• The company is engaged in shrimp farming and aquaculture activities.
• The company has posted erratic and minuscule financial performances for the reported periods.
• It has huge carried forward losses and still asking exorbitant price for RI.
• There is no harm in skipping this pricey and dicey bet.
ABOUT COMPANY:
Suryo Foods & Industries Ltd., (SFIL) was originally formed as Suryo DLF Ltd., and later changed its name to existing one. It is engaged in the business of shrimp farming, hatchery, and other aquaculture activities. It has established a strong foundation for large-scale aquaculture in Odisha, with over 300 acres of strategically located land at Dhamra Port, Odisha. Its proximity to coastal resources, coupled with favorable climatic conditions, makes it an ideal hub for sustainable development. However, in recent times while efforts have been made to revive the business, the company has not been operationally active.
Complementing the Dhamra land, SFIL operates a Coastal Aquaculture Authority approved shrimp hatchery in Gopalpur. Spanning 6 acres, this facility boasts an annual production capacity, underscoring its commitment to technological advancement and operational excellence. Together, the Dhamra and Gopalpur sites create a robust, vertically integrated aquaculture model, granting it comprehensive control across the value chain – from seed to harvest. This integration enhances traceability, product quality, and operational efficiency.
Moreover, SFIL’s dedication to sustainability and quality is reflected in its industry certifications. Since 2019, it has maintained Aquaculture Stewardship Council (ASC) certification, and in 2025, the company further achieved Best Aquaculture Practices (BAP). These certifications underscore its adherence to globally recognized standards in responsible aquaculture. The offer document is silent on its human strength.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 2970000 equity shares of Rs. 10 each at a fixed price of Rs. 20 per share to mobilize Rs. 5.94 cr. The RI opens for subscription on February 19, 2026, and will close on March 06, 2026. The company is offering RI in the ratio of 3 for 4 to its eligible stakeholders as of the record date of February 11, 2026. The company is asking for full money on application for the number of shares applied.
Post allotment, RI shares will be listed on BSE. The company is spending Rs. 0.30 cr. for this RI process, and from the net proceeds, it will utilize Rs. 5.64 cr. for payment of outstanding trading and other liabilities.
The RI is solely lead managed by the company itself., and Cameo Corporate Services Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 3.96 cr. will stand enhanced to Rs. 6.93 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 13.86 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has posted total income / net profit, of Rs. 1.79 cr. / Rs. 1.13 cr. (FY24), Rs. 0.63 cr. / Rs. 0.25 cr. (FY25). As per BSE Website, for 3Qs of FY26 ended on December 31, 2025, it earned a net profit of Rs. 0.01 cr. on a total income of Rs. 0.41 cr. Its NAV stood at Rs. – (6.43) as of September 30, 2025.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 519604 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 27.078 on February 10, 2026, and opened on an ex-right basis at Rs. 23.00 on February 11, 2026. Since then, it has marked a high/low of Rs. 25.60 / Rs. 22.43. The scrip last closed at Rs. 22.99 as of February 16, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 30.03 / Rs. 12.08. The counter is currently under ESM: Stage1.
The promoters’ holding has been constant at 51.74% for the last three quarter ended December 31, 2025. The counter is currently well managed and traded above the RI price, to tempt investors.
Review By Dilip Davda on February 16, 2026
Dilip Davda is a veteran financial journalist associated with the Indian stock market since 1978. He has been contributing to print and electronic media on capital markets, insurance, and finance since 1985.
He is widely recognized for reviewing public issues and non-convertible debentures (NCDs) in the primary market. Drawing on over three decades of market experience and close interaction with merchant bankers, his reviews focus on detailed fundamental and financial analysis of companies, with a special emphasis on SME public issues.
Dilip Davda
SEBI Registered Research Analyst – Mumbai
Registration No.: INH000003127 (Perpetual)
Email: dilip_davda@rediffmail.com
Disclaimer: The information provided herein is solely for educational and informational purposes and does not constitute an offer, solicitation, or recommendation to buy or sell any securities. Readers are advised to consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks. The author does not intend to invest in the securities discussed.
