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We scan through 100s of stocks in a year and analyze several of them to come up with few good stocks recommendations for our Alpha/Alpha + members.

Our focus is medium-long term wealth creation and the idea is to try identify opportunities with long runway for 20-25% CAGR possibility.

Recently, I was looking at Gokul Agro Resources.

What caught my eye is that the promoters have bought 15 lakh + shares from the open market worth Rs 16 crore + in the month of Mar’24.

Source: Screener

The company manufactures edible oil and industrial oil and recently set up edible oil refinery in Haldia, West Bengal.

Below, we have shared basic details about the business and expansion plans of Gokul Agro from CRISIL Aug’23 report.


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Gokul Agro – Notes from CRISIL Aug’23 credit rating report

– About Company

  • Gokul Agro Resources Limited (GARL) was formed after the demerger of Gokul Refoils and Solvent Ltd (GRSL) in July 2015
  • They have a subsidiary, Maurigo Pte Ltd, and step-down subsidiary, Riya International Pte Ltd, based in Singapore for procurement and supply
  • The group is controlled by the promoter Mr Kanubhai Thakkar and his family

– Revenue and Customers

  • 10-12% of the group’s revenue comes from exports of soya meal, mustard de-oiled cake, castor oil and its derivatives
  • The remaining revenue is from domestic sales spread throughout India
  • The group has over 500 dealers and distributors and a well established clientele including Parle, ITC Ltd, Britannia Industries Ltd, and Godrej Industries Ltd.
  • Their brands include Vitalife, Zaika, Mahek, Pride, Richfield, Puffpride and Biscopride

– Procurement

  • The group benefits from its subsidiaries in Singapore, a key oil trading hub, for procurement
  • They also have longstanding relationships with industry players and plantations

– Manufacturing Capacity

  • The Gokul Agro group has manufacturing facilities in Gandhidham, Gujarat with the following capacities:
    • Seed Processing: 3,200 tonnes per day (TPD)
    • De-oiled cake (DOC): 1,000 TPD
    • Oil refining: 3,400 TPD
    • Vanaspati manufacturing: 200 TPD
    • Castor derivatives: 100 TPD
  • The group is expanding capacity with new refineries at Krishnapatnam and Haldia

– Financial Performance

  • The revenue contribution from palm oil declined from 63% in FY22 to 58% in FY23, with soya, mustard, etc. growing year-on-year
  • Despite debt-funded capital expenditure, the financial risk profile is expected to improve over time due to a strengthening net worth.

– Risk Management

  • The group hedges against inventory price fluctuations through back-to-back purchase arrangements and commodity exchange hedging

– Leverage

  • The group’s net worth is estimated at Rs 650 crore as of March 31, 2023
  • The total outside liabilities to tangible net worth ratio (TOLTNW) is moderately high at 2.26 times, but improved from 2.65 times a year earlier


  • The group has undertaken a debt-funded capex of Rs 230 crore in fiscal 2022 for a new oil refining unit at Krishnapatnam, Andhra Pradesh with a capacity of 1,400 TPD
  • In June 2023, the group acquired an oil refining unit in Haldia, West Bengal with a capacity of 1,200 TPD



Disclaimer: This is not a recommendation to buy/sell Gokul Agro Resources. The securities quoted are for illustration only and are not recommendatory.


Best Regards,

Ekansh Mittal
Research Analyst
Web: https://www.katalystwealth.com/


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