Ethics Refinery Private Limited
About Ethics Refinery Private Limited
Data last updated:
Ethics Refinery Private Limited is a private limited company based in Bhubaneswar, Odisha, India, recognised as a startup by DPIIT. It operates in the edible oils and cooking fats segment of the food and beverages sector. It was incorporated on 26 October 2022.
The company is registered with the Registrar of Companies (ROC), Cuttack, under CIN U15490OR2022PTC041049. Its GSTIN is 21AAHCE2985Q1Z4 (Odisha).
The company has an authorised share capital of ₹10 Cr and a paid-up capital of ₹8 Cr. It is led by directors Sujata Nayak and Gopinath Nayak.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Plot No. Dcb – 911 DLF Cybercity Chandaka Industrial Estates, Bhubaneswar, Odisha, India – 751024.
As per the financials filed for FY 2025, the company reported a revenue of ₹3.22 Cr, a growth of 62% compared to the previous year. For the same year it recorded a net profit of ₹97,420 (net margin 0.3%) and EBITDA of ₹43.06 Lakh (EBITDA margin 13.4%).
As per MCA filings, the company has open charges of ₹14 Cr and satisfied charges of ₹14 Cr on record.
The current compliance status is marked as compliant by the Registrar of Companies.
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- Registered AddressPlot No. Dcb – 911 DLF Cybercity Chandaka Industrial Estates, Bhubaneswar, Odisha, India – 751024
- IndustryFood and Beverages, Edible Oils & Cooking Fats
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
- One PDF report, delivered after checkout
Business Activity of Ethics Refinery Private Limited
The main business activity of Ethics Refinery is wholesale and retail trade; repair of motor vehicles and motorcycles. In detail, this covers wholesale trade, except of motor vehicles and motorcycles.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| G | Wholesale and retail trade; repair of motor vehicles and motorcycles | 46 | Wholesale trade, except of motor vehicles and motorcycles | Locked |
Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Verified entity values are shown only after access is granted.
Financials of Ethics Refinery Private Limited FY 2025 filings available
Ethics Refinery Private Limited reported revenue of ₹3.22 Cr (up 62% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR) of Ethics Refinery Private Limited
Revenue rose 62% in the latest year. EBITDA rose 143% in the latest year. All are worked out from the filed statements.
Financial Statement Summary of Ethics Refinery Private Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|
| Profit and Loss Statement | |||
| Revenue from Operations | •••• | •••• | •••• |
| Other Income | •••• | •••• | •••• |
| Total Revenue | •••• | •••• | •••• |
| Cost of Materials Consumed | •••• | •••• | •••• |
| Employee Benefit Expense | •••• | •••• | •••• |
| Finance Costs | •••• | •••• | •••• |
| Depreciation and Amortisation | •••• | •••• | •••• |
| Other Expenses | •••• | •••• | •••• |
| Total Expenses | •••• | •••• | •••• |
| EBITDA | ₹43.06 Lakh | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• |
| Net Profit (PAT) | ₹97,420 | •••• | •••• |
| Balance Sheet | |||
| Share Capital | •••• | •••• | •••• |
| Reserves and Surplus | •••• | •••• | •••• |
| Net Worth (Total Equity) | •••• | •••• | •••• |
| Long-term Borrowings | •••• | •••• | •••• |
| Short-term Borrowings | •••• | •••• | •••• |
| Trade Payables | •••• | •••• | •••• |
| Total Liabilities | •••• | •••• | •••• |
| Fixed Assets | •••• | •••• | •••• |
| Investments | •••• | •••• | •••• |
| Inventories | •••• | •••• | •••• |
| Trade Receivables | •••• | •••• | •••• |
| Cash and Bank Balance | •••• | •••• | •••• |
| Total Assets | •••• | •••• | •••• |
Financial Ratios of Ethics Refinery Private Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|
| Profitability | |||
| EBITDA Margin | 13.4% | •••• | •••• |
| Net Profit Margin | 0.3% | •••• | •••• |
| Return on Equity (ROE) | •••• | •••• | •••• |
| Return on Capital Employed (ROCE) | •••• | •••• | •••• |
| Return on Assets (ROA) | •••• | •••• | •••• |
| Liquidity and Debt | |||
| Current Ratio | •••• | •••• | •••• |
| Quick Ratio | •••• | •••• | •••• |
| Debt-to-Equity Ratio | •••• | •••• | •••• |
| Interest Coverage Ratio | •••• | •••• | •••• |
| Efficiency and Growth | |||
| Asset Turnover | •••• | •••• | •••• |
| Receivable Days | •••• | •••• | •••• |
| Payable Days | •••• | •••• | •••• |
| Inventory Days | •••• | •••• | •••• |
| Revenue Growth | •••• | •••• | •••• |
| Net Profit Growth | •••• | •••• | •••• |
Paid data: the figures shown as dots are available after purchase of the company report. Figures as filed with the MCA in Form AOC-4. The full year-wise statements and ratios of Ethics Refinery are in the company report.
Financial statements from FY 2023
Earlier years and trend charts are in the company report.
- Income statements
- Balance sheets
- Cash-flow statements
- Ratios and benchmarks
Verified entity values are shown only after access is granted.
Peer Comparison of Ethics Refinery Private Limited
Ethics Refinery Private Limited is compared with the companies closest to it by revenue in the Food and Beverages industry (Edible Oils). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Isearch Consulting Services Private Limited | ₹3.26 Cr (FY 2025) | •••• | •••• | 221.0% | •••• | Chennai, Tamil Nadu, India |
| Rajkalp Agro Oil Enterprise Private Limited | ₹3.26 Cr (FY 2018) | •••• | •••• | -55.0% | •••• | Mumbai, Maharashtra, India |
| Kirti Foods Limited | ₹3.26 Cr (FY 2025) | •••• | •••• | -32.0% | •••• | Latur, Maharashtra, India |
| Global Refinery Private Limited | ₹3.23 Cr (FY 2024) | •••• | •••• | 7.0% | •••• | Bhunava, Gujarat, India |
| Orgisattva Foods Private Limited | ₹3.22 Cr (FY 2025) | •••• | •••• | 6.0% | •••• | Aurangabad, Maharashtra, India |
| Ethics Refinery Private Limited this company | ₹3.22 Cr (FY 2025) | •••• | •••• | 62.0% | •••• | Bhubaneswar, Odisha, India |
| Kavs Specialities Private Limited | ₹3.22 Cr (FY 2025) | •••• | •••• | -26.0% | •••• | Kakkanad, Kerala, India |
| Shree Ganesh Solvex Private Limited | ₹3.2 Cr (FY 2024) | •••• | •••• | -91.0% | •••• | Amloh, Punjab, India |
| HJ Foods Private Limited | ₹3.18 Cr (FY 2025) | •••• | •••• | -2.0% | •••• | Dhuri, Punjab, India |
| Shivshakti Oils Private Limited | ₹3.09 Cr (FY 2025) | •••• | •••• | -91.0% | •••• | Jeypore, Odisha, India |
| Geeta Refinery Private Limited | ₹3.05 Cr (FY 2024) | •••• | •••• | -95.0% | •••• | Jalna, Maharashtra, India |
Peers are the five companies nearest above and the five nearest below Ethics Refinery by revenue in the Food and Beverages industry (Edible Oils), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Board of Directors of Ethics Refinery Private Limited
Ethics Refinery has 2 directors on record. No former directors are listed.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Sujata Nayak | Director | 26 Oct 2022 | 3 Years 11 Months | Current |
| Gopinath Nayak Also directs: Ethics Industries Private Limited, Ethics Marketing Private Limited, Ethics Assets Private Limited and 1 more | Director | 26 Oct 2022 | 3 Years 11 Months | Current |
Charges & Borrowings of Ethics Refinery Private Limited
| Date | Lender | Amount | Status |
|---|---|---|---|
| 29 Sep 2023 | State Bank of India | ₹14 Cr | Satisfied |
Total charge records: 1 View all charges
Employees and EPFO Compliance at Ethics Refinery Private Limited
Employment history and EPFO contributions of people linked to Ethics Refinery.
Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
- Monthly headcount
- PF contributions
- ECR filing status
- Establishment history
Verified entity values are shown only after access is granted.
Recent Activity on Ethics Refinery Private Limited
Ethics Refinery Private Limited has 2 board changes on record since 2022: 2 appointments. The latest: Gopinath Nayak was appointed as Director on 26 Oct 2022.
Credit Ratings, Litigation & Regulatory Alerts for Ethics Refinery Private Limited
Credit ratings, litigation, and regulatory alerts
Credit ratings, court records and regulatory alerts are in the company report.
- Rating history
- Court and tribunal cases
- Regulatory alerts
- Director-linked violations
Verified entity values are shown only after access is granted.
MSME Payment Delays by Ethics Refinery Private Limited
MSME payment history
Amounts due to small suppliers, the reasons given and MSME-1 filings are in the company report.
- Outstanding amounts
- Delay periods and reasons
- MSME-1 filing history
- Vendor payment signals
Verified entity values are shown only after access is granted.
Subsidiaries & Group Companies of Ethics Refinery Private Limited
Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
- Parent company
- Subsidiaries and ownership
- Associates and joint ventures
- Entity investments
Verified entity values are shown only after access is granted.
GST Compliance of Ethics Refinery Private Limited
Ethics Refinery has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 21AAHCE2985Q1Z4 | Odisha | Active | 06 Dec 2022 |
GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
- GSTIN registrations
- State-wise filing status
- HSN and SAC details
- Tax jurisdiction records
Verified entity values are shown only after access is granted.
MCA Filings & Documents of Ethics Refinery Private Limited
MCA filings and documents
Filed forms, annual returns, financial statements and charge filings with their dates are in the company report.
- Incorporation documents
- Annual returns and statements
- Charge filings
- Complete filing index
Verified entity values are shown only after access is granted.
Frequently Asked Questions about Ethics Refinery Private Limited
Ethics Refinery is an active private limited company based in Bhubaneswar, Odisha, India. The company works in edible oils and cooking fats, within the food and beverages industry. It was incorporated on 26 October 2022 (4+ years old) and is registered under CIN U15490OR2022PTC041049.
Ethics Refinery reported revenue of ₹3.22 Cr for FY 2025 (up 62% YoY).
Ethics Refinery has 2 current directors:
- Sujata Nayak - Director
- Gopinath Nayak - Director
Ethics Refinery reported a net profit of ₹97,420 (net margin 0.3%) and EBITDA of ₹43.06 Lakh (EBITDA margin 13.4%) for FY 2025, as per its filed financial statements.
The GSTIN of Ethics Refinery is 21AAHCE2985Q1Z4, registered in Odisha.
The CIN (Corporate Identification Number) of Ethics Refinery is U15490OR2022PTC041049. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Ethics Refinery was incorporated on 26 October 2022, making it 4+ years old. It is registered with the Registrar of Companies, Cuttack.
The peers of Ethics Refinery by revenue are Isearch Consulting Services Private Limited, Rajkalp Agro Oil Enterprise Private Limited, Kirti Foods Limited, Global Refinery Private Limited, Orgisattva Foods Private Limited and 5 more, all in the Food and Beverages industry (Edible Oils).
Gopinath Nayak was appointed as Director on 26 Oct 2022. Sujata Nayak was appointed as Director on 26 Oct 2022.
Yes, Ethics Refinery is recognised as a startup by the Department for Promotion of Industry and Internal Trade (DPIIT).
The registered office of Ethics Refinery is at Plot No. Dcb – 911 DLF Cybercity Chandaka Industrial Estates, Bhubaneswar, Odisha, India – 751024.