This document discusses the outlook and way forward for castor seeds and oil. It provides historical price data for various vegetable oils from 2011-2017 which shows castor oil prices increased by over 50% from 2016-2017. The document then analyzes supply and demand fundamentals for castor, including consumption trends, arrivals and disappearance data, and factors impacting yields. It identifies opportunities to improve yields through better farming practices and sets targets to increase average yields by 170% in the short term and 227% in the long term in order to meet growing demand and reduce costs. The document concludes by thanking the reader.

1. © Jayant Agro-Organics Ltd.
Castor seeds & Oil scenario
Outlook & Way Ahead
Vikram Udeshi
Jayant Agro-Organics Limited

2. © Jayant Agro-Organics Ltd.
2011 2012 2013 2014 2015 2016 2017
Soyabean Oil Dutch FOB Ex-mill 1,286 1,226 1,060 902 757 808 846
Groundnut Oil Any Origin Cif Rotterdam 1,994 2,425 1,781 1,313 1,337 1,362 1,484
Sunflower Oil EU FOR NW Eur Ports 1,326 1,264 1,132 902 846 839 796
Rapeseed Oil Dutch FOB Ex-Mill 1,344 1,240 1,087 907 775 814 870
Palm Oil Crude CIF NW Eur(D) 1,082 1,003 849 821 622 698 712
Coconut Oil Phil/Indo CIF Rotterdam 1,544 1,111 932 1,281 1,109 1,470 1,514
Castor Oil Ex-tank Rotterdam 2,335 1,686 1,594 1,686 1,503 1,292 1,691
Tung Oil South America Ex-Tank Rotterdam 2,984 2,283 1,979 2,304 2,244 2,306 4,002
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
$/MT
Demand Fundamentals
2
*Source : Annual Average Price of Various oil data from Oil world
Veg Oil Prices in USD/PMT Europe

3. © Jayant Agro-Organics Ltd.
Demand Fundamentals
3
*Source : Annual Average Price of Various oil from previous slide
-10% 0% 10% 20% 30% 40% 50% 60% 70% 80%
Soyabean Oil
Groundnut Oil
Sunflower Oil
Rapeseed Oil
Palm Oil
Palm Olein RBD
Palm Stearin RBD
Palm Kernel Oil
Coconut Oil
Lin Oil
Castor Oil
Tung Oil
Percentage Change in Veg Oil Prices YOY of 2017& 2016

4. © Jayant Agro-Organics Ltd.
Demand Fundamentals
4
*Source : Annual Average Price of Various oil from previous slide
-30% -20% -10% 0% 10% 20% 30% 40% 50%
Soyabean Oil
Groundnut Oil
Sunflower Oil
Rapeseed Oil
Palm Oil
Palm Olein RBD
Palm Stearin RBD
Palm Kernel Oil
Coconut Oil
Lin Oil
Castor Oil
Tung Oil
Percentage Change in Veg Oil Prices YOY 2016 & 2015

5. © Jayant Agro-Organics Ltd.
-
20
40
60
80
100
120
-
500
1,000
1,500
2,000
2,500
3,000
COFSG ROTTERDAM Avg Brent Crude Avg
$/MT
$/Barrel
Long term Average Annual Crude Oil and Average Annual COFSG Rotterdam Price
Trends shows high Co-relation with Crude oil price
5
Demand Fundamentals

6. © Jayant Agro-Organics Ltd.
Demand Trend
6
Year 2013 2014 2015 2016 2017
Castor Oil Exports
from India (MT)
4,80,000 4,30,000 5,45,000 5,65,000 6,00,000
Castor Oil
Consumed in India
(Derivative+ Local
Demand) (MT)
1,68,000 1,70,000 1,80,000 1,70,000 2,10,000
Total (MT) 6,48,000 6,00,000 7,25,000 7,35,000 8,10,000
Annual Growth
Rate YOY
(7.41)% 20.83% 1.38% 10.20%
*Source : SEA
* Average Growth rate from 2013 to 2017 is 6.25%

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Annual Arrivals & Disappearance
7
Year 2013 2014 2015 2016 2017
Gujarat 17,20,317 16,08,967 13,91,206 8,18,203 6,04,954
Rajasthan 26,102 9,650 10,875 11,569 11,165
Andhra 31,402 21,271 15,434 12,483 13,852
Telangana 9,607 4,154 5,144 6,215 5,165
Total ** 17,87,427 16,44,041 14,22,658 8,48,470 6,35,136
Castor Oil Consumed
in India (Export+
Derivative+ Local
Demand) *
6,48,000 6,00,000 7,25,000 7,35,000 8,10,000
Equivalent Seed
Consumption
14,08,696 13,04,348 15,76,087 15,97,826 17,60,870
Surplus c/f /
Withdrawal of old
stocks
3,78,731 3,39,693 (1,53,429) (7,49,356) (11,25,734)
*Source : SEA ** Agmarketnet
In MT

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Seed Demand for Consumption in 2018 ?
8
Year
2018
@2017 levels
2018
@ Average Growth
Rate
Castor Oil Consumed in India (Export+
Derivative+ Local Demand)
8,10,000 8,60,625
Equivalent Seed Consumption 17,60,870 18,70,925
*Source : SEA
* Average Growth rate from 2013 to 2017 is 6.25%

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Supply side fundamentals
9
Yields
Kgs / Hectare * Direct Cost ₹/MT
Minimum
income per
@₹ 5000
/Month/Hectare
Ideal Price
₹/MT
3000 10,472 20,000 30,472
2500 12,567 24,000 36,567
2000 15,709 30,000 45,709
1750 17,953 34,286 52,238
1500 20,945 40,000 60,945
1250 25,134 48,000 73,134
1000 31,417 60,000 91,417
* Direct Cultivation Cost of Castor Seeds per hectare is ₹ 31,417 in Gujarat
Source : Sardarkrushinagar Dantiwada University

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Way Forward
10
Problems
▪ Growing competition from other oilseeds, fruits & vegetables, Guar gum, etc.
▪ Lack of Interest from the next generation of farmers
▪ Most of the available agriculture land is already exploited after the Narmada
Irrigation project became operational. Now land is shrinking due it being
diverted for real estate and industrial use
Opportunities
▪ Opportunity to improve yields substantially upto 200% through scientific
farming and use of good agricultural practices
▪ Reduction in cost through scientific farming and use of good agricultural
practices and improvement in infrastructure & post harvesting handling
▪ Use of Intercropping to improve returns & reduce risks
▪ Government thrust on agriculture

11. © Jayant Agro-Organics Ltd.
Future targets based on Our Experience
• Jayant Agro-Organics Limited has been doing backward integration over the last
decade. We have interacted with thousands of farmers understanding the
difficulties & opportunities in castor farming.
• This year Jayant Agro-Organics Limited has had 10 model farms for which we
have also provided support and carried out demonstration & training program to
over 2000 farmers.
• Average yield for trained farmers in the 2016-17 was between 3,500 to 4000
kgs/hectare . In our model farms we have experienced yields from 4,000 kgs to
8,500 kgs/hectare
• Based on our experience, we can suggest practical goals, for improving the yields,
which we believe, are achievable. This mission, needs be taken on by all the
participators of the castor oil industry which will benefit the local farmer, give an
edge to the castor farming over others crops, reduce costs and provide security of
supply to the industry with ample room for future growth.

12. © Jayant Agro-Organics Ltd.
Total Area
All India
Percentage
Yield
Kgs per hectare
Total
Mt.
Total Area
All India
Percentage
Yield
Kgs per hectare
Total
Mt.
10,00,000 10,00,000
20,000 2 4,000 80,000 1,00,000 10 4,000 4,00,000
40,000 4 3,400 1,36,000 1,50,000 15 3,400 5,10,000
80,000 8 2,720 2,17,600 1,50,000 15 2,720 4,08,000
2,00,000 20 2,040 4,08,000 2,50,000 25 2,040 5,10,000
1,50,000 15 1,326 1,98,900 1,50,000 15 1,326 1,98,900
2,00,000 20 729 1,45,860 1,00,000 10 729 72,930
1,50,000 15 365 54,698 50,000 5 365 18,233
1,60,000 16 36 5,834 50,000 5 36 1,823
Total Crop 12,46,892 Total Crop 21,19,886
Average Yield 1,247 Average Yield 2,120
Improvement
in %
170
Current Probable farm Yield Efficiency Achievable short term improved farm
efficiency picture
Farming Yields – Immediate Goals
The way forward - Improving Productivity

13. © Jayant Agro-Organics Ltd.
Current Probable farm Yield Efficiency Achievable long term improved farm
efficiency picture
The way forward - Improving Productivity
Farming Yields – Long term Goals
Total Area
All India
Percentage
Yield
Kgs per hectare
Total
Mt.
Total Area
All India
Percentage
Yield
Kgs per hectare
Total
Mt.
10,00,000 10,00,000
20,000 2 4,000 80,000 1,50,000 15 4,500 6,75,000
40,000 4 3,400 1,36,000 2,00,000 20 3,825 7,65,000
80,000 8 2,720 2,17,600 2,00,000 20 3,060 6,12,000
2,00,000 20 2,040 4,08,000 2,50,000 25 2,295 5,73,750
1,50,000 15 1,326 1,98,900 1,00,000 10 1,492 1,49,175
2,00,000 20 729 1,45,860 50,000 5 820 41,023
1,50,000 15 365 54,698 50,000 5 410 20,511
1,60,000 16 36 5,834 - 0 41 -
Total Crop 12,46,892 Total Crop 28,36,460
Average Yield 1,247 Average Yield 2,836
Improvement
in %
227

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14
Phone: +91-22-4027-1300
Fax: +91-22-4027-1399
Email: info@jayantagro.com
Website: www.jayantagro.com
Thank You