Narmada Agrobase Ltd.
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ABOUT
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company has consistently been profitable over the last 5 years
- Company comfortably covers its interest (7.4x coverage)
- Working capital cycle has improved - days down from 274 to 226
- Company maintains a comfortable, low leverage position
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Promoter holding has decreased over last 2 years: -7.4pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.82x)
- Company has a low return on equity of 8.1% over last 3 years
- Company has a low return on capital employed of 10.3%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| KSCL | 724.25 | 14.93 | 3725.47 | 0.00 | 279.84 | -14.47 | 742.50 | -13.51 | 21.77 | 39.58 |
| VENKEYS | 1694.15 | 347.39 | 2386.61 | 0.59 | 49.99 | 215.79 | 1118.38 | 29.17 | 11.27 | 6.18 |
| AVTNPL | 92.21 | 16.76 | 1404.21 | 0.87 | 31.10 | 156.69 | 241.22 | 82.16 | 14.26 | 16.56 |
| BSHSL | 91.28 | 33.38 | 957.87 | 0.00 | 14.30 | 16.56 | 182.57 | 19.37 | 21.19 | 9.39 |
| REGAAL | 85.56 | 14.73 | 881.22 | 0.29 | 13.33 | 46.95 | 202.15 | -18.02 | 16.91 | 15.33 |
| MGEL | 15.78 | 11.01 | 520.04 | 0.06 | 84.26 | 1210.01 | 9520.65 | 1008.93 | 19.37 | 1.94 |
| NATHBIOGEN | 151.67 | 7.87 | 288.23 | 1.32 | 32.26 | -13.46 | 328.40 | 15.76 | 6.89 | 10.70 |
| MSL | 148.50 | 19.61 | 163.06 | 0.00 | 3.97 | 1.93 | 61.84 | 25.81 | 12.34 | 9.28 |
| INDOUS | 80.49 | 31.88 | 161.40 | 0.00 | 3.04 | -35.38 | 32.99 | 7.21 | 21.15 | 12.01 |
| OSWALSEEDS | 13.08 | 9.79 | 119.64 | 0.00 | 12.27 | 68.60 | 117.08 | 19.53 | 9.88 | 15.65 |
| NARMADA | 14.51 | 30.64 | 110.09 | 0.00 | 7.54 | — | 222.63 | — | 8.94 | 4.25 |
| AGRITECH | 99.00 | 0.00 | 58.81 | 0.00 | -3.61 | 61.18 | 0.00 | — | -0.94 | — |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 79 | 114 | 122 | 187 | 123 | 103 | 138 | 293 | 111 | 120 | 214 | 340 | 223 | |
| 78 | 112 | 121 | 179 | 110 | 85 | 128 | 289 | 101 | 109 | 202 | 333 | 215 | |
| Operating Profit | 2 | 2 | 1 | 8 | 13 | 18 | 11 | 4 | 10 | 10 | 11 | 7 | 7 |
| OPM % | 1.89% | 1.45% | 1.19% | 4.38% | 10.47% | 17.20% | 7.74% | 1.27% | 9.29% | 8.73% | 5.27% | 2.16% | 3.26% |
| 0 | 0 | 0 | 0 | 0 | 0 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | |
| Interest | 2 | 2 | 2 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 2 | 2 | 2 | 8 | 13 | 18 | 14 | 7 | 14 | 14 | 14 | 11 | 10 |
| Tax % | 31.06% | 15.00% | 23.35% | 25.97% | 21.48% | 27.30% | 28.21% | -12.75% | 25.20% | 25.15% | 28.41% | 24.50% | 25.20% |
| Net Profit | 1 | 2 | 1 | 6 | 10 | 13 | 10 | 8 | 10 | 10 | 10 | 8 | 8 |
| 0.08 | 0.13 | 0.09 | 0.45 | 0.75 | 0.96 | 0.38 | 0.30 | 0.27 | 0.27 | 0.27 | 0.21 | 0.20 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 34 | 37 | 48 | 62 | 58 | 35 | 50 | 50 | 66 | 78 | 896 | |
| 33 | 35 | 46 | 59 | 56 | 33 | 48 | 48 | 60 | 73 | 859 | |
| Operating Profit | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 6 | 5 | 36 |
| OPM % | 4.13% | 4.22% | 3.44% | 3.98% | 3.79% | 5.70% | 4.03% | 5.00% | 8.49% | 6.35% | 4.05% |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 12 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 8 |
| Depreciation | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| Profit before Tax | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 5 | 5 | 49 |
| Tax % | 24.70% | 25.65% | 26.00% | 25.19% | 32.24% | 30.30% | 26.73% | 24.66% | 20.72% | 25.91% | 25.97% |
| Net Profit | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 4 | 4 | 36 |
| EPS | 1.67 | 0.77 | 0.66 | 0.58 | 0.50 | 0.45 | 0.48 | 0.75 | 1.08 | 1.02 | — |
| Dividend Payout % | 0.00% | 0.00% | 15.20% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 6%
- 3 Years:
- 16%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 32%
- 5 Years:
- 41%
- 3 Years:
- 81%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 22%
- 3 Years:
- 23%
- 1 Year:
- 27%
RETURN ON EQUITY
- 10 Years:
- 7%
- 5 Years:
- 6%
- 3 Years:
- 8%
- Last Year:
- 7%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 5 | 8 | 14 | 14 | 14 | 14 | 14 | 38 | 38 |
| 1 | 0 | 6 | 1 | 1 | 2 | 2 | 3 | 18 | 21 | |
| 10 | 7 | 9 | 8 | 8 | 10 | 10 | 10 | 9 | 10 | |
| Trade Payables | 1 | 1 | 0 | 1 | 2 | 1 | 1 | 1 | 0 | 1 |
| 0 | 0 | 0 | 1 | 2 | 1 | 1 | 1 | 1 | 2 | |
| Total Liabilities | 14 | 14 | 24 | 24 | 27 | 26 | 27 | 28 | 66 | 72 |
| 3 | 3 | 5 | 4 | 4 | 4 | 3 | 3 | 3 | 3 | |
| 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | |
| 6 | 7 | 8 | 6 | 4 | 6 | 9 | 10 | 23 | 14 | |
| 3 | 3 | 8 | 11 | 16 | 0 | 13 | 13 | 19 | 35 | |
| Cash & Bank | 0 | 0 | 1 | 1 | 0 | 1 | 1 | 0 | 15 | 10 |
| 2 | 1 | 1 | 2 | 2 | 16 | 1 | 1 | 6 | 8 | |
| Total Assets | 14 | 14 | 24 | 24 | 27 | 26 | 27 | 28 | 66 | 72 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1 | 1 | -5 | 0 | 0 | 0 | 0 | 1 | -16 | -1 | |
| Cash from Investing | -0 | -0 | -2 | 0 | 0 | 0 | 0 | 0 | -4 | -3 |
| Cash from Financing | 2 | -1 | 9 | -2 | -0 | 0 | -1 | -1 | 34 | -0 |
| -0 | 0 | 1 | -1 | -0 | 0 | -0 | -0 | 14 | -4 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-17 - Narmada Agrobase Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Submission of Unaudited Financial Results (Standalone & Consolidated) for the quarter ended 30th June, 2026.
2026-08-14 - Narmada Agrobase Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-08 - Narmada Agrobase Limited has informed the Exchange about General Updates
2026-07-31 - Narmada Agrobase Limited has informed the Exchange regarding voting results of Postal Ballot
2026-07-31 - Narmada Agrobase Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot
2026-07-25 - Narmada Agrobase Limited has informed the Exchange that Record date for the purpose of Split/Subdivision is 31-Jul-2026.
2026-07-18 - Narmada Agrobase Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 18, 2026. Further, the company has informed the Exchange regarding voting results.
2026-07-18 - Narmada Agrobase Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 18, 2026
News
Recent coverage and analyst commentary for NARMADA
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