NARMADA
Narmada Agrobase financials
- Market cap
- ₹107 Cr
- Sector
- Fast Moving Consumer Goods
- Calls analysed
- 2
NARMADA Q2 FY26
What went well
- Q2 FY26 Total Income reached ₹12.28 crores, with a healthy EBITDA margin of 13.22% and PAT margin of 8.36%.
- H1 FY26 Total Income was ₹23.70 crores, achieving an EBITDA margin of 13.82% and PAT margin of 8.63%.
- The company maintains a well-balanced product portfolio, with cattle feed contributing 52% and cotton seed 48% to revenue, mitigating single category concentration risk.
What to watch
- Working capital increased compared to last year, and borrowings rose due to inventory buildup, with no specific numerical target or timeline for reduction provided.
- Management did not provide specific numerical guidance for export share, state-wise revenue contribution, or detailed margin impact of value-added products.
What Narmada Agrobase Limited does
Narmada Agrobase Limited manufactures and supplies cattle feed and cotton-seed-based agro by-products with a focus on livestock nutrition. It operates one manufacturing facility near Mehsana, Gujarat with an installed capacity of 40,000 tonnes per annum, producing compound (pelletized) and mesh-form cattle feed alongside cottonseed meal, cotton linters, bleached cotton linters and cottonseed oil cake. Products are sold through a wholesale and retail dealer network under brands including "Churma", "Gaay Chhaap Narmada Pashu Aahar" and "Narmada Super", with the company also expanding exports of non-GMO livestock feed to Southeast Asia, the Middle East and Africa.
Segments
- Cattle feed
- Cotton seed
- Manufacturing facility
- 1 plant (Mehsana, Gujarat)
- Installed capacity
- 40,000 tonnes per annum (TPA)
- Capacity utilization
- ~50%
- Product brands
- 3
- Product categories
- 2 (cattle feed, cotton seed)
- Wholesale distribution points
- 150+
Guidance record · Q2 FY26
what the last two calls moved 6 tracked 0 delivered 0 missed 6 open- International Revenue Contribution on track said Q1 FY26 Promised: Scale international revenue to 15% to 20% of turnover over the next three years. Q2 FY26: Management noted they are 'moving ahead positively' and promoting non-GMO products on B2B platforms, though lacked quantitative updates.
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 100.9%, net profit down 26.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10 | 14 | 29 | 11 | 12 +16% | 21 +54% | 34 +16% | 22 +101% |
| EBITDA | 2 | 1 | 1 | 1 | 1 −37% | 1 +3% | 1 +66% | 1 −28% |
| Net profit | 1 | 1 | 1 | 1 | 1 −20% | 1 +1% | 1 +3% | 1 −26% |
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 −35.0% 1Y
1Y: ₹22.14 on 10 Sept 2025 → ₹14.38. High ₹43.56 (10 Jun 2026), low ₹13.48 (11 Aug 2026).
How the price took the results
close before → close after
- Q2 FY26
- −0.8%
- 26 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.
Financials, as filed
Revenue grew 24.8% a year over 2 years, FY24 to FY26. Operating margin widened to 6.4%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹50 Cr | ₹66 Cr | ₹78 Cr |
| Operating profit | ₹3 Cr | ₹6 Cr | ₹5 Cr |
| Operating margin | 5.0% | 8.5% | 6.4% |
| Interest | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹1 Cr | ₹4 Cr | ₹4 Cr |
| Net margin | 2.0% | 6.2% | 4.9% |
| Cash from operations | ₹1 Cr | ₹-16 Cr | ₹-1 Cr |
| Free cash flow | ₹1 Cr | ₹-16 Cr | ₹-1 Cr |
| ROCE | 8.8% | 13.1% | 8.9% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹38 Cr | ₹38 Cr |
| Reserves | ₹1 Cr | ₹2 Cr | ₹2 Cr | ₹3 Cr | ₹20 Cr | ₹21 Cr |
| Borrowings | ₹9 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹11 Cr | ₹10 Cr |
| Other liabilities | ₹3 Cr | ₹2 Cr | ₹1 Cr | ₹1 Cr | ₹2 Cr | ₹3 Cr |
| Total liabilities | ₹27 Cr | ₹27 Cr | ₹27 Cr | ₹28 Cr | ₹71 Cr | ₹72 Cr |
| Fixed assets | ₹4 Cr | ₹4 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹2 Cr |
| Other assets | ₹23 Cr | ₹23 Cr | ₹24 Cr | ₹25 Cr | ₹67 Cr | ₹68 Cr |
| Total assets | ₹27 Cr | ₹27 Cr | ₹27 Cr | ₹28 Cr | ₹71 Cr | ₹72 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 Jul 2026
Since Jun 2025, DIIs trimmed −2.46 pp while the public added +2.37 pp. The shareholder count grew 126% to 26,046.
- Promoters
- 50.3%
- FIIs
- 0.1%
- DIIs
- 6.5%
- Public
- 43.1%
Since Jun 2025
- DIIs −2.46 pp
- Public +2.37 pp
- FIIs +0.11 pp
How it drifted, 12 quarters
Over this window promoters fell from 63.9% to 50.3% — −13.6 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 63.9%, Public 36.1%.Mar '24: Promoters 63.6%, Public 36.4%.Jun '24: Promoters 57.7%, Public 42.3%.Sep '24: Promoters 57.7%, Public 42.3%.Dec '24: Promoters 49.1%, DIIs 7.9%, Public 43.0%.Mar '25: Promoters 49.1%, DIIs 9.0%, Public 41.9%.Jun '25: Promoters 50.3%, DIIs 9.0%, Public 40.7%.Sep '25: Promoters 50.3%, DIIs 9.0%, Public 40.7%.Dec '25: Promoters 50.3%, FIIs 0.0%, DIIs 9.0%, Public 40.7%.Mar '26: Promoters 50.3%, FIIs 0.5%, DIIs 9.0%, Public 40.2%.Jun '26: Promoters 50.3%, FIIs 0.3%, DIIs 7.1%, Public 42.3%.Jul '26: Promoters 50.3%, FIIs 0.1%, DIIs 6.5%, Public 43.1%.
Who is on the register
Named in the Jul 2026 filing
Every holder of Narmada Agrobase Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Neerajkumar S Agarwal | 25.07% | unchanged |
| Chanakya Opportunities Fund I AIF | 6.50% | −0.57 pp |
| Abhishek S Agarwal | 6.27% | unchanged |
| Raxita Abhishek Agrawal | 5.87% | unchanged |
| Suresh Chandra Gupta | 4.66% | unchanged |
| Monika Neeraj Agarwal | 4.31% | unchanged |
| Monika N Agrawal | 2.56% | unchanged |
| Nitinkumar Sureshchandra Agrawal | 1.06% | unchanged |
| Naman Agarwal | 0.20% | unchanged |
| Anjana Devi | 0.17% | unchanged |
| Shweta Agrawal | 0.13% | unchanged |
| Pushpa Devi | 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.
All earnings calls (2)
Read the Q2 FY26 call →Learn to analyse Narmada Agrobase Limited
Guides on how to read this kind of business and the numbers that matter.