Gokul Refoils and Solvent Ltd Management Discussions

Industry Structure and Developments:

Edible oils

India remains a pivotal player in the global edible oils market, driven by robust demand for cooking oils such as palm, peanut, and specialty oils like olive, sesame, and coconut, fueled by a growing population, rising incomes, and evolving consumer preferences toward healthier and sustainable options. As the fourth-largest producer of oilseeds globally, contributing 10% of world production [Source: FAO, 2023], India cultivates a diverse range of oilseeds including groundnut, mustard, soybean, and sunflower, with major production hubs in Rajasthan, Madhya Pradesh, Gujarat, and Maharashtra. However, domestic production of 11.65 million tonnes in 2021-22 [Source: Ministry of Agriculture, India, 2022] falls short of the 25.07 million tonnes consumed [Source: USDA, 2022], making India the worlds largest importer of edible oils, with palm oil (62% of imports, primarily from Indonesia and Malaysia), soybean oil, and sunflower oil dominating [Source: DGFT, India, 2023]. The governments National Mission on Edible Oils (NMEO) aims to boost oilseed production to 69.7 million tonnes by 2030-31 [Source: Ministry of Agriculture, India, 2024], reducing import dependency from 57% through enhanced agricultural technologies and subsidies. The market, valued at USD 19.86 billion in 2024 [Source: IMARC Group, 2024], is projected to grow at a CAGR of 3.52% to USD 26.19 billion by 2032 [Source: IMARC Group, 2024], driven by regional culinary diversity, increasing demand for fortified and organic oils, and strategic investments by key players in production and innovation.

Agricultural markets are increasingly influenced by global macroeconomic factors, including interest rates and liquidity flows, more so than five years ago. Among major consumers, India stood out with steady consumption growth, although it moderated in the latter half of the year following higher import duties imposed to protect domestic farmers. In September 2024, the Government of India raised import duties on crude edible oils (soy, palm, sunflower) to an effective 27.5% and refined oils to 35.75%, aiming to boost local production. While these measures led to higher edible oil prices, their impact on domestic oilseed prices was limited, with soybean prices facing pressure due to a global protein surplus. The second half of the year proved challenging for industry growth. In mid-September, an increase in customs duties on edible oils led to a moderation in consumer demand. Additionally, a significant surge in palm oil prices during H2 caused a decline in its demand, prompting consumers in the value-for-money segment to switch to alternative edible oils.

In the oil meals segment, Indias exports for FY 2024-25 totalled 4,342,498 tons, an 11% decrease from 4,885,437 tons in FY 2023-24, primarily due to a 21% decline in FOB value to 12,171 crores from 15,368 crores [Source: Solvent Extractors Association of India, 2025]. Despite an increase in soybean meal exports, the segment faces intense competition from Argentine suppliers in global markets, impacting Indias market share.

Market Drivers: The global castor oil market is propelled by the rising demand for sustainable, bio-based products, driven by consumer preference for eco-friendly cosmetics, pharmaceuticals, and lubricants, alongside stringent regulations promoting renewable resources. Its versatile applications, from biodiesel to personal care products, are boosted by castor oils unique chemical properties, particularly its high ricin oleic acid content. Technological advancements in extraction and farming, coupled with strong production in India (over 80% of global supply) and growing demand in emerging markets like Asia-Pacific, further fuel market growth.

Market Constraints: The castor oil market faces challenges from supply chain vulnerabilities due to its heavy reliance on India, where erratic monsoons and water scarcity cause yield inconsistencies and price volatility. Competition from alternative oils and synthetic substitutes, combined with logistical and trade barriers, limits market expansion. Additionally, the long harvesting process, limited cultivation regions, and stringent regulatory requirements for quality in pharmaceuticals and cosmetics pose significant hurdles to scalability and market stability.

Indias edible oils market, part of a global industry valued at USD 243.9 billion in 2023 with a projected CAGR of 5.1% through 2030 (Source: Markets and Markets, 2023), presents robust opportunities for palm, castor, Kachi Ghani soybean, mustard, and sunflower oils. As the largest global importer of palm oil (592,888 metric tons in May 2025, up 84% from April; Source: Solvent Extractors Association of India), India benefits from a recent import duty reduction to 10% (May 30, 2025), enhancing affordability and domestic refining. Castor oil, a key export, thrives in industrial applications like cosmetics and pharmaceuticals, with strong international demand. Kachi Ghani soybean oil (imports up 10.4% to 398,585 tons in May 2025) and mustard oil, linked to a 71% lower coronary heart disease risk (Source: Indian Journal of Medical Research), gain traction among health-conscious consumers for their cold-pressed, nutrient-rich profiles. Sunflower oil (183,555 tons imported in May 2025) is favoured for its versatility and vitamin E content, ideal for cooking and frying.

Growing health awareness and urban demand fuel opportunities, particularly for sustainable and cold-pressed oils. However, reliance on imports, global price fluctuations, and competition from unbranded regional oils pose challenges. Leveraging eco-friendly sourcing and expanding rural distribution networks can drive growth in this dynamic market.

Indias edible oils sector faces critical threats that challenge the growth of palm, castor, Kachi Ghani soybean, mustard, and sunflower oils. The countrys heavy reliance on imports—10.6 million metric tons of edible oils (including 5.4 million tons of palm oil and 2.4 million tons of soybean oil) in the 2024-25 oil year (Source: USDA Foreign Agricultural Service, May 2025)—exposes it to global supply chain disruptions and price volatility, exacerbated by geopolitical tensions and weather-related crop failures in key exporters like Indonesia and Malaysia. Environmental regulations are tightening, with Indias palm oil imports under scrutiny for non-compliance with sustainability standards; approximately 55% of imports fail to meet global ‘No Deforestation criteria (Source: Global Forest Coalition, June 2025), risking trade barriers. Locally pressed, unbranded oils continue to dominate rural markets, eroding the share of branded Kachi Ghani soybean and mustard oils, despite mustards proven cardiovascular benefits (Source: Indian Council of Medical Research, 2024). Castor oil, vital for industrial use, faces substitution risks from synthetic alternatives due to cost pressures. Sunflower oil struggles with affordability against cheaper palm oil, with imports at 1.8 million tons in 2024-25 (Source: USDA). Rising input costs, stricter FSSAI quality norms, and potential import duty hikes to protect domestic farmers further strain profitability, necessitating agile sourcing and compliance strategies.

Indias castor oil sector, a key segment of the global market valued at USD 1.4 billion in 2024 with a projected CAGR of 4.5% through 2030 (Source: Grand View Research, June 2025), presents significant opportunities driven by its versatile applications and Indias position as the worlds largest producer and exporter. The growing demand for eco-friendly and sustainable products fuels castor oils use in cosmetics, pharmaceuticals, and biofuels, with exports reaching 0.6 million metric tons in 2024-25, primarily to China, the EU, and the US (Source: Solvent Extractors Association of India, May 2025). Industrial applications, such as in lubricants and plastics, benefit from castor oils unique ricin oleic acid content, offering high-margin opportunities. The rise of bio-based chemicals and government support for oilseed cultivation, including subsidies under the National Mission on Edible Oils, enhance production efficiency in states like Gujarat and Rajasthan. Additionally, innovations in high-yield castor hybrids and organic certifications cater to global demand for sustainable products, creating export growth potential. Expanding applications in biodegradable packaging and medical formulations further strengthen market prospects, particularly for value-added derivatives like castor de-oiled cakes.

Indias castor oil sector faces significant threats that could undermine its market position. Global price volatility, driven by shifting demand in key export markets like China and the EU, threatens revenue stability, with export prices fluctuating by up to 15% in 2024-25 (Source: Trade Map, May 2025). Competition from synthetic substitutes, such as petroleum-based polymers and lubricants, challenges castor oils industrial applications due to their cost-effectiveness. Climate-related risks, including unpredictable monsoons and drought in Gujarat and Rajasthan, have reduced castor seed output by 5.2% in 2024-25 (Source: Ministry of Agriculture, India, April 2025). Stringent EU regulations on chemical residues and traceability increase compliance costs, potentially limiting access to high-value markets. Additionally, competition for arable land with other crops like soybean and groundnut restricts castor cultivation expansion, while low domestic edible use limits market diversification, necessitating adaptive strategies to maintain competitiveness.

The Gokul Group manufactures a diverse range of edible oils, including groundnut oil, mustard oil, Kachi Ghani mustard oil, refined cottonseed oil, refined soybean oil, palm oil, and refined sunflower oil. These oils cater to domestic and international markets, meeting varied consumer preferences for cooking and food processing. The groups edible oil portfolio is supported by advanced refining facilities, ensuring high-quality products compliant with FSSAI standards. In 2024-25, Indias edible oil market, where the group operates, was part of a global industry valued at USD 243.9 billion, with a projected CAGR of 5.1% through 2030 (Source: MarketsandMarkets, June 2025).

The Gokul Group is a leading producer of castor oil and its derivatives, which are utilized in industries such as soaps, lubricants, hydraulic and brake fluids, paints, dyes, coatings, inks, cold-resistant plastics, waxes, polishes, nylon, pharmaceuticals, and perfumes. The byproduct, castor meal, serves as an organic fertilizer, supporting sustainable agriculture. As a major exporter, the group ships castor oil to over 20 countries, including key markets like China, the EU, and the US, contributing to Indias 0.6 million metric tons of castor oil exports in 2024-25 (Source: Solvent Extractors Association of India, May 2025). The group leverages Indias position as the worlds largest castor oil producer to drive growth in the global market, valued at USD 1.4 billion in 2024 (Source: Grand View Research, June 2025).

The organic fertilizer market, valued globally at USD 8.3 billion in 2024 with a projected CAGR of 10.2% through 2030 (Source: Fortune Business Insights, June 2025), offers substantial opportunities for Gokul Group, a key producer of organic manure including Organic Castor DOC (NPK 4:0.8:0.8), Gokul Hipro (NPK 8:0.8:0.8), Gokul PROM, and Gokul Potash. These products, rich in major NPK nutrients, calcium, sulphur, and micronutrients like magnesium, zinc, copper, and iron, are ideal for fruits, vegetables, plantation, and horticulture crops, enhancing yields and produce quality.

The rising global demand for organic farming, driven by consumer preference for chemical-free, sustainable produce, fuels market growth, particularly in India, where organic farmland expanded by 7.5% in 2024 (Source: APEDA, May 2025). Government initiatives, such as the Paramparagat Krishi Vikas Yojana (PKVY), provide subsidies for organic inputs, boosting adoption among smallholder farmers. Gokul Groups innovative solutions, like high-NPK formulations, align with this trend, offering opportunities to capture domestic and export markets, especially in the EU and US, where organic fertilizer demand is growing at 12% annually (Source: Research and Markets, April 2025). Additionally, increasing awareness of soil health degradation from chemical fertilizers supports the shift to organic alternatives, creating a niche for Gokuls castor-based by-products. Partnerships with agricultural cooperatives and digital platforms for rural distribution further enhance market reach, positioning Gokul Group to leverage sustainability trends and drive innovation in organic farming.

Indias organic fertilizer sector, producing products like castor-based de-oiled cake and nutrient-rich manure (NPK formulations), faces significant threats and challenges. High production costs, driven by labour-intensive processes and sourcing organic raw materials, make organic fertilizers less affordable than synthetic alternatives, limiting uptake among cost-sensitive farmers (Source: Custom Market Insights, June 2025). The lower nutrient density of organic fertilizers necessitates larger application volumes, increasing transportation and labour expenses, which deters farmers seeking rapid yield improvements (Source: Polaris Market Research, February 2025). Inconsistent nutrient content, due to variable raw material quality, can result in unpredictable crop outcomes, eroding trust among users (Source: MarketsandMarkets, April 2025). Synthetic fertilizers, with higher NPK concentrations and ease of use, dominate markets where awareness of organic benefits remains low, intensifying competition (Source: Credence Research, April 2024). Stringent regulatory requirements, such as Indias NPOP certification for exports, raise compliance costs and complexity for accessing international markets (Source: APEDA, May 2025). Additionally, raw material price volatility, with castor seed costs increasing 8% in 2024-25 (Source: Ministry of Agriculture, India, April 2025), and inadequate rural infrastructure for storage and distribution hinder scalability, requiring strategic investments in supply chain efficiency and quality control.

Total Revenues

During the year under review, total revenue from operations reached 351,085.00 lakhs, compared to 301,986.57 lakhs in the previous year, reflecting a robust increase of 16% year-on-year. Approximately 99.85% of this revenue was contributed by the wholly-owned subsidiary, Gokul Agri International Ltd. (GAIL). GAIL operates a production facility in Sidhpur, District Patan, Gujarat, India, and is engaged in seed processing, solvent extraction, and refining of edible and non-edible industrial oils, such as castor oil. The Sidhpur plant processes a diverse range of oils, including Kachi Ghani Oil, Mustard Oil, Groundnut Oil, Refined Cottonseed Oil, Soybean Refined Oil, Palmolein, Castor Oil, and Sunflower Oil.

Edible Oils

Edible oil sale for the FY 2024-25 was 221353.27 Lakhs while in the previous year, it was Rs 190474.34 Lakhs.

Non edible oils and by product

Sale of non-edible oils and by product for the FY 2024-25 was 128612.07 Lakhs while in the previous year it was Rs.111411.27 Lakhs.

The Net Profit after Tax for the year under review stood at 1,480.85 lakhs, as against 181.34 lakhs in the previous financial year, reflecting a substantial increase of approximately 716.56%. This increase should be viewed in context, as the previous years (FY 2023-24) profit was adversely impacted by a charge of 1,836.36 lakhs to the Statement of Profit and Loss, arising from settlement of entry tax dues of West Bengal pertaining to financial years 2012-13 to 2017-18.

Consolidated equity attributable to equity holders of the parent company increased to 34,457.07 lakhs as of March 31, 2025, from 32,994.41 lakhs as of March 31, 2024. Of this, other equity, comprising reserves and retained earnings, amounted to 32,477.17 lakhs as of March 31, 2025, compared to 31,014.51 lakhs as of March 31, 2024. The book value per share rose to 34.82 as of March 31, 2025, from 33.35 as of March 31, 2024.

The consolidated net debt (adjusted for cash, bank balances, and liquid investments) of the Group as of March 31, 2025, was 24,281.15/- lakhs, compared to 22,260.85 lakhs in the previous year. The net debt-to-equity ratio was 0.80 as of March 31, 2025, compared to 1.00 as of March 31, 2024.

The consolidated net block (including capital work in progress) as of March 31, 2025, was 11,340.65 lakhs, a decrease of approximately 163 lakhs from 11,503.65 lakhs in the previous year, solely due to depreciation.

The total Capital Employed (CE) at the end of the year increased to 36,290.36 lakhs from 35,228.46 lakhs at the end of the previous year.

Details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios, along with explanations thereof, including:

Details of any change in Return on Net Worth as compared to the immediately previous financial year along with a detailed explanation thereof

The global edible oil market is projected to grow steadily, driven by rising population, increasing per capita consumption, and a shift toward healthier oils. In India, the edible oil market was valued at USD 4.39 billion in 2024 and is expected to reach USD 6.49 billion by 2030, with a CAGR of 6.79% [Source: Research and Markets, 2024]. Groundnut oil, especially Kacchi Ghani (cold-pressed), is favored in South and West India for its rich flavor, high smoke point, and health benefits like cholesterol-free fatty acids and vitamin E [Source: Industry Reports, 2025]. Cottonseed oil, valued for its neutral taste and frying suitability, is safe for consumption after refining to remove gossypol [Source: Food Technology Journal, 2023]. However, India relies on imports for 56% of its edible oil demand, with palm oil leading due to affordability [Source: USDA Foreign Agricultural Service, 2024]. Health-conscious consumers are moving away from palm oil toward groundnut, sunflower, and olive oils, fueled by rising cholesterol awareness and demand for organic, unrefined oils [Source: Consumer Trends Survey, 2025].

Looking ahead, the Company remains focused on driving sustainable growth across its core businesses. In the edible oils segment, we aim to achieve high single-digit volume growth by consolidating market share through an expanded distribution network, enhanced brand equity, and consistent execution across both strongholds and underpenetrated markets.

We will continue to invest in brand building, supply chain efficiencies, and digital initiatives to deepen consumer engagement and improve market responsiveness. In parallel, efforts will be made to diversify product offerings, increase value-added contributions, and further strengthen our rural and urban retail reach.

The non-edible oil market, particularly for castor oil, is expanding due to its applications in biofuels, lubricants, cosmetics, and pharmaceuticals. India is a leading producer and exporter of castor oil [Source: India Export Data, 2024]. The global edible and non-edible oils and fats market is expected to reach USD 226.68 billion by 2033, with a CAGR of 6.4% [Source: Precedence Research, 2024]. Unrefined cottonseed oil, containing gossypol, is utilized in non-edible applications such as insecticides and biofuels [Source: Industrial Chemistry Reports, 2023]. Market dynamics are influenced by global economic uncertainties and supply chain adjustments, with recent price declines in edible oils like groundnut and cottonseed tied to falling crude palm oil prices [Source: Business Standard, Jan 2025]. Government initiatives, such as Indias National Mission on Edible Oil, aim to boost domestic oilseed production to reduce import dependency, while non-edible oils benefit from technological advancements and rising demand for sustainable industrial products [Source: Ministry of Agriculture, India, 2024].

The edible oil market faces several risks and concerns that could impact its growth trajectory. Heavy reliance on imports, particularly in countries like India, which imports around 56% of its edible oil demand, exposes the market to global price volatility and supply chain disruptions [Source: USDA Foreign Agricultural Service, 2024]. Fluctuations in crude palm oil prices, a dominant imported oil, directly affect the cost of groundnut and cottonseed oils, creating uncertainty for consumers and producers [Source: Business Standard, Jan 2025]. Geopolitical tensions, such as trade restrictions or conflicts affecting major oil-producing regions, could further disrupt supply chains [Source: Global Trade Analysis, 2024]. Additionally, climate change poses a significant risk, as adverse weather conditions like droughts or floods can reduce oilseed crop yields, particularly for groundnut and cottonseed, leading to supply shortages [Source: FAO Agricultural Outlook, 2024]. Health concerns, including the high saturated fat content in palm oil, are driving consumer shifts toward healthier alternatives like Kacchi Ghani groundnut oil, but limited domestic production capacity may hinder meeting this demand [Source: Consumer Trends Survey, 2025].

In the non-edible oil market, castor oil production is vulnerable to similar climatic risks, as castor seed cultivation is sensitive to weather variability, potentially affecting output and export volumes [Source: India Export Data, 2024]. The market also faces concerns related to over-reliance on industrial demand, particularly in biofuels and cosmetics, which could be disrupted by economic slowdowns or shifts toward alternative raw materials [Source: Industrial Chemistry Reports, 2023]. Regulatory challenges, such as stricter environmental standards for non-edible oil applications like insecticides derived from unrefined cottonseed oil, may increase production costs [Source: Environmental Policy Review, 2024]. Furthermore, global economic uncertainties, including inflation and currency fluctuations, could impact the affordability of non-edible oils in international markets, affecting export-driven economies like India [Source: Precedence Research, 2024]. Both markets are also challenged by the need for technological advancements and government support to enhance domestic production and reduce import dependency, which remains a long-term concern [Source: Ministry of Agriculture, India, 2024].

A robust risk management framework has been established to assess and mitigate business risks, incorporating structured procedures for evaluating operational controls and ensuring compliance with corporate policies. This framework includes a continuous process to monitor the evolution of risks and implement effective mitigation strategies, ensuring adaptability to changing market conditions in the edible and non-edible oil sectors.

Operating in both domestic and international markets, the industry is exposed to a range of internal and external risks, including supply chain disruptions, price volatility, and climatic impacts on oilseed production. Risks are broadly defined as any events that could hinder the achievement of financial, operational, or strategic objectives. To safeguard long-term success, a comprehensive risk management system is in place to proactively identify, analyze, and address risks. Integrated into core business processes, this system facilitates the recording, monitoring, and control of risks, enabling informed decision-making and strategic responses to challenges such as import dependency, regulatory changes, and global economic uncertainties.

In view of the management, the Company has adequate internal control system for the business processes followed by the Company. External and internal Auditors carry out periodical review of the functioning and suggest changes if required. The Company has also a sound budgetary control system with frequent reviews of actual performance as against those budgeted.

The Audit Committee of the Board meets periodically to review various aspects of performance of the Company and also reviews the adequacy and effectiveness of the internal control system and suggests improvement for strengthening them from time to time. External Auditor also attends this Meeting and conveys their views on the business process and also of the policies of financial disclosures. When found necessary, the Committee also gives suggestions on this matter.

The world is seriously concerned with the matter of global warming and the consequential impact on the global economy and the environment. It would be, therefore necessary for your Company to undertake initiatives to support the global movement combating the adverse impact.

As corporate citizens, we ensure that we conduct our business in a responsible and sustainable way. Energy savings, green power generation, waste recycle and pollution reduction are some of the key areas where we ensure strict internal control. We are carbon neutral and sensitive to sustainable development for the next generation. We strive to facilitate an environment policy framework that enables sustainable development. Today Group has 3 Wind Turbine Generators (WTGs) with a total power generation capacity of 3.75 MW in the states of Gujarat. The investment in green power is with a single aim to create a cleaner and pollution free environment. The group has also installed Ground Mount Solar System of 4.6 MW for Companys Captive use at Land Situated at Village – Sedrana, Sidhpur, Gujarat – that became operational from FY 2022-23.

As a step ahead towards Green business, we are also using castor de-oiled cake as a fuel to generate steam for our Sidhpur plant operations.

Material developments in Human Resources / Industrial Relations front, including number of people employed.

At Gokul, our employees are our greatest asset and a key driver of our competitive edge. We are dedicated to fostering an open, transparent, and people-centric organization that empowers individuals to excel. Our Human Resources strategy focuses on attracting, developing, motivating, and retaining top talent. The HR function serves as a vital catalyst in advancing the companys strategic goals, aligning workforce practices with Gokuls business priorities. With a steadfast commitment to talent development, we ensure our employees are equipped to deliver exceptional results. As of March 31, 2025, the Gokul Group employed a total of 332 individuals.

Thriving businesses are defined by their sustainability, excelling in prosperous times and demonstrating resilience during adversity. In favorable conditions, such organizations set new standards of excellence. In challenging times, their robust frameworks and inherent adaptability enable them to navigate complexities and emerge stronger. Periods of uncertainty test the strength of an organizations workforce, policies, and operational systems.

Gokuls ability to confront and surmount challenges showcases the excellence of its systems, the caliber of its people, and the strength of its processes, serving as a dynamic testament to its enduring capabilities.

As a proud member of the World Castor Sustainability Forum (WCSF)—a subsidiary of The Solvent Extractors Association of India (SEA)—Gokul Group champions the creation of a sustainable and traceable castor supply chain. WCSF drives advancements in the economic, social, and environmental performance of the castor industry, boosting productivity and sustainability globally while uplifting the livelihoods of smallholder farmers. Committed to environmental stewardship, economic vitality, and social equity, WCSF promotes best agricultural practices to enhance the quality and sustainability of castor production. By fostering transparency, innovation, and community collaboration, WCSF sets the standard for responsible castor production in India, delivering positive impacts across the value chain and paving the way for a greener, more inclusive future.

Gokul Agri International Ltd., a wholly owned subsidiary of the Company, has been at the forefront of innovation since establishing its Research and Development (R&D) Center in 2017 at the Kandla factory. In 2021, the R&D Center was relocated to Sidhpur, where it continues to drive advancements in oleochemical derivatives. Led by a team of three Ph.D. scientists specializing in oleochemicals, the Center focuses on pioneering research into castor oil derivatives, a domain traditionally dominated by European countries. Our efforts aim to position the Company as a global leader in this field.

The R&D Center has developed innovative biopolyol products tailored for applications in adhesives, sealants, elastomers, and the paint industry, meeting customized customer requirements. Equipped with state-of-the-art facilities, including a wet chemistry laboratory, pilot plants for hydrogenation and pyrolysis, and specialized setups for chemical reactions such as polymerization, condensation, and dehydration, the Center supports continuous improvement of existing products and the development of novel solutions. This strategic focus on R&D underscores our commitment to innovation, sustainability, and delivering value to our customers.

The company sees significant potential to scale up capacity in its high-revenue segments. Backed by the promoters extensive industry expertise, the company benefits from a well-established brand with a strong market reputation. Its products enjoy a broad geographical presence, with ongoing initiatives to further expand market reach. The company is committed to keeping its brands relevant through customer-focused strategies while maintaining competitive pricing. Additionally, it is actively pursuing innovative ways to optimize input and raw material costs without compromising product quality, ensuring sustained growth and efficiency.

Since its inception, the company has navigated a volatile business landscape with resilience. Operating within a complex trade environment, influenced by its operational base and global business destinations, the company remains vigilant and responsive to evolving market dynamics, adapting swiftly to changing conditions. Optimistic about favorable monsoon conditions and economic growth, the company anticipates strengthened raw material supply and demand, which should bolster operations in the current financial year.

To address challenges posed by an expanding industry and the need for consolidation, the Gokul Group has proactively implemented strategic initiatives. These efforts aim to enhance its market presence and share in the edible oil and industrial products sectors, including castor oil and meals. The group is focused on optimizing raw material sourcing directly from origins, streamlining supply chain and logistics inefficiencies, enhancing multi-location processing capabilities, improving product quality, and boosting sales of branded products in the retail segment.

The Management Discussion and Analysis, including the outlook for the current year, reflects the managements perspective at the time of this reports preparation. Actual outcomes may differ significantly from those projected. Key factors that could impact the companys performance include fluctuations in supply and demand, availability and pricing of inputs in domestic and global markets, changes in government policies, tax regulations, economic conditions within the country, and other variables such as legal proceedings and labor relations.