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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Valuation
Financials (FY2021-22)
Source: CRISILInvestment Thesis
Rasoi Ltd is one of India's oldest companies, founded in 1905 and headquartered in Kolkata. With manufacturing in Banganagar, West Bengal covering baby care products, packing materials, and metals trading, it is a diversified legacy business. Its unlisted share price of ₹75,000 reflects high intrinsic value and tightly held ownership, though limited financial disclosure restricts investment analysis.
Pros
Cons
Business Segments
Baby Care Products
Manufacturing of baby soaps, petroleum jelly and other baby care/personal care products; manufacturing at Banganagar, West Bengal; FMCG segment.
Packing Materials & Metals
Packing materials manufacturing and metals trading; secondary revenue streams alongside baby care FMCG.
Revenue Model
Rasoi Ltd generates revenue through three streams: manufacturing and selling baby care products, producing and selling packing materials, and trading in metals. The company's historical roots were in edible oils and vanaspati, but it has diversified its product mix over the decades.
Detailed Analysis
Growth Plans
Growing Indian baby care market driven by rising disposable incomes and health awareness
Potential value unlocking if the company were to pursue listing or strategic restructuring
Industry Tailwinds
Growing Indian baby care market driven by rising disposable incomes and health awareness
Potential value unlocking if the company were to pursue listing or strategic restructuring
Recent Developments
Acquirers made exit offer to public shareholders; post-delisting promoter (Mody family/Rasoi Group) holding increased to 90.41% of total paid-up equity share capital.
March 2019Revenue declined 19% year-on-year in FY2022; baby care + packing materials + metals operations.
FY2021-22Comparable Companies
DABUR · ~85000 Cr
PE: ~50xx
MARICO · ~65000 Cr
Frequently Asked Questions
About Rasoi
Rasoi Ltd is one of India's most storied consumer goods companies, incorporated on 3 February 1905 in Kolkata — making it over 119 years old. The company is best known for its flagship 'RASOI' brand of Vanaspati (hydrogenated vegetable oil), which became the leading Vanaspati brand in Eastern India under the stewardship of Raghu Mody, who acquired the Vanaspati business in March 1965. Mody had also purchased the Doyapore Tea Company in July 1964, building a diversified consumer products empire from Kolkata. Rasoi Ltd's product portfolio spans cooking mediums and food-related items including edible oils, Vanaspati, salt, and spices. The RASOI Vanaspati brand was for decades a household staple in West Bengal and other eastern states, where Vanaspati has traditionally been used in both home cooking and commercial food preparation including sweets and bakery products. The company's registered office is at Rasoi Court, 20 Sir R.N. Mukherjee Road, Kolkata — 700001, in the heart of Kolkata's business district. The team size was 56 employees as of October 2024. Revenue for FY2022 was Rs. 21.7 crore, reflecting a sharp decline from earlier years with a 1-year revenue CAGR of -19% at that time. FY2023 saw a further 17.87% revenue decrease and an 82.02% decline in profitability. This decline reflects structural challenges facing traditional Vanaspati brands — health consciousness has shifted consumers toward refined oils (sunflower, mustard) and branded packaged oils, while the unorganized sector competition remains intense. The company's management team under directors Shashi Mody, Naresh Patangi, and Sayantan Bandyopadhyay is navigating a challenging market transformation that requires product portfolio reinvention.
Key Milestones
Incorporated February 3, 1905 in West Bengal (CIN: U25190WB1905PLC001594) — 120+ years old; one of India's oldest FMCG companies
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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Industry Headwinds
Increasing competition in baby care from multinational brands like Johnson & Johnson and Himalaya
Metals trading margins subject to global commodity price volatility
Revenue declining — FY2022 at Rs. 21.7 Cr with -19% CAGR; FY2023 further down 17.87%
Source: Company Financial Filings
Profitability fell 82% in FY2023 — severe margin compression
Source: Company Financial Filings
Structural headwind: Vanaspati consumption declining in India due to health awareness
Source: AlphaHub Research
Diversification across baby care, packaging, and metals trading may dilute management focus and limit competitive depth in any single segment
As an unlisted company with no public financial disclosures, investors have very limited visibility into revenue, profitability, and debt levels
With a share price of ₹75,000, the unlisted shares are highly illiquid and accessible only to high-net-worth investors with long holding horizons
PE: ~55xx
Promoted by Raghu Mody (Rasoi Group); baby soaps, petroleum jelly, packing materials, metals
Previously BSE-listed; delisted March 2019 after exit offer; promoter holding 90.41%
Revenue ₹21.7 Cr (FY2022); -19% CAGR; manufacturing at Banganagar, West Bengal
Registered at Rasoi Court, 20, Sir R.N. Mukherjee Road, Kolkata