Company Overview

Rajgor Castor Derivatives Limited was originally incorporated as "Hindprakash Castor Derivatives Private Limited" as a Private Limited Company vide Certificate of Incorporation on June 13, 2018, issued by Registrar of Companies, Central Registration Centre. The name of the Company was changed from "Hindprakash Castor Derivatives Private Limited" to "Ardent Castor Derivatives Private Limited", dated January 20, 2022, and thereafter from "Ardent Castor Derivatives Private Limited" to "Rajgor Castor Derivatives Limited", dated February 15, 2022. Consequently, the Company was converted to Public Limited, name of the Company changed to "Rajgor Castor Derivatives Limited", and a fresh Certificate of Incorporation dated July 5, 2022, was issued by Registrar of Companies, Ahmedabad.

Rajgor Castor Derivatives Limited (RCDL) is a renowned manufacturer and supplier of Castor oil and derivatives. The company is promoted by the Rajgor Family and has established itself as a significant player in the castor oil industry. The shares got listed on NSE SME on October 31, 2023. The company operates under the stock symbol RCDL on NSE and BSE with the BSE code 91851.

Business Operations and Products

The Company is engaged in the activity of manufacturing/dealing/trading of Castor Seeds, Castor derivative products, other merchandise, etc. It is a manufacturer and supplier of Castor oil and derivatives. The company procures castor seeds from local farmers and nearby Agricultural Produce Market Committees (APMCs), ensuring a steady supply chain for its operations.

The company manufactures a diverse range of castor-based products. The Company has commenced manufacturing of Refined Castor Oil First Stage Grade (F.S.G.), Castor De-Oiled Cake, and High Protein Castor De-Oiled Cake for the domestic market. The company can produce about 450 Metric Tonnes of castor products in a day.

The primary product, Refined Castor Oil First Stage Grade, is a yellow viscous liquid that undergoes extensive processing. F.S.G. Castor Oil is Castor Oil bleached to British Standard Specifications. It is used in Lubricants, Paints, Pharmaceuticals, Cable insulators, Sealants, Inks, Rubber, and Textiles, etc. Castor oil has multiple industrial applications and is extensively demanded in Lubricants, Paints, Pharmaceuticals, Cable insulators, Sealants, Inks, Rubber, and Textiles, etc.

Additionally, the company produces Castor De-Oiled Cake, which serves as an organic fertilizer. It is produced by crushing castor seeds in an expeller to extract oil from it at a controlled temperature with the help of steam. It is used as a fertilizer because of the high content of Nitrogen, Phosphoric Acid, Potash, and moisture retention.

Market Position and Financial Performance

Rajgor Castor Derivatives Ltd has a market capitalization of Rs 55 crore. Based on June 2025 data, the company's market capitalization reflects its position in the small and medium enterprise segment of the Indian stock market.

The company has demonstrated significant financial growth in recent years. Rajgor Castor Derivatives Ltd has an operating revenue of Rs. 1,462.15 Cr. on a trailing 12-month basis. An annual revenue growth of 32% is outstanding. The pre-tax margin of 2% needs improvement, while the ROE of 13% is good. The company has a reasonable debt-to-equity ratio of 3%, which signals a healthy balance sheet.

Key Financial Metrics

- Market Capitalization: ₹55 Crore (as of June 2025)

- Operating Revenue (TTM): ₹1,462.15 Cr

- Annual Revenue Growth: 32%

- Pre-Tax Margin: 2%

- Return on Equity (ROE): 13%

- Debt to Equity Ratio: 3%

- Revenue (FY25): ₹625 Crores

- Profit (FY25): ₹9.01 Crores

- PE Ratio: 5.84 (as of June 16, 2025)

- PB Ratio: 1.58 (as of June 16, 2025)

Stock Performance

The 52-week high of Rajgor Castor Derivatives Ltd share price is Rs. 42.80, while the 52-week low is Rs. 16.55, indicating significant price volatility over the past year. Over the past 6 months, the Rajgor Castor Derivatives share price has decreased by 20.85%, and in the last one year, it has decreased by 37.35%.

The stock's performance reflects the challenges faced by commodity-based businesses and market conditions affecting the agricultural and chemical sectors. From a technical standpoint, the stock is trading below its 200-day moving average (DMA) and close to its 50-day moving average. It needs to surpass the 200-DMA levels and stay above them to make any further meaningful upward movement.

Management and Leadership

The company is led by experienced promoters from the Rajgor family who bring substantial industry expertise. Mr. Brijeshkumar Vasantlal Rajgor, aged 31 years, is the Promoter cum Managing Director of the Company. He holds a Bachelor of Business Administration degree from Ganpat University, Mehsana, Gujarat, and has over 8 years of experience in Trading and Manufacturing of Agro and related Businesses. His functional responsibilities include overseeing sales, purchase, plant operations, and day-to-day accounts and finance departments of the Company.

Mr. Maheshkumar Shankarlal Rajgor, aged 51 years, is a Promoter and Chairman and Non-Executive Director of the Company. He also has over 8 years of experience in Trading and Manufacturing of Agro and related Businesses. His functional responsibilities include overseeing management duties, daily business operations, sales, purchase, plant operations, and accounts and finance departments of the Company.

IPO and Public Listing

The Rajgor Castor Derivatives IPO was a SME IPO consisting of 9,561,000 equity shares with a face value of ₹10, aggregating up to ₹47.81 Crores. The issue was priced at ₹50 per share. The IPO opened on October 17, 2023, and closed on October 20, 2023. The allotment for Rajgor Castor Derivatives IPO was finalized on Thursday, October 26, 2023. The shares were listed on NSE SME on October 31, 2023.

The IPO proceeds were utilized for working capital requirements and general corporate purposes, supporting the company's expansion plans and operational efficiency improvements.

Industry Applications and Market Reach

The company serves diverse industries through its castor oil derivatives. Rajgor Castor Derivatives' clientele includes manufacturers of Lubricants, Paints, Pharmaceuticals, Cable insulators, Sealants, Inks, Rubber, and Textiles; farmers and manufacturers of organic fertilizers; poultry farms; and manufacturers of organic fertilizers.

The company serves customers in various states across India, including Gujarat, Delhi, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Telangana, Uttar Pradesh, and Uttarakhand. This geographical diversification provides the company with a broad market base and reduces regional concentration risks.

Future Prospects

The company aims to grow its operations on a pan-India basis and establish its brand as a distinguished name in the industry, indicating a focus on expanding its market presence and brand recognition. The growing demand for sustainable and eco-friendly products positions castor oil derivatives favorably in various industrial applications.

Rajgor Castor Derivatives is currently operating on a B2B business model and offers Castor Oil and its derivatives. It focuses on operations relating to quality control, inventory management, and business development. The company's emphasis on quality control and business development indicates its commitment to maintaining product standards while pursuing growth opportunities.

The castor oil industry benefits from increasing applications in pharmaceuticals, cosmetics, and industrial sectors, providing RCDL with opportunities for sustained growth in the domestic market while potentially exploring export opportunities in the future.