Freedom oil maker Gemini Edibles files for IPO
The Hyderabad company reported revenue of INR 12,650 crore in FY2026, but the issue is entirely an offer for sale, so the company raises nothing. Three of four sellers are foreign investors.
With all proceeds going to exiting shareholders
Gemini Edibles and Fats India, which owns the Freedom cooking oil brand, has filed its draft red herring prospectus for an initial public offering comprising entirely an offer for sale of up to 41.15 million equity shares, meaning the company itself will raise no new capital.
The selling shareholders are Alka Chowdhry and Golden Agri International Enterprises, each offering about 2.06 million shares, Black River Food 2 offering about 30.86 million shares, and Investment and Commercial Enterprise offering about 6.17 million shares. Motilal Oswal and IIFL Capital are the book running lead managers.
The Hyderabad-based company reported revenue from operations of INR 12,650.02 crore in FY2026, growing at an 18.2 percent compound annual rate from INR 9,053.84 crore in FY2024. EBITDA rose at a 30.97 percent compound annual rate to INR 793.93 crore, an EBITDA margin of about 6.3 percent, which is characteristic of edible oils. Return on equity improved to 16.83 percent from 14.75 percent, and the company reported nil net effective debt as of 31 March 2026.
Its strongest position is regional. The company estimates a 22.2 percent share of South India’s packaged sunflower oil retail market by revenue in FY2026, and says it was the largest sunflower oil seller in the branded market nationally with an 18 percent share. Branded retail rose from 64 percent of revenue in FY2024 to 72 percent in FY2026.
The exposure that derailed the 2021 attempt has narrowed but not gone. Russia and Ukraine together accounted for 58.30 percent of its crude sunflower oil imports, down from 77.09 percent the previous year, with procurement broadened to the European Union and Argentina.
Three port-based refineries at Kakinada and Krishnapatnam have combined capacity of 1,222,500 tonnes a year. FY2026 output was 666,174 tonnes, or about 54 percent utilisation.
