Investors
An operating platform, audited and profitable — not a concept.
My Indifuels Private Limited has been building since 2017. We produce fuel from waste, we retail it through a branded network, and we have grown revenue and profit in each of the last three financial years on audited accounts. This page sets out the case in public. The detail — the model, the numbers, the risks — is shared with institutional investors and their advisers on request.
Track record
Three years of audited growth, and profitable throughout.
Most companies at our stage present a plan. We would rather present accounts. Revenue has grown in each of the last three years and the company has been profitable after tax in each of them.
| Financial year | Revenue from operations (₹ lakh) | Profit before tax (₹ lakh) | Profit after tax (₹ lakh) | Basis |
|---|---|---|---|---|
| FY 2023-24 | 315.27 | 23.13 | 16.69 | Audited |
| FY 2024-25 | 1,311.70 | 64.60 | 48.58 | Audited |
| FY 2025-26 | 2,039.04 | 125.58 | 93.97 | Provisional |
2017
Incorporated
CIN U23209UP2017PTC092405. Nine years of building, not a recent formation.
3 of 3
years profitable after tax
Profit has grown alongside revenue rather than being deferred to a future year.
2
patent applications on file
Application nos. 202311060502 and 202311060503 — waste plastic to fuel, and biomass to green hydrogen.
2
own facilities
A research centre at Sangli, Maharashtra and a production facility at Unnao, Uttar Pradesh.
How to read these figures. FY 2023-24 and FY 2024-25 are audited. FY 2025-26 is provisional pending completion of audit. We mark them separately because the difference matters, and because the day we blur it is the day our numbers stop being worth anything.
The year ahead
What FY 2026-27 is planned to look like.
The three years above are history and they are audited. This is the year in front of us — our own projection, on stated assumptions, published so that you can judge the assumptions rather than take the number on trust.
| ₹ lakh |
FY 2025-26 provisional actual |
FY 2026-27 management projection |
|---|---|---|
| Revenue from operations | 2,039.04 | 14,734.30 |
| Other income | 4.29 | 330.00 |
| Total income | 2,043.33 | 15,064.30 |
| Total expenses | 1,917.75 | 14,405.96 |
| EBITDA | — | 714.84 |
| Profit before tax | 125.58 | 658.34 |
| Profit after tax | 93.97 | 492.65 |
The assumptions underneath it
Outlets already onboarded
The step in this year comes from outlets whose onboarding was completed before April 2026 coming into operation, on top of the outlets already trading. It is a conversion of work already done, not a plan to find new dealers inside the year.
About 5,000 litres a day per outlet
Split roughly 67% diesel and 33% petrol, reflecting the highway and semi-urban catchments our network sits in.
A per-litre spread, not a windfall
The projection assumes a modest marginal rate per litre between purchase and sale — single rupees, not a step change in pricing. Revenue scales with outlets; margin per litre does not.
Read the shape, not just the total. This is a volume business. Profit after tax stays a small percentage of revenue, because fuel retail is thin-margin by nature — the projection assumes we sell far more litres, not that we earn far more on each one. Any plan in this sector that shows margins expanding as it scales should be read carefully.
This is a projection, and projections are not results. These figures are management estimates prepared for internal planning and for the valuation exercise. They are not audited, not a forecast, not guidance, and not a commitment. They depend on outlet commissioning, statutory approvals, dealer performance, fuel prices and market conditions — several of which are outside our control. Actual results may differ materially.
We will report against it. When FY 2026-27 closes, the audited outcome will be published on this page beside the projection — whether it is met or not. That is the point of putting a number in public.
Valuation
The company has been formally valued.
Many private companies quote a valuation. Fewer can say who produced it, under which standards, on what date, and with what registration behind the signature. We can — and the assessment itself is shared with prospective investors, in full, on request.
A Registered Valuer, registered with the IBBI
The valuation was carried out by a Chartered Accountant acting as a Registered Valuer — Securities or Financial Assets , registered with the Insolvency and Bankruptcy Board of India and a member of the ICAI Registered Valuers Organisation.
The valuer recorded a formal declaration of no conflict of interest — no affiliation with the company, its shareholders, promoters or directors — and confirmed the engagement was not contingent on reporting a pre-determined result.
Two methods, weighted, on a going-concern basis
Fair market value, assessed under the International Valuation Standards issued by the IVSC and the Indian Valuation Standards issued by the ICAI, as at 31 March 2026.
A discounted cash flow assessment was combined with a comparable industry-multiple assessment against listed peers in fuel retail, city gas distribution and biofuels — with discounts applied for lack of marketability and lack of control, as an unlisted company requires.
Authenticated by a UDIN
The valuation certificate carries a Unique Document Identification Number issued through the ICAI's UDIN portal. A UDIN can be verified independently, which means the document's authorship and date are checkable rather than merely asserted. We give the UDIN to every investor who receives the report.
Audited history and management projections
The valuer worked from our audited financial statements, provisional accounts to 31 March 2026, five-year management projections, the RBI government-security yield, published market and beta datasets, and market data for listed comparables. The projections are ours; the assessment of them is the valuer's.
Why the figure is not printed here. The valuation report is a confidential document prepared for our Board, and its own terms restrict where it may be quoted. We would rather observe that restriction than publish a number we were asked to keep within the report — so we share the assessment where it belongs: with a prospective investor, in full, in its original form, under a non-disclosure agreement.
A figure without its workings is worth very little anyway. What matters is the discount rate, the growth assumption and the projections underneath — and those deserve to be read as a whole rather than reduced to a headline.
Please read this as a professional would. A valuation is an opinion of value at a date, on stated assumptions — not a price, not a guarantee, and not a promise that any transaction will occur at that level. It reflects management projections that may not be achieved. Any investor should form their own view with their own advisers.
Why this business
Two national problems, and a company built across both.
India imports over 85% of its crude
In a single financial year the crude import bill has approached US$119 billion. Fuel demand is not a market we have to create — it exists, it is growing, and it is currently met by imports. Source: Petroleum Planning & Analysis Cell.
Four times more plastic waste than we can recycle
India generates roughly 3.9 million tonnes of plastic waste a year against about 0.94 million tonnes of recycling capacity. That gap is a disposal cost for somebody — and a feedstock for us. Source: CPCB Annual Report on Plastic Waste Management 2022-23.
A named category, with envisaged support
The National Policy on Biofuels 2018 defines "drop-in fuels" as liquid fuels made from plastic and municipal waste, and classes bio-CNG and bio-hydrogen as "advanced biofuels" — for which it envisages tax credits, advance depreciation and differential pricing.
We own both ends of the chain
Our plants supply our own retail network. Production has a committed buyer and retail has a supply line. Most players in this sector own one end and depend on somebody else for the other.
How we make money
Four revenue streams, and an asset-light way of growing.
Fuel sold to dealers
The recurring line. Every outlet in the network buys its fuel from us, at a per-litre margin, for as long as it trades.
Outlet development
Sale of fuel stations and related infrastructure to incoming dealers — the capital work of building an outlet.
Agreements and deposits
Consideration received on dealership agreements, including security deposits.
Production, as plants come up
Fuel we make ourselves and pass to our own dealers, which converts a bought-in cost into an owned margin.
Why growth is asset-light. Outlets are dealer-owned and dealer-funded: the dealer brings the land and the substantial share of outlet capital. Plants are built through project companies in which a land-owning partner holds half the equity. Our capital goes into technology, systems and working capital rather than into buying real estate in every district.
Four operating models — dealer-owned dealer-operated, dealer-owned company-operated, company-owned company-operated, and a company-and-dealer partnership — so a site can be structured to fit whoever brings it.
Governance
A governance system built before the scale arrived.
A company that intends to operate in thousands of places cannot rely on personal instruction. Ours runs on three issued, version-controlled manuals covering corporate governance, the retail outlet business and the production plant business — with a named officer accountable for every stage of work.
Named accountability
Every stage has one accountable officer. Authority is delegated; accountability is not.
Evidence, not assurance
A stage is complete when the named evidence exists — a test report, a certificate, a register extract.
Stage gates
Plant projects pass eight defined gates from partner onboarding to declared commercial operation.
Independent quality
Batch release rests on a test result, not a schedule, and records are retained for traceability.
Audited accounts
Statutory audit, with the finance function run by a Chartered Accountant who has been with the company through every stage of its growth.
Reporting discipline
A budgeting and MIS framework built so operational data becomes board-ready numbers.
Risks
What we would want to know, in your position.
A page that lists only strengths tells a professional reader nothing. These are the real risks in this business, and what we are doing about each.
Execution — the network ramp
Our growth depends on converting an awarded pipeline into commissioned, trading outlets, on schedule. It is the single largest driver of our plan. We manage it through a written stage process, a network register and dealer underwriting at every site.
Technology at commercial scale
The national policy itself records that waste-to-fuel technologies are at a nascent stage and need proving at commercial scale. We treat that as our work: our own research centre, our own production facility, and batch-level testing.
Regulatory and certification
Fuel is a licensed business. Our industrial fuel output is sold to authorised industrial users and is not represented as automotive-grade unless lawfully certified as such. Approvals are pursued through proper channels and tracked to expiry.
Margin and price volatility
Fuel margins are thin and crude-linked. Our answer is a diversified basket — renewable fuels, gas, allied products — and centralised procurement rather than a bet on one product's spread.
Capital
Plants and network growth need funding. The dealer-funded outlet model and the 50:50 project-company structure keep our own capital intensity down, but scale still requires capital and disciplined, phased deployment.
Competition
We do not intend to compete on scale with established oil marketing companies. Our position is integration and cleaner fuels in catchments the majors serve thinly.
Investor relations
Ask for the pack.
Our detailed investor documents are confidential and written for professional investors who will do their own diligence. We share them with institutional investors and their advisers after a short introduction and a signed non-disclosure agreement.
Investor Pitch Deck
The business, the two growth engines, the operating platform we have built and where we intend to take it. Prepared for institutional discussion.
Investment Memorandum
The detailed institutional document — business model, unit economics, growth plan, governance, risks, and the structures through which investment can be made.
Valuation Report
A fair-value report prepared by a Registered Valuer (Securities or Financial Assets) registered with the IBBI, on a going-concern basis under the International Valuation Standards and the ICAI Valuation Standards, authenticated by a UDIN.
Why these are not open downloads. They are confidential documents written for professional investors, and the valuation report may only be released with the valuer's written consent and in its entirety — never as an extract or a figure lifted out of context.
Sharing them under a non-disclosure agreement protects you as much as us: it is what allows us to give you the real numbers rather than a brochure.
Every request is logged and answered by the investor desk within three working days, with the non-disclosure agreement attached to the reply.
What we ask of you
- Your name, your organisation, and what you are looking at
- A signed non-disclosure agreement, which we send on reply
- That you form your own view, with your own advisers
What you can expect from us
- A reply within three working days
- Documents that separate audited fact from management projection
- Straight answers, including where the answer is "not yet"
No securities are offered through this website. Nothing on this page is an offer to sell or a solicitation of an offer to buy any security, nor is it investment, legal, tax or accounting advice. Any participation would be made only through board-approved, legally compliant definitive documentation and applicable private-placement and securities-law processes.