Ruchi Soya
Mainboard₹4,300 Cr issue
+30.77%
Listing gain over issue price
Issue size
₹4,300 Cr
1 lot at cut-off
₹13,650
Lot size
21shares
Open
24 Mar 2022
Close
30 Mar 2022
Allotment
05 Apr 2022
Listing
08 Apr 2022
Listing performance
Issue price
₹650
Listed at
₹850
Listing-day close
₹924.85
Latest price
₹349.75
Close on 23 Oct 2026
Listing gain
+30.77%
Return since issue
+61.42%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 24 Mar 2022 – 30 Mar 2022
- Listing date
- 08 Apr 2022
- Face value
- ₹2 per share
- Issue price
- ₹650 per share
- Lot size
- 21 shares
- Total issue size
- ₹4,300 Cr
- Market cap at offer price
- ₹23,530 Cr
- Promoter holding
- 98.90% → 80.82% pre-issue → post-issue
- ISIN
- INE619A01035
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- Ruchi House, Royal Palms, Survey No.169, Aarey Milk Colony, Near Mayur Nagar, Goregaon (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,98,43,153 | — | — |
Application size
Minimum 21 shares per lot, in multiples, at ₹650
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 21 | ₹13,650 |
| Retail (max) | 14 | 294 | ₹1,91,100 |
| S-HNI (min) | 15 | 315 | ₹2,04,750 |
| S-HNI (max) | 73 | 1,533 | ₹9,96,450 |
| B-HNI (min) | 74 | 1,554 | ₹10,10,100 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
1,98,43,153
Anchor portion
₹1,290 Cr
at ₹650 per share
Valuation and performance
Valuation at offer price
₹650 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 23.02 | — |
| P/E (×) | 28.24 | — |
| Market cap | — | ₹23,530 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 78.60%
- ROCE
- 11.07%
- Debt / equity
- 0.97
- EBITDA margin
- 6.22%
- NAV per share
- ₹137.35
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ruchi Soya
Ruchi Soya Industries Limited was incorporated in 1986 and operates as a major player in the Indian packaged food industry. Following completion of corporate insolvency resolution proceedings under the Insolvency and Bankruptcy Code, 2016, the company was acquired by the Patanjali Consortium on December 18, 2019. The company is one of the largest fully integrated edible oil refining companies in India and the largest manufacturer of soya foods. It operates across the entire value chain in palm and soya segments with strategically located manufacturing facilities (23 processing plants, of which 17 are operational as of the prospectus date). The company generates revenue through the sale of edible oils, soya products, biscuits, cookies, rusks, noodles, breakfast cereals, nutraceuticals, and renewable energy (wind power generation). In Fiscal 2019-2021 and the six months ended September 30, 2021, edible oil products contributed 79.10%, 81.03%, 84.51%, and 81.42% respectively of revenues from operations.
Company Analysis
from RHPRuchi Soya is a diversified FMCG and FMHG company operating as one of India's largest edible oil refiners and soya foods manufacturers, with operations spanning edible oils, oleochemicals, soya products, packaged foods, nutraceuticals, and renewable energy.
Ruchi Soya Industries Limited was incorporated in 1986 and operates as a major player in the Indian packaged food industry. Following completion of corporate insolvency resolution proceedings under the Insolvency and Bankruptcy Code, 2016, the company was acquired by the Patanjali Consortium on December 18, 2019. The company is one of the largest fully integrated edible oil refining companies in India and the largest manufacturer of soya foods. It operates across the entire value chain in palm and soya segments with strategically located manufacturing facilities (23 processing plants, of which 17 are operational as of the prospectus date). The company generates revenue through the sale of edible oils, soya products, biscuits, cookies, rusks, noodles, breakfast cereals, nutraceuticals, and renewable energy (wind power generation). In Fiscal 2019-2021 and the six months ended September 30, 2021, edible oil products contributed 79.10%, 81.03%, 84.51%, and 81.42% respectively of revenues from operations.
edible oils refiningsoya food products manufacturingpackaged food (biscuits, cookies, rusks, noodles, cereals)nutraceuticals and wellnessoleochemicalsrenewable energy (wind power)FMCGFMHG
Objects of the Issue
- Repayment and/or prepayment, in full or part, of certain borrowings availed by our Company ₹2,66,382.52 lakhs p.25
- Funding incremental working capital requirements of our Company ₹59,342.48 lakhs p.25
- General corporate purposes ₹89,644.65 lakhs p.25
- Funding of working capital requirements p.52
- Repayment/pre-payment of certain borrowings p.52
- General corporate purposes p.52
- Repayment and/or prepayment of borrowings from consortium of lenders and PAL (Patanjali Ayurved Limited), one of our Promoters, in full or part, availed by our Company ₹ 2,66,382.52 lakhs p.107
- Funding incremental working capital requirements of our Company ₹ 59,342.48 lakhs p.107
- General corporate purposes ₹ 89,644.65 lakhs p.107
- Repayment of borrowings and debt p.404
Issue Structure
- Total Issue
- Up to ₹4,30,000 lakhs
- Fresh Issue
- Up to 6,61,53,846 Equity Shares aggregating up to ₹4,30,000 lakhs
- Offer for Sale
- Not applicable
- Price Band
- ₹615.00 to ₹650.00 per Equity Share
- Lot Size
- 21 Equity Shares and in multiples of 21 Equity Shares thereafter
- Face Value
- ₹2 per Equity Share
Business Model
The company earns revenue primarily from: (1) sale of edible oil products (palm oil, soybean oil, and other oils) for refining and branded sale; (2) contract manufacturing and sales of soya-based foods (soya chunks, soya flour, textured soya protein under 'Nutrela' brand); (3) packaged food products including biscuits, cookies, rusks, noodles and breakfast cereals (acquired from Patanjali Natural Biscuits Private Limited and through assignment from Patanjali Ayurved Limited); (4) honey and wheat flour (atta); (5) nutraceuticals and wellness products (launched June 2021); (6) oleochemicals and by-products; (7) wind power generation for sale and captive use. The company procures raw materials locally where possible and imports crude oils from suppliers in Malaysia, Indonesia, Singapore, Geneva, and Rotterdam. Raw materials constitute 75.87% to 82.94% of total revenue from operations.
Business Segments
Refining, trading and branding of crude vegetable oils (primarily palm oil, soybean oil, degummed soya oil, sunflower oil, groundnut oil). The company is one of the largest fully integrated edible oil refining companies in India with presence across the entire value chain in palm and soya segments.
Manufacturing and sale of soya-based foods including soya chunks (textured soya protein), soya flour, and branded products under the 'Nutrela' brand. The company expanded with launch of Nutrela High Protein Chakki Atta and Nutrela Honey in Fiscal 2021.
Manufacturing and sale of biscuits, cookies, rusks, noodles, and breakfast cereals. Business acquired from Patanjali Natural Biscuits Private Limited (May 2021) and noodles/breakfast cereals business assigned from Patanjali Ayurved Limited (June 2021).
Manufacturing and sale of nutraceutical and wellness products. The company forayed into this niche, high-growth FMHG segment in Fiscal 2022 (June 2021).
Manufacturing and sale of oleochemicals and other by-products and derivatives from edible oil processing.
Oil palm cultivation and FFB (fresh fruit bunch) processing. The company has been allocated zones by various state governments for palm plantation, making it the largest player in terms of allocated zones for backward integration of palm oil sourcing.
Generation and sale of renewable power through wind turbines, with generated power used for captive consumption and offsetting carbon footprint.
Processing of oilseeds (soybean, castor, sunflower, mustard, groundnut) into edible oils and meal. The company operates inland oilseed crushing and refining plants with varying capacity utilization rates throughout the year, with peak processing typically from mid-October to mid-April for soybean.
Manufacturing and sale of branded edible oils and soya-based food products under brands such as Nutrela, Mahakosh, Sunrich, Ruchi Gold, Ruchi No. 1, Ruchi Star, and Soyumm sold domestically and for export.
Production of oleochemicals from vegetable oils with ISO 9001:2015, Halal and Kosher certifications for the oleochemical facility.
Manufacturing of branded packaged food products including biscuits, cookies, rusks, noodles, breakfast cereals, and atta (wheat flour). Products manufactured from natural sources with various certifications including FSSAI and FSSC.
Manufacturing of nutraceutical and wellness products with FSSAI certification and Ministry of AAYUSH certification for certain products. Company has recently forayed into this business.
Operation of four oil palm processing mills in Andhra Pradesh located in close proximity to regions with high oil palm farm concentrations. Processes fresh fruit bunches (FFBs) obtained from farmers under MOUs with state governments. Company has obligations to purchase FFBs at state-government-determined prices and provide support to farmers including seedlings and fertilizers.
Development and operation of wind power plants at 11 locations in India with an annual capacity of 84.6 megawatts. Company has entered into long-term power purchase agreements with state electricity boards and corporations.
Manufactures and sells branded and bulk edible oils including palm oil, soybean oil, mustard oil, sunflower oil, and blended oils. Operates 22 manufacturing units with refining capacity of over 11,000 tonnes per day and seed crushing capacity of 11,000 tonnes per day. Products include premium brands (Nutrela, Fortune) and popular brands (Ruchi Gold, Ruchi Star, Mahakosh, Bullet).
Pioneer and market leader in branded textured soya protein (TSP/soya chunks) under the Nutrela brand, launched in the 1980s. The company manufactures soya chunks through specialized consumer-focused distribution network with 3-4 lakh retail outlets and 1,381 exclusive distributors. Holds 40% of the branded soya chunks market.
Manufactures packaged wheat flour (Nutrela High Protein Chakki Atta), honey (under Nutrela brand), and has recently diversified into biscuits, breakfast cereals, noodles, and nutraceuticals as part of business expansion strategy.
Manufactures oleochemicals derived from oils and by-products of oil refining including soap noodles (42,000 MT/annum), split fatty acid (35,000 MT/annum), glycerine (2,250 MT/annum), and toilet soap (33,600 MT/annum). Serves pharmaceutical, personal care, paint, and industrial customers.
Backward integration into oil palm plantations with 4 palm fruit crushing units having a capacity of 3,000 MT/day. Part of government's Oil Palm Development Program for sourcing produce from farmers in designated areas.
Manufacture and sale of refined vegetable oils (palm, soybean, mustard, sunflower, groundnut, cottonseed, rice bran oils), vanaspati, bakery fats, and by-products including oilseed meals, soya husk, lecithin, and fatty acids.
Manufacturing soap noodles, glycerine, distilled fatty acids and value-based derivatives of castor, soya and palm with applications in grease, lubricants, paints, crayons, personal care, cosmetics and pharmaceuticals for domestic and export markets.
Pioneer and manufacturer of soya chunks under Nutrela brand with 40% market share in branded TSP as of March 31, 2020; production of edible soya flour and TSP sold in chunk and granule form for domestic retail and export.
Development and operation of oil palm plantations through public-private partnership with state governments; processing fresh fruit bunches (FFBs) into crude palm oil, crude palm kernel oil and palm kernel cake; provision of technical support and agricultural inputs to farmers.
Manufacture and sale of milk biscuits, cookies, bakery biscuits, crackers, marie, cream, crunchy, digestive and rusks under the Patanjali brand; combination of in-house and outsourced manufacturing.
Manufacture and sale of healthier non-maida wheat noodles and breakfast cereals (hot and ready-to-eat) under Patanjali brand; current portfolio comprises 12 SKUs of noodles and 28 SKUs of breakfast cereals.
Manufacture and sale of 100% vegetarian dietary supplements including vitamins, minerals, herbal supplements, proteins, and functional foods marketed under Nutrela and Patanjali joint branding; covers medical nutrition, sports nutrition and general nutrition categories.
Manufacture and sale of Nutrela High Protein Chakki Atta (combination of wheat and soya flour with 30% more protein than regular wheat atta) and Nutrela Honey (100% pure and natural honey) under premium segment.
Generation of wind power for sale and captive use; as of September 30, 2021, generates wind power at total aggregate amount of 84.6MW across eleven locations and six states.
Crushing and refining of oilseeds and crude vegetable oils; production of vanaspati, bakery fats, soya meal, TSP, and edible soya flour; sale of refined oils through consumer packs and bulk sales
Manufacture and sale of nutraceutical and wellness products under Nutrela brand through contract manufacturing arrangement with Patanjali Ayurved Limited
Manufacture and sale of biscuits, cookies and rusks under Patanjali brand through combination of in-house and contract manufacturing; 19 variants of biscuits and 2 variants of rusks
Manufacture and sale of atta noodles (healthy version made from whole wheat flour) and breakfast cereals including corn flakes, muesli, instant wheat dalia and oats under Patanjali brand; 6 products across 12 SKUs for noodles and 6 products across 28 SKUs for breakfast cereals
Generation and sale of wind power from 84.6 MW of total aggregate capacity across wind projects in Maharashtra, Rajasthan, Madhya Pradesh, Tamil Nadu, Gujarat, and Karnataka on sale and captive basis
Various types of seed extractions, primarily from solvent extraction process with crude oil as secondary product
Vanaspati, Bakery fats and Table spread
Crude oils, Refined oils
Textured Soya protein, Soya flour, Biscuits, Noodles, Breakfast Cereals, Wheat Flour and Honey
Electricity Generation from Wind Mills
Seeds, Coffee, Soap, Fresh Fruit Bunch, Seedling, Toiletry preparations, Castor seed and Nutraceuticals
Processing and extraction from oilseeds
Hydrogenated edible oils
Refining and distribution of edible oils
Packaged food products including soya chunks, atta, honey, biscuits, and other food items
Renewable power generation for sale and captive use
Other business operations
Extraction of various types of seeds through solvent extraction process
Manufacturing and sale of Vanaspati, bakery facts and table spread sold under own brand names including Nutri Gold, Ruchi No. 1, Mahakosh, Bakefat, Avanti, Neptune, General Vanaspati and Tulsi
Sale of crude oils and refined oils sold under own brand names including Nutrela, Mahakosh, Sunrich, Ruchi Gold and Ruchi No 1
Manufacturing and sales of textured soya protein and soya flour sold under brand Nutrela
Electricity generation from wind mills
Seeds, Soap, Fresh Fruit Bunch, Seedling, Plant and Equipment, Toiletry preparations, Castor seed and Honey
Crude oils, Refined oils
Vanaspati, Bakery fats and Table spread
Various types of seed extractions
Textured Soya protein, Soya Flour, Biscuit, Noodles, Breakfast Cereals, Wheat Flour and Honey
Electricity Generation from Windmills
SWOT Analysis
Strengths
- • Largest edible oil refiner with integrated value chain(p.24)
- • Pioneer and market leader in soya foods category(p.24)
- • Integrated across value chain with backward integration(p.24)
- • Government-allocated palm plantation zones(p.24)
- • Established brand portfolio with recognition across multiple product categories(p.48)
- • Significant distribution network reaching diverse customer segments(p.58)
- • Integration with Patanjali Ayurved Limited's extensive distribution infrastructure(p.58)
- • Diversified product portfolio across edible oils, oleochemicals, and food categories(p.53)
- • Successful exit from Corporate Insolvency Resolution Process(p.96)
- • Vertically integrated business model across oil refining and food processing(p.145)
- • Market-leading position in branded palm oil(p.144)
- • Pioneer and dominant position in soya chunks category(p.148)
- • Significant oil refining and processing capacity(p.145)
- • Diversified product portfolio across multiple packaged food categories(p.137)
- • Established distribution network(p.145)
- • Leading integrated edible oil refiner with significant crushing and refining capacity(p.185)
- • Strong promoter backing from Patanjali group with proven FMCG execution capabilities(p.188)
- • Market leadership in branded TSP with 40% market share and generic brand recognition(p.186)
- • Highest selling palm oil brand with market leadership position(p.196)
- • Largest allocated zones for oil palm plantation development in India(p.185)
- • Extensive pan-India distribution network with access to Patanjali's retail ecosystem(p.188)
- • Vertical integration across value chain from sourcing to distribution reduces costs(p.189)
- • Strategic manufacturing footprint with ready-access facilities from business acquisitions(p.222)
- • Diversified product portfolio across multiple food categories reducing susceptibility to market shifts(p.222)
- • Natural ingredient positioning with health-focused product formulations(p.222)
- • Pan-India distribution network with extensive reach across general and modern trade(p.240)
- • Access to Patanjali's distribution infrastructure providing significant reach multiplier(p.241)
- • Quality assurance systems and certifications across manufacturing facilities(p.228)
- • Renewable energy generation reducing operational costs and environmental footprint(p.233)
- • Diversified product portfolio across FMCG, edible oils, nutraceuticals, biscuits and other downstream segments(p.334)
- • Multi-location manufacturing footprint with plants across India(p.334)
- • Access to capital through equity offerings and established banking relationships(p.307)
- • Established brand portfolio with indefinite useful life trademarks(p.338)
- • Diversified product portfolio across multiple segments generating revenue(p.342)
- • Strong asset base with significant property, plant and equipment(p.346)
- • Operational diversification across seed extractions, vanaspati, oils, food products and wind power(p.381)
- • Largest player in allocated palm plantation zones for backward integration(p.415)
- • One of largest fully integrated edible oil refining companies in India with pan-India presence(p.415)
- • Pioneers and largest manufacturers of soya foods with strong brand 'Nutrela' recognition(p.415)
- • Multi-segment portfolio across entire value chain in palm and soya(p.415)
- • Synergy with Patanjali group's distribution network and technical expertise(p.415)
- • Strong turnaround and profit generation post Patanjali takeover(p.416)
Weaknesses
- • Heavy dependence on edible oil revenue(p.36)
- • Heavy reliance on third-party raw material suppliers(p.36)
- • Pledge of promoter shares creates dilution risk(p.38)
- • Dependence on 'Take or Pay' agreement with single promoter(p.38)
- • Recent entry into nutraceuticals with no operating history(p.39)
- • High regulatory and integration risks in recent acquisitions(p.40)
- • Contingent liabilities and disputed tax demands from state governments(p.49)
- • Significant debt obligations with personal guarantees from promoters(p.56)
- • Under-utilization of manufacturing capacity affecting profitability(p.51)
- • Audit qualifications in historical financial statements(p.51)
- • Reliance on single large customer relationship (Patanjali Ayurved Limited)(p.58)
- • Complex oil palm business with mandatory obligations and state government pricing controls(p.54)
- • Extreme debt levels and heavy reliance on bank consortium financing(p.98)
- • Extreme promoter concentration with minimal public float(p.98)
- • Recent emergence from insolvency with restructured capital(p.100)
- • Restrictive covenants limiting operational flexibility from lenders(p.113)
- • Unfavorable historical working capital position and cash flow dynamics(p.115)
- • Heavy dependence on imported crude palm oil for refining operations(p.189)
- • Palm plantation business at early stage with long gestation period limiting near-term FFB supply(p.211)
- • Exposure to commodity price volatility in agricultural products(p.189)
- • No control over FFB pricing under government-mandated procurement formulae(p.214)
- • Significant dependence on Patanjali Ayurved Limited for brand licensing and manufacturing arrangements(p.242)
- • Low capacity utilization rates across multiple production segments(p.237)
- • Severe underutilization of oilseed crushing capacity(p.238)
- • Vulnerability to termination of key agreements by Patanjali without notice upon management or promoter changes(p.265)
- • High contingent obligation to Patanjali under Take-or-Pay arrangement(p.239)
- • Recent history of insolvency and debt restructuring with elevated leverage post-resolution(p.263)
- • Significant debt burden with substantial borrowings across short and long-term structures(p.328)
- • Personal guarantees from promoters create contingent liability exposure(p.307)
- • Recent operational history with CIRP completion only in December 2019(p.306)
- • Group company losses including Atri Papers with negative profitability trend(p.318)
- • Significant trade receivables impairment and credit risk concentration(p.356)
- • High leverage with substantial borrowings and preference shares(p.364)
- • Capital work in progress temporarily suspended with no completion timeline(p.348)
- • Recent corporate insolvency resolution with ongoing litigation(p.364)
- • Substantial disputed liabilities and contingent obligations pending resolution(p.379)
- • High dependence on raw material costs representing 78-86% of revenue(p.417)
- • Significant exposure to imported raw materials subject to foreign exchange fluctuation(p.417)
- • Heavy debt burden with total borrowings of ₹390,289 lakhs as at September 30, 2021(p.414)
- • Historical defaults on bank loans and borrowings prior to resolution plan implementation(p.409)
- • Dependence on single major customer Patanjali Ayurved Limited for significant revenue(p.387)
- • High provision for doubtful debts of ₹134,495 lakhs indicating significant credit risk(p.399)
- • Significant accumulated tax losses with limited recognition of deferred tax assets(p.447)
- • High outstanding indebtedness with significant interest burden(p.446)
- • Heavy dependence on a single business segment for revenue(p.445)
- • Multiple pending litigation and regulatory proceedings creating uncertainty(p.472)
- • Significant outstanding dues from material creditors indicating working capital stress(p.481)
- • Exposure to regulatory and food safety violations with pending penalties(p.478)
- • Heavy concentration in single promoter group with pledged shareholding(p.462)
Opportunities
- • Growing edible oil consumption in India(p.24)
- • Large domestic production gap in edible oils(p.24)
- • Expansion into packaged food portfolio(p.24)
- • Expansion into nutraceuticals and wellness products segment(p.53)
- • Growing backward integration through oil palm cultivation initiatives(p.61)
- • Renewable energy business through wind power generation(p.62)
- • Capital infusion to fund working capital and capacity expansion(p.53)
- • Rapid growth in branded packaged food market driven by urbanization and rising incomes(p.136)
- • Sustained growth opportunity in edible oil category with low per-capita consumption(p.145)
- • Market transition from unbranded to branded soya chunks with high growth potential(p.149)
- • Rapid expansion of modern retail and e-commerce channels for packaged foods(p.137)
- • Government support for food processing industry through policy reforms and investment schemes(p.138)
- • Rising health and wellness consumer trends driving premiumization across categories(p.139)
- • Backward integration opportunity through oil palm plantation business(p.145)
- • Low per capita biscuit consumption in India versus developed markets presents growth headroom(p.160)
- • Branded biscuits market growing faster with increasing consumer preference for quality(p.160)
- • Branded edible oils gaining share as consumers shift from unbranded to branded products(p.189)
- • High-growth nutraceuticals market expected to grow at 20% CAGR driven by lifestyle diseases(p.217)
- • Government support for increasing domestic palm oil production to reduce import dependency(p.167)
- • Significant potential area available for palm plantation development across multiple states(p.180)
- • High growth breakfast cereals market with low penetration providing expansion potential(p.229)
- • Rapidly expanding noodles market offering significant growth runway(p.230)
- • Consumer trend toward healthier food products aligning with company's natural ingredient positioning(p.230)
- • Government support for oil palm cultivation reducing import dependence(p.256)
- • Leverage of Patanjali's brand equity and distribution infrastructure for rapid market penetration(p.224)
- • Expansion into premium segment and value-added products with higher margins(p.247)
- • Expansion into value-added food and nutraceutical segments with growing consumer demand(p.334)
- • Renewable energy generation capability through wind energy operations(p.334)
- • Further expansion through acquisition of biscuit business during interim period(p.333)
- • Expansion through Further Public Offering to strengthen capital base(p.357)
- • Revenue growth from plant usage income and processed products(p.373)
- • Enhancement of profitability through operational improvements post-resolution(p.378)
- • Expansion into high-growth nutraceutical business segment(p.415)
- • Acquisition and integration of Patanjali biscuits portfolio to expand packaged food offerings(p.415)
- • Leverage of 'Nutrela' brand for premium product launches(p.415)
- • Carbon footprint offset through renewable wind power generation(p.415)
- • Government support through customs duty reduction on imported raw materials(p.418)
- • Expansion of oils segment and value-added products(p.445)
- • Growth in food products and value-added segments(p.445)
- • Diversification into new product categories through contract manufacturing and licensing(p.460)
- • Wind power generation business offering renewable energy revenue stream(p.445)
Threats
- • Consumer preference shifts away from edible oils(p.35)
- • Raw material price volatility and supply disruptions(p.36)
- • Imported raw materials exposure to FX and supply risks(p.36)
- • Non-compliance with minimum public shareholding requirements(p.22)
- • Adverse weather patterns affecting crops and demand(p.41)
- • COVID-19 pandemic disruption to operations(p.44)
- • Volatility in agricultural commodity prices affecting raw material costs(p.55)
- • Foreign exchange fluctuation risks on imports and exports(p.52)
- • Intense competition from larger multinational and domestic competitors(p.53)
- • Stringent environmental and labor regulations increasing operational costs(p.48)
- • Seasonal variations in oilseed availability affecting capacity utilization(p.53)
- • Regulatory and compliance risks including litigation from prior period(p.52)
- • Macroeconomic downturns affecting consumer demand and spending(p.69)
- • Environmental campaigns against palm oil production reducing demand(p.68)
- • Extreme volatility in commodity prices for agricultural raw materials(p.146)
- • High import dependency creates foreign exchange risk exposure(p.146)
- • Government policy fluidity on import duties and restrictions affecting margins(p.146)
- • Intense competition from entrenched national and regional packaged food players(p.143)
- • Structural challenges in rural distribution and profitability of mass-market categories(p.138)
- • Supply chain vulnerabilities and infrastructure gaps limiting scale efficiency(p.138)
- • Risk of major adverse change events with potential covenant default implications(p.113)
- • Intense competition from established players like Britannia and Parle in biscuits market(p.161)
- • Noodles market dominated by Nestlé Maggi with 40% share despite past contamination issues(p.165)
- • Complex Indian biscuit market requiring regional customization adds operational complexity(p.160)
- • Global soy product competition from cheaper producers in Brazil, US and Argentina(p.172)
- • Low mill capacity utilization in palm operations due to supply constraints(p.214)
- • Fragmented nutraceuticals market with regulatory challenges and counterfeit products(p.178)
- • Commodity price volatility in crude oils and oilseeds impacting margins(p.228)
- • Seasonal nature of crushing business with high exposure to monsoon and crop yield variability(p.247)
- • Intense competition from established national and international players in packaged foods(p.246)
- • Regulatory restrictions on hedging activity limiting risk management options(p.247)
- • Foreign exchange volatility affecting import costs and export competitiveness(p.247)
- • Stringent and evolving food safety and regulatory compliance requirements(p.249)
- • Environmental pollution control requirements and compliance costs for manufacturing operations(p.249)
- • Volatility in raw material and commodity prices impacting cost of materials consumed(p.329)
- • Working capital pressure from inventory buildup requiring careful management(p.328)
- • Regulatory compliance lapses identified requiring remediation(p.280)
- • Contingent liability from tax disputes over investment promotional assistance claims(p.326)
- • Related party transaction concentration with promoter group entities(p.279)
- • Regulatory and tax disputes with material financial exposure(p.379)
- • Commodity price volatility impacting margins(p.374)
- • Foreign currency exposure and translation risks on overseas operations(p.373)
- • Dependence on promoter group with conversion option on debt(p.367)
- • Concentration of assets and operations with litigation risks(p.379)
- • Volatile agricultural commodity prices subject to weather, global demand and supply fluctuations(p.417)
- • Significant international and domestic competition with larger players(p.418)
- • Government policy changes on export duties impacting raw material costs(p.417)
- • Import/export policy restrictions on refined bleached deodorised palm oils(p.418)
- • Foreign exchange rate fluctuation risks on imported raw materials and foreign currency payables(p.396)
- • Seasonal nature of agricultural raw material production creating purchasing cycle pressures(p.417)
- • Exposure to commodity price fluctuations affecting raw material costs(p.456)
- • Significant foreign exchange risk from international transactions(p.457)
- • Regulatory and compliance risks in food safety and environmental matters(p.470)
- • Significant tax disputes and contingent liabilities from indirect taxes(p.474)
- • COVID-19 pandemic impact on global and Indian economy with uncertain recovery timeline(p.458)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Acharya Balkrishna | Individual Promoter | 0% | — |
| Ram Bharat | Individual Promoter | 0% | — |
| Snehlata Bharat | Individual Promoter | 0% | — |
| Patanjali Ayurved Limited | Corporate Promoter | 48.17% | — |
| Yogakshem Sansthan | Corporate Promoter | 20.28% | — |
| Patanjali Parivahan Private Limited | Corporate Promoter | 16.90% | — |
| Patanjali Gramudyog Nayas | Corporate Promoter | 13.52% | — |
| Ruchi Soya Industries Limited Beneficiary Trust | Corporate Promoter | 0.03% | — |
| Acharya Balkrishna | Promoter | 48.09% | 38.91% |
| Ram Bharat | Promoter | — | — |
| Patanjali Ayurved Limited | Promoter Group | 48.09% | 38.91% |
| Divya Yog Mandir Trust | Promoter Group | 20.26% | 16.38% |
| Patanjali Parivahan Private Limited | Promoter Group | 16.88% | 13.64% |
| Patanjali Gramudhyog Nayas | Promoter Group | 13.51% | 10.92% |
| Ruchi Soya Industries Limited Beneficiary Trust | Promoter Group | — | — |
| Patanjali Ayurved Limited | Promoter | 48.17% | 39.37% |
| Yogakshem Sansthan | Promoter | 20.28% | 16.57% |
| Patanjali Parivahan Private Limited | Promoter | 16.90% | 13.81% |
| Patanjali Gramudyog Nayas | Promoter | 13.52% | 11.05% |
| Ruchi Soya Industries Limited Beneficiary Trust | Promoter | 0.03% | 0.02% |
| Patanjali Ayurved Limited | Promoter/Promoter Group | — | — |
| Patanjali Ayurved Limited | Promoter/Promoter Group | — | — |
| Acharya Balkrishna | Promoter (part of Patanjali Consortium) | — | — |
| Acharya Balkrishna | Individual Promoter | — | — |
| Ram Bharat | Individual Promoter | — | — |
| Patanjali Ayurved Limited | Promoter | — | 48.17% |
| Yogakshem Sansthan | Promoter | — | 20.28% |
| Patanjali Parivahan Private Limited | Promoter | — | 16.90% |
| Patanjali Gramudyog Nayas | Promoter | — | 13.52% |
| Patanjali Ayurved Limited | Promoter | — | 48.17% |
| Yogakshem Sansthan | Promoter | — | 20.28% |
| Patanjali Parivahan Private Limited | Promoter | — | 16.90% |
| Patanjali Gramudyog Nayas | Promoter | — | 13.52% |
| Patanjali Ayurved Limited | Promoter/Controlling shareholder | — | — |
| Acharya Balkrishna | Key Managerial Person | — | — |
| Patanjali Ayurved Limited | Promoter Group | — | — |
| Patanjali Parivahan Private Limited | Promoter Group | — | — |
| Yogakshem Sansthan | Promoter Group | — | — |
| Patanjali Gramudyog Nayas | Promoter Group | — | — |
Leadership
Acharya Balkrishna · Chairman
Ram Bharat · Managing Director
Ramji Lal Gupta · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Ruchi Soya IPO FAQs
What is the lot size of Ruchi Soya IPO?
The minimum lot size of Ruchi Soya IPO is 21 shares. One lot costs ₹13,650 at the cut-off price.
When does Ruchi Soya IPO open and close?
Ruchi Soya IPO opened for subscription on 24 Mar 2022 and closed on 30 Mar 2022.
What is the listing date of Ruchi Soya IPO?
Ruchi Soya IPO listed on 08 Apr 2022.