Rajputana Biodiesel has received a ₹13.72 crore order from Hindustan Petroleum Corporation Ltd (HPCL) for the supply of a combined 1,480 kilolitres (KL) of biodiesel to terminals in Rajasthan and Uttar Pradesh, adding to a recent run of orders from major public-sector oil marketing companies (OMCs).
The latest award covers 740 KL each for HPCL’s Jaipur Terminal-MDPL in Rajasthan and Meerut in Uttar Pradesh, according to the company’s latest order disclosure. The announcement was made on September 23, 2026.
The contract comes as Rajputana Biodiesel builds its order pipeline with public-sector fuel companies, following recent awards involving Bharat Petroleum Corporation Ltd (BPCL) and Indian Oil Corporation Ltd (IOCL).
HPCL order adds 1,480 KL to biodiesel supply pipeline
The ₹13.72 crore HPCL contract represents a material order for Rajputana Biodiesel relative to its FY2025-26 revenue.
The company’s FY2025-26 consolidated financial results show total income of ₹123.09 crore, up 79.41% from ₹68.61 crore in FY2024-25. Consolidated profit after tax rose 77.69% to ₹10.52 crore during the same period.
On a sales basis, Rajputana Biodiesel reported ₹122.03 crore of net sales in FY2025-26, compared with ₹67.31 crore a year earlier.
The latest HPCL order is therefore equivalent to roughly 11.2% of FY2025-26 net sales, providing a sizeable contract relative to the company’s reported annual scale.
FY2026 revenue rises 79% as biodiesel business expands
Rajputana Biodiesel’s recent order activity coincides with a substantial increase in reported revenue.
The company’s FY2025-26 consolidated results show total income increasing from ₹68.61 crore to ₹123.09 crore, a 79.41% rise year on year. PAT increased from ₹5.92 crore to ₹10.52 crore.
Net sales increased from ₹67.31 crore to ₹122.03 crore, while operating profit reached ₹15.06 crore. The company’s reported operating profit margin, excluding other income, was 12.34% in FY2025-26.
The financial results indicate that the company entered FY2026-27 from a substantially larger revenue base than the previous year.
Cash flow remains an execution consideration
Revenue and profit growth do not necessarily translate directly into operating cash generation.
Rajputana Biodiesel’s FY2025-26 consolidated cash-flow statement reported net cash used in operating activities of ₹2.85 crore, compared with ₹15.33 crore used in FY2024-25.
This is an important distinction from the source material’s reference to negative ₹15.30 crore as FY2025 operating cash flow: that figure relates to the earlier fiscal year rather than FY2026. The latest audited consolidated data therefore shows an improvement in operating cash flow, although it remained negative in FY2026.
For a biodiesel supplier, working-capital requirements can be important because procurement, inventory, production and customer payment cycles can affect the timing between order execution and cash collection.
Public-sector demand provides order visibility
The new HPCL contract strengthens Rajputana Biodiesel’s exposure to India’s public-sector fuel distribution network.
The company describes its business in its financial filings as a single segment focused on biodiesel and related by-products, principally glycerine and fatty acids.
The latest order therefore aligns directly with its core business rather than representing diversification into a new operating segment.
At the same time, the concentration of recently disclosed orders among HPCL, BPCL and IOCL means that execution and future order flows from public-sector OMCs will remain important factors for the company’s near-term performance.
What the HPCL order means for Rajputana Biodiesel
The ₹13.72 crore contract gives Rajputana Biodiesel additional near-term supply activity and adds to a series of OMC orders disclosed during FY2026-27.
The company has also completed the acquisition of Arvant Bioenergy Private Limited, which it disclosed as completed on August 25, 2026.
The combination of new OMC contracts and expansion through acquisition indicates that Rajputana Biodiesel is building its presence across the renewable-fuels value chain. However, the financial benefit of the new orders will ultimately depend on delivery schedules, realised margins, working-capital requirements and the timing of revenue recognition.
Bioenergy Business Analysis
Rajputana Biodiesel’s latest HPCL order is notable less for its absolute value than for its position within the company’s recent contract pipeline. A ₹13.72 crore award is equivalent to around 11.2% of FY2025-26 net sales, while the recent disclosed HPCL, BPCL and IOCL awards cited here total about ₹33.92 crore.
The order flow also points to continued procurement opportunities for biodiesel suppliers from India’s public-sector OMCs. However, the concentration of disclosed orders among three customers creates an execution and customer-concentration consideration: future revenue visibility will depend on both continued procurement and the company’s ability to deliver contracts without materially weakening margins or working-capital efficiency.
Rajputana Biodiesel’s FY2026 results provide some context. Net sales more than doubled from the FY2024 level and increased 81.3% year on year to ₹122.03 crore in FY2026, while consolidated PAT reached ₹10.52 crore.
The remaining issue is cash conversion. Operating cash flow was still negative at ₹2.85 crore in FY2026, although this was a substantial improvement from the ₹15.33 crore outflow in FY2025.
For investors and industry observers, the more relevant indicators to monitor are therefore order execution, revenue recognition, operating margins and operating cash flow, rather than order announcements alone.
Read also: Kotyark Industries secures ₹173.45 crore biodiesel allocation from IOCL, BPCL and HPCL
