Indian institutions (DIIs)10.83%5.66%2.84%2.65%
HNIs (over ₹2 lakh each)4.93%6.79%9.58%10.14%
Small holders (up to ₹2 lakh)13.56%18.02%18.16%16.41%
Companies and others1.59%3.32%3.62%5.02%
Number of shareholders997813858808

The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.

Rajputana Biodiesel study: the business from its own documents

Read from 11 of the company's own documents

Rajputana Biodiesel so far

From the company's own record

  1. 3 Dec 2024Listed on NSE Emerge at ₹130
  2. 23 Sept 2026Order worth ₹13.72 cr
  3. 31 March 2026Promoters at 65.77%
  4. 2 Jan 2025Highest close since listing, ₹347.20

Rajputana Biodiesel key facts from the filings

Each figure with the document it comes from

Revenue
₹122.0 cr
Group revenue from operations in FY26, up from ₹67.3 cr in FY25.FY26 results filing (revised), May 2026, p.22
Parent company sales
₹59.1 cr
The parent company's own FY26 revenue, against ₹47.0 cr in FY25; the rest came from the Meerut subsidiary.FY26 results filing (revised), May 2026, p.9
Plant capacity
170 KLPD
Kilolitres a day across Phulera (90) and Meerut (80), after the FY26 expansion.Investor presentation, May 2026, p.6; Annual report 2025-26, p.44
Tender price
About ₹80 a litre
The price in the oil companies' tenders, which the Managing Director said has stayed at that level.Earnings call, November 2025, p.7
Top ten customers
85.98%
Share of FY24 revenue from the ten largest customers, mostly government oil companies; it was 100% in the four months to July 2024.Offer document, p.32
Show 5 more facts
Latest order
₹13.72 cr
Letters of intent from HPCL in September 2026 for 1,480 KL across both plants, for June to August 2026 supply, including GST.Exchange announcement, 23 September 2026, p.1 and p.2
Inventory
₹35.7 cr
Group stock at March 2026, up from ₹18.9 cr a year earlier.Investor presentation, May 2026, p.18
Short term borrowings
₹24.0 cr
At March 2026, up from ₹8.5 cr a year earlier, as stock grew.Investor presentation, May 2026, p.18
Cash from operations
Minus ₹2.8 cr
Group operating cash flow in FY26, after minus ₹15.3 cr in FY25.Investor presentation, May 2026, p.19
Biogas approval
Two 5 TPD units
Approved in April 2025 at Jetpura in Ajmer and Bhakari in Nagaur; not yet built.Annual report 2025-26, p.45

What the company said, and what happened

The company's own statements, attributed, set against what it later reported; not newboard's estimates

On the November 2025 call, Managing Director Sarthak Soni said the company aims to produce 130 to 150 kilolitres a day from FY27, starting at 80% of the larger capacity and moving toward full use. Sarthak Soni also said the company plans to finish the biogas units, a biomass pellet unit and a Gulf export unit by the end of FY27, to be funded partly by a preferential share issue that has not yet been announced.

130 to 150 KL a dayProduction aim from FY27Nov 2025 call
Two unitsBiogas plants planned in RajasthanAnnual report 2025-26
What management saidWhenWhat happened
Second half FY26 numbers to be heavier than the first halfNov 2025 callGroup revenue ₹62.7 cr in H2 against ₹59.4 cr in H1, but profit after tax ₹4.5 cr against ₹6.1 cr

Is it a good business? Six questions

Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.

Rajputana Biodiesel makes money on the gap between the fixed price the oil companies pay for biodiesel and the market price of the oils it buys.

Its weak spots are that a few government buyers set both the price and the volume, and that stock must be bought and carried with borrowed money.

WatchCan it set its own prices?No. The oil companies fix the price in each tender and feedstock oils are bought at market prices, so the company controls neither side.
The evidence. The Managing Director said the tender price has been about ₹80 a litre throughout and that prices are fixed by the government while suppliers bid quantities; the offer document says there are no long term raw material contracts.Earnings call, November 2025, p.7 and p.14; Offer document, p.20
AverageHow strong is it against rivals?It has years of experience, approval as a supplier and two working plants, which new entrants lack, but every supplier gets the same tender price.
The evidence. The company is BIS 15607:2022 compliant and the Managing Director said many entrants fail during the long learning period of a biodiesel plant.Investor presentation, May 2026, p.7; Earnings call, November 2025, p.7 and p.15
WatchWho are its customers?Almost all sales go to three government oil companies through one tender process.
The evidence. Top ten customers gave 85.98% of FY24 revenue and 100% of revenue in the four months to July 2024, mainly government PSUs through tenders.Offer document, p.32
WatchDoes it need a lot of money?Feedstock must be bought and held before supply, so stock and short term loans have grown faster than sales, and cash from the business has been negative.
The evidence. Inventory rose from ₹18.9 cr to ₹35.7 cr and short term borrowings from ₹8.5 cr to ₹24.0 cr in FY26; operating cash flow was minus ₹2.8 cr.Investor presentation, May 2026, p.18 and p.19
AverageCan it keep finding new work?The oil companies hold new tenders every few months and it keeps winning volumes, but how much each cycle gives it is not fixed.
The evidence. In September 2026 it received HPCL letters of intent for 1,480 KL worth about ₹13.72 cr for June to August 2026; the Managing Director said biodiesel blending has only an indicative target, not a mandate.Exchange announcement, 23 September 2026, p.1; Earnings call, November 2025, p.15
WatchDo good and bad years swing a lot?Volumes and margins depend on tender rounds, government policy and oil prices, so results can move from one half to the next.
The evidence. Group profit after tax was ₹6.1 cr in the first half of FY26 and ₹4.5 cr in the second half, though sales rose.Investor presentation, May 2026, p.16

Who runs Rajputana Biodiesel?

Promoters, directors and officers; tap a name for the background

SSSarthak SoniPromoter, Managing Director and Chief Financial Officer · holds 20.31%

An Arts graduate in Business from the University of Durham (2013), with seven years in the biodiesel industry at the time of the offer; with the company since its start and looks after finance, purchase and management. The offer document states that Sarthak Soni is the husband of Madhuri Surana and the nephew of Sudeep Soni.

Offer document, p.127, p.128 and p.129; Annual report 2025-26, p.48
SSSudeep SoniPromoter, Chairman and Whole Time Director · holds 22.83%

A commerce graduate from the University of Rajasthan (1989) with about 24 years in real estate, 23 years in gems and jewellery through Soni Gems, and about seven years in biodiesel at the time of the offer; with the company since March 2017 and looks after risk, strategy and growth. Appointed Whole Time Director from 23 August 2025.

Offer document, p.128; Annual report 2025-26, p.48
TATanay AttarPromoter and Whole Time Director · holds 3.75%

A commerce graduate from the University of Rajasthan (2013), with the company since its start; looks after production, operations and human resources.

Offer document, p.128; Annual report 2025-26, p.48
MSMadhuri SuranaPromoter and Non-Executive Director · holds 9.01%

A bachelor's degree in arts from Pearl Academy of Fashion, Jaipur, with earlier work in women's and kidswear labels; joined the company in April 2019 as a Relationship Manager and became a director in July 2023. Looks after marketing and customer relations.

Offer document, p.128
PGPalaash GajriaIndependent Director

A member of the Association of Chartered Certified Accountants and a commerce graduate from the University of Mumbai (2014), with earlier work at BSR and Co. and Price Waterhouse.

Offer document, p.128; Annual report 2025-26, p.48
SKShrey KastiyaIndependent Director

A fourth generation jeweller with over ten years in gems and jewellery sales, marketing and manufacturing; runs Devika Diamonds, started in August 2023.

Offer document, p.128; Annual report 2025-26, p.48

Rajputana Biodiesel latest news and announcements

Announcements · Documents · Corporate actions

What changed recently

Each half-year is set against the same half a year earlier

  • H2 FY26: sales ₹62.7 cr (+175%), net profit ₹4.5 cr (+321%) on H2 FY25.
  • Shareholding, 31 March 2026: promoters unchanged at 65.77%.
  • 23 Sept 2026: order worth ₹13.72 cr announced.

Rajputana Biodiesel annual reports, earnings calls and documents

Every document links to its source; “read” marks those this page is built from

Offer document
Earnings calls
Investor presentations
Annual reports

Rajputana Biodiesel share split, bonus and dividends

From the corporate actions the company announces on the exchange

No share split, bonus issue or dividend is on record since listing.

Checks we ran on Rajputana Biodiesel's data · 9

Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.

  • ✓Balance sheet totals add up for FY25 and FY26.
  • ✓Market cap uses the share count in the latest shareholding pattern (70,33,500 shares).
  • ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
  • ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
  • ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
  • ✓The two half-years of FY26 add up to the full-year sales.
  • ✓Earnings per share moves in line with profit across the years shown.
  • ✓Revenue and profit are reported for every year shown, FY21 to FY26.
  • iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.

Questions people ask about Rajputana Biodiesel

What does Rajputana Biodiesel do?

Rajputana Biodiesel makes biodiesel from non-edible oils and supplies most of it to the government oil companies, which blend it into diesel. It also plans to make biogas from grass it will grow itself.

What is the share price of Rajputana Biodiesel?

₹202 at the close on 6 Nov 2026, from the exchange's daily figures.

What is the market cap of Rajputana Biodiesel?

₹142 cr at the close on 6 Nov 2026, on 70,33,500 shares.

What is the P/E of Rajputana Biodiesel?

13.5 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).

What are Rajputana Biodiesel's revenue and profit?

Revenue ₹122 cr and profit after tax ₹11 cr in FY26.

Who are the promoters of Rajputana Biodiesel?

Sarthak Soni, Sudeep Soni, Tanay Attar, Madhuri Surana; promoters held 65.77% at 31 March 2026.

What was the IPO price of Rajputana Biodiesel?

₹130 a share; it listed on 3 Dec 2024.

What is Rajputana Biodiesel's website?

www.rajputanabiodiesel.com

More SME companies like Rajputana Biodiesel

Other listed SME companies in chemicals & petrochemicals, the closest in size first, each read from its own documents.

Every listed SME company in Chemicals & Petrochemicals → · SME companies listed in 2024 →

Built from 3 investor presentations, 3 press releases, 2 annual reports, 1 offer document, 1 result filing, 1 earnings call transcript, 77 exchange announcements, 4 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.