Chamanlal Setia Exports Ltd(CLSEL)

NSE: CLSELBSE: 530307

₹ 255.45-1.98%refreshed 26 Oct, 01:05 pm ISTMarket cap: ₹ 1,270 crWebsite: www.maharanirice.inUpdated: 24 Oct 2026

About

Chamanlal Setia Exports Ltd mills and processes basmati rice, selling under its flagship Maharani brand along with Mithas and Begum, and sells non-basmati rice as Green World Aromatic Rice. It reported FY26 revenue of Rs 1439.58 Cr, with exports making up 88% of revenue from operations in FY26. It sells to more than 900 buyers in more than 95 countries and holds Star Export House status. It runs an automated plant in Karnal, Haryana, with an installed capacity of 12 metric tonnes per hour.^[1][2]

Revenue mix

Exports made up 88% of revenue from operations in FY26, compared with 84% in FY25.^[1]
Exports made up 84% of revenue in FY25, compared with 89% in FY24.^[3]

Products and brands

Maharani is the flagship basmati brand. Mithas and Begum are its other basmati brands, and it sells non-basmati rice as 'Green World Aromatic Rice' (FY26).^[1]
Other products include Maharani Diabetics Rice, Basmati Rice Plus and the organic Maharani Brown Basmati Rice (FY26).^[1]
Maharani contributed 8-9% of revenue in Q3FY26. About 50% of Maharani sales came from smaller premium packs.^[4]
Mithas and Begum together contributed 10-15% of revenue in H1FY26.^[5]
As of Q3FY26, a rice-based tea, 'Teasan', had passed government lab tests. Human trials were ongoing, and an online launch was planned after a name change.^[4]
As of Q3FY26, the company was pursuing global trademark registration for Maharani in 20+ countries.^[4]

Operations and capacity

The automated rice processing plant in Karnal, Haryana has an installed capacity of 12 metric tonnes per hour (FY26).^[1]
It has grading and sorting facilities in Karnal (Haryana) and Kandla (Gujarat), and a packing unit at Village Virania, Mundra, Kutch, Gujarat (FY26).^[1]
Average packing throughput is about 500 MT/day. Installed packing capacity can scale to 800 MT/day with no further capex (Q1FY27).^[6]
Both the Karnal and Gujarat sites were fully operational in Q3FY26, processing 25-30 containers a day.^[4]
Sales by plant in 9MFY26: Karnal 93%, Gandhidham 7%.^[4]
Three processing units commissioned in FY26 ran at about 50% efficiency in Q4FY26. At full capacity, each unit can generate Rs 15-20 Cr a month.^[7]
Its plants are close to paddy-producing regions and to a port. R&D work includes stabilising rice bran for human consumption and making bio-compost from paddy waste (FY26).^[1]
It holds ISO 22000:2018 food safety certification from Intertek for paddy processing and packing (FY26).^[1]

Key operating numbers

Average export realisation was Rs 98/kg in Q1FY27, up 27.9% YoY. Average domestic realisation was Rs 64/kg, up 13.0% YoY.^[6]
EBITDA per kg was about Rs 12/kg in Q1FY27, up 66.8% YoY, compared with about Rs 10/kg in Q3FY26.^[6]

Customers and distribution

The company has more than 900 buyers in more than 95 countries across European, Middle Eastern, American and Asian markets (FY26).^[1]
Products were exported through 440+ distributors as of FY26.^[7]
The top 10 customers made up about 35% of revenue in FY26.^[7]
Key export markets include the GCC, Canada, the USA, Australia and the Far East. Russia was added as a new market in FY26.^[6]
Management says medium-term demand will depend on Iraq, UAE, Yemen and Saudi Arabia (FY26 annual report).^[1]
Maharani sells on Blinkit and Amazon in the NCR region through an e-commerce unit at the Gurgaon office (Q4FY26).^[7]
A survey cited by management placed Maharani second only to Lal Qilla in domestic brand mindshare (Q1FY27).^[6]

Expansion and capex

In Q3FY26, management indicated potential capex of Rs 5-10 Cr for new automated packing machines and production upgrades.^[4]
Management said in Q2FY26 that existing capacity can support Rs 2,000 Cr of revenue if demand materialises, and repeated this in Q1FY27.^[5]
In Q4FY26, the USA and Europe were named as focus markets for the next growth phase.^[7]

Recent developments

Bank borrowings fell from Rs 6110.69 lakhs to Rs 885.64 lakhs (FY26 annual report).^[1]
Saudi importer Al-Muhaidib, which buys about 2.5 lakh tons a year from India, received a first trial shipment of 500 tons from the company in Q1FY27.^[6]
In Q1FY27, demand from Canada, the USA, Australia and the Far East offset weaker GCC demand caused by high ocean freight and geopolitical disruption.^[6]
The FY26 annual report names war in the Middle East as a risk. The FY25 report named the US 25% tariff and Iran payment and sanctions issues.^[1][3]
The US import tariff on Indian rice was cut to 19% from a range of 25-50% (Q3FY26).^[4]
Ocean freight returned to normal by Q2FY26 after the Red Sea disruption, which had cost Rs 23 Cr of profit in FY25.^[5]
In Q1FY27, management was scheduled to meet a Japanese delegation about two-way trade.^[6]

Market Cap

₹1,270 Cr

High / Low

₹325 / 204

Stock P/E

10.4

Price / Book

1.6

Book Value

₹169

EPS

₹23.1

No. of Shares

4.97 Cr

ROCE

18.3%

ROE

14.6%

OPM

11.2%

Debt / Equity

0.10

Sales

₹1,440 Cr

Net Profit

₹115 Cr

Promoter holding

74.0%

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