Narmada Agrobase Q3 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹90 Cr
- P/E
- 25.17
- ROE
- 6.70%
- PEG
- 0.32
- Price to sales
- 1.01
- Debt to equity
- 0.17
- 52W high / low
- ₹43.6 / ₹9.99
- Sales growth (5Y)
- 5.93%
- EBITDA margin
- 5.15%
- Net profit margin
- 4.98%
- Promoter holding
- 50.30%
- Sales (last year)
- ₹90 Cr
Incorporated in 2013, Narmada Agrobase Ltd manufactures and sells cotton seed and cattle feed[1]
Guidance scorecard · Q3 FY26 call
What Narmada Agrobase's management guided
and where it ranks in Food Products
RevenueQ2 FY26 call
10–20%- Revenue is expected to increase, with the second half of FY'26 projected to deliver higher revenue than the first half and exceed last year's results.
- The company anticipates multiple-fold growth in revenue over the next three years.
- Capacity utilization for the 40,000 metric tons per annum plant is currently over 50%, indicating room for volume expansion.
- Expansion plans focus on strengthening domestic presence in key states like Maharashtra and Madhya Pradesh, alongside scaling exports to Southeast Asia, Middle East, and Africa.
2 more points from Narmada Agrobase's call on revenue
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MarginsQ2 FY26 call
FlatSee what Narmada Agrobase said on margins — free account, 30 seconds.
CapexQ2 FY26 call
- The company has a modern semi-automatic production line at its 40,000 metric tons per annum plant, which indicates recent capacity-building investments.
- The management mentions ongoing R&D efforts, suggesting continued focus on product development.
- Expansion plans focus on scaling domestic and export markets, along with broadened value-added product mix, implying possible future investments in these areas.
FundraisingQ2 FY26 call
See what Narmada Agrobase said on fundraising — free account, 30 seconds.
Order bookQ2 FY26 call
- Positive, stable, and encouraging financial performance in H1 FY'26 with total income of Rs. 2,369.51 lakhs.
- Expectation of higher revenue in the second half of FY'26, surpassing last year's results.
- Active expansion in domestic and export markets, targeting Southeast Asia, Middle East, and Africa.
- Continuous efforts in scaling domestic presence and exports as part of long-term strategy.
2 more points from Narmada Agrobase's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Food Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Food Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹459 Cr | 7.9 | |
| 2 | 40%+ | Up 2%+ | ₹454 Cr | 79.8 | |
| 3 | 40%+ | Flat | ₹1,061 Cr | 48.2 | |
| 4 | 40%+ | Flat | ₹157 Cr | 10.5 | |
| 5 | 20–40% | Up 2%+ | ₹671 Cr | 48.3 | |
| 6 | 20–40% | Up 2%+ | ₹265 Cr | 7.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Food Products rankingFinancials of Narmada Agrobase
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Narmada Agrobase
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 10.62 | 18.26 | 7.95 | 11.41 | 12.22 | 18.75 | 12.26 | 10.28 | 13.84 | 29.30 | 11.08 | 11.95 | 21.35 |
| Expenses + | 10.06 | 17.81 | 7.50 | 10.94 | 11.77 | 17.60 | 10.68 | 8.21 | 12.50 | 28.71 | 9.76 | 10.65 | 19.97 |
| Operating Profit | 0.56 | 0.45 | 0.45 | 0.47 | 0.45 | 1.15 | 1.58 | 2.07 | 1.34 | 0.59 | 1.32 | 1.30 | 1.38 |
| OPM % | 5.27% | 2.46% | 5.66% | 4.12% | 3.68% | 6.13% | 12.89% | 20.14% | 9.68% | 2.01% | 11.91% | 10.88% | 6.46% |
| Other Income + | 0.01 | 0.01 | 0.01 | 0.03 | 0.02 | 0.00 | 0.01 | 0.01 | 0.32 | 0.32 | 0.33 | 0.33 | 0.29 |
| Interest | 0.22 | 0.25 | 0.23 | 0.23 | 0.23 | 0.26 | 0.24 | 0.24 | 0.21 | 0.16 | 0.24 | 0.20 | 0.20 |
| Depreciation | 0.08 | 0.08 | 0.07 | 0.07 | 0.07 | 0.07 | 0.06 | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 | 0.06 |
| Profit before tax | 0.27 | 0.13 | 0.16 | 0.20 | 0.17 | 0.82 | 1.29 | 1.78 | 1.39 | 0.69 | 1.36 | 1.38 | 1.41 |
| Tax % | 25.93% | 23.08% | 31.25% | 15.00% | 23.53% | 25.61% | 21.71% | 26.97% | 28.06% | -13.04% | 25.00% | 25.36% | 28.37% |
| Net Profit + | 0.20 | 0.10 | 0.11 | 0.17 | 0.13 | 0.61 | 1.02 | 1.29 | 1.00 | 0.78 | 1.02 | 1.03 | 1.01 |
| EPS in Rs | 0.05 | 0.03 | 0.03 | 0.04 | 0.03 | 0.16 | 0.27 | 0.34 | 0.26 | 0.21 | 0.27 | 0.27 | 0.27 |
Financials of Narmada Agrobase
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 21.97 | 30.53 | 34.45 | 37.00 | 47.50 | 61.46 | 58.14 | 34.61 | 49.48 | 49.74 | 64.68 | 73.68 |
| Expenses + | 21.12 | 29.35 | 33.02 | 35.43 | 45.87 | 59.00 | 55.90 | 32.61 | 47.46 | 47.22 | 59.10 | 69.09 |
| Operating Profit | 0.85 | 1.18 | 1.43 | 1.57 | 1.63 | 2.46 | 2.24 | 2.00 | 2.02 | 2.52 | 5.58 | 4.59 |
| OPM % | 3.87% | 3.87% | 4.15% | 4.24% | 3.43% | 4.00% | 3.85% | 5.78% | 4.08% | 5.07% | 8.63% | 6.23% |
| Other Income + | 0.02 | 0.02 | 0.02 | 0.07 | 0.28 | 0.03 | 0.04 | 0.06 | 0.05 | 0.07 | 0.66 | 1.27 |
| Interest | 0.43 | 0.70 | 0.75 | 0.82 | 0.70 | 1.03 | 0.85 | 0.82 | 0.86 | 0.96 | 0.84 | 0.80 |
| Depreciation | 0.27 | 0.27 | 0.30 | 0.28 | 0.54 | 0.40 | 0.42 | 0.37 | 0.32 | 0.28 | 0.24 | 0.22 |
| Profit before tax | 0.17 | 0.23 | 0.40 | 0.54 | 0.67 | 1.06 | 1.01 | 0.87 | 0.89 | 1.35 | 5.16 | 4.84 |
| Tax % | 17.65% | 21.74% | 25.00% | 25.93% | 25.37% | 25.47% | 32.67% | 31.03% | 26.97% | 24.44% | 20.74% | |
| Net Profit + | 0.14 | 0.19 | 0.30 | 0.40 | 0.50 | 0.79 | 0.68 | 0.61 | 0.65 | 1.02 | 4.09 | 3.84 |
| EPS in Rs | 0.22 | 0.21 | 0.33 | 0.15 | 0.13 | 0.21 | 0.18 | 0.16 | 0.17 | 0.27 | 1.08 | 1.02 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 15.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials of Narmada Agrobase
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1.25 | 1.83 | 1.83 | 5.19 | 7.53 | 13.55 | 13.55 | 13.55 | 13.55 | 13.55 | 37.94 | 37.94 |
| Reserves | 0.11 | 0.30 | 0.64 | 0.42 | 6.04 | 0.71 | 1.39 | 1.68 | 2.33 | 3.35 | 17.93 | 19.98 |
| Borrowings + | 6.71 | 7.93 | 10.22 | 7.39 | 9.13 | 8.44 | 8.69 | 9.72 | 10.07 | 9.68 | 9.47 | 10.53 |
| Other Liabilities + | 0.89 | 0.67 | 0.98 | 1.44 | 0.88 | 1.57 | 3.29 | 1.55 | 1.37 | 1.38 | 1.12 | 2.27 |
| Total Liabilities | 8.96 | 10.73 | 13.67 | 14.44 | 23.58 | 24.27 | 26.92 | 26.50 | 27.32 | 27.96 | 66.46 | 70.72 |
| Fixed Assets + | 2.38 | 2.71 | 2.66 | 2.74 | 4.66 | 3.89 | 3.50 | 3.75 | 3.44 | 3.18 | 2.97 | 2.98 |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.00 |
| Investments | 0.21 | 0.21 | 0.43 | 0.47 | 0.61 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.25 |
| Other Assets + | 6.37 | 7.81 | 10.58 | 11.23 | 18.31 | 20.38 | 23.42 | 22.75 | 23.88 | 24.78 | 63.47 | 67.49 |
| Total Assets | 8.96 | 10.73 | 13.67 | 14.44 | 23.58 | 24.27 | 26.92 | 26.50 | 27.32 | 27.96 | 66.46 | 70.72 |
Financials of Narmada Agrobase
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -1.25 | 1.21 | -5.10 | 0.49 | 0.30 | -0.08 | 0.05 | 0.93 | -15.93 | ||
| Cash from Investing Activity + | -0.44 | -0.34 | -2.32 | 0.46 | 0.04 | 0.06 | 0.37 | 0.35 | -3.58 | ||
| Cash from Financing Activity + | 1.52 | -0.82 | 8.52 | -1.94 | -0.40 | 0.22 | -0.52 | -1.35 | 33.83 | ||
| Net Cash Flow | -0.17 | 0.05 | 1.11 | -1.00 | -0.07 | 0.20 | -0.10 | -0.07 | 14.32 | ||
| Free Cash Flow | -1.49 | 0.84 | -7.56 | 0.36 | 0.26 | -0.08 | 0.05 | 0.92 | -15.98 | ||
| CFO/OP | -83% | 86% | -299% | 24% | 28% | 14% | 14% | 45% | -271% |
Financials of Narmada Agrobase
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 30.07 | 26.66 | 31.89 | 31.07 | 58.02 | 67.41 | 101.83 | 151.97 | 97.52 | 97.74 | 107.56 |
| Inventory Days | 73.60 | 54.43 | 70.88 | 75.62 | 70.33 | 37.81 | 28.83 | 77.66 | 75.95 | 84.67 | 154.49 |
| Days Payable | 10.54 | 6.97 | 8.63 | 11.98 | 3.54 | 4.02 | 15.92 | 10.03 | 7.25 | 6.35 | 1.38 |
| Cash Conversion Cycle | 93.13 | 74.11 | 94.14 | 94.71 | 124.80 | 101.19 | 114.74 | 219.59 | 166.22 | 176.06 | 260.66 |
| Working Capital Days | 21.27 | 25.70 | 26.81 | 25.35 | 59.01 | 53.09 | 64.10 | 104.62 | 87.34 | 94.00 | 194.58 |
| ROCE % | 10.26% | 10.11% | 10.59% | 7.68% | 9.21% | 8.20% | 6.96% | 6.88% | 8.79% | 13.05% |
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What Narmada Agrobase's management said in earlier quarters
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