Press Release July 10, 2026 SHRI VENKATESH REFINERIES LIMITED Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	200.00	ACUITE A- | Stable | Assigned	-	RBI
Total Outstanding	0.00	200.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

­­Acuite has assigned its long-term rating of ‘ACUITÉ A-' (read as ACUITE A minus) on the Rs. 200.00 Cr. bank facilities of Shri Venkatesh Refineries Limited (SVRL). The outlook is ‘Stable’. Rationale for Rating The rating assigned reflects the extensive experience of the promoters and management team in the edible oil industry, along with the company’s established operational track record. The rating further factors in SVRL’s established brand presence under the brands” Rich Soya” and “Rich Sun”, along with its improving scale of operations and profitability. The rating also derives support from the company’s moderate financial risk profile and adequate liquidity position. However, the rating is constrained by its moderate working capital operations, geographical concentration risk, susceptibility of profitability to volatility in raw material prices and presence in a highly competitive and fragmented industry.

About the Company

Shri Venkatesh Refineries Limited (SVRL) is a Jalgaon, Maharashtra based listed public limited company which was incorporated in the year 2003. The company is engaged in the business of processing and trading of Soyabean Oil, Cottonseed Oil, Edible Oil, Cooking Oil and their by-products. The company has capacity of 100 Tonnes per day. The Directors of the company are Mr. Dinesh Ganapati Kabre, Mr. Anil Ganpati Kabre, Mr. Shantanu Ramesh Kabre, Mr. Prasad Dinesh Kabre, Mr. Yogesh Sanjeev Nandi, Ms. Anisha Sukumar Sharma, Ms. Sushmita Swarup Lunkad.

Unsupported Rating

­­Not Applicable

Analytical Approach

Acuite has considered the standalone business and financial risk profile of Shri Venkatesh Refineries Limited (SVRL) to arrive at this rating.

Key Rating Drivers

Strengths

­­Established operational track record and extensive promoter experience along with established brand presence SVRL has been operating in the edible oil industry for more than two decades, reflecting an established operational track record. The company is promoted and managed by the Kabre family, which has over four decades of experience in the edible oil industry and is supported by an experienced management team. SVRL is engaged in the manufacturing and trading of edible oils, wherein it primarily refines crude edible oils into refined edible oils suitable for human consumption and markets them under its own brands. The product portfolio primarily comprises refined soybean oil and other edible oils based on market demand, while the trading segment mainly comprises refined palm oil. The company follows a business model comprising both branded retail sales under brands such as ‘Rich Soya’ and ‘Rich Sun’, as well as bulk sales to distributors and institutional customers, with a primary presence across rural and semi-urban markets. The company’s longstanding presence in the industry has supported the establishment of relationships with customers and suppliers across its key business segments. Acuité believes that the promoters’ extensive industry experience, established operational track record and recognised brand presence in its key markets will continue to support the company’s business risk profile over the medium term. Improved operating scale on the back of ramp up of capacities along with healthy profitability margins In FY26, the company reported revenue of Rs. 1377.57 Cr., compared with Rs. 701.64 Cr. in FY25 and Rs. 575.23 Cr. in FY24, reflecting a growth of ~96% in FY26. The growth was driven by increased contribution from manufacturing operations following the commissioning of the new 200 TPD refining facility in July 2025, which increased the company’s refining capacity from 100 TPD to 300 TPD, thereby supporting higher sales volumes during the year. The company reported EBITDA of Rs. 73.10 Cr. in FY26 (FY25: Rs.35.69 Cr.). EBITDA margins stood at 5.31 per cent in FY26 (FY25: 5.09 per cent). Profitability improved in FY26 on account of increased contribution from manufacturing sales and absorption of fixed costs. Consequently, PAT increased to Rs. 38.20 Cr. in FY26 (FY25: Rs.18.08 Cr.), supported by improved operating profitability and increased scale of operations. Going forward, the management has projected revenue of ~Rs. 2000 Cr. in FY27, driven by the full-year benefit of the expanded refining capacity. Acuité believes the company’s improving scale of operations, supported by the recently commissioned refining capacity, is expected to improve its operating performance over the medium term. Moderate financial risk profile SVRL’s financial risk profile is moderate, marked by moderate gearing, net worth and debt protection metrics. Acuité has considered Rs. 71.69 Cr. of promoter unsecured loans (USL) as quasi equity as on March 31, 2026, on account of undertaking given by the company. The net worth of the company stood at Rs. 189.07 Cr. as on March 31,2026 (FY25: Rs. 135.96 Cr.), primarily driven by retention of profits and increased contribution in the form of USL. The gearing (debt-to-equity) remained moderate at 1.28 times as on March 31, 2026 (FY25: 0.94 times). Debt protection indicators improved though remained moderate, with interest coverage ratio (ICR) at 3.85 times in FY26 (FY25: 3.43 times) and the debt service coverage ratio (DSCR) stood at 2.18 times in FY26 (FY25: 2.09 times). Further, the Debt-to-EBITDA ratio stood moderate at 3.26 times in FY26 (FY25: 3.53 times) and the TOL/TNW ratio stood moderate at 2.03 times in FY26 (FY25: 1.35 times). The company incurred capex of Rs. 48.58 Cr. in FY25 and Rs. 35.95 Cr. in FY26 primarily towards setting up of a new 200 TPD edible oil refining facility along with related plant & machinery, buildings and supporting infrastructure. The facility was commissioned in July 2025, increasing the company’s aggregate crude edible oil refining capacity from 100 TPD to 300 TPD. The capex was funded through a combination of debt, USL and internal accruals. Acuité believes that the company’s financial risk profile is expected to improve gradually over the medium term on account of steady cash accruals and absence of any significant debt-funded capex plan.

Weaknesses

Moderate working capital operations The company’s working capital operations are moderate, marked by Gross Current Asset (GCA) of 124 days in FY26 (FY25: 132 days). The relatively higher GCA days are primarily attributable to higher inventory holding requirements. The inventory days stood at 105 days in FY26(FY25: 127 days). Inventory levels remained elevated due to higher stocking requirements following the commissioning of the new refining facility during FY26 and the increase in scale of operations, along with the need to maintain adequate inventory for timely customer servicing. The debtor collection period stood at 13 days in FY26(FY25: 8 days), broadly in line with the average collection cycle of around 10-15 days. The creditor payment period increased and stood at 35 days in FY26, (FY25: 26 days). Further, the average utilisation of consolidated fund-based limits remained moderate at around 85.87 per cent over the 6 months ended May 2026. Acuité believes the working capital requirements are expected to remain moderate over the medium term. Susceptibility of profitability to volatility in raw material prices in a highly competitive and fragmented industry The company’s profitability remains exposed to fluctuations in crude edible oil prices, primarily crude soyabean oil and other edible oils, which constitute a major portion of its operating costs. Any sharp movement in raw material prices may impact profitability, particularly in cases where increases in procurement costs cannot be passed on immediately to customers. Further, the edible oil industry remains highly competitive and fragmented, with the presence of several organised and unorganised players, limiting pricing flexibility and exerting pressure on margins. Although the company has reported an improvement in scale of operations, its operating performance remains susceptible to raw material price volatility in crude edible oil prices and competitive intensity in the industry. Acuité believes that the company’s profitability will remain vulnerable to fluctuations in raw material prices and competitive pressures inherent in the edible oil industry. Geographical Concentration Risk SVRL’s revenue profile remains geographically concentrated, with a significant portion of its revenues being derived from the state of Maharashtra through its established distribution network and brand presence across rural and semi-urban markets. The geographical concentration exposes the company to risks arising from adverse developments in the regional economy, changes in competitive intensity, customer preferences or demand conditions within its key markets. However, the risk is partially mitigated by the company’s established market presence, distribution network and gradual expansion into adjoining markets.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Significant improvement in scale of operations while maintaining healthy profitability Improvement in working capital management with GCA below 100 days consistently Improvement in financial risk profile with DSCR above 3.5 times

Potential triggers (individual or collective) for a downward rating action:

Significant deterioration in revenue and profitability Elongation in working capital cycle, with GCA above 175 days consistently, exerting pressure on liquidity Deterioration in financial risk profile with DSCR below 1.80 times

Liquidity Position

Adequate

The company’s liquidity position is adequate, supported by net cash accruals of Rs. 40.93 Cr. in FY2026 against maturing debt obligations of Rs. 8.33 Cr., during the year.  Further, the company is expected to generate cash accruals in the range of Rs. 52.98 – 63.93 Cr., against repayment obligations of Rs. 16.72 –12.95 Cr. over the medium term. Reliance on fund-based working capital limit is moderate, with an average utilisation of 85.87 per cent over the 6 months ending May 2026. The cash and bank balance stood at Rs. 8.02 Cr. and the current ratio was 1.36 times as of March 31, 2026. Liquidity is expected to remain adequate, supported by steady accrual generation in the near to medium term.

Outlook: Stable

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Other Factors affecting Rating

­­None

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	1377.57	701.64
PAT	Rs. Cr.	38.20	18.08
PAT Margin	(%)	2.77	2.58
Total Debt/Tangible Net Worth	Times	1.28	0.94
PBDIT/Interest	Times	3.85	3.43

FY2026 numbers are based on abridged financials

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Status of non-cooperation with previous CRA (if applicable)

­­None

Any other information

­­None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History :

­­Not applicable

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Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Amay Gupta Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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