Halder Venture - Halder Venture

📊 BSE: 539854 🏢 Other Agricultural Products 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

The company recorded a 23.8% growth in total revenue, reaching an estimated INR 800 Cr in FY 2024-25 compared to INR 646.2 Cr in FY 2023-24. Growth was driven by the resumption of non-basmati rice exports and a steady ramp-up in the edible oil processing segment.

Geographic Revenue Split

Not explicitly disclosed by percentage, but the company maintains a strong market presence in East India and international export markets, with recent revenue recovery attributed to the removal of export bans on non-basmati rice.

Profitability Margins

Net Profit Margin improved to 2.98% in FY 2024-25 from 1.79% in FY 2023-24. This 119 bps expansion was primarily driven by higher 'other income' and improved operational efficiencies following the amalgamation of group entities.

EBITDA Margin

Operating Profit Margin increased to 7.27% in FY 2024-25 from 5.59% in FY 2023-24, representing a 30% YoY improvement in core operational profitability due to better capacity utilization and stable realizations.

Capital Expenditure

The company undertook significant strategic expansion by acquiring an edible oil refinery in Haldia from KS Oils Ltd (under liquidation). While the exact INR value of the acquisition is not disclosed, bank loan facilities were enhanced to INR 387.27 Cr to support operational scaling.

Credit Rating & Borrowing

CRISIL upgraded the outlook to 'Positive' from 'Stable' while reaffirming the rating at 'BBB-'. The company manages total bank loan facilities of INR 387.27 Cr, with net cash accruals of over INR 30 Cr comfortably covering repayment obligations of less than INR 5 Cr.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include paddy, rice bran, and crude edible oils (sunflower, soyabean, and mustard). These constitute the bulk of the cost of goods sold, though specific percentage splits per material are not disclosed.

Import Sources

Raw materials are sourced domestically from West Bengal (Birbhum) and imported through the Haldia port, which provides strategic proximity for imported crude edible oil processing.

Key Suppliers

Not specifically named, but the company maintains longstanding relationships with a network of regional farmers and international suppliers for its edible oil refinery.

Capacity Expansion

The acquisition of the Haldia refinery marks a major capacity expansion in edible oil processing. The unit's port proximity is expected to significantly enhance imported oil processing volumes and long-term revenue efficiency.

Raw Material Costs

Raw material costs are highly sensitive to climatic conditions and global commodity price volatility. The company uses supply chain optimization and strategic procurement at its Haldia unit to mitigate these fluctuations.

Manufacturing Efficiency

Operating profitability is supported by healthy capacity utilization. The integration of newly acquired refining infrastructure is expected to further boost production efficiency and open new revenue channels.

Logistics & Distribution

The Haldia refinery acquisition provides a logistics advantage due to port proximity, reducing the cost of transporting imported crude oils to processing units.

📈 Strategic Growth

Expected Growth Rate

23.8%

Growth Strategy

Growth will be achieved through the operationalization of the newly acquired Haldia refinery, expansion of the premium 'Bhojmoti' brand in domestic markets, and scaling export operations following the removal of non-basmati rice restrictions. The amalgamation of five group companies into HVL has also strengthened the balance sheet for future expansion.

Products & Services

Parboiled rice, puffed rice, rice bran, rice bran oil, sunflower oil, soyabean oil, mustard oil, and de-oiled rice bran cakes.

Brand Portfolio

Bhojmoti, Moti, and Odaana.

New Products/Services

Launched premium parboiled rice varieties including Banskathi and Jeerakathi under the Bhojmoti brand to capture higher-margin domestic consumer segments.

Market Expansion

Expanding footprint in the manufacturing sector via the Haldia unit and increasing export potential in international markets through its Singapore-based subsidiary, Hal Exim Pte Ltd.

Market Share & Ranking

Not disclosed as a specific percentage, but recognized as an established player in the East India rice and edible oil markets.

Strategic Alliances

Completed a major scheme of amalgamation with five group companies (P. K. Agri Link, P. K. Cereals, JDM Commercial, Reliable Advertising, and Shri Jatadhari Rice Mill) to consolidate operations.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward branded processed foods and premium rice varieties. HVL is positioning itself by expanding its edible oil refining capacity and strengthening its domestic brand presence.

Competitive Landscape

Faces intense competition from both organized and unorganized players in the rice milling and edible oil sectors, requiring constant innovation in branding and supply chain optimization.

Competitive Moat

The company's moat is built on established brand recall in East India and strategic port-based infrastructure. This is sustainable due to the high capital requirement for refineries and the long-term nature of supplier/farmer relationships.

Macro Economic Sensitivity

Highly sensitive to government agricultural policies and export regulations. The removal of the non-basmati rice export ban was the primary driver for the revenue rebound to INR 800 Cr.

Consumer Behavior

Increasing consumer demand for processed and branded edible oils and premium rice varieties is driving the company's shift toward the Bhojmoti brand.

Geopolitical Risks

Trade barriers and international policy changes regarding food exports are key areas of concern for the company's international revenue streams.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to SEBI (LODR) regulations, FSSAI standards for food products, and government export-import tariffs on agricultural commodities.

Environmental Compliance

The company is committed to adhering to all applicable environmental regulations and improving performance, though specific ESG spend is not disclosed.

Taxation Policy Impact

Total tax expense for FY 2024-25 was INR 18.34 Cr on a consolidated basis, with an effective tax rate impacted by deferred tax expenses of INR 5.91 Cr.

Legal Contingencies

The company successfully navigated NCLAT proceedings to secure possession of the Haldia refinery unit. No other major pending litigation values were disclosed.