Yashhtej Industries Makes BSE SME Debut **Listing Performance** Yashhtej Industries officially listed on the **BSE SME platform** today, February 25, 2026. The stock debuted at a price of **110 per share**, aligning exactly with its issue price. This flat opening reflects the **0% Grey Market Premium (GMP)** observed leading up to the listing, signaling a cautious but stable entry into the public market. **IPO Subscription and Demand** The fixed-price issue, which aimed to raise **88.88 crore**, saw a total subscription of **1.37 times**. Retail investor interest was notably stronger, with the segment subscribed **2.35 times**. In contrast, the non-institutional investor portion saw more muted participation, reaching only **0.39 times** the offered shares. Operations and Growth Drivers **Revenue and Profitability** The company has demonstrated rapid financial expansion over the last fiscal year. For **FY25**, Yashhtej reported a total income of **324.96 crore**, a significant jump from previous years. More impressively, Profit After Tax (PAT) surged to **11.57 crore** in FY25, compared to just **1.13 crore** in FY24. **Strategic Business Model** Yashhtej operates a B2B model focused on the processing of soybean crude oil and the production of **De-Oiled Cake (DOC)**. DOC is a high-protein byproduct essential for the animal feed industry. The company currently supplies crude oil to major refiners and has begun diversifying into renewable energy with a **5MW solar project**. Market Context and Future Outlook **Forward Integration** A primary objective of this IPO is to fund a new **200 TPD Soya Solvent Refinery Plant** and a **50 TPD Bottling Plant**. This move allows Yashhtej to move into the higher-margin B2C edible oil segment, reducing its reliance on supplying crude oil to third-party refiners. **Industry Trends** The listing comes at a time of tightening domestic supply. India's soybean crop for the **2025-26** season is estimated at **105.36 lakh tonnes**, down from **125.82 lakh tonnes** the previous year. While this puts pressure on raw material availability, it has supported a bullish trend in soybean prices, which recently averaged around **4,704 per quintal** in key markets like Indore. **Capital Allocation** The company plans to deploy **63.88 crore** of the fresh issue proceeds toward capital expenditure for its refinery expansion. An additional **6.11 crore** is earmarked for working capital to support its intensified processing activities and the rollout of its branded edible oil products.