Maharashtra Oil Extractions IPO
Maharashtra Oil Extractions Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue of up to ₹370.00 crore and an offer for sale of up to 2,14,28,571 shares by four promoter group selling shareholders. In FY26 the company made a profit of ₹86.22 crore on revenue of ₹2,211.54 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 15 Sep 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- IDBI Capital Markets & Securities Limited
- Last SEBI contact
- 21 Oct 2026
- Price band and dates
- Not announced
Where it stands
Maharashtra Oil Extractions IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI15 Sep 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 15 September 2026, 52 days ago, and its last communication on the draft was on 21 October 2026 (day count is our calculation).
DRHP at a glance
Maharashtra Oil Extractions DRHP at a glance
Draft red herring prospectus, 13 Sep 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 257 to 258) and Basis for Offer Price, KPIs (p. 177)Maharashtra Oil Extractions processes, manufactures and sells products across the soya bean value chain: crude and refined edible oil, food grade and feed grade soya meal, value added products such as soya flour and textured soya protein, and by-products such as lecithin and speciality and industrial chemicals. It also refines and sells cottonseed oil, and packs bought-in refined sunflower oil. Edible soya bean oil and cottonseed oil are sold in India under the company's own brand Murli, while feed grade soya meal is sold under the brand MOEL. The company was incorporated in 1995.
The registered and corporate office is at MIDC Awdhan, Dhule, Maharashtra, and the draft describes manufacturing facilities at Nandurbar, Dhule and Gangakhed in the state. Exports of soya flakes, used mainly to make soya sauce, were 49,282.32 MT in FY26 against 36,637.07 MT in FY24, and the CARE report commissioned for the draft calls the company India's largest exporter of food grade toasted soya flakes by volume. Domestic sales were 88.39% of revenue from contracts with customers in FY26 and exports 11.61%. Value added products such as soya flour and textured soya protein are made by the subsidiary Basant Nutrifoods Private Limited.
Sale of products by segment, FY26
- Refined vegetable oil: 44.33%
- Soya protein products for animal feed: 28.68%
- Soya protein products for food: 13.66%
- Soya crude oil: 10.78%
- Other products: 1.80%
- Lecithin: 0.45%
- Speciality and industrial chemicals: 0.30%
The offer
DRHP cover pages, The Offer (p. 77) and Capital Structure (p. 107)| Fresh issue | Up to ₹370.00 croreMoney goes to the company |
| Offer for sale | Up to 2,14,28,571 sharesBy Agrawal Basantlal Shankarlal (HUF), up to 99,47,756 shares; Ashok Shankarlal Agrawal (HUF), up to 59,54,284; Iliyas Ibrahim Balesaria, up to 44,21,225; and Yusuf Ahmedbhai Dhumadia, up to 11,05,306. All are promoter group selling shareholders, and each has a weighted average cost of acquisition of ₹0.08 a share |
| Shares before the IPO | 22,29,03,417Face value ₹10 each. The offer for sale is about 9.6% of them (ours) |
| Pre-IPO placement | Up to ₹25.00 croreOptional; would reduce the fresh issue, and will not exceed 20% of its size |
| Listing | BSE and NSEMainboard, under Regulation 6(1). The offer includes a reservation for eligible employees |
| Lead managers | IDBI Capital Markets & Securities Limited, Dolat Finserv Private Limited and Elara Capital (India) Private Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Basantlal Shankarlal Agrawal, Manoj Basantlal Agrawal, Vandana Manoj Agrawal, Shailendra Basantlal Agrawal, Alkesh Basantlal Agrawal, Omprakash Shankarlal Agrawal, Ashok Shankarlal Agrawal and Kasim Abdul Samad Balesaria |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 138 to 139)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Modernisation and upgradation of the Nandurbar facility | 13.84 | 3.7% |
| Capacity enhancement and upgradation of the refinery at Dhule | 34.80 | 9.4% |
| Setting up a packaging unit at Dhule | 59.21 | 16.0% |
| Modernisation and upgradation of the Gangakhed facility | 19.43 | 5.3% |
| Working capital | 125.00 | 33.8% |
| General corporate purposes (set later, within 25% of the gross proceeds) |
The total shown is the fresh issue size of ₹370.00 crore. Offer expenses are deducted before these amounts. The named objects add to ₹252.28 crore (ours), with the balance going to general corporate purposes and offer expenses. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary of Financial Information (p. 81 to 83) and Basis for Offer Price, KPIs (p. 174 to 177), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 1,744.90 | 1,883.30 | 2,211.54 |
| EBITDA | 45.87 | 125.67 | 132.14 |
| EBITDA margin | 2.63% | 6.67% | 5.97% |
| Profit after tax | 17.35 | 87.08 | 86.22 |
| Profit after tax margin | 0.98% | 4.59% | 3.89% |
| Diluted EPS (₹) | 0.78 | 3.92 | 3.88 |
| Net worth | 300.89 | 379.90 | 466.19 |
| Cash from operations | 80.87 | 80.26 | -88.32 |
| Total borrowings | 478.16 | 157.13 | 285.39 |
| Adjusted net debt to adjusted equity | 0.56 | 0.31 | 0.55 |
| Interest coverage ratio | 1.61 | 10.50 | 12.71 |
| Return on net worth | 5.95% | 25.98% | 20.63% |
| Return on capital employed | 8.07% | 24.20% | 16.88% |
| Working capital (days) | 82 | 73 | 76 |
Restated consolidated figures. Profit after tax was slightly lower in FY26 than in FY25, and cash from operations turned negative in FY26 after two positive years. Net worth is total equity, which includes non-controlling interest, as the KPI net worth definition does. Earnings per share are after the bonus issue of 120 shares for every one share held, with a record date of 12 September 2025, which is also why equity share capital rises from ₹1.84 crore in FY25 to ₹222.90 crore in FY26. Basic and diluted earnings per share are the same in all three years as printed. Net asset value a share was ₹13.27, ₹16.81 and ₹20.68 at the end of FY24, FY25 and FY26.
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 175 to 176). Peer prices as of 4 September 2026 on BSE, and peer figures for the year ended 31 March 2026.The document puts the peer group P/E high at 55.32 times, the low at 25.34 times and the average at 36.52 times. The P/E for Maharashtra Oil Extractions is not given until the offer price is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Maharashtra Oil Extractions (FY26) | 3.88 | Set with the offer price | 20.63% |
| Gujarat Ambuja Exports | 6.63 | 25.34x | 9.66% |
| Manorama Industries | 35.99 | 55.32x | 37.98% |
| Shri Venkatesh Refineries | 17.27 | 28.89x | 35.90% |
Risks the draft lists first
DRHP, Risk Factors (p. 26 to 33)- Raw material costsRaw materials, packaging material and other consumables were 77.11% of total expenses in FY26, and the company relies on third parties for them. (Risk factor 1, p. 26)
- MaharashtraOperations are concentrated in Maharashtra, which gave 65.04% of domestic revenue in FY26. (Risk factor 2, p. 28)
- Two product linesRevenue depends heavily on refined vegetable oil, at 44.33% of sale of products in FY26, and on animal feed ingredients. (Risk factor 3, p. 28)
- Capacity useUnder-utilisation of manufacturing capacity, including expanded capacity, could affect results. (Risk factor 5, p. 30)
- Company recordsSome corporate records, including forms filed, are not traceable, and there are discrepancies in the records. (Risk factor 7, p. 33)
- Companies Act defaultsThe company did not comply with certain provisions of the Companies Act, 2013, and has filed adjudication or compounding applications with the Registrar of Companies, other regulators and the National Company Law Tribunal, Mumbai bench. (Risk factor 8, p. 33)
Documents
Maharashtra Oil Extractions DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Maharashtra Oil Extractions IPO FAQs
When will the Maharashtra Oil Extractions IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 52 days ago (our calculation).
Has SEBI approved the Maharashtra Oil Extractions IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Maharashtra Oil Extractions IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Maharashtra Oil Extractions IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Maharashtra Oil Extractions IPO?
IDBI Capital Markets & Securities Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Maharashtra Oil Extractions do with the IPO money?
According to the DRHP, the fresh issue money goes to modernisation and upgradation of the Nandurbar facility (₹13.84 crore), capacity enhancement and upgradation of the refinery at Dhule (₹34.80 crore), setting up a packaging unit at Dhule (₹59.21 crore), modernisation and upgradation of the Gangakhed facility (₹19.43 crore), working capital (₹125.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Maharashtra Oil Extractions do?
Maharashtra Oil Extractions processes, manufactures and sells products across the soya bean value chain: crude and refined edible oil, food grade and feed grade soya meal, value added products such as soya flour and textured soya protein, and by-products such as lecithin and speciality and industrial chemicals. It also refines and sells cottonseed oil, and packs bought-in refined sunflower oil. Edible soya bean oil and cottonseed oil are sold in India under the company's own brand Murli, while feed grade soya meal is sold under the brand MOEL. The company was incorporated in 1995.
Where can I read the Maharashtra Oil Extractions DRHP?
On SEBI's website, where the draft red herring prospectus was published on 15 September 2026. The draft is dated 13 September 2026 and runs to 567 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 13 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.