Freedom Oils Brand Owner Gemini Edibles & Fats India Files for IPO

Gemini Edibles & Fats India Limited (GEF), one of the largest regional branded edible oil players in the Indian market with a presence in Southern India and certain states of Eastern India, is proposing its initial public offering (IPO), comprising an Offer for Sale (OFS) of up to 41.15 million equity shares.

 The selling shareholders comprise Alka Chowdhry, Golden Agri International Enterprises Pte. Ltd. (GAIE), Black River Food 2 Pte. Ltd. and Investment & Commercial Enterprise Pte. Ltd. (ICE). Of the total shares offered, Alka Chowdhry and GAIE are each offering approximately 2.06 million shares, while Black River Food 2 and ICE are offering approximately 30.86 million and 6.17 million shares, respectively.

 Headquartered in Hyderabad, GEFL, is led by an industry veteran Pradeep Kumar Chowdhry and is primarily engaged in the trading, processing, manufacturing and marketing of edible oils and specialty fats and is now evolving into an integrated consumer brand platform – it recently added spices and convenience foods to its portfolio

 In FY26, the company had an estimated market share of approximately 22.2% in South India’s packaged sunflower oil retail markets in terms of revenue and sold approximately 867,095 MT of edible oils and fats and 1,706 MT of spices and convenience foods. It was the largest su        nflower oil selling company within the branded market in terms of revenue with a market share of 18.0%

 Under the branded retail consumer vertical, it markets oils such as sunflower oil, rice bran oil, mustard oil, groundnut oil, soybean oil and palm oil under our own brands in various pack sizes. The

Premium oils such as sunflower, rice bran, mustard and groundnut are sold under the ‘Freedom’ and ‘Be-Rite’ brands, while palm oil is sold under the ‘First Klass’ brand. Between FY24 and FY26

its contribution to the company’s revenues increased from 64% to 72%. Its geographic footprint, for branded packaged oils, has expanded from our initial base in Andhra Pradesh into Telangana, Odisha and Karnataka, and more recently into Chhattisgarh and Tamil Nadu

 As per its Industry report in the DRHP, the companies branded revenue grew at a CAGR of 20.5% between Fiscal 2020 and Fiscal 2025, significantly outpacing the overall branded edible oil market, which grew at a CAGR of 10.1% during the same period.

 The industrial consumer vertical has served 127 customers last fiscal and sells under ‘Be Rite’, ‘Fabula’ and ‘GEF Magik’ brands and provides specialty fats and edible oils such as high-stability frying oils, palm oils, cocoa butter substitutes, inter-esterified vegetable fats  and shortenings to companies in the food industry.

 In the bulk merchandising vertical, it primarily sell palm oil, palm kernel, sunflower and soybean oils in processed or non-processed form in bulk to players operating with their own brands and to those who sell edible oil in unbranded or loose form. It plays a strategic role in increasing capacity utilization across its manufacturing facilities, thereby contributing to operating efficiencies and cost optimization across the business

The company’s acquisition of Annapoorna brand through its subsidiary GEF Foods in 2025, offers a range of spices such as chili powder and turmeric powder and convenience food products such as vermicelli payasam mix, gulab jamun mix. Its packaged spices are manufactured by third-party contract manufacturers and the brand has a robust distribution network in Tamil Nadu and currently offers 43 products for domestic and export consumption.

GEFL operates three port-based manufacturing plants at Kakinada (two plants) and Krishnapatnam (one plant) in Andhra Pradesh, strategically positioned to serve its core and growth markets across South India, Odisha and Chhattisgarh. The total combined refining capacity of these facilities is 1,222,500 metric tons per annum as of March 31, 2026. In Fiscal 2026, the total output volume from its refineries was 666,174 metric tons.

 The company has a network of over 1,600 distributors, over 300,000 retail outlets, and more than 60 warehouses/stock points spanning the states of Telangana, Andhra Pradesh, Odisha, Karnataka, Chhattisgarh, Tamil Nadu catering to a combined estimated consumer base of 318 mn people

 Since its 2021 capital markets attempt which was disrupted due to the Ukarine- Russia war, it has diversified its raw material supply sources, reducing the historical dependence on crude sunflower oil imports from Ukraine and Russia. The broadened the procurement base for crude sunflower oil now includes other regions such as European Union and Argentina. As on date Ukraine and Russia together accounted for 58.30% of its crude sunflower oil imports in but it has a declined from 77.09% in the previous year.

 While the company plans to expand into new markets like Kerala, West Bengal and other Eastern States, its primary strategy will be to maintain its market share in Odisha and Andhra Pradesh while increasing our penetration in Telangana and Karnataka and growing our market positions in Tamil Nadu and Chhattisgarh. For future expansion  it already owns spare land parcels of approximately 33.28 acres available at Krishnapatnam and 2.41 acres at Kakinada

 The revenue from operations grew at an 18.2 % CAGR from ₹90,538.44 million in Fiscal 2024 to ₹126,500.16 million in FY26. The EBIDTA grew at a CAGR of 30.97% from ₹4,628.28 million to ₹7,939.25 million over the same period

 The return on equity improved from 14.75% in Fiscal 2024 to 16.83% in Fiscal 2026, supported by an average fixed asset turnover of approximately 19.32 times average over the last three fiscal years. As of March 31, 2026, the Company had nil net effective debt and maintained strong cash reserves

 The Indian domestic spice market is expected to reach ₹1,580.9 billion by Fiscal 2031, growing at a CAGR of 10.4% from Fiscal 2026 to Fiscal 2031, while India’s total packaged food industry is projected to grow at a CAGR of approximately 11.3% over Fiscal 2026 to Fiscal 2031 to reach ₹21,196.0 billion by Fiscal 2031

 Motilal Oswal and IIFL Capital are the Book Running Lead Managers to the issue.