Maharashtra Oil Extractions IPO

Maharashtra Oil Extractions Limited IPO is a book building issue consisting of a fresh issue of ₹370.00 crores and an offer for sale of up to 2.14 crore equity shares.

The equity shares are proposed to be listed on the NSE and BSE. IDBI Capital Markets & Securities Limited is the book running lead manager, and MUFG Intime India Private Limited is the registrar of the issue. Key details such as IPO dates, price bands, and lot size are yet to be announced.

About Maharashtra Oil Extractions Limited

Maharashtra Oil Extractions Limited was originally incorporated as a public limited company under the name Maharashtra Oil Extractions Limited on November 21, 1995, under the Companies Act, 1956. The company was subsequently converted into a private limited company pursuant to a shareholders' resolution dated February 16, 1998, and its name was changed to Maharashtra Oil Extractions Private Limited. It was reconverted into a public limited company under its present name, Maharashtra Oil Extractions Limited, following a shareholders' resolution dated December 28, 2024. A fresh certificate of incorporation was issued on March 10, 2025.

The company is engaged in the processing, manufacturing, marketing, and sale of products across the soybean value chain. Its operations include the extraction and refining of soybean oil, production of food-grade and feed-grade soybean meal, and manufacture of value-added soybean products such as soya flour, soya flakes, soya grits, and Textured Soya Protein (TSP). It is also engaged in refining cottonseed oil and packing refined sunflower oil for sale.

The company operates in India's edible oil and soybean processing industry, catering to customers across the food processing, animal feed, poultry, aqua feed, and confectionery industries. Its product portfolio includes crude soybean oil, refined edible soybean oil, cottonseed oil, food-grade and feed-grade soybean meal, soya lecithin, soya flour, toasted and untoasted soya flakes and grits, Textured Soya Protein, and specialty and industrial chemicals such as acid oil and fatty acids.

The company markets its edible soybean oil and cottonseed oil under its proprietary brand, Murli, while its food-grade and feed-grade soybean products are marketed under the MOEL brand. Soya hulls are marketed under the Kamdhenu brand. Its feed-grade soybean meal products contain protein ranging from 46% to 50%, while its full-fat meal contains approximately 38% protein. The company also produces non-genetically modified organism (Non-GMO) defatted toasted and untoasted soya flakes and grits for domestic and international customers.

The company operates an integrated manufacturing model, processing soybean seeds into crude soybean oil and soybean meal through solvent extraction. Its manufacturing operations also include oil refining, production of lecithin and other by-products, and further processing of soybean products into value-added products.

Its subsidiary, Basant Nutrifoods Private Limited (BNPL), which became a subsidiary on April 29, 2024, is engaged in manufacturing soya flour and Textured Soya Protein. The company operates four manufacturing facilities across Maharashtra, of which three are directly operated by the company and one is operated through BNPL. These facilities are located at Dhule, Nandurbar, and Gangakhed. As of July 31, 2026, the combined installed capacity for soybean crushing and edible oil refining was 4,20,000 metric tonnes per annum and 61,050 metric tonnes per annum, respectively.

The company primarily generates revenue from domestic product sales while also exporting soybean-based products to international markets. Its exports include soybean flakes, grits, and other soybean products supplied through business-to-business operations.

Industry Outlook

• The Indian soybean processing market increased from ₹908 billion in FY19 to ₹1,833 billion in FY26 and is projected to reach ₹2,296 billion by FY29, registering a CAGR of 7.8% between FY26 and FY29.
• India is the sixth-largest soybean producer globally, with cultivation concentrated in Maharashtra, Madhya Pradesh, Rajasthan, Gujarat, and Karnataka.
• The Indian soybean meal market grew from ₹192 billion in FY19 to ₹402 billion in FY26 and is expected to reach ₹525 billion by FY29, at a CAGR of 9.4%.
• During 2024–25, India's edible oil consumption comprised 10.7 million tonnes of palm oil, 7 million tonnes of soybean oil, 4.9 million tonnes of rapeseed oil, and 3.2 million tonnes of sunflower oil.
• The Indian edible oil market was valued at ₹4,432 billion in FY26 and is projected to reach ₹5,400 billion by FY29, growing at a CAGR of 8.1% between FY24 and FY29.
• India is the fourth-largest global oilseed player, accounting for approximately 15–20% of global oilseed cultivation area, 6–7% of vegetable oil production, and 9–10% of global consumption. Its oilseed production was estimated at 42.61 million tonnes in 2024–25, while imports account for approximately 57% of edible oil consumption.
• The soybean processing industry recorded a CAGR of 12.2% between CY18 and CY24 and is expected to grow by approximately 5% until CY28. Growth is supported by rising demand for protein-rich foods, Non-GMO ingredients, and plant-based nutrition, along with technological advancements.
• The industry faces challenges arising from soybean price fluctuations, raw material availability, monsoon dependency, crushing margins, government policies, edible oil imports, international commodity prices, foreign exchange movements, freight costs, geopolitical developments, competition, and operating expenses.

Maharashtra Oil Extractions IPO Objectives

The company proposes to utilize the net proceeds from the issue towards the following objectives:

• Financing the modernization/upgradation of Nandurbar Manufacturing Facility of the company.
• Towards capacity enhancement and upgradation of refinery.
• Financing the setting up of packaging unit.
• Funding the working capital requirements of the company.
• Towards general corporate purposes.

Financial Performance of Maharashtra Oil Extractions Limited

Maharashtra Oil Extractions Limited Peer Details Comparison