Yashhtej Industries (India) Limited

Yashhtej Industries (India) Limited, based in Latur, Maharashtra, is primarily engaged in the business of manufacturing/processing of soybean crude oil from soybeans through the solvent extraction process and manufacturing of Soybean De-Oiled Cake ('DOC'). DOC or soya meal is the solid residue or by-product remaining after oil extraction from soybeans and is rich in proteins and minerals. Soybean Crude oil is required to be further refined to enable it to become edible oil and fit for consumption. The company operates in a business to business (i.e. B2B) segment i.e. the said crude oil is supplied to the customers who are engaged in undertaking the refining activity. In addition to manufacturing soybean crude oil and its by-product DOC, the Company has also entered into the segment of the solar power generation and supply of the same. The Company has been awarded 'Letter of Award' ('LOA') to be a Solar Power Developer ('SDP') for solar photovoltaic power generating stations of an aggregate capacity of 5 MW (AC).  As per financial performance, Yashhtej Industries (India) Limited  has posted total income / net profits of Rs 12.00 / (0.57) Cr (FY23), Rs 59.24 / Rs 1.12 Cr (FY24), Rs 324.96 Cr / 11.56 Cr (FY25) and Rs 191.22 Cr / 7.24 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth. In the month of February 26, company has given results till only upto Q2 FY26. Company has an average EPS of Rs 4.05 and average RoNW of 34.15% for last three fiscals. Issue is priced at a P/BV of 6.14 as per NAV of Rs 17.91/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 224.89, 21.95 and 17.51 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Erudore Capital Private Limited is associated with this SME IPO, and has not handled any SME / Main board IPOs in last three fiscal years. (as on 16.02.26 ) As per financials, Yashhtej Industries (India) Limited  has shown good growth, RoNW is 58.96% and P/E is 224.89, 21.95 and 17.51 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks aggressively priced. Company is engaged in the business of manufacturing/processing of soybean crude oil and by products, which is highly competitive business segment. For, BRLM this is first IPO. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Mr. Baswaraj Madhavrao Barge
• 2 Mr. Shivling Madhavrao Barge
• 3 Mr. Suraj Shivraj Barge