Bombay Super Hybrid Seeds Limited (BSHSL)
₹94.99 -6.69% last close, 16 Oct
Q2 FY27 results
Bombay Super Hybrid Seeds Limited reported Q2 FY27 results on 15 Oct 2026: revenue ₹85.9 Cr (+219.8% year on year, -53.0% on the previous quarter), and net profit ₹2.4 Cr (+5.1% year on year); the operating margin was 5.0%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹85.9 | +219.8% | -53.0% |
| Operating profit | ₹4.3 | +2.6% | -75.2% |
| Net profit | ₹2.4 | +5.1% | -83.5% |
| EPS (₹) | 0.22 | -8.3% | -83.8% |
| Operating margin | 5.0% | — | — |
- Operating margin contracted 1049 bps YoY
- Operating cash flow was negative in FY26 despite a profit
- Borrowings down 79% since Mar 2026
Quality of profit: of pre-tax profit of ₹3.0 Cr, ₹2.9 Cr (97%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved +21.4% year on year.
Against its own trend: net profit of ₹2.4 Cr was -1.3% against the ₹2.4 Cr its recent growth pointed to (in line). This is a statistical baseline, not an analyst estimate.
Share price since the results: -6.7% (close before the filing to the latest close).
BSHSL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 69.33% of the BSHSL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 71.86%. That is close to its usual level. Turnover was only ₹32 lakh, so a handful of trades can move this figure. It traded 2.7 times its average daily volume.
Delivery in the last 5 sessions: 76.3% · 79.1% · 80.2% · 60.9% · 69.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Bombay Super Hybrid Seeds reported Q2 FY27 standalone revenue from operations of ₹85.86 Cr, up 219.8% YoY compared to ₹26.85 Cr in Q2 FY26. Net profit rose modestly by 5.1% YoY to ₹2.36 Cr from ₹2.24 Cr, constrained by higher raw material consumption and other operating expenses. For H1 FY27, revenue reached ₹268.43 Cr with a net profit of ₹16.66 Cr. The company significantly reduced short-term borrowings from ₹106.60 Cr as of March 31, 2026, to nil as of September 30, 2026, generating ₹103.74 Cr in operating cash flows over H1.
- Q2 FY27 revenue from operations jumped 219.8% YoY to ₹85.86 Cr (₹8,586.11 Lakhs vs ₹2,684.92 Lakhs)
- Q2 FY27 standalone PAT grew 5.1% YoY to ₹2.36 Cr (₹235.91 Lakhs vs ₹224.38 Lakhs)
- H1 FY27 revenue rose 49.3% YoY to ₹268.43 Cr; H1 PAT increased 14.8% to ₹16.66 Cr
- Current borrowings dropped from ₹106.60 Cr at end-FY26 to zero as of September 30, 2026
- Net operating cash flow for H1 FY27 stood strong at ₹103.74 Cr driven by inventory liquidation
Bombay Super Hybrid Seeds Limited held its 12th Annual General Meeting on September 30, 2026. Key agenda items placed for voting included the adoption of FY26 financial statements, the reappointment of Director Kishorkumar Devrajbhai Kakadiya, and the appointment of Richa Kaushal Mashru as an Independent Director. Crucially, shareholders voted on 10 separate special resolutions approving material related-party transactions with entities such as Upsurge Seeds of Agriculture and American Genetics Seeds. Final voting results across remote e-voting and AGM poll will be declared separately.
- 12th Annual General Meeting concluded on September 30, 2026 at 02:37 P.M.
- Shareholders voted on 13 resolutions, including 10 special resolutions for material related-party transactions
- Approval sought for material RPTs with entities including Upsurge Seeds of Agriculture Ltd and American Genetics Seeds Ltd
- Appointment of Mrs. Richa Kaushal Mashru (DIN: 09302729) as an Independent Director considered
- Remote e-voting took place from September 27, 2026 to September 29, 2026
CARE Ratings has downgraded Bombay Super Hybrid Seeds Limited's bank facilities totaling ₹125.00 crore due to non-cooperation from the company. The ₹20.00 crore long-term facilities were downgraded from CARE BBB-; Stable to CARE BB+; Stable (Issuer Not Cooperating), and ₹105.00 crore long-term/short-term facilities were downgraded to CARE BB+; Stable / CARE A4+. CARE noted that the company failed to provide adequate information despite multiple follow-up requests in September 2026. Meanwhile, the company stated it has withdrawn its ratings from CARE Ratings.
- Total bank facilities reviewed and downgraded stand at ₹125.00 crore, representing over 100% of the company's total debt (₹108 crore)
- ₹20.00 crore long-term bank facilities downgraded to CARE BB+; Stable from CARE BBB-; Stable under Issuer Not Cooperating
- ₹105.00 crore long/short-term facilities downgraded to CARE BB+; Stable / CARE A4+ from CARE BBB-; Stable / CARE A3
- Downgrade triggered by lack of adequate cooperation despite repeated rating agency notices on September 08, 10, and 22, 2026
Bombay Super Hybrid Seeds Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 under SEBI LODR Regulation 34(2)(f). The report confirms agricultural seeds generate 100% of revenue across 8 states from 6 plant locations and 1 office, with zero exports. Total permanent employee count stood at 60 with 20% female representation, while 15.41% of inputs were sourced directly from MSMEs. This is a standard statutory ESG compliance filing with no impact on quarterly financial performance.
- 100% of entity turnover is derived from agricultural seeds across 8 Indian states with 0% exports
- Total permanent workforce stood at 60 employees (80% male, 20% female) with an employee turnover rate of 10.90% in FY26
- Direct sourcing from MSMEs/small producers stood at 15.41% of total input material value in FY26, down from 18.32% in FY25
- Turnover reported for CSR applicability stood at Rs 34,496.04 Lakhs with net worth of Rs 13,101.49 Lakhs
Bombay Super Hybrid Seeds Limited has issued the notice for its 12th Annual General Meeting scheduled for September 30, 2026. The agenda includes shareholder approval for significant Material Related Party Transactions (RPT), prominently up to ₹150 Crore with Upsurge Seeds of Agriculture Limited, representing ~39% of TTM revenue (₹383 Cr). Further RPT approvals sought include ₹15 Crore with American Genetics Seeds Limited and ₹5 Crore each with Bombay Organic Cold Private Limited and Bombay Super Hotel LLP. Additionally, the AGM will consider the reappointment of Director Kishorkumar Devrajbhai Kakadiya and the appointment of Richa Kaushal Mashru as an Independent Director.
- 12th Annual General Meeting to be held on Wednesday, September 30, 2026 at Rajkot, Gujarat
- Approval sought for Material Related Party Transactions up to ₹150 Crore with Upsurge Seeds of Agriculture Limited (~39% of TTM revenue)
- Proposed Related Party Transactions limit of up to ₹15 Crore with American Genetics Seeds Limited
- Proposed limits of up to ₹5 Crore each with Bombay Organic Cold Private Limited and Bombay Super Hotel LLP
- Agenda includes appointment of Mrs. Richa Kaushal Mashru as an Independent Director
Bombay Super Hybrid Seeds Limited has announced its book closure dates and voting cut-off for its upcoming Annual General Meeting (AGM). The register of members and share transfer books will remain closed from September 23, 2026, to September 29, 2026 (both days inclusive). Additionally, Wednesday, September 23, 2026, has been fixed as the cut-off date to determine shareholder voting eligibility. This is a routine regulatory compliance filing under Regulation 42 of SEBI LODR.
- Book closure starts on September 23, 2026
- Book closure ends on September 29, 2026 (both days inclusive)
- Voting cut-off date fixed as September 23, 2026
- Purpose is the upcoming Annual General Meeting of the company
Bombay Super Hybrid Seeds Limited (BSHSL) held its board meeting and scheduled its 12th Annual General Meeting (AGM) for Wednesday, September 30, 2026. The board approved the Board's Report for FY26 and recommended the re-appointment of Director Kishorkumar Devrajbhai Kakadiya, who retires by rotation. Additionally, Mrs. Richa Kaushal Mashru was approved for a second term as Independent Director starting after September 30, 2026. The remote e-voting cut-off date is set for September 23, 2026, with the register of members closed from September 23 to September 29, 2026.
- 12th Annual General Meeting scheduled for Wednesday, September 30, 2026, at 02:00 P.M.
- Remote e-voting window runs from September 27, 2026 (09:00 AM) to September 29, 2026 (05:00 PM)
- Cut-off date for e-voting and start of book closure established as September 23, 2026
- Independent Director Mrs. Richa Kaushal Mashru recommended for a second term after expiry of first term on September 30, 2026
Bombay Super Hybrid Seeds Limited has executed a sale deed on August 27, 2026, to acquire land/immovable property in Indore, Madhya Pradesh, for a total consideration of ₹3.69 Cr (₹3,68,75,000). The property is situated adjacent to the company's existing rented warehouse, godown, and distribution facility. The acquisition is intended to support current operations and future expansion plans. The transaction is non-related party and represents a modest capital outlay of approximately 2.8% of the company's net worth (₹131 Cr).
- Acquired immovable property at Survey No. 99, Gram Lsudiya Mori, Indore (MP) for ₹3,68,75,000
- Land is located adjacent to the company's existing rented godown, warehouse, and distribution facility
- Transaction executed on August 27, 2026, with zero related-party involvement
- Acquisition value represents ~0.96% of TTM revenue (₹383 Cr) and ~2.8% of net worth (₹131 Cr)
Bombay Super Hybrid Seeds Limited (BSHSL) reported a strong start to FY27 with revenue from operations growing 19.4% YoY to ₹182.57 Cr. Net profit for the quarter increased by 16.5% to ₹14.30 Cr, up from ₹12.27 Cr in Q1 FY26. This quarter is historically the company's most significant, contributing approximately 51.5% of its TTM revenue due to the Kharif sowing season. EPS improved to ₹1.36 from ₹1.17, reflecting steady operational execution during its peak period.
- Revenue from operations increased 19.4% YoY to ₹182.57 Cr from ₹152.94 Cr.
- Net profit grew 16.5% YoY to ₹14.30 Cr compared to ₹12.27 Cr in the previous year's quarter.
- Q1 revenue of ₹182.57 Cr represents 51.5% of the total TTM revenue of ₹354 Cr, highlighting high seasonality.
- Earnings Per Share (EPS) rose to ₹1.36 from ₹1.17 in the year-ago period.
- Total expenses for the quarter stood at ₹167.82 Cr, primarily driven by production and inventory adjustments.
Bombay Super Hybrid Seeds Limited (BSHSL) reported a strong start to FY27 with revenue from operations growing 19.4% YoY to ₹182.57 Cr. Net profit for the quarter increased by 16.5% YoY to ₹14.30 Cr, resulting in an EPS of ₹1.36 compared to ₹1.17 in the previous year's quarter. This quarter is highly significant as it accounts for approximately 51.6% of the company's TTM revenue, reflecting the seasonal nature of the seed industry during the Kharif sowing period. Despite higher production and inventory-related expenses totaling ₹167.82 Cr, the company maintained positive momentum in its core agriculture segment.
- Revenue from operations increased to ₹182.57 Cr in Q1 FY27 from ₹152.94 Cr in Q1 FY26.
- Net profit grew 16.5% YoY to ₹14.30 Cr from ₹12.27 Cr.
- Quarterly EPS improved to ₹1.36 from ₹1.17 in the corresponding quarter of the previous year.
- Total expenses rose to ₹167.82 Cr, driven by a ₹80.37 Cr change in inventories and ₹73.19 Cr in production expenses.
- Q1 revenue represents ~51.6% of the total TTM revenue of ₹354 Cr, highlighting high seasonality.
Bombay Super Hybrid Seeds Limited (BSHSL) has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The report, issued by the company's Registrar and Share Transfer Agent (RTA), Skyline Financial Services Private Limited, covers the quarter ended June 30, 2026. The filing confirms that no physical share certificates were received for dematerialization during this period. This is a standard administrative disclosure with no impact on the company's financial health or business operations.
- Compliance certificate submitted for the quarter ended June 30, 2026
- Zero (0) physical share certificates were received for dematerialization during the quarter
- Certificate issued by Skyline Financial Services Private Limited, SEBI Registration No. INR000003241
- Filing dated July 30, 2026, following the RTA's internal confirmation on July 02, 2026
Bombay Super Hybrid Seeds Limited (BSHSL) has announced the closure of its trading window for all designated persons starting July 01, 2026. This is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of unaudited standalone financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially declared. Historically, the June quarter is significant for the company, having generated Rs 152.94 Cr in revenue in June 2025, which represents approximately 43% of its TTM revenue.
- Trading window closure begins on July 01, 2026, for all designated persons and their relatives.
- The closure is in anticipation of the unaudited standalone financial results for the quarter ending June 30, 2026.
- The window will reopen 48 hours after the results are declared to the exchanges.
- The June 2025 quarter previously contributed Rs 152.94 Cr to the company's top line.
- The date for the Board Meeting to approve these results will be announced separately.
Bombay Super Hybrid Seeds Limited (BSHSL) has executed a sale deed to acquire 4,079.40 square meters of industrial land in Rajkot for a total consideration of ₹1,40,50,000. The land is strategically located adjacent to the company's existing facility, which is expected to streamline future capacity expansion. Notably, the transaction involves a related party, as one of the sellers is a promoter and director of the company, though the deal is stated to be at arm's length.
- Acquired 4,079.40 sq. meters of land at Kuchiyadad Village, Rajkot for ₹1.405 crore.
- The property consists of three plots (No. 7, 8, and 9) designated for general industrial purposes.
- Strategic location adjacent to the current facility provides a logistical advantage for future expansion.
- Transaction involves Mr. Kishorkumar Devrajbhai Kakadiya, a promoter and director holding 8.20% stake.
- The acquisition was finalized via a sale deed executed on June 18, 2026.
Bombay Super Hybrid Seeds Limited (BSHSL) has been assigned a new credit rating of [ICRA] BBB+ with a Stable outlook by ICRA Limited. The rating applies to bank facilities totaling ₹145.00 crore, which includes ₹121.50 crore in long-term fund-based cash credit and ₹23.50 crore in unallocated limits. This investment-grade rating reflects the company's creditworthiness and its ability to manage debt obligations across major lenders like YES Bank, IndusInd Bank, and ICICI Bank. The stable outlook indicates that the rating agency expects the company to maintain its financial profile in the medium term.
- ICRA assigned a new long-term rating of [ICRA] BBB+ (Stable) for ₹145.00 crore of bank facilities.
- The total rated amount includes ₹121.50 crore for cash credit facilities and ₹23.50 crore for unallocated limits.
- Major bank-wise exposures include YES Bank (₹70.00 crore), IndusInd Bank (₹31.50 crore), and ICICI Bank (₹20.00 crore).
- The assignment of an investment-grade rating validates the company's financial stability and debt-servicing capability.
Bombay Super Hybrid Seeds Limited (BSHSL) has received formal trading approval from BSE Limited for the listing of 10,49,37,280 equity shares. These shares, with a face value of Rs. 1 each, are being listed under the Direct Listing category. Trading on the BSE platform is effective from May 12, 2026. This move is expected to enhance the company's visibility and provide better liquidity for shareholders by being available on both major Indian exchanges.
- Approval received for listing and trading of 10,49,37,280 equity shares on BSE.
- Equity shares have a face value of Rs. 1/- each.
- Trading commenced on the BSE exchange effective from Tuesday, May 12, 2026.
- Listing was executed under the Direct Listing route as per BSE Notice No. 20260511-34.
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) grew 12% YoY to INR 257.28 Cr in FY24 from INR 228.31 Cr in FY23. Groundnut seeds, the primary segment, increased its revenue contribution from 53% in FY23 to 60% in FY24. H1FY25 revenue showed a 23.8% increase to INR 186.34 Cr compared to INR 150.52 Cr in H1FY24, driven by an expanded dealer network.
Geographic Revenue Split
Revenue is highly concentrated in three states: Gujarat, Maharashtra, and Rajasthan, which together accounted for 88% of TOI in FY24, though this improved from 94% in FY23 as the company expanded into West Bengal, Bihar, and Punjab.
Profitability Margins
Net Profit Margin (PAT) improved to 8.64% (INR 22.22 Cr) in FY24 from 7.35% (INR 16.78 Cr) in FY23. Profitability is supported by a shift toward higher-realization seed varieties and better working capital management.
EBITDA Margin
PBILDT margin stood at 11.22% (INR 28.87 Cr) in FY24, an increase from 9.60% (INR 21.91 Cr) in FY23. The margin remained healthy at 9.67% in H1FY25 despite seasonal fluctuations.
Capital Expenditure
The company previously expanded processing capacity from 20 MT per day to 70 MT per day. Current documents do not disclose specific planned INR figures for future capex, though growth is focused on distribution network expansion.
Credit Rating & Borrowing
Assigned CARE BBB; Stable for long-term facilities and CARE A3+ for short-term facilities in April 2025. Interest coverage ratio remains comfortable at 6.30x in FY24, though it slightly moderated from 7.22x in FY23 due to higher working capital utilization.
Operational Drivers
Raw Materials
Agricultural seeds for processing, primarily Groundnut (60% of sales), Onion, Coriander, Cumin, Rajka, Gram, Wheat, and Soyabean.
Import Sources
Sourced domestically from major agricultural hubs in Gujarat, Maharashtra, Rajasthan, and Madhya Pradesh to align with local crop-growing cycles.
Key Suppliers
Sourced from a vast network of individual farmers and seed growers across India; specific corporate supplier names are not disclosed.
Capacity Expansion
Current seed processing capacity is 70 Metric Tonnes (MT) per day across two plants in Rajkot, Gujarat. The company utilizes this capacity to process hybrid and high-yield varieties.
Raw Material Costs
Raw material costs are a significant portion of the operating cost structure, with profitability susceptible to volatile agricultural commodity prices which can fluctuate 10-20% based on seasonal yields.
Manufacturing Efficiency
Capacity utilization peaks during Q4 to prepare for the Kharif season, with working capital utilization exceeding 90% during these peak periods.
Logistics & Distribution
Utilizes a strong network of over 1,000 distributors to reach retail farmers across multiple states including Uttar Pradesh, Karnataka, and West Bengal.
Strategic Growth
Expected Growth Rate
45-55%
Growth Strategy
The company aims to achieve a revenue target of INR 375-400 Cr in FY25 by expanding its dealer and distribution network beyond its core three states and increasing the sales volume of high-margin vegetable and field crop seeds.
Products & Services
Hybrid and processed seeds for groundnut, onion, coriander, cumin, rajka, gram, wheat, sesame, soyabean, and various vegetable crops.
Brand Portfolio
Bombay Super Seed
New Products/Services
Expansion into soyabean and a wider variety of vegetable seeds to reduce the 60% revenue dependency on groundnut seeds.
Market Expansion
Targeting deeper penetration in West Bengal, Bihar, and Punjab to diversify the geographic base beyond the current 88% concentration in Western India.
Market Share & Ranking
Operates in a fragmented market where the top five companies hold ~28% share; BSHSL is a significant regional player in the Western Indian hybrid seed market.
Strategic Alliances
Associated with group companies Upsurge Seeds of Agriculture Limited and American Genetics Seeds Limited for similar business activities.
External Factors
Industry Trends
The Indian hybrid seed market is evolving toward high-yield, disease-resistant varieties. The industry is growing but remains fragmented, with increasing presence of R&D-heavy MNCs and large domestic firms.
Competitive Landscape
Faces stiff competition from MNCs (Monsanto, DuPont, Syngenta) and large domestic players (Nuziveedu Seeds, Rasi Seeds, Kaveri Seeds) who have superior R&D and deeper pockets.
Competitive Moat
Moat is built on a two-decade-old brand 'Bombay Super Seed' and a massive network of 1,000+ distributors. This is sustainable due to the high trust required by farmers in seed quality, which acts as a barrier to new entrants.
Macro Economic Sensitivity
Highly sensitive to agricultural GDP and rural disposable income, which dictate farmer spending on high-quality hybrid seeds.
Consumer Behavior
Farmers are increasingly shifting from traditional saved seeds to branded hybrid seeds to ensure higher crop yields and pest resistance.
Geopolitical Risks
Low direct impact as operations are domestic, but global commodity price shifts can influence local seed pricing.
Regulatory & Governance
Industry Regulations
Subject to the Seeds Act and quality standards for hybrid seed production and distribution in India.
Taxation Policy Impact
Effective tax rate is approximately 25-26% based on FY24 PAT of INR 22.22 Cr and PBILDT of INR 28.87 Cr minus depreciation and interest.
Legal Contingencies
The company has extended loans to group companies totaling INR 3.07 Cr as of FY24-end, which is a governance monitorable. No specific pending court cases with INR values were disclosed.
Risk Analysis
Key Uncertainties
High dependence on a single product (Groundnut, 60% revenue) and seasonal monsoon success (Kharif season) creates high volatility in annual cash flows.
Geographic Concentration Risk
88% of revenue is derived from just three states (Gujarat, Maharashtra, Rajasthan), making the company vulnerable to regional climate disasters or policy changes.
Third Party Dependencies
High dependency on a fragmented network of seed growers; any disruption in farmer relations could impact raw material procurement.
Technology Obsolescence Risk
Risk of seed varieties becoming obsolete if competitors launch more advanced pest-resistant or higher-yield hybrids.
Credit & Counterparty Risk
Receivables management is critical given the elongated operating cycle of 203 days; however, the diversified customer base (top 5 = 11%) mitigates individual default risk.
