Source: Company Website

Since it's incorporation in 1986, Patanjali Foods Limited (formerly known as Ruchi Soya Industries Limited) has
evolved as an integrated player in the edible oil business with a presence across the entire value chain, from
farm to fork with secured access to palm oil plantations in India. Today we feature among the Top FMCG
players as one of the leading manufacturer & marketer of healthy range of Edible Oils and a Pioneer of Soya
v Foods in India. It is also one of the largest palm plantation companies in India.

Today, they own 22 manufacturing units that cumulatively translate to a refining capacity of over 11000
tonnes per day, seed crushing capacity of 11000 tonnes per day and packaging capacity of 10000 tonnes per
day. A Pan-India presence with strategically located manufacturing facilities striking the right balance between
proximity to raw materials and markets coupled with an extensive distribution network and a large sales force
in India has enabled the company to have smooth operations, higher production to meet the ever increasing
domestic demand and has also enabled it to export by-products such as soya meal, lecithin and other food
ingredients to other countries. They have access to exclusive procurement rights to over two lakh hectares of
land in India with a potential of palm oil cultivation.
Source: Screener

KEY POINTS
New Promoters
Subsequent to Ruchi being admitted to NCLT, the Mumbai bench of NCLT approved the resolution plan
submitted by consortium of Patanjali Ayurveda Pvt Ltd. resulting in the complete makeover of its promoters
and Board of Directors. Ruchi is now majority owned by various entities / members of Patanjali group.
Patanjali group acquired Ruchi Soya for Rs 4,350 crores on July 24, 2019 and consequently, name of the
Company changed from Ruchi Soya Industries Ltd to Patanjali Foods Ltd with effect from June 24, 2022.

Business Segment

Food & FMCG: This segment includes Foods, Biscuits, Nutraceuticals and Nutrela (Soya Food). The company
capitalises the high recall of Nutrela & Patanjali brands. The company has 8+ brands, 500+ SKUs and 242
products. It sells through Modern trade, eCommerce, Q-commerce & D2C. The company has direct retail
coverage of ~1 Mn outlets as of H1FY24. It has 10 manufacturing locations with (15,810 mt per month
capacity)

Nutrela Business: Company has brand legacy of 40 years and leading player in branded Soya Chunks business.
It has 3 manufacturing plants with 185,000 MTPA capacity. The company has also launched Premium products
like Dryfruit range ‘Nutrela MaxxNuts’ and Millet-based ‘Nutrela MaxxMillets’.

Nutraceuticals Business
It is an emerging player with consumer offerings based on Ayurveda and modern science with 22 products
and 35 SKUs.

** Edible Oils Segment**

This segment includes Edible Oils (Refining and Crushing) and Oil Palm Plantation. Patanjali has 22 own
manufacturing plants with large capacity for refining (3.93 mmt) and seed extraction (3.91 mmt). It is
backward integrated through Oil Palm Plantation on 0.6 Mn hectares across 12 states.

Edible Oil Brands

Ruchi Gold, Mahakosh, Sunrich, Nutrela, Patanjali

Oil Palm Plantation Business

It is the largest player in the country based on allocated area. PPP† structure with asset-light business model.
Total area under cultivation is ~ 68,000 hect. with 37 total nurseries across India; 18 are in North-east. 40 lakh
seed sprouts imported in YTD FY24. There is a rapid Plantation Expansion with <3 years old plantation is 28%,
as against 19% in Mar’23.
Revenue Mix H1FY24
Food & FMCG : 28% vs 20% in FY23
Edible Oils : 72% vs 80% in FY23

Brand Ambassador
MS Dhoni has been roped in as their brand ambassador.
seed sprouts imported in YTD FY24. There is a rapid Plantation Expansion with <3 years old plantation is 28%,
as against 19% in Mar’23.

Revenue Mix H1FY24

Food & FMCG : 28% vs 20% in FY23
Edible Oils : 72% vs 80% in FY23

Brand Ambassador
MS Dhoni has been roped in as their brand ambassador.

Source: Trendlyne

Patanjali Foods Ltd. - company history:

Patanjali Foods Ltd. (Formerly known as Ruchi Soya Industries Limited) was incorporated as a Public Limited
Company dated January 6, 1986, issued by Registrar of Companies, Maharashtra at Mumbai. The Company
commenced operations pursuant to a Certificate for Commencement of Business dated January 14, 1986,
issued by RoC.

The Company is primarily engaged in the business of processing of oil-seeds and refining of crude oil for
edible use, production of oil meal, food products from soya and value added products from downstream and
upstream processing. Apart from this, it is also engaged in the Fast-Moving Consumer Goods (FMCG) and Fast-
Moving Health Goods (FMHG) business comprising mainly of food, biscuits and nutraceutical products.

They are the leader in edible oil and soya food businesses in India. They are the first exporter of Soya Bean
Meal from India. They are the also leading manufacturer of Textured Soya Protein and Vanaspati.

At present, Ruchi Soya Industries has only one subsidiary namely Ruchi worldwide Ltd. The Company plants
are located at Indore, Shajapur, Narsinghpur and Mandla in Madhya Pradesh, Mangalore in Karnataka, Raigad
and Nagpur in Maharashtra, Haldia in West Bengal, Gandhidham in Gujarat, Thiruvallur in Tamilnadu,
Sriganganagar and Bundi in Rajasthan.

Ruchi, a pioneer Soya Processor Group commenced operations in the year 1972-73.

In the year 1980, the Company launched soya chunks through the brand `Nutrela' as a high-protein add-on to
vegetables.

In March 1991, the production in Vanaspati plant, edible soya flour and oil commenced with capacity of 7,500
MT, 60,000 MT, 12,000 MT respectively.

During the year 1991-92, the Company increased their existing capacity of Textured Soya Protein by 12,000
MT to 24,000 MT and Vanaspati by 7,500 MT to 15,000 MT. Also they commenced the production in their
Lecithin Plant during the year.

During the year 1992-93, the Company increased the production capacity of Vanaspati from 15,000 MT to
30,000 MT. Also they installed Soyabean Extraction with a capacity of 60,000 MT. In the year 1994-95, the
production capacity of oil has been increased from 30,000 tpa to 55,000 tpa and Soyabean Extraction from
60,000 tpa to 1,85,000 tpa. In the year 1995-96, they further increased the production capacity of Soya bean
extraction, oils and Vanaspati by 2,47,000 tpa, 53,000 tpa, and 22,500 tpa respectively.

In the year 1997-98, the Company launched two new brands namely SUNRICH for Sunflower Refined Edible
Oil and RUCHI GOLD for Refined Edible Palmolein Oil. In the year 1998-99, the Company launched two
products namely Ruchi Sona and Ruchi Star.

In the year 1999-2000, the Company has invested in equity shares of Ruchi Health Foods Ltd which has
become wholly owned subsidiary of the company. Also in the same year, Imperial Exports Ltd has ceased to
be a subsidiary of the company.

In the same year, one of the subsidiary company has set up a Refinery unit near Chennai which has
commenced commercial production in the month of January, 2000. The Company has also increased the
capacity of Vanaspati by 70000 MT during this period.
During the Year 2001-2002, the Company has set up a composite unit comprising of Refinery, Vanaspati and
Texturised Vegetable Protein Plants at Mangalore. The production capacity of Texturised Soya proteins has
been increased by 30,000 MT to 54,000 MT and Oil by 189000 MT to 297000 MT.

During the Year 2002-2003 the capacity of Soyabean Extraction, Oil and Vanaspati has increased to 555,000,
687,000 and 172,500 respectively. During the year 2003-2004 the Company set up a composite Unit
Comprising of edible oil refinery and Vanaspati Plant at Raigad in Maharashtra. The Company acquired a
Solvent Extraction Plant at Sriganganagar in Rajasthan through its Wholly owned Subsidiary Aneja Solvex Ltd
during the year.
During the Year 2001-2002, the Company has set up a composite unit comprising of Refinery, Vanaspati and
Texturised Vegetable Protein Plants at Mangalore. The production capacity of Texturised Soya proteins has
been increased by 30,000 MT to 54,000 MT and Oil by 189000 MT to 297000 MT.

During the Year 2002-2003 the capacity of Soyabean Extraction, Oil and Vanaspati has increased to 555,000,
687,000 and 172,500 respectively. During the year 2003-2004 the Company set up a composite Unit
Comprising of edible oil refinery and Vanaspati Plant at Raigad in Maharashtra. The Company acquired a
Solvent Extraction Plant at Sriganganagar in Rajasthan through its Wholly owned Subsidiary Aneja Solvex Ltd
during the year.

In the same year, the Company has launched two new product in the bakery segment namely Avanti and
Bakefat. Also they launched Nutrela Proflo defatted soya flour, which offers the consumers another option to
include soya in their diet.

During the year 2004-2005, the Company has set up a solvent extraction plant and refinery unit at Nagpur in
Maharashtra. The Company has also commissioned wind turbine of 1.2 MW capacity at Nagda Hills, Dewas in
Madhyapradesh for generation of Power for captive use. The Capacity of Textured Soya Proteins, Seed
Extraction, Oils, were also increased to 84,000 MT, 10,47,000 MT and 11,01,000 MT respectively.

In the year 2005-06, General Foods Limited, Ruchi Health Foods Limited, Ruchi Credit Corporation Limited,
Aneja Solvex Limited, Param Industries Limited and Ruchi Private Limited have been amalgamated with Ruchi
Soya Industries Limited. The SVF business of Anik Industries Limited formerly known as Madhya Pradesh
Glychem Industries Limited has also been acquired by the Company on slump sale basis.

In the same year, the Company has increased their production capacity for Textured Soya Proteins by 30000
MT to 114000 MT, Seed Extraction by 847224 MT to 1894224 MT, Oil by 951000 MT to 2052000 MT and for
Vanaspati by 237000 MT to 469500 MT. In the year 2006-07, they furher increased the capacity for Textured
Soya Proteins by 26000 MT to 140000 MT, Seed Extraction by 233700 MT to 2127924 MT, Oil by 160000 MT
to 221200 MT and for Vanaspati 237000 MT to 469500 MT.

During the FY 2019-20, the Patanjali Resolution Plan as submitted by Patanjali Consortium was approved by
the National Company Law Tribunal and successfully implemented. A petition was filed before the National
Company Law Tribunal, Mumbai and the same was accepted on account of defaults by the Company.

During the FY 2020-21, the Company launched three new products under the Nutrela brand, i.e., a high
protein chakki atta, premium blended edible oils and honey. Further , the Company expanded packaged food
portfolio by acquiring the ` Patanjali' product portfolio of biscuits, cookies, rusks, noodles, and breakfast
cereals.

In FY 2021, the Company has been recognized as a "Great Place to Work" by Great Place to Work Institute,
India.
During the year 2021, the Company acquired biscuits, cookies, rusk and other associated bakery product
business from one of its promoter, Patanjali Natural Biscuits Private Limited including manufacturing unit at
Bhagwanpur, District - Haridwar on a going concern basis through a business transfer agreement dated May
11, 2021. The Company further acquired noodles and breakfast cereal business from Patanjali Ayurved
Limited through an assignment agreement dated June 2, 2021.

During the year of May, 2022 the Company has acquired the Food business of Patanjali Ayurved Limited
comprising of over 242 products across 8 different categories.

During the year 2022-23, the Company acquired the food retail business undertaking from Patanjali Ayurved
Limited (PAL) with effect from 1st July, 2022.
stries Limited) has
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# Board of Directors

S.No Name Position

1 Dr. Girish Kumar Ahuja Independent Director

2 Dr. TejendraMohan Bhasin Independent Director

3 Sh. Ram Bharat Ji Managing Director

4 Swami RamdevJi Non-ExecutiveDirector

5 Acharya Balkrishna ji Chairman &

NonExecutiveDirector
 6 Justice Gyan Sudha Misra
(Retd.)
# Senior Management
S.No Name
1 Sanjeev Asthana
2 Kumar Rajesh
3 Dr. Sanjeevv Khanna
4 Ajay Malik
5 Sanjay Goyal
6 Mallesham Poola
7 Rakesh Sharma
8 Apoorva Kumar
9 Pawan Arora
Independent Director
Position
Chief Executive Officer (CEO)
Chief Financial Officer (CFO)
chief operating officer (COO)
and Vice President
Vice President and National
sales & Marketing head of India
Vice President - India Operation
Head
Vice President and Head of Oil
Palm Plantation Business
Senior Vice President of Sales
and Marketing
Vice President & Business Head
of Nutraceuticals division
Asst. Vice President and
Business Head of Nutrela
division
 10 Umang Marwah Assistant Vice President and
Business Head of Biscuits
division

Conclusions: The company has strong management with vast experience and technical experti
The management and the Board of Directors don't have any political connection e

How did they get there? Promotion? Hired from outside? or Arbitary?
The chairman, Acharya Balkrishna is the founder of the Patanjali and The MD of the company, Sh. Ram Bharat has worked

Is the shareholding pattern is rigged in the favour of management?

Remark- Here there is no observation of shareholding rigging in favour of management as their holding is less

For how long have the current manager been managing the business?
The CEO Mr. Sanjeev Asthana has been managing the company since 2022 and the MD, Sh. Ram Bharat has been working

How senior management is compensated?

 Qualification
Dr. Girish Kumar Ahuja, holds a bachelor’s and Master’s degree in commerce from University of Delhi. He holds a
degree of doctor of philosophy from University of Delhi. He is a qualified and practicing Chartered Accountant for
the past 49 years, having consultancy experience in international and domestic taxation, joint ventures etc. He is a
member of the Institute of Chartered Accountants of India. He is a member of committee on direct tax matters
constituted by the Government of India.He is a consultant on tax matters to various industries and non-profit
making organizations.

Dr. Bhasin is MBA (Finance) from FMS, Delhi and LL.B. from University of Delhi, CAIIB and M.Sc. Gold Medalist. He is
Delhi University topper in its one year flagship programme in‘Criminology and Forensic Science’. Dr. Bhasin has
pursued his Advanced Financial Enterprises Management Programme at Kennedy School of Government, Harvard
University, US. He also has Ph.D. degree in Management. He is Presently the Chairman, Advisory Board for Banking
and Financial Frauds (ABB&FF), constituted by Central Vigilance Commission (CVC) in Consultation with Reserve
Bank of India (RBI).He was also an Ex-vigilance commissioner of the Central Vigilance Commission, appointed by the
President of India and Former Executive director on the board of United Bank of India and the chairman and
managing director of Indian Bank

No education details can be found. He is Associated with the Patanjali Group over a decade now. Bharat has worked
his way up the organisation and today teams of several functions including finance, human resource, production
and supply chain report to him. He also serves as non-executive director on boards of other Patanjali Group of
companies

Swami Ramdev is one of the founder of Patanjali. He is also the President of Divya YogMandir. He has done Doctor
of Science (Honoris Causa) from Dr. D. Y. Patil Vidyapeeth,Pune, Doctor of Philosophy(HonorisCausa)from KIIT
University, Bhubaneshwar, Doctor of Science (Honoris Causa) from Amity University, UttarPradesh and Doctor of
Laws (HonorisCausa)from Berhampur University. He is the spiritual leader of Patanjali.

Acharya Balkrishna is one of the founder of Patanjali.He has obtained postgraduate (Acharya) degrees in Sanskrit,
and Yoga. He is general secretary of Divya Yog MandirTrust and Managing Director of Patanjali Ayurved Limited. He
also Received the “UNSDG 10 Most Influential People in Healthcare and “Indian of the year business category -
2017” award by CNN-News 18 in 2017.
Justice Gyan Sudha holds Graduate Degree in Law and Post Graduate Degree in Political Science from the Patna
University.. She is a former judge of the Supreme Court of India.Currently functioning as Presiding arbitrator, Co-
arbitrator in several leading national and international commercial arbitrations in between Corporates and Public
Sector Undertakings. Also engaged in furnishing important legal opinion on legal disputes. She is also the Director
on the board of Olectra Greentech Limited.

Qualification

Mr. Sanjeev holds bachelor's degree in commerce from Patna University and master's degree in Business
Adminisration from IRMA and IIFT. He is a recognized leader in food and agriculture with over more than 30 years of
experience. He is the founder and managing partner of I-Farm Venture Advisors and chairman of the National Skills
Foundation of India.He worked as a country manager in ITC and President and Chief Executive in Reliance Retail. He
was also the Director of Cargil India pvt ltd.

Kumar Rajesh possess over 2 decades of experience in Strategic Financial Planning and analysis, Finance& Accounts,
Cash/ Fund Management, Audits, Budgeting, Direct/ Indirect Taxation, Working Capital Management and
Management Reporting (MIS). He is also an active Member of the Institute of Chartered Accountants of India. He
also worked as General Manager Finance in Sahara Prime City.

Dr. Sanjeevv Khanna holds bachelor's degree in Economics and master's degree in English and he also hold
Honarary Doctorate in Logistics, Materials, and Supply Chain Management. He has over decades of experience in
supply chains, logistics, team management, pricing, inventory management, sales, demand planning, supply chain
operations, training, and warehouse management. He had previously worked for bigbasket.com, ITC, Samsung,
Honda and many more.
Mr. Ajay Malik holds bachelor's degree in commerce (Economics). He has more than 30 years of experience in this
industry. He had previously worked as a Business Head in Suraj Vanaspati ltd for more than 10 years and also
worked in Patanjali Foods (formerly called Ruchi Soya Industries) for more than 20 years.

Mr. Sanjay Goyal has done B.sc in Mathematics and Masters in Business Economic. He has been working for Ruchi
soya industries ( Patanjali Foods) for over 30 years in different position.
No education details can be found. He is Associated with the Patanjali Group over a decade now. He had previously
worked in ITC ABD, 3F Oil Palm Agrotech.

Mr. Rakesh Sharma has done bachelor's in Arts from Delhi University and MBA in sales and marketing from Institute
Of Marketing and Management. He has 25+ years of strong knowledge of national and regional sales management
and market growth along with a robust experience in handling sales analytics & reporting duties. He has brought
experience from previous roles at Hindustan Unilever Limited, ABM Information Technology LTD, Paras Laminates
LTD and Inox FMCG.

Mr. Apoorva Kumar has done B.com in Accounting and Business Economics and also done master's in International
Business Management from SIIB. He has 24+ years of Experience in Sales and Business Strategy with Industry
leaders in Pharmaceuticals, Electronics, Consumer Goods, Nutraceuticals, Beauty, Personal Care, Home Care &
Home Tech. He has previously worked for Amway and Samsung.
Mr. Pawan Arora has done B.sc in Forestry and MBA in Marketing. He has 25+ yrs of experience of driving success
and setting benchmarks for diverse FMCG / Consumer Product Industries and steering them towards growth by
developing customer-focused strategies. He has previously worked for ADM Agro, Amrit Banaspati.
 No education details can be found.He has over thirty years of experience in the Biscuits & FMCG industry, he is a
highly accomplished professional in the field of sales and marketing. He has showcased exceptional skills in
establishing robust sales infrastructure and effectively managing teams.He has earlier worked with notable
companies such as Jaya Food Industries, Godrej Consumer Products Limited and Parle Biscuits Pvt Ltd

ong management with vast experience and technical expertise. Further the independent directors came from diverse industries and als
d the Board of Directors don't have any political connection except Baba Ramdev annd Acharya Balkrishna ji, who have connection with

njali and The MD of the company, Sh. Ram Bharat has worked his way up the organisation to his current position. Some of the senior man

lding rigging in favour of management as their holding is less than 75% and also no other non-promoter groups are observed who has a

any since 2022 and the MD, Sh. Ram Bharat has been working in Patanjali over a decade long.
 Political Nexus Negative news Comments
Not Observed Not Observed

Not Observed During his tenure as He has vast experience in his field and
Independent Director appropriately hold his position but was
in Patanjali, no involved in dispute involving alleged
negative news is rules violations in the issue of
observed. preferential securities to the US-based
Carlyle Group for a venture that was
later abandoned. This doesn't have any
effect on Patanjali.

Not Observed Not Observed

Observed as Baba Ramdev Observed as he is

supports BJP in many place.
Observed as Patanjali Not Observed
donated a whooping recently
amount of monet to BJP
before 2009 general
election.
involved in many
controversies.
Ramdev Baba was involved in many
controversies such as promoting
misleading information and also has
close ties with BJP. So there may be risk
if there is change in Govt. but it will not
affect much as the company already
became big and it is managed by
professional managers.
Acharya Balkrishna had been involved
in many controversy such as fake
certificate, fake degree, fake passport
and had also came out clean and also
have connection with BJP, So there may
be risk if the Govt. changes but not too
much as Patanjali are managed by
professional managers.
Not Observed Not Observed

Political Nexus Negative news Comments

Not Observed Not Observed _

Not Observed Not Observed _

Not Observed Not Observed _

Not Observed Not Observed _

Not Observed Not Observed _

Not Observed Not Observed _

Not Observed Not Observed _

Not Observed Not Observed _

Not Observed Not Observed _

 Not Observed Not Observed _

se industries and also has high technical expertise and vast exerience.
have connection with BJP but they don't involve themselves in management.

me of the senior management are promoted internally and some arbitary or hired from outside on the basis of their competency and expe

observed who has any relation with promoter groups.

ir competency and experience.
Shareholding Pattern

Shareholders Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Indian Promoters 57.28 28.08 99.03 98.90 98.90 80.82
Foreign Promoters 0 0 0 0 0 0
Total Promoters 57.28 28.08 99.03 98.9 98.9 80.82
Mutual Funds 0.01 0.01 0 0 0 0.23
Banks/ FIs/Insurance Companies 0.20 0.08 0 0 0 2.02
FIIs 0 0 0 0 0 2.79
Others 0 0 0 0 0.01 0.81
Total Institutions 0.21 0.09 0 0 0.01 5.85
Government 0.17 0.23 0 0 0 0
Bodies Corporate 21.86 16.79 0.04 0.06 0.04 4.08
Individuals 18 51.35 0.82 0.94 0.89 8.59
Any Others 2.48 3.46 0.11 0.10 0.16 0.66
Total Non-Institutions 42.34 71.60 0.97 1.10 1.09 13.33
Grand Total 100 100 100 100 100 100
Dec-23
73.82
0
73.82
0.06
2.07
10.93
0.66
13.72
0
4.15
7.66
0.32
12.45
100