Sri Priyanka Geo Commex Limited

1. Overview

Sri Priyanka Geo Commex Limited ("SPGCL" or "the Company") is a diversified commodity-focused group engaged in the supply of minerals and the manufacturing of rice bran oil, operating across India, Morocco, and Singapore. Originally incorporated on April 30, 1990 as Sri Priyanka Agro Enterprises Private Limited, the Company was renamed and converted into a public limited company in December 2024 ahead of its public listing on the NSE Emerge platform.

The Company operates across four core commodity verticals — Copper Cathode, Barite, Fluorspar, and Rice Bran Oil and its by-products. The mineral portfolio serves the oil & gas, chemicals, infrastructure, electronics, and metallurgy industries, with customers across the United States, Germany, Singapore, UAE, Oman, and Suriname. International mineral operations are conducted through wholly-owned subsidiaries Geo Min Commodities Pte. Ltd., Singapore (global marketing and selling arm) and its step-down subsidiary Atlas Resources International, Morocco (procurement arm).

The Company has been active in the edible oil segment since 1996 and strategically diversified into the global Barite, Fluorspar, and Copper market since 2015. SPGCL operates an automated manufacturing unit in Andhra Pradesh and has secured mining permits for one Barite mine and one Copper mine in Morocco, indicating a clear backward integration strategy.

2. Business Model and Revenue Streams

Geographic Revenue Mix (Consolidated) (₹ Crore)

SPGCL's revenue is export-driven, with Outside India accounting for 86.11% of consolidated revenue in FY2025, led by UAE, Singapore, and Oman.

Holding Company vs Subsidiary Revenue Split (₹ Cr)

Procurement & Sale Strategy

The Company employs a strategically structured tax-efficient procurement and sale architecture:

• Atlas Resources International, Morocco procures Barite and Fluorspar from miners in Morocco under long-term supply agreements.
• Geo Min Commodities Pte. Ltd., Singapore acts as the global marketing and selling arm for all minerals.
• Copper Cathode is procured from smelters in Chile via diversified trading partners in Singapore and UAE.

This Atlas → Geo Min architecture is designed to take advantage of differential tax rates between Morocco and Singapore and to keep ultimate buyer details confidential within the Singapore entity.

Client Concentration

The Company exhibits high client concentration, particularly at the top customer level:

Repeat customer revenue is robust: For the Company (standalone), repeat customers contributed 92.91% of revenue in FY2025; for Geo Min Commodities Pte. Ltd., repeat customers contributed 100.00% of revenue in FY2025, with average relationship tenure of 4.1 years and 4.5 years respectively.

Pricing & Contracts

B2B Business Model throughout all verticals.

Long-term supply contracts secured for Moroccan Barite — including 90,000 MT until January 2026 with a US-based mineral additives provider, and 40,000 MT and 8,000 MT (separately) until July 2026 with German customers.

Long-term procurement agreements with Moroccan miners — Mixed Barite Fluorspar (valid till December 2028) and Drilling Grade Barite 4.20 density API Grade (valid till December 2027).

3. Products and Service Portfolio

The Company operates across four major product segments, with Copper being the dominant revenue contributor in FY2025.

Revenue Contribution by Segment (Consolidated)

Geo Min Commodities Pte. Ltd. — Product-wise Revenue (₹ Cr)

Product Lines and Key Specifications

• Rice Bran Oil: Crude and refined oil across multiple grades and color profiles. Manufacturing facility in Nellore, Andhra Pradesh with 60,000 MT per annum solvent extraction capacity and 15,000 MT per annum oil refining capacity. Built with Stainless Steel grade 304, semi-automated with FSSAI-compliant quality control.
• Barite: Drilling-grade Barite (API-grade) for the oil & gas sector and industrial-grade Barite. Total Barite sales in FY2025: 35,672.26 tons; 9M ended Dec 31, 2025: 70,730.76 tons — indicating substantial volume scale-up.
• Fluorspar: Supplied to chemical and metallurgical industries. Total Fluorspar sales in FY2025: 15,163.22 tons; 9M ended Dec 31, 2025: 4,066 tons.
• Copper Cathode: Grade A cathodes meeting London Metal Exchange (LME) approved specifications, 99.99% purity. Total Copper Cathode sales in FY2025: 1,806.47 tons; 9M ended Dec 31, 2025: 1,202.54 tons.
• Rice Bran By-products: De-Oiled Rice Bran (DORB), Fatty Acids (high-purity, 99.5%), Gums, Spent Earth, and Wax.

Mining Asset (Backward Integration)

The Company has secured a Barite mining permit (No. 3739267) in the Ighoud Commune, Youssoufia Province, Marrakech-Safi Region, Morocco, with the mining area estimated to contain approximately 0.75 million MT of Barite ore at an average grade of 4.25. Commercial extraction is expected to commence by end of June 2026 or mid-July 2026.

A separate Copper mine permit in Morocco has also been secured, with planned on-site flotation unit to enable copper cathode production via third-party smelters.

4. Key Business Strengths

• Diversified, de-risked commodity portfolio across Copper, Barite, Fluorspar, and Edible Oil, with no single segment dominating beyond 55% of revenue and counter-cyclical exposure across industrial and consumer sectors.
• Strategic global operational hubs in Morocco, India, and Singapore — the world's top three Barite producers — leveraging Port of Casablanca, Port of Agadir, and Krishnapatnam Port (128 km from the Andhra Pradesh facility) for cost-efficient export logistics.
• Long-term offtake and procurement contracts — Moroccan Barite supply commitments of 90,000 MT (US customer), 40,000 MT (Germany), and 8,000 MT (Germany); procurement contracts with Moroccan miners valid until 2027 and 2028.
• Tax-optimized Atlas → Geo Min procurement and sale structure that arbitrages differential tax rates between Morocco and Singapore while preserving customer confidentiality.
• Automated, FSSAI-compliant manufacturing facility in Andhra Pradesh with 60,000 MT per annum solvent extraction and 15,000 MT per annum refining capacity built with Stainless Steel 304 and minimal manual intervention.
• Backward integration secured — Barite and Copper mining permits in Morocco position SPGCL to capture margin currently surrendered to upstream miners.
• Deep customer relationships — repeat customer revenue contribution at the holding company stood at 92.91% in FY2025 with average tenure of 4.1 years; Geo Min's repeat customers contributed 100.00% in FY2025 with 4.5 years average tenure.
• Experienced promoter leadership — MD Venkata Sai Shiv Prasad Nuthalapati brings over 35 years of experience in solvent extraction and mineral processing; WTD Veera Vikram Nuthalapati brings over 12 years in cash flow management, strategic alliances, and supply chain optimization.
• Quality certification through reputed third-party laboratories (Mitra S. K. Morocco SARL) for international mineral compliance, ensuring acceptance in stringent export markets.

5. Future Growth Strategy

• Backward and forward integration in Barite and Copper — Mining-led backward integration to secure supplies at low mining cost; for drilling-grade Barite, forward integration via own grinding mills to deliver directly from mines to oil rigs; for industrial-grade Barite, milling, beneficiation and leaching plants targeting 96–97% Barite sulphate purity.
• Copper cathode value-chain integration — On-site flotation unit at the Morocco copper mine enabling copper cathode production via third-party smelters; expected to drive growth and enhance margins in the copper cathode business.
• Direct-to-consumer branded rice bran oil entry — Plan to sell a portion of refined oil under the Company's own brand name, creating a D2C presence in the rice bran oil segment.
• Geographic expansion into new international markets — Active exploration in Europe and the United States, leveraging existing relationships in the UAE, Germany, Singapore, Oman, and Suriname, supported by long-term supply contracts and participation in global trade exhibitions and B2B platforms.
• Domestic Barite trading expansion via APMDC — Eligibility secured to procure Barite from Andhra Pradesh Mineral Development Corporation (the only Barite mine operator in India) and export to Middle-East oil & gas exploration markets.
• New tie-ups with branded edible oil and feed manufacturers — Expand domestic marketing network for Rice Bran Crude Oil, Refined Oil, and De-Oiled Rice Bran with value-added variants targeting health-focused edible oil demand and animal feed segments.
• Strengthened global supply chain infrastructure — Investment in warehousing and port-based logistics capabilities through the Singapore and Morocco subsidiaries; deeper sourcing partnerships in both geographies.
• Capturing emerging Barite end-use applications — Monitoring construction and defence-related applications driven by Barite's radioactive-blocking properties as new long-term demand drivers.