Rajputana Biodiesel LtdQ3 FY25Chemicals & Petrochemicals

Rajputana Biodiesel Ltd

Q3 FY25 Earnings Call Analysis

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 1

→Rajputana Biodiesel aims to operate at nearly 100% capacity at its enhanced Indian units next year.
→The company plans to start civil work for a 150 kiloliters per day biodiesel plant in the GCC region by January-end 2026.
→They intend to tap the marine fuel blending market with 24% biodiesel blending mandatory from January 2028 in GCC.
→The CBG (Compressed Biogas) unit will begin with a 10 tons per day capacity in Rajasthan, targeting high EBITDA margins of 65%-70%.
→The company expects to grow vertically and horizontally across biodiesel, biomass pellets, and CBG sectors, becoming a one-stop renewable energy solution provider.
→They have bid for the highest tender volume in company history, with supply expected by March next year.
→Revenue growth is expected from expanded capacities, diversified product segments, and entry into lucrative GCC and export markets.

Margin guidance

Category 3

→Company aims to run enhanced capacities at almost 100% next year, targeting 130-150 kiloliters per day biodiesel production from April FY27.
→Bid for highest volume ever in OMC biodiesel tender for Nov-Mar 2026 period, awaiting allocations.
→Expanding into GCC region capturing Europe's 14% biodiesel blending mandate and marine VLSFO fuel blending mandate (24% biodiesel by 2028).
→Vertical integration with CBG and biomass pellets, targeting high EBITDA margins (CBG EBITDA 65-75%).
→Plans to diversify into Sustainable Aviation Fuel long term.
→H2 FY26 numbers expected heavier than H1, indicating revenue and profit growth.
→Company confident of sustaining and growing profitability due to own feedstock (leading to cost advantages).
→Strategic expansions and product diversification aimed at long-term value creation and steady profit margin improvements.

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Fundraise plans

Yes

→Rajputana Biodiesel Limited plans to raise funds through a preferential equity round for the GCC biodiesel unit and the CBG unit.
→The company intends to use both its own capital and external funds in this preferential round.
→No specific details on debt fundraising were mentioned in the transcript.
→The preferential round is aimed at financing new capacity expansions and projects, including the CBG and GCC biodiesel plants.

Order book

→Rajputana Biodiesel Limited has bid for the highest volume ever in the company's history in the current OMC biodiesel tender for November 2025 to March 2026.
→Exact order quantity and price details are not disclosed due to restrictions on sharing unpublished sensitive information.
→Supply of these tendered volumes is expected by March 2026 upon receiving allocations.
→The company expects to operate at near 100% capacity of its enhanced production units in the next year.
→They have also received approvals for establishing two compressed biogas (CBG) units and a biodiesel unit in the GCC region aimed to tap export and international markets.

Capex plans

Yes

- Acquisition of 262-acre land parcel for planting own feedstock (Napier grass) for compressed biogas (CBG) production, expected to register by January end; civil work for CBG project to commence by January. - Civil work to start by January for a new biodiesel unit in the GCC region (Middle East) targeting the European Union and marine fuel blending markets; location mostly finalized and awaiting regulatory approvals. - Expansion of current biodiesel capacities in India by 3 to 4 times; plans to run enhanced capacity near 100% utilization next year. - Preferential share issuance planned to raise funds for GCC biodiesel and CBG units; promoters to participate as well. - Diversification into biomass pellets production (solid segment) with a 50-75 tons/day pellet unit under development. Overall, the company is investing in vertical and horizontal growth across biodiesel, CBG, and pellet sectors with clear timelines for 2026.

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