Vishwas Refoils.
What began as a local oil-trading business in Rajkot in 1996 has evolved into Vishwas Refoils & Consumer Limited, an edible oil company reporting revenue from operations of Rs 310.26 crore in FY2026. Nearly three decades after its establishment, the company is preparing for its next phase of growth, with plans to strengthen its position in the edible oil value chain through a proposed refining facility.
The business was established as Vishwas Tea Co. by Late Daulatram Sadarangmal Mandhiyani. In 2015, it was reconstituted as a partnership under the name Vishwas Refoils, followed by the incorporation of Vishwas Refoils LLP in 2022. Vishwas Refoils & Consumer Limited was incorporated as a public limited company in March 2023. In March 2024, the company acquired the operations of the legacy businesses on a going-concern basis, bringing them under a single corporate structure.
The company's financial performance reflects its growth over the last three financial years. Revenue from operations increased from Rs 79.79 crore in FY2024 to Rs 237.29 crore in FY2025 and Rs 310.26 crore in FY2026. EBITDA stood at Rs 7.74 crore in FY2026, while profit after tax reached Rs 5.06 crore.
"As a business grows, the challenge is not just to increase its scale, but to build the capabilities needed to serve customers better and strengthen the value chain. Over the years, Vishwas has grown from a local oil-trading business into a company serving diverse customer segments across multiple markets. Our focus now is on building on that foundation, strengthening our processing capabilities and creating a business equipped for the next phase of growth," said Deepak Daulatram Mandhiyani, Promoter and MD of Vishwas Refoils & Consumer Limited.
Serving Consumer, Institutional and Bulk Markets
Vishwas Refoils & Consumer Limited has established a strong presence in Gujarat, its key market, serving a diverse customer base across consumer, institutional and bulk segments. Its portfolio caters to different requirements across the edible oil market, from retail-ready packs for households to bulk formats for food-processing businesses and other institutional customers.
The company's product portfolio includes refined palmolein, sunflower, soybean, cottonseed, corn, along with double-filtered groundnut oil, Kachi Ghani mustard oil and filtered mild mustard oil. Products are available in pouches, bottles, jars and tins, alongside bulk formats for food-processing units. Its customer segments include wholesalers, retailers, hotels, restaurants, catering businesses, bakeries, snack manufacturers and food processors.
This presence across multiple customer segments enables the company to serve varied product, packaging and supply requirements.
Industry Context and the Proposed Refinery
India's edible oil market continues to rely significantly on imports to meet domestic demand. According to the industry report commissioned by the company and referenced in its Draft Red Herring Prospectus (DRHP), edible oil imports stood at approximately 16.07 million metric tonnes in 2025, compared with 13.45 million metric tonnes in 2021. This import dependence highlights the role of sourcing, processing and supply-chain capabilities in the edible oil value chain.
Against this backdrop, Vishwas Refoils & Consumer Limited plans to strengthen its own processing capabilities through a proposed edible oil refinery with a capacity of 200 tonnes per day and approximately 6,000 tonnes of storage. The project is intended to enable in-house refining of crude edible oils, strengthen input-quality control, improve supply reliability and reduce dependence on third-party refiners.
The estimated project cost is Rs 59.84 crore, of which Rs 18 crore is proposed to be funded through the net proceeds of the public issue, as detailed in the company's DRHP. The proposed facility represents a planned expansion beyond the company's current operations in sourcing refined oils, value addition, packaging and filtered mustard oil manufacturing.
As Vishwas Refoils & Consumer Limited builds on its established regional relationships and diversified customer base, its next phase of growth is centred on strengthening operating capabilities and increasing control over its value chain. The proposed refinery is a key part of these plans, as the company seeks to build on its existing business and prepare for future growth.
