Raj Oil Mills Ltd (ROML)

Fast Moving Consumer Goods · Edible Oil · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹43.8 ↓ 7.79% (1Y)

🎯 Key Takeaways

Raj Oil Mills Ltd (ROML) is in a quiet operational and structural transition phase, marked by declining revenue trends and a strategic name change to Raj Industries Limited. The company maintains a strong promoter holding and a debt-light balance sheet, but its negative ROE and stagnant institutional interest signal limited investor confidence.
Revenue declined 14.6% QoQ to ₹36 in Q1FY27.
⚠️ Persistent revenue decline across four consecutive quarters raises concerns about core business sustainability.

Market Cap

₹70

P/E Ratio

15.1

P/B Ratio

-28.63

ROE

-179.1%

ROCE

19.9%

Debt/Equity

-12.37

Promoter

75.0%

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📖 The Story

Raj Oil Mills Ltd (ROML) is in a quiet operational and structural transition phase, marked by declining revenue trends and a strategic name change to Raj Industries Limited. The company maintains a strong promoter holding and a debt-light balance sheet, but its negative ROE and stagnant institutional interest signal limited investor confidence. It is neither a high-growth nor distressed entity, but rather a small-cap FMCG player navigating margin pressures and modest capital restructuring.

📰 What's Happening

The most recent board meeting on August 13, 2026, approved the unaudited Q1 FY26 results, which showed a 15% YoY revenue decline to ₹3,556.67 lakhs, while net profit rose to ₹111.30 lakhs from ₹43.59 lakhs in the same quarter last year. The company also scheduled its 24th AGM for September 28, 2026, via video conferencing with remote e-voting from September 25 to 27, and a record date of September 21, 2026. Earlier, on July 27, 2026, the board approved a name change to Raj Industries Limited and allotted 10 lakh equity shares and 10 lakh warrants at ₹46 per unit, raising funds through a capital increase. Management indicated it will seek exchange approval for listing the newly issued shares, signaling a strategic move to enhance branding and long-term growth potential despite short-term dilution.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	34	40	36	42	36
Operating Profit	2	2	1	1	2
OPM %	4.7%	4.3%	3.8%	2.0%	4.4%
Net Profit	1	2	1	1	1
EPS	₹0.94	₹1.02	₹0.81	₹0.34	₹0.74

Quarterly revenue has declined consistently over the past four quarters, falling from ₹42 lakhs in Mar 2026 to ₹36 lakhs in Jun 2026, with operating margins remaining thin (2-4.4%) and profitability volatile. While net profit improved in Q1 FY26 to ₹111.30 lakhs, this came amid lower revenue, suggesting cost control or one-time gains rather than volume-driven growth. EPS has also shown weakness, dropping to ₹0.74 in Jun 2026 from ₹1.02 in Sep 2025. The financial trajectory reflects a company under top-line pressure, with management focusing on structural changes rather than revenue expansion.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue or margin recovery in the latest filings, but the board’s actions indicate a strategic pivot toward branding and capital efficiency. The name change to Raj Industries Limited and the capital raise via share and warrant allotment suggest an intent to reposition the company for future growth, potentially targeting institutional interest or strategic partnerships. Management emphasized compliance with regulatory requirements for the capital issuance and plans to secure exchange approval for trading the new securities, implying confidence in the restructuring’s long-term benefits despite near-term dilution and weak top-line performance.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	15	15	15	15
Reserves	-20	-17	-14	-13
Borrowings	31	30	30	26
Total Liabilities	42	41	43	43
Fixed Assets	17	18	16	16
Investments	0	0	0	0
Total Assets	42	41	43	43

The balance sheet as of March 2026 shows stable equity of ₹15 crores but deteriorating reserves (-₹13 to -₹14 crores), indicating cumulative losses eroding shareholder value. Total assets remain flat at ₹43 crores, while borrowings have decreased slightly from ₹30 to ₹26 crores, reflecting prudent deleveraging. The company maintains a near-zero net worth due to negative reserves, yet its debt levels are manageable. This suggests a capital-efficient but financially fragile structure, where growth must come from operational improvements rather than balance sheet expansion.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+0
Investing	-0
Financing	-0
Net Cash Flow	-0

👥 Shareholding Pattern

Category	Q3FY26	Q4FY26	Q1FY27
Promoters	75.0%	75.0%	75.0%
FII	0.0%	0.0%	0.0%
DII	0.0%	0.0%	0.0%
Public	23.4%	23.5%	23.5%
# Shareholders	20,288	20,010	19,711

Promoter holding remains steady at 75%, with no signs of dilution or exit, while institutional interest (FII/DII) remains negligible at 0% across the last three quarters. The number of public shareholders has slightly increased, from 19,711 to 20,288, indicating minor retail engagement. However, the absence of FII/DII participation and lack of foreign or domestic institutional accumulation suggest limited market confidence. The shareholding pattern reflects a retail-dominated, promoter-controlled structure with minimal external validation of its strategy.

⚖️ Peer Comparison — Edible Oil

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
GOKULAGRO	6,983	11.7	46.9%	40.7%	0.51
519477	3,817	11.8	15.5%	16.4%	0.66
543373	1,136	74.9	10.4%	15.9%	1.91
MODINATUR	451	8.6	22.4%	30.4%	0.94
GOKUL	410	19.8	9.8%	6.0%	0.80
VIJSOLX	221	9.3	10.7%	7.0%	0.10
519216	186	13.0	15.1%	9.1%	0.00
MKPL	153	31.3	7.7%	6.8%	0.54
519471	134	13.3	24.7%	28.9%	0.75
544708	132	—	—	—	2.24

🔗 Peer Stock Analyses

GOKULAGRO 519477 543373 MODINATUR GOKUL

⚠️ Risk Factors

1. Persistent revenue decline across four consecutive quarters raises concerns about core business sustainability. 2. Negative reserves and volatile profitability increase financial risk despite low debt. 3. The proposed name change and capital restructuring may dilute existing shareholders without immediate value creation. 4. Lack of institutional interest and weak market returns (-9.36% over 1Y) signal limited investor confidence in the current trajectory.

📋 Recent Filings

🧠 Analyst's Read

ROML is undergoing a strategic repositioning marked by structural changes rather than operational turnaround, with management prioritizing branding and capital efficiency over revenue growth. Investors should monitor the outcome of the capital raise and exchange approval for the new shares, as well as any improvement in top-line performance post-Q1 FY26. The company remains a high-risk, low-visibility FMCG play with limited upside unless execution delivers measurable margin or volume recovery.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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