Any current/future new fundraising through debt or equity?

No current plans for CAPEX expenditure on plant and machinery, implying no immediate major funding needs (Page 20). The company has maintained nearly zero long-term debt for about 5-7 years and pays interest only on working capital (Pages 15, 17). Working capital is well managed and funded through advance bookings and bankers without raising new bank debt for nearly three years (Page 17). No term loans exist currently; any short-term funds are raised via short-duration NCDs and customer deposits (Page 15). No mention of any ongoing or planned equity fundraising during the call. The focus appea

Any current/future capex/capital investment/strategic investment?

No CAPEX (capital expenditure) on plant and machinery is planned for this year or next year. The company relies on vendors for processing rather than investing in own plant and machinery, leading to low CAPEX, saving on depreciation, maintenance, and breakage costs. Over the past 5-7 years, there has been hardly any CAPEX recorded in the balance sheets. Strategic growth plans focus on organic growth with continued emphasis on diversifying portfolios (cotton, paddy, vegetables, plant nutrient supplements). The company is exploring opportunities in Uzbekistan with ongoing investment (abo

Future growth expectations in sales/revenue/volumes?

Cotton sales expected to grow 15%-20% annually. Paddy sales projected to increase 10%-15%. Vegetable segment anticipated to grow 20%-25%. Plant nutrient supplements forecasted to expand rapidly with 25%-30% growth, contributing about 10% of current revenue and targeted to grow to 30%. Diversified product portfolio including maize, bajra, mustard, cotton, paddy, vegetables, and supplements supports balanced growth. Overall company growth targeted conservatively at 15%+, with potential upside if crop segments perform well. Uzbekistan JV expected to scale seed production post initial

Future growth expectations in earnings/operating earnings/profits/EPS?

The company targets a consistent sales growth of around 15% plus annually, with optimism for even 20-25% in some segments like vegetables and supplements. Cotton expected to grow 15-20%, paddy 10-15%, vegetables 20-25%, supplements 25-30%, contributing to overall growth. Gross profit margin maintained around 51-53%, with focus on product mix to sustain margins despite volume fluctuations. PAT growth expected in the range of 15-20%, supported by both existing and new product portfolios, including potential growth from Uzbekistan and Philippines markets. Management is conservative, expec

Current/ Expected Orderbook/ Pending Orders?

Nath Bio-Genes does not maintain a traditional advance order book like manufacturing industries. Instead, the company operates on an advanced booking basis through advance sales. Last year, advance bookings amounted to approximately ₹70-80 crores for the next year. There is no concept of formal advance orders as seed sales depend on seasonal demand and advance bookings. The company emphasizes working capital funded by advance bookings and bank facilities without increasing bank debt for about three years. No specific pending or current orderbook figures are mentioned.

Nath Bio-Genes (India) LtdQ2 FY25Agricultural Food & other Products

Nath Bio-Genes (India) Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹131.01P/E: 7.4Market Cap: ₹250 CrSector: Agricultural Food & other Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

Capex

0 of 5 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

Cotton sales expected to grow 15%-20% annually.
Paddy sales projected to increase 10%-15%.
Vegetable segment anticipated to grow 20%-25%.
Plant nutrient supplements forecasted to expand rapidly with 25%-30% growth, contributing about 10% of current revenue and targeted to grow to 30%.
Diversified product portfolio including maize, bajra, mustard, cotton, paddy, vegetables, and supplements supports balanced growth.
Overall company growth targeted conservatively at 15%+, with potential upside if crop segments perform well.
Uzbekistan JV expected to scale seed production post initial trial success, potentially doubling production by next year.
Philippines export market viewed as supplementary "cherry on the cake," with uncertain but potential upside.
Revenue goal of crossing 500 crores targeted within 2-3 years, indicating steady top-line expansion driven by current and new products.

Margin guidance

Category 3

The company targets a consistent sales growth of around 15% plus annually, with optimism for even 20-25% in some segments like vegetables and supplements.
Cotton expected to grow 15-20%, paddy 10-15%, vegetables 20-25%, supplements 25-30%, contributing to overall growth.
Gross profit margin maintained around 51-53%, with focus on product mix to sustain margins despite volume fluctuations.
PAT growth expected in the range of 15-20%, supported by both existing and new product portfolios, including potential growth from Uzbekistan and Philippines markets.
Management is conservative, expecting 15%+ growth but open to higher if achieved.
EBITDA for H1 FY25 was ₹42.18 crores, profit after tax was ₹36.78 crores, reflecting steady profitability.
No significant CAPEX planned; focus on optimizing working capital and leveraging vendor processing keeps costs controlled, supporting margins and profits.
Expansion and diversification across crops and supplements expected to drive steady operating earnings growth.

See what Nath Bio-Genes (India) Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

No current plans for CAPEX expenditure on plant and machinery, implying no immediate major funding needs (Page 20).
The company has maintained nearly zero long-term debt for about 5-7 years and pays interest only on working capital (Pages 15, 17).
Working capital is well managed and funded through advance bookings and bankers without raising new bank debt for nearly three years (Page 17).
No term loans exist currently; any short-term funds are raised via short-duration NCDs and customer deposits (Page 15).
No mention of any ongoing or planned equity fundraising during the call.
The focus appears on organic growth and operational stability with no talk of inorganic growth or fundraising until crossing a revenue threshold of 500 crores (Page 9).
Overall, no plans for new fundraising through debt or equity were indicated in the discussion.

Order book

Nath Bio-Genes does not maintain a traditional advance order book like manufacturing industries.
Instead, the company operates on an advanced booking basis through advance sales.
Last year, advance bookings amounted to approximately ₹70-80 crores for the next year.
There is no concept of formal advance orders as seed sales depend on seasonal demand and advance bookings.
The company emphasizes working capital funded by advance bookings and bank facilities without increasing bank debt for about three years.
No specific pending or current orderbook figures are mentioned.

See what Nath Bio-Genes (India) Ltd management said on order book — free account, 30 seconds.

Capex plans

No CAPEX (capital expenditure) on plant and machinery is planned for this year or next year.
The company relies on vendors for processing rather than investing in own plant and machinery, leading to low CAPEX, saving on depreciation, maintenance, and breakage costs.
Over the past 5-7 years, there has been hardly any CAPEX recorded in the balance sheets.
Strategic growth plans focus on organic growth with continued emphasis on diversifying portfolios (cotton, paddy, vegetables, plant nutrient supplements).
The company is exploring opportunities in Uzbekistan with ongoing investment (about US$7-8 lakh so far) and hopes to scale based on performance by early next year.
Expansion in exports, such as in the Philippines, is considered a potential growth avenue but not a core dependency.
No inorganic growth via JV currently; consideration may come after crossing ₹500 crore revenue mark.

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Nath Bio-Genes (India) Ltd Q2 FY25 Earnings Call Analysis

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