Sri Priyanka Geo Commex IPO

Sri Priyanka Geo Commex is a commodity-focused company engaged in the supply of minerals and the manufacturing of rice bran oil. The company has operations across India, Morocco, and Singapore. Its mineral portfolio includes barite, fluorspar, and copper cathode, serving industries such as energy, chemicals, infrastructure, and electronics.

The company manufactures crude and refined rice bran oil through extraction and refining processes, with its manufacturing facility located in Andhra Pradesh, having a solvent extraction plant capacity of 60,000 MT per annum and an oil refinery capacity of 15,000 MT per annum. Products are sold mainly in bulk to unbranded edible oil players and re-packers. The India business is conducted directly by the company, while international operations are conducted through its wholly-owned Singapore subsidiary, Geo Min Commodities Pte. Ltd. ("Geo Min"), and its step-down Moroccan subsidiary, Atlas Resources International ("Atlas Resources").

Total barite and fluorspar sales in FY25 stood at 35,672 tons and 15,163 tons respectively, and for 9MFY26 at 70,730 tons and 4,066 tons. The sale and marketing of copper cathode is undertaken by Geo Min, which sources Grade A cathodes (LME-approved) from smelters in Chile, with procurement diversified through trading partners in Singapore and the UAE, supplying customers in the UAE and Singapore. Total copper cathode sales in FY25 were 1,806 tons, and 1,202 tons for 9MFY26. This segment has become a key revenue driver for the group.

As part of its backward integration strategy, the company has secured mining permits for one barite mine and one copper mine, both in Morocco. The company expects to receive the mining licence by the end of June or mid-July 2026, post which commercial extraction is proposed to commence.

In 9MFY26, copper, barite/fluorspar, rice bran, and edible oil/by-products & others contributed 44.39%, 29.18%, 12.14%, and 14.29%, respectively. Geographically, revenue from outside India constituted 87.85% of revenue for 9MFY26, with India contributing the balance. Singapore became the largest revenue contributor for 9MFY26 at 58.50%, while the USA emerged as a new market contributing 25.26% during the same period.