Share it on:
Company Overview
Nayara Energy, formerly known as Essar Oil, is a leading integrated downstream oil company in India with international-scale operations. It spans the entire hydrocarbon value chain, including refining, production, distribution, and retail marketing. The company operates India’s second-largest refinery in Vadinar, Gujarat, along with a 1,000 MW power plant and Vadinar port & oil terminal.
Historical Timeline
Essar Oil Origins: Essar Oil was part of the Essar Group, headquartered in Mumbai, India. The company managed private petrol pumps, refinery operations, and energy infrastructure.
Acquisition by Rosneft: In October 2016, Russian state-owned oil company Rosneft acquired a 49% stake in Essar Oil in a $12.9 billion deal, alongside United Capital Partners (UCP). Trafigura and UCP Investment Group also became key investors.
Rebranding: The company was renamed “Nayara Energy” in May 2018. The name combines “Naya” (New) and “Era”, reflecting a new phase under global management.
Network Expansion: Following the acquisition, the owners planned to expand the retail petrol pump network from 3,500 to 6,000 outlets across India.
Delisting of Essar Oil
Essar Oil was delisted in 2015-16.
Final Delisting Price: ₹262.80 per share, determined through the reverse book-building process.
Shareholder Payout: The company paid ₹3,745 crore to shareholders who tendered shares, funded partly through $330 million bridge financing from Russia’s VTB Bank.
Post-Acquisition Milestones
Capital Raising: In 2018, Nayara Energy raised INR 2,400 crore (~US$355 million) via non-convertible debentures.
Credit Rating: Local credit rating upgraded by three notches to AA.
Debt Optimization: The company refinanced INR-denominated debt to optimize its capital structure.
Business Performance FY 2019-20
Retail Segment
Volume Growth: 18% YoY, significantly outperforming the industry growth of 1%.
Network Expansion: Added 574 new petrol pumps, reaching a total of 5,702 outlets pan-India.
Supply & Distribution
Enhanced domestic supply infrastructure with coastal terminals at Mangalore and Ennore to improve Karnataka and Tamil Nadu supply.
Commenced supplies from Bina and Kanpur depots to strengthen product availability in Madhya Pradesh and Uttar Pradesh.
Commissioned a rail-fed depot at Wardha (2019) catering to both Nayara Energy outlets and other oil companies in Vidarbha.
Developed a new rail-fed automated depot in Pali, expected to be operational by 2021.
Completed full conversion of company outlets to BSVI fuel grades in January 2020, ahead of mandatory timelines.
Institutional Segment
Optimized Petcoke distribution in priority markets and expanded supply to Odisha and Nepal.
Achieved record Sulphur sales since refinery inception.
Re-entered the Bitumen business, expanding institutional offerings.
Financial Performance FY 2019-20
Revenue from Operations: ₹1,00,641 Crores, marginally higher than ₹1,00,313 Crores in FY 2018-19.
Current Price Gross Refinery Margin (CP GRM): USD 5.88/bbl, compared to USD 6.97/bbl in FY 2018-19.
Debt Reduction: Total debt reduced from ₹17,566 Crores to ₹10,757 Crores.
Debt-to-Equity Ratio (D/E): 0.55x.
Trade Receivables: Reduced from ₹3,689 Crores to ₹1,270 Crores.
Cash Flow from Operations: ₹12,612 Crores, demonstrating strong liquidity and operational efficiency.
Fundamentals
| Parameter | Details | Parameter | Details |
|---|---|---|---|
| Price (per share) | Contact us to know share price | Lot Size | 100 Shares |
| 52 Week High | ₹1,875 | 52 Week Low | ₹650 |
| Depository | NSDL & CDSL | PAN Number | AAACE0890P |
| ISIN Number | INE011A01019 | CIN | U11100GJ1989PLC032116 |
| RTA | MUFG Intime India | Market Cap (₹ Cr.) | ₹1,49,056 |
| P/E Ratio | 12.1 | P/B Ratio | 3.43 |
| Debt to Equity | 0.27 | ROE (%) | 28.33 |
| Book Value (₹) | 291.84 | Face Value (₹) | 10 |
| Total Shares (Nos.) | 1,490,561,155 | Buy/Sell Price (₹) | 1,000 |
Promoters & Managements
| Name | Designation | Experience |
|---|---|---|
| Prasad K. Panicker | Chairman & Head of Refinery | 35 yrs |
| Dr. Alois Virag | CEO | 35 yrs |
P&L Statement (₹ Crores)
| Particulars | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 87,500.6 | 1,19,690.2 | 1,38,112 | 1,55,091 |
| Cost of Material Consumed | 43,046.4 | 70,423.5 | 91,387 | 1,07,085 |
| Gross Margin (%) | 50.8 | 41.16 | 33.83 | 30.95 |
| Change in Inventory | -878.6 | -3,150.7 | 1,901 | -318 |
| Employee Benefit Expenses | 670.2 | 761 | 835 | 1,044 |
| Other Expenses | 41,990.5 | 46,969.3 | 26,431 | 27,550 |
| EBITDA | 2,672.1 | 4,687.1 | 17,558 | 19,730 |
| Operating Profit Margin (%) | 3.05 | 3.92 | 12.71 | 12.72 |
| Other Income | 1,065 | 314.6 | 754 | 939 |
| Finance Cost | 2,096.8 | 1,839.6 | 2,377 | 2,242 |
| Depreciation & Amortization (D&A) | 1,923.8 | 1,941.1 | 3,401 | 1,998 |
| EBIT | 748.3 | 2,746 | 14,157 | 17,732 |
| EBIT Margin (%) | 0.86 | 2.29 | 10.25 | 11.43 |
| PBT | -283.5 | 1,221 | 12,534 | 16,430 |
| PBT Margin (%) | -0.32 | 1.02 | 9.08 | 10.59 |
| Tax | -741.7 | 300 | 3,108 | 4,109 |
| PAT | 458.2 | 921 | 9,426 | 12,321 |
| Net Profit Margin (%) | 0.52 | 0.77 | 6.82 | 7.94 |
| EPS (₹) | 3.04 | 6.11 | 62.54 | 81.75 |
Financial Ratios
| Ratio | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin (%) | 3.05 | 3.92 | 12.71 | 12.72 |
| Net Profit Margin (%) | 0.52 | 0.77 | 6.82 | 7.94 |
| Earnings Per Share (Diluted, ₹) | 3.04 | 6.11 | 62.54 | 81.75 |
Balance Sheet (₹ Crores)
Assets
| Particulars | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 43,161.1 | 41,856.2 | 42,441 | 40,987 |
| Capital Work-in-Progress (CWIP) | 899.6 | 2,271.1 | 4,055 | 5,421 |
| Investments | 0 | 0 | 1,780 | 375 |
| Trade Receivables | 1,967.9 | 5,086.6 | 5,265 | 7,320 |
| Inventory | 9,344.8 | 12,344.1 | 9,595 | 10,393 |
| Other Assets | 21,219.2 | 19,787.4 | 21,705 | 23,253 |
| Total Assets | 76,592.6 | 81,345.4 | 84,841 | 87,749 |
Liabilities
| Particulars | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 1,507.2 | 1,507.2 | 1,507.2 | 1,507.2 |
| Face Value (₹) | 10 | 10 | 10 | 10 |
| Reserves & Surplus | 19,150.5 | 20,134.5 | 29,026 | 41,984 |
| Borrowings | 9,588.5 | 13,697.3 | 12,043 | 11,785 |
| Trade Payables | 11,755.9 | 16,292.1 | 14,587 | 11,786 |
| Other Liabilities | 34,590.5 | 29,714.3 | 27,677.8 | 20,686.8 |
| Total Liabilities | 76,592.6 | 81,345.4 | 84,841 | 87,749 |
Cash Flow Statement (₹ Crores)
| Particulars | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| PBT | -283.5 | 1,221 | 12,535 | 16,430 |
| Operating Profit Before Working Capital (OPBWC) | 3,905.9 | 4,981 | 18,699 | 20,081 |
| Change in Receivables | 660.3 | -2,957 | -255 | -2,178 |
| Change in Inventories | -3,416.7 | -2,999.3 | 2,749 | -798 |
| Change in Payables | 240.8 | 2,059.8 | -2,332 | -9,373 |
| Other Changes | 0 | 0 | 0 | 0 |
| Working Capital Change | -2,515.6 | -3,896.5 | 162 | -12,349 |
| Cash Generated from Operations | 1,390.3 | 1,084.5 | 18,861 | 7,732 |
| Tax | 441.2 | 268.1 | -842 | -4,277 |
| Cash Flow from Operations (CFO) | 1,831.5 | 1,352.6 | 18,019 | 3,455 |
Investing Activities
| Particulars | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Purchase of PPE | -795.8 | -1,688.4 | -3,788 | -1,863 |
| Sale of PPE | 0 | 2.6 | 14 | 1.6 |
| Cash Flow from Investment Activities | -410.5 | -1,903.4 | -4,904 | -6,383 |
Financing Activities
| Particulars | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Borrowings | 1,135.5 | 546.3 | -2,089 | -357 |
| Dividend Paid | 0 | 0 | 0 | 0 |
| Equity | 0 | 0 | 0 | 0 |
| Others from Financing | -2,196.1 | -2,016.9 | -5,119 | -2,198 |
| Cash Flow from Financing (CFF) | -1,060.6 | -1,470.6 | -7,208 | -2,555 |
Net Cash Flow & Cash Position
| Particulars | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Net Cash Generated | 360.4 | -2,021.4 | 5,907 | -5,483 |
| Cash at the Start of Year | 2,960.1 | 3,320.5 | 1,307 | 7,206 |
| Cash at the End of Year | 3,320.5 | 1,299.1 | 7,214 | 1,723 |
Share Holding Pattern
| Year | Kesani Enterprise Company Ltd | Rosneft Singapore Pte. Limited | Others |
|---|---|---|---|
| 2021 | 49.13% | 49.13% | 1.74% |
| 2022 | 49.13% | 49.13% | 1.61% |
| 2023 | 49.13% | 49.26% | 1.61% |
| 2024 | 49.13% | 49.13% | 1.74% |
Frequently Asked Questions (FAQ)
Find answers to common questions, providing clarity and insights to address any queries on your mind.
Contact Us: Reach out to Unlistify to confirm availability and agree on a price.
Provide KYC: Submit your Client Master Report, PAN card, and a cancelled cheque.
Make Payment: Transfer funds to our designated bank account (RTGS/NEFT/IMPS/cheque). Ensure the payment originates from the same account where you want the shares credited.
Receive Shares: We’ll transfer the shares to your Demat account within 24 hours of payment confirmation.
Get a Quote: Unlistify will provide a buyback price for your holding shares.
Share Details: Submit your Client Master Report.
Transfer Shares: Transfer the said shares to our Demat account using a DIS (Delivery Instruction Slip).
Receive Payment: We’ll transfer funds to your bank account within 24 hours of receiving the shares (RTGS/NEFT/IMPS/cheque). For security reasons, payment will only be made to the account linked to your Demat
DIS (Delivery Instruction Slip): A DIS is a form used to authorize the transfer of shares from your Demat account.
Methods:
Offline DIS: Fill out a physical DIS form with details like the ISIN number, quantity, price of your shares, and our account information. Submit this to your broker.
Online DIS: Some brokers offer online DIS systems for easier transfers.
Unlistify aims to make unlisted share investing accessible. The current minimum investment for Unlisted Shares is approximately 35,000 – 50,000 INR. It will also vary as per shares because every share has a different price.
Limited Liquidity: Unlisted shares are not traded on public exchanges, making it potentially harder to find buyers when you want to sell.
Price Volatility: Prices can fluctuate more than listed shares due to less publicly available information.
Regulatory Changes: Regulations for unlisted shares can change, affecting their value and trading.
Company-Specific Risks: Each company has its own risks related to its industry, financials, and management.
No Guarantee of Listing: There’s no assurance that unlisted shares will ever be listed on a public exchange.
Market Leader: Unlistify is one of India’s fastest-growing unlisted share platforms.
Transparency: We provide clear information about each unlisted share, including potential risks.
Security: We prioritize the protection of your financial information.
Customer Support: Our team is dedicated to guiding you through the investment process.
Latest Funding: We consider the valuation from most recent funding round.
Comparable Companies: If there’s no recent funding, we analyze similar listed companies to estimate a fair value.
SEBI’s Influence: SEBI regulations do apply to some aspects of unlisted share trading, such as lock-in periods and transaction charges. However, there are no specific SEBI regulations for becoming an unlisted broker.
We aim for same-day transfer of Unlisted Shares to your Demat account after your payment is confirmed.
Tax Transition: Once your unlisted shares are listed and sold on an exchange, standard listed share tax rules apply.
Holding Period: Your holding period (for determining long-term vs. short-term capital gains tax) starts from the original unlisted purchase date.
