Aelea — Q4 FY26 earnings call

Call held 25 May 2026

Management summary

Aelea Commodities Limited reported a transformational FY26 with robust financial growth, including a 109.46% YoY revenue increase to ₹381.50 crores and a sharp rise in PAT to ₹21.32 crores. The company achieved improved EBITDA margins of 10.58% and high capacity utilization. However, increased finance costs due to deeper value chain sourcing and geopolitical impacts on supply chains remain areas of concern.

Highlights

  • Consolidated FY26 Revenue of ₹381.50 crores, up 109.46% YoY, reflecting strong growth.

  • Consolidated FY26 PAT of ₹21.32 crores, a significant increase from ₹1.16 crores in FY25.

  • Consolidated FY26 EBITDA margin improved to 10.58%, indicating better operational efficiencies.

  • Company achieved 94-95% capacity utilization.

  • Strategic expansion into deeper value chain for better margins.

Concerns

  • Finance cost increased significantly from ₹2 crores to ₹8 crores due to deeper value chain sourcing.

  • Management expects finance costs to 'deepen' further as they expand.

  • Geopolitical tensions are causing supply chain disruptions, currency volatility, and increased sea transit times.

Key financials

2 periods

H2 FY26

  • Consolidated Revenue
    ₹207.81 Cr
  • Consolidated EBITDA
    ₹25.12 Cr
  • Consolidated EBITDA Margin
    12.1%
  • Consolidated PAT
    ₹12.61 Cr

FY26

  • Consolidated Revenue
    ₹381.5 Cr
    YoY +109.5%
  • Consolidated EBITDA
    ₹40.37 Cr
  • Consolidated EBITDA Margin
    10.6%
  • Consolidated PAT
    ₹21.32 Cr
  • Consolidated EPS
    ₹10.46

What they filed

Q4 FY26: revenue up 171.4%, net profit up 200.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY24Q4 FY24Q2 FY25Q4 FY25Q2 FY26Q4 FY26
Revenue50 70 82 89 174 +248%190 +171%
EBITDA5 7 8 0 15 +200%25 +257%
Net profit2 4 4 -3 9 +350%12 +200%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Capital allocation

low confidence
  • Capex Capex disclosed
    The CNSL, which is a phase two, the Capex is already committed and it is already underway. The phase two, probably some very small amount would be pending now to be contributed. But from phase three perspective, that Capex is something which will happen in, in the later part of the year.
  • Debt Debt disclosed
    Like first is like why the finance cost increased that much? Like previously it was like just two crores and it increased to 8 crores.

Guidance & targets

Revenue

  • Consolidated Revenue Growth Revenue · FY27 · Medium confidence similar rates
    So, for FY27, we are likely to continue our growth rate. We have still some changes that we need to make, and that's the reason why we are increasing deeper value chain. As we go there, we see a significant increase in the top line as well as bottom line in terms of growth rate more or less similar rates that we can expect for 27.

    — Hozefa Jawadwala

Capacity

  • Cashew Processing Capacity Capacity · by 2037 · High confidence 1000 metric tonne per day
    In the cashew space, we intend to build capacity up to 1000 metric tonne per day capacity.

    — Devyani Vanapariya

  • Makhana Processing Capacity Capacity · by 2037 · High confidence 50-tonne capacity
    In this, we intend to build up a 50-tonne capacity with Farmgate buying and a significant ESG impact again and a very, very clear export-oriented outlook.

    — Devyani Vanapariya

Consumption

  • Cashew Consumption (India) Consumption · year end of 2037 · High confidence 700,000 tons
    And we expect that we will be consuming as a country around 700,000 tons year end of 2037.

    — Devyani Vanapariya

  • Almond Consumption (India) Consumption · by 2037 · High confidence 320,000 tons
    We expect that almond consumption will keep growing at 7% for the over the period to 2037. And it will grow to around 320,000 tons.

    — Devyani Vanapariya

  • Walnut Consumption (India) Consumption · by 2037 · High confidence 88,000 tons
    In Walnut, the consumption is around 35,000 tons. We expect an 8% compounded growth rate and it will go to around 88,000 tons.

    — Devyani Vanapariya

  • Pistachio Consumption (India) Consumption · by 2037 · High confidence 140,000 tons
    We have also pistachio that we would like to work on. which we see as 9% compounding growth rate, 140,000 tons.

    — Devyani Vanapariya

Product Mix

  • Value-added Products Share Product Mix · by 2037 · High confidence 50%
    We intend to do around 50% of the processing that we will be selling in retailing, adding value-added products and institutional integrating.

    — Devyani Vanapariya

Retail Presence

  • Government Premium Retail Stores Retail Presence · by 2037 · High confidence 100 stores
    Over, for retail consumption perspective, we intend to do around 100 government premium retail stores.

    — Devyani Vanapariya

Profitability

  • EBITDA Margin Profitability · ongoing · High confidence 10-11%
    No, so we have always maintained that we typically would operate around EBITDA margins of around 10 to 11%. That's an industry margin.

    — Hozefa Jawadwala

  • B2C EBITDA Margin Profitability · ongoing · High confidence 13-15%
    The margins are very healthy from when you typically go into the B2C segment side of it, roughly 13 to 15% on an EBITDA terms.

    — Hozefa Jawadwala

  • CNSL Plant EBITDA Margin Profitability · ongoing · High confidence 10%
    And it typically operates at a at a product level margin of 10% EBITDA.

    — Hozefa Jawadwala

Project Timeline

  • Phase 2 (Solar & CNSL Oil Extraction) Project Timeline · H2 FY26 · Medium confidence very soon
    Well, the rooftop solar, rooftop solar is already executed. It's a ground mounted solar which is pending right now for the government approval with the changes that the government are making in the way, you know, the norms are being rechanged and the way you can consume solar power directly and indirectly. These things will take some time, but from a oil extraction perspective, that's pretty much happening right now and the construction is going in full space. So it should happen very soon.

    — Hozefa Jawadwala

Sourcing

  • Direct Sourcing Percentage Sourcing · current · High confidence 60-65%
    So we have, we are more or less doing a similar thing. We are around 60, 65% right now doing through direct sourcing.

    — Hozefa Jawadwala

What to watch in Q1 FY27

Finance Cost Trajectory

next quarter
Current Increased from ₹2 crores to ₹8 crores
Target Stabilization or further deepening as a percentage of revenue

Why it matters

To assess the impact of deeper value chain sourcing on profitability and working capital efficiency.

So will the finance cost be the same for the next quarter also, like from H1 next year? ... we would see on a similar lines the finance cost as we further deepen up ourselves.

Risks & concerns

  • Increased Finance Costs

    medium

    Finance costs increased from ₹2 crores to ₹8 crores due to deeper value chain sourcing, and are expected to deepen further with expansion.

    Management acknowledged

  • Geopolitical Impact on Supply Chain

    medium

    Uncertainty, currency volatility, increased raw cashew nut volatility, and longer sea transit times from Africa are impacting operations.

    Management acknowledged

  • Aggressive 10-Year Strategy

    low

    Management cautions about the aggressive nature of their 10-year strategy, implying higher risk.

    Management acknowledged

Q&A highlights

5 direct
Increase in Finance Cost Direct
So, Karan the way we approach this year, we actually went slightly deeper in the value chain. And at that point, when you buy from that supply ecosystem, there is no credit available to you. But there is significantly better margins that you get and that's why you can see that you know our EBIDTA margins improved as well. But at the same time, it is very important for us to really go to that level, purely because, you know, with the large size that we have, we need to have consistency in the supplies as well. So we had to take that step and going forward we will have to further deepen ourselves.

Explains the reason for the significant increase in finance costs (from ₹2 crores to ₹8 crores) as a strategic move to deepen the value chain for better margins and supply consistency, implying this cost will continue or deepen.

Asked by Karan Singh

Timeline for Phase 2 and Phase 3 Expansion Partial
Well, the rooftop solar, rooftop solar is already executed. It's a ground mounted solar which is pending right now for the government approval with the changes that the government are making in the way, you know, the norms are being rechanged and the way you can consume solar power directly and indirectly. These things will take some time, but from a oil extraction perspective, that's pretty much happening right now and the construction is going in full space. So it should happen very soon. ... Yeah. So phase two should happen soon and the phase three would after such stabilisation on the phase two will be the phase three.

Provides an update on the solar and CNSL oil extraction projects (Phase 2), indicating construction is in full swing and should happen 'very soon', while Phase 3 is contingent on Phase 2 stabilization, giving a phased approach to expansion.

Asked by Karan Singh

Capacity Utilization Direct
Yeah, now roughly around 94 - 95% fully utilized.

Confirms high capacity utilization, indicating strong demand and efficient operations, but also suggests limited room for organic volume growth without further expansion.

Asked by Karan Singh

B2C Strategy and Margins Direct
No, it is, it is not that way. It is how the ranking happens, and you know how the ranking are taken into the platforms. We are not very previously whatever I have also said that we are not right now very focused on the B2C side through the E-commerce side of it. But we do B2C, I have a consumer pouches in B2C, which actually accounts for roughly 1% of our sales. The way we would like to build this thing is not by burning some cash on advertisement and marketing, but more in a form of organic and natural profitable growth that we would like to look at it Karan. At the end of the day, it's cashew and you, me, or whoever goes at buying it would like to see what is the per gram, per 100 gram price and compare it with wherever you are, other source of buying is. So we are very conscious of that fact, that it's not very easy to, you know, a single product to be scaled to that level. And that's why if you see our strategy for next 10 years, we are creating a basket of products. At the same time, we are looking at B2Cs as per say and for that we have a different approach completely.

Clarifies the company's B2C strategy, stating it's currently only 1% of sales and focuses on organic growth rather than heavy marketing, and that B2C margins are higher (13-15% EBITDA) but require a basket of products.

Asked by Karan Singh

Impact of Geopolitical Tensions on Supply Chain Direct
There are three parts of it, rather than I would say. One is the uncertainty in the entire environment is confusing for everybody. People are not very sure on the origin and in India whether to continue with the similar consumptions or not. And that's, it's a general, general state of the economies across the world. From a cashew perspective, that results into one that, you know, we are seeing a good amount of currency volatility every day. You can see 50 paisa movements in, in dollar as very normal during the day. That volatility has increased. The volatility of the raw cashew nuts has also has increased a bit. At the same time, the sea transit times have increased because of the longer routes that the ships are taking from, from getting it from Africa to India. So, these are the, these are the current impacts.

Highlights the specific challenges faced due to geopolitical tensions, including currency volatility (50 paisa movement in dollar), increased raw cashew nut volatility, and longer sea transit times from Africa, impacting supply chain efficiency.

Asked by Vaishnavi Vaity

Power Savings from Solar Installation Partial
No, we haven't said that. We have said that the solar rooftop has been completed and it has been installed. From the ground mounted perspective, we, there are some changes in the government policies and because of that changes, we haven't got still approvals to go for an execution of the ground mounted solar.

Clarifies that while rooftop solar is installed, ground-mounted solar (which would provide more significant savings) is awaiting government approvals due to policy changes, explaining why full power savings are not yet realized.

Asked by Mr. Mukesh

Inventory Increase Direct
As I said previously also that if you increase your turnover, everything will increase. You know, if you are going for a further growth, inventory will further increase.

Management attributes the increase in inventory (up to ₹100 crores) to the company's growth strategy and increased turnover, implying it's a natural consequence of expansion rather than a concern.

Asked by Vaishnavi Vaity

2 min read 6 chapters

Detailed narrative

Robust Financial Performance in FY26

Aelea Commodities Limited delivered a strong financial performance in FY26, with consolidated revenue growing by 109.46% year-on-year to ₹381.50 crores. Profit after tax (PAT) increased sharply to ₹21.32 crores, compared to ₹1.16 crores in FY25. The company's consolidated EBITDA margin improved to 10.58%, reflecting enhanced operational efficiencies and scale benefits. For H2 FY26, consolidated revenue stood at ₹207.81 crores with an EBITDA margin of 12.09% and PAT of ₹12.61 crores.

Strategic Vision 2037 and Expansion Plans

The company outlined an aggressive 10-year strategy focusing on the entire cashew value chain, from food to fuel, feed, and fertility. Key targets include building cashew processing capacity up to 1000 metric tonnes per day and targeting 700,000 tons of cashew consumption in India by 2037. Aelea also plans to expand into other nuts like almond (320,000 tons by 2037), walnut (88,000 tons by 2037), pistachio (140,000 tons by 2037), and Makhana (50-tonne capacity). The strategy aims for 50% of processing to be in value-added products and establishing 100 government premium retail stores.

Capacity Utilization and Project Updates

Aelea reported a high capacity utilization rate of 94-95% across its manufacturing facilities. The rooftop solar installation is complete, but ground-mounted solar is awaiting government approvals due to policy changes. The CNSL oil extraction facility (Phase 2) is currently under construction and is expected to be operational 'very soon', with management anticipating revenue contribution from H2 FY26. Phase 3 expansion will follow the stabilization of Phase 2.

Increased Finance Costs and Sourcing Strategy

The company experienced a significant increase in finance costs, rising from ₹2 crores to ₹8 crores. This was attributed to a strategic decision to deepen the value chain by sourcing directly from the supply ecosystem, which offers better margins but requires more working capital and less credit. Management expects finance costs to 'deepen' further as the company continues its expansion and deeper sourcing strategy. Currently, 60-65% of sourcing is direct.

B2C Market Approach and Margins

Aelea's B2C segment currently accounts for only 1% of its total sales. The company's strategy for B2C involves organic and natural profitable growth, rather than heavy advertising and marketing spend. Management noted that B2C operations typically yield higher EBITDA margins, ranging from 13-15%, compared to the overall company average of 10-11%. The long-term plan is to build a basket of products for the B2C segment.

Impact of Geopolitical Tensions

Geopolitical tensions are creating uncertainty in the market, leading to significant currency volatility (e.g., 50 paisa movements in the dollar daily) and increased volatility in raw cashew nut prices. Additionally, sea transit times from Africa to India have lengthened due to longer shipping routes. Management acknowledges these impacts but remains positive, noting that food products will continue to be consumed despite market confusion.

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