Yashhtej Industries IPO

Yashhtej Industries (India) Limited runs a soybean solvent-extraction plant at Additional MIDC, Latur, Maharashtra. It crushes soybeans, which the prospectus says are 100% domestically sourced, into crude soybean oil and soybean de-oiled cake. The crude oil is not edible as produced, so it is sold to customers who refine it into cooking oil; the company sells only business-to-business. De-oiled cake, the solid residue left after extraction, is protein-rich and goes to the animal-feed trade, mainly poultry, in a regular grade of roughly 44-48% protein and a high-protein grade of 49-54%. Commercial production began in December 2023. The company had 91 permanent employees on 30 September 2025 and holds a letter of award to build a 5 MW solar plant for the Maharashtra state distribution utility, which had earned no revenue as of the prospectus.

Two co-products come off one crush. In FY25 de-oiled cake was Rs 190.62 Cr of Rs 322.90 Cr of product sales (59.03%) and crude oil Rs 132.05 Cr (40.90%); in the six months to 30 September 2025 the split was 57.18% and 42.29%. The economics are a spread, not a margin: soybean purchases alone equalled 92.58% of FY25 revenue from operations, cost of materials consumed was 93.89% of total income, and net profit 3.56%. Both outputs are price-taking commodities while the input is one seasonal crop. The 300 MT-per-day Latur plant ran at 78.35% of installed capacity in FY25 (70,514 MT of 90,000 MT) and 89.48% in the stub period.