GURUNANAK
Gurunanak Agriculture India financials
- Market cap
- ₹48 Cr
- Sector
- Capital Goods
- Calls analysed
- 1
GURUNANAK Q2 FY26
What went well
- Operating margins increased due to introduction of harvesters and lower raw material costs.
- Capex for manufacturing capacity expansion is on track, with construction underway and machine orders placed.
- Strong focus on harvesters, which have higher operating margins and are gaining good market traction.
What to watch
- Revenue declined in H1 FY26 due to extended monsoon season and impact of GST implications.
- Business remains highly seasonal, leading to uneven manufacturing cycles and high working capital requirements for stocking.
What Gurunanak Agriculture India Ltd does
Gurunanak Agriculture India Ltd designs and manufactures agricultural mechanisation equipment out of a fully integrated factory in Durg/Raipur, Chhattisgarh, with a product range spanning track combine harvesters (TCH), multiple thresher variants, reapers, seed drills, planters, rotavators and cultivators. It sells through a domestic dealer network across Chhattisgarh, Odisha, Madhya Pradesh, West Bengal, Andhra Pradesh and Maharashtra, and exports to Africa (Nigeria, Ghana, South Africa) and Asia (Nepal, Sri Lanka, Bhutan). The company also has an OEM manufacturing tie-up with Mahindra & Mahindra and sources engines from Eicher while importing select harvester components (rubber track, gear/clear box) that it plans to localise over 2-3 years.
Segments
- Track Combine Harvesters (TCH)
- Threshers
- Reapers
- Seed drills, planters & cultivators
- Manufacturing facility
- 10-acre factory in Durg, Chhattisgarh with CNC, MIG welding and paint-booth technology
- Dealer network
- 49 dealers across 7 states; domestic presence in 15 states
- New capacity (Raipur harvester shed)
- 80% complete; dedicated harvester assembly line adding ~300 units/yr
- Product portfolio
- 13 farm-equipment models across TCH, threshers, reapers, seed drills, planters and cultivators
- Export countries
- 6 (Nigeria, Ghana, South Africa, Nepal, Sri Lanka, Bhutan)
- Patented thresher designs
- 2
Guidance record · Q2 FY26
what the last two calls moved 6 tracked 0 delivered 0 missed 6 open- Top line growth open said Q2 FY26 Promised: 30-40% in the next 2-3 years Q2 FY26: Management guided for 30-40% top-line growth driven by harvester sales over the next 2-3 years.
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 25 | 19 | 16 | 26 |
| EBITDA | 5 | 5 | 3 | 6 |
| Net profit | 3 | 3 | 2 | 4 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −33.2% 1Y
1Y: ₹57 on 1 Oct 2025 → ₹38.05. High ₹57 (1 Oct 2025), low ₹22.85 (30 Mar 2026).
How the price took the results
close before → close after
- Q2 FY26
- −3.1%
- 24 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹12 Cr | ₹12 Cr |
| Reserves | ₹3 Cr | ₹3 Cr | ₹6 Cr | ₹31 Cr | ₹35 Cr |
| Borrowings | ₹9 Cr | ₹7 Cr | ₹11 Cr | ₹11 Cr | ₹2 Cr |
| Other liabilities | ₹9 Cr | ₹8 Cr | ₹5 Cr | ₹9 Cr | ₹3 Cr |
| Total liabilities | ₹21 Cr | ₹18 Cr | ₹22 Cr | ₹63 Cr | ₹52 Cr |
| Fixed assets | ₹5 Cr | ₹6 Cr | ₹6 Cr | ₹5 Cr | ₹8 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr |
| Other assets | ₹15 Cr | ₹12 Cr | ₹16 Cr | ₹57 Cr | ₹43 Cr |
| Total assets | ₹21 Cr | ₹18 Cr | ₹22 Cr | ₹63 Cr | ₹52 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Sep 2025, DIIs added +1.64 pp while the public trimmed −1.64 pp. The shareholder count shrank 13% to 976.
- Promoters
- 68.0%
- DIIs
- 1.6%
- Public
- 30.4%
Since Sep 2025
- DIIs +1.64 pp
- Public −1.64 pp
- Promoters 0.00 pp
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Tanvi Jignesh Mehta - 2 newly disclosed 1.97% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Gurunanak Agriculture India Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Harjeet Singh | 40.44% | unchanged |
| Jaspreet Kaur | 27.56% | unchanged |
| Tanvi Jignesh Mehta - 2 | 1.97% | newly disclosed |
| Pritam Singht | 0.00% | unchanged |
| Late Harjeet Kaur | 0.00% | unchanged |
| Kamaljeet Singh Kalsi | 0.00% | unchanged |
| Gurbaksh Singh Kalsi | 0.00% | unchanged |
| Late Sukhdev Singh | 0.00% | unchanged |
| Manjeet Kaur | 0.00% | unchanged |
| Jagdish Singh | 0.00% | unchanged |
| Amrinder Kaur | 0.00% | unchanged |
| Gurbachan Singh | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- -18.8% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Gurunanak Agriculture India Ltd
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