M.V.K. Agro Food Product Limited (MVKAGRO)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, M.V.K. Agro's revenue was ₹26.5 Cr (-16.7% year on year, -80.2% on the previous quarter), and net profit ₹2.1 Cr (-40.1% year on year); the operating margin was 4.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹26.5 | -16.7% | -80.2% |
| Operating profit | ₹1.3 | -77.9% | -95.6% |
| Net profit | ₹2.1 | -40.1% | -93.3% |
| EPS (₹) | 0.41 | -81.6% | -93.2% |
| Operating margin | 4.9% | — | — |
MVKAGRO delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 95.37% of the MVKAGRO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 80.09%. That is close to its usual level. It closed at a price band (circuit) on 13 sessions in about the last 20. 9 bulk or block deals were reported in MVKAGRO in the last 60 days: ₹59 Cr bought and ₹61 Cr sold.
Delivery in the last 5 sessions: 58.1% · 88.4% · 68.8% · 86.6% · 95.4%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 16 Oct | Buy | Abhishek Ashvinbhai Kamdar Huf | ₹8.88 Cr | ₹256.45 | 346,200 | Bulk |
| 16 Oct | Sell | Abhishek Ashvinbhai Kamdar | ₹8.45 Cr | ₹256.50 | 329,400 | Bulk |
| 15 Oct | Buy | Onix Renewable Limited | ₹16.93 Cr | ₹245.56 | 689,400 | Bulk |
| 15 Oct | Sell | Abhishek Ashvinbhai Kamdar Huf | ₹16.42 Cr | ₹244.94 | 670,200 | Bulk |
| 15 Oct | Buy | Abhishek Ashvinbhai Kamdar Huf | ₹2.00 Cr | ₹251.65 | 79,500 | Bulk |
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
M.V.K. Agro Food Product Limited has completed its sugar cane crushing capacity expansion from 2,500 TCD to 4,000 TCD, marking a 60% capacity increase. Crushing operations at the expanded capacity will commence on October 15, 2026, coinciding with the official inauguration of the new plant in Nanded, Maharashtra. This operationalization supports the company's previously stated target of achieving 60% growth by integrating expanded crushing with downstream ethanol and bio-CNG lines.
- Cane crushing capacity expanded by 60% from 2,500 TCD to 4,000 TCD
- Commercial operations at enhanced capacity begin on October 15, 2026
- Inauguration ceremony scheduled for October 15, 2026, at 11:00 a.m. at Kusumnagar, Dist. Nanded
- Expansion follows prior intimations on June 23, 2025 and January 22, 2026 after Central Government approval
M.V.K. Agro Food Product's Board of Directors approved the issuance of up to 7,500 secured, listed, rated, redeemable Non-Convertible Debentures (NCDs) aggregating up to Rs 75 crore on a private placement basis. The NCDs carry a face value of Rs 1,00,000 each and will have a tenure of up to 30 months, proposed to be listed on BSE Limited. The fundraise is material, representing approximately 33.9% of existing debt (Rs 221 Cr) and 25.7% of TTM revenue (Rs 292 Cr). Coupon rate, pricing, and charge creation details will be finalised in due course by the newly constituted Debenture Issue and Allotment Committee.
- Approved issue of up to 7,500 NCDs of face value Rs 1,00,000 each aggregating up to Rs 75 crore
- Issued via private placement in one or more tranches with tenure up to 30 months
- Proposed to be listed on BSE Limited
- Appointed Mitcon Credentia Trusteeship Services Limited as the Debenture Trustee
M.V.K. Agro Food Product Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Mas Services Limited confirms that all securities received for dematerialisation between July 1, 2026, and September 30, 2026, were processed within the mandated 15-day window. The RTA also verified that certificates were mutilated and cancelled, and relevant records were updated accordingly. This filing is strictly procedural and has no financial or operational impact.
- Compliance certificate submitted for the period from 01/07/2026 to 30/09/2026
- Confirmation that demat requests were processed within the mandated 15 days
- RTA Mas Services Limited issued the confirmation letter dated October 06, 2026
- Filing submitted to the exchange on October 13, 2026
NSE imposed a fine of ₹23,600 (inclusive of 18% GST) on M.V.K. Agro Food Product Limited for a 4-day delay in submitting financial results for the quarter ended June 30, 2026 under Regulation 33. The company explained that the original Board Meeting scheduled for August 13, 2026 was adjourned due to lack of quorum and reconvened on August 20, 2026. The fine was remitted on September 11, 2026, and the Board formally reviewed the matter on October 1, 2026. The financial penalty is negligible relative to the company's TTM revenue of ₹292 Cr.
- NSE levied a penalty of ₹23,600 (base fine ₹20,000 plus ₹3,600 GST) for Regulation 33 non-compliance
- Non-compliance spanned 4 days at a rate of ₹5,000 per day
- Delay occurred as the Board Meeting on August 13, 2026 was adjourned for lack of quorum and held on August 20, 2026
- Full fine amount of ₹23,600 was paid on September 11, 2026, and noted by the Board on October 1, 2026
M.V.K. Agro Food Product Limited announced a change in the address of its registered office within local limits of Nanded, Maharashtra, approved by the Board on October 1, 2026. The address was amended to encompass expanded Gut Numbers (Gut No. 42 to 46) at Kusumnagar, Umari. The move has no impact on business operations, revenue (TTM Rs 292 Cr), or financial structure.
- Board meeting approved change of registered office on October 1, 2026
- Meeting commenced at 4:00 p.m. and concluded at 4:30 p.m.
- Office shifted within local limits of Nanded, Maharashtra (Pincode 431807)
- Address updated from Gut No. 44 & 46 to Gut No. 42, 42/1, 43/1, 43/3, 44/1, 44/1/2, 44/1/3, 44/1/4, 45 & 46
M.V.K. Agro Food Product Limited announced that its shareholders approved the regularisation of Mr. Pankaj Pandav as a Non-Executive Independent Director at the Annual General Meeting on September 19, 2026. His appointment is effective retroactively from June 20, 2026, for a term of five years. Mr. Pandav brings around a decade of experience in corporate governance and capital market transactions, holding qualifications in law and commerce alongside ICSI membership. This administrative governance regularisation has no direct impact on the company's financials (TTM revenue of Rs 292 Cr).
- Shareholders approved the appointment of Mr. Pankaj Pandav as Non-Executive Independent Director on September 19, 2026
- Appointment tenure is for a period of 5 years with effect from June 20, 2026
- Appointee holds around 10 years of experience in corporate governance and secretarial compliances
- Designation regularised from Additional Director to Independent Director with zero promoter relationship disclosed
M.V.K. Agro Food Product Limited has secured shareholder approval at its AGM on September 19, 2026, to re-appoint promoter Mr. Marotrao Vyankatrao Kawale as Managing Director for a 3-year term starting December 19, 2026. Mr. Kawale brings over 20 years of experience in sugar and allied industries and oversees operational management. The company, operating at a TTM revenue of Rs 292 Cr and market cap of Rs 1,193 Cr, maintains leadership continuity amid ongoing plans to expand crushing capacity to 4,000 TCD.
- Shareholders approved the re-appointment of Mr. Marotrao Vyankatrao Kawale as Managing Director on September 19, 2026
- The re-appointment term is for a period of 3 years, effective from December 19, 2026
- Mr. Kawale has over 20 years of operating experience in the sugar and allied sectors
M.V.K. Agro Food Product Limited conducted its 8th Annual General Meeting on September 19, 2026, through video conferencing. Key resolutions tabled included the adoption of FY26 financial statements, the re-appointment of Managing Director Mr. Marotrao Vyankatrao Kawale, and approvals under Sections 180(1)(a) and 180(1)(c) for borrowing funds and creating security. The company reported that the Statutory Auditors' and Secretarial Audit reports contained no adverse qualifications. Remote e-voting concluded on September 18, 2026, with formal voting outcomes to be reported separately.
- 8th Annual General Meeting held on September 19, 2026, via Video Conferencing
- Special resolutions presented to enable borrowing powers and creation of security under Section 180 of the Companies Act
- Managing Director Marotrao Vyankatrao Kawale proposed for re-appointment
- Remote e-voting was conducted from September 16, 2026 (9:00 a.m.) to September 18, 2026 (5:00 p.m.)
M.V.K. Agro Food Product Limited has dispatched intimations to shareholders whose email addresses are not registered, providing web-links to access the FY26 Annual Report and Notice of the 8th Annual General Meeting (AGM). The AGM is scheduled to be held on Saturday, September 19, 2026, at 3:00 PM IST via Video Conferencing. The cut-off date to determine e-voting eligibility has been set as September 12, 2026. Remote e-voting opens on September 16, 2026.
- 8th Annual General Meeting scheduled for September 19, 2026, at 3:00 PM IST via Video Conferencing.
- Cut-off date for e-voting eligibility fixed as September 12, 2026.
- Remote e-voting period commences on September 16, 2026.
- Notice issued under Regulation 36(1)(b) for shareholders without registered email addresses.
M.V.K. Agro Food Product Limited has issued the notice for its 8th Annual General Meeting (AGM) scheduled for September 19, 2026, via video conferencing. Key agenda items include the re-appointment of Managing Director Mr. Marotrao Vyankatrao Kawale for a 3-year term at a monthly remuneration up to Rs. 3,00,000, and the appointment of Mr. Pankaj Pandav as an Independent Director for 5 years. Additionally, the company seeks enabling shareholder approval under Section 180(1)(a) to create security/charges on assets for borrowings up to Rs. 1,000 crore (versus existing net worth of Rs 413 Cr). The e-voting cut-off date is September 12, 2026, with voting open from September 16 to September 18, 2026.
- 8th AGM scheduled for September 19, 2026, with remote e-voting running September 16-18, 2026.
- Special resolution proposed to create security/mortgage on assets securing borrowings up to Rs. 1,000 Crore.
- Re-appointment of Managing Director Mr. Marotrao Vyankatrao Kawale for 3 years (Dec 2026 - Dec 2029) at up to Rs. 3,00,000/month.
- Appointment of Independent Director Mr. Pankaj Pandav for a 5-year term ending June 19, 2031.
- Annual report discloses consolidated FY26 revenue of Rs 31,989.02 lakhs (Rs 319.89 Cr) and PAT of Rs 4,663.15 lakhs (Rs 46.63 Cr).
M.V.K. Agro Food Product Limited announced that its Board of Directors approved the re-appointment of M/s. JNP & Associates, Cost Accountants, as the company's Cost Auditor for FY 2026-27 on August 26, 2026. JNP & Associates is a Pune-based firm established in 2016, with 3 partners and over 20 professionals. This is a standard statutory compliance filing under SEBI LODR regulations.
- Re-appointment of M/s. JNP & Associates (FRN: 000572) approved on August 26, 2026
- Term covers Cost Audit for the Financial Year 2026-27
- Audit firm profile: Pune-based, founded March 1, 2016, with 3 partners and 20+ professionals
M.V.K. Agro Food Product Limited has approved the appointment of Mr. Pankaj Pandav as Non-Executive Independent Director for a term of 5 years effective June 20, 2026. The regularisation from Additional Director to Independent Director is subject to shareholder approval at the upcoming Annual General Meeting. Mr. Pandav brings roughly a decade of corporate governance and capital market transaction experience.
- Appointment of Mr. Pankaj Pandav as Non-Executive Independent Director approved on August 26, 2026
- Appointed for a tenure of 5 years with effect from June 20, 2026
- Designation changed from Additional Director to Director (Non-Executive Independent)
- Subject to approval by shareholders at the ensuing Annual General Meeting
M.V.K. Agro Food Product Limited announced that its Board of Directors approved the re-appointment of M/s. JNP & Associates, Cost Accountants, as the Cost Auditor for FY 2026-27 on August 26, 2026. JNP & Associates is a Pune-based firm established on March 1, 2016, managed by 3 partners and over 20 professionals. This represents standard statutory compliance and has no material operational or financial impact on the company.
- Board approved re-appointment of M/s. JNP & Associates (FRN: 000572) on August 26, 2026
- Appointment tenure covers the Financial Year 2026-27
- Audit firm has been operational since March 1, 2016, with 3 partners and 20+ professionals
M.V.K. Agro Food Product Limited held its board meeting on August 26, 2026, approving key governance resolutions. The board approved the re-appointment of promoter Mr. Marotrao Vyankatrao Kawale as Managing Director for a 3-year term effective December 19, 2026, subject to shareholder approval. Additionally, Mr. Pankaj Pandav was appointed as Non-Executive Independent Director for a 5-year term starting June 20, 2026. The company's 8th Annual General Meeting is scheduled for September 19, 2026, with the voting cut-off date set as September 12, 2026.
- Re-appointment of Mr. Marotrao Vyankatrao Kawale as Managing Director for 3 years (Dec 19, 2026 to Dec 18, 2029)
- Appointment of Mr. Pankaj Pandav as Independent Director for a 5-year tenure effective June 20, 2026
- 8th Annual General Meeting convened for September 19, 2026, at 3:00 PM IST via VC/OAVM
- Shareholder voting cut-off date fixed as Saturday, September 12, 2026
- M/s. JNP & Associates re-appointed as Cost Auditor for FY 2026-27
M.V.K. Agro Food Product Limited has submitted its quarterly Statement of Deviation or Variation under Regulation 32 of SEBI LODR for the quarter ended June 30, 2026. The company confirmed that there has been zero deviation or variation in the utilization of proceeds raised from its Initial Public Offer (IPO). Funds continue to be deployed strictly in line with the Objects of the Issue stated in the offer prospectus. The statement was reviewed by the Audit Committee on August 20, 2026.
- Zero deviation or variation in IPO proceeds utilization reported for the quarter ended June 30, 2026
- Proceeds deployment confirmed in line with stated Objects of the Issue in the Prospectus
- Audit Committee reviewed and approved the statement on August 20, 2026
Financial Performance
Revenue Growth by Segment
Standalone revenue from operations grew by 6.74% YoY, increasing from INR 124.58 Cr in FY24 to INR 132.98 Cr in FY25. Consolidated revenue for FY25 stood at INR 149.73 Cr, reflecting a 5.87% growth over the previous year's INR 141.44 Cr. Segment-specific growth percentages are not explicitly broken down, but the company is expanding from sugar into ethanol and bio-CNG.
Geographic Revenue Split
Not disclosed in available documents. However, the company's registered office and primary manufacturing units are located in Nanded, Maharashtra, suggesting a high concentration of domestic revenue from this region.
Profitability Margins
Standalone Net Profit Ratio improved slightly from 5.75% in FY24 to 5.81% in FY25. Standalone Profit After Tax (PAT) grew by 7.82% YoY to INR 7.72 Cr. Consolidated PAT for FY25 was INR 9.33 Cr compared to INR 8.72 Cr in FY24, a growth of 7.01%.
EBITDA Margin
Standalone EBITDA grew by 7.68% YoY, rising from INR 8.69 Cr in FY24 to INR 9.36 Cr in FY25. The EBITDA margin remained stable at approximately 7.04% of total income.
Capital Expenditure
The company raised INR 99.60 Cr for capital expenditure, including INR 58.25 Cr via IPO for a greenfield unit (Ethanol, Bio-CNG, Fertilizer) and INR 41.35 Cr via Preferential Issue for expanding sugar manufacturing capacity from 2,500 MT to 4,000 MT TCD per day. As of September 30, 2025, INR 89.37 Cr has been utilized.
Credit Rating & Borrowing
The Debt-Equity ratio improved significantly from 2.04 times in FY24 to 1.31 times in FY25, indicating reduced leverage following equity infusions. Specific credit ratings and interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Sugarcane is the primary raw material, accounting for the bulk of manufacturing costs for sugar and ethanol production. Specific percentage of total cost per material is not disclosed.
Import Sources
Sourced domestically, primarily from the Nanded region and surrounding districts in Maharashtra to support the sugar manufacturing facility.
Key Suppliers
Not disclosed in available documents; typically involves local farming communities and sugarcane cooperatives.
Capacity Expansion
Current sugar manufacturing capacity is 2,500 MT TCD per day, with a planned expansion to 4,000 MT TCD per day. Additionally, a greenfield unit is being set up for Ethanol, Bio-CNG, and Fertilizer production.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company noted exposure to price fluctuations of raw materials and manages this through forward booking and inventory management.
Manufacturing Efficiency
The company is focused on increasing efficiency through a 60% capacity expansion in its sugar division (from 2,500 to 4,000 TCD) and diversifying into high-value by-products like Ethanol and Bio-CNG.
Strategic Growth
Expected Growth Rate
60%
Growth Strategy
Growth will be achieved by expanding sugar crushing capacity by 60% (to 4,000 TCD) and operationalizing a new greenfield unit for Ethanol and Bio-CNG. This aligns with the Indian government's target of 20% ethanol blending by 2025, providing a stable revenue stream and higher margins compared to standalone sugar production.
Products & Services
Sugar, Ethanol, Bio-CNG, and Fertilizer.
Brand Portfolio
M.V.K. Agro Food Product Limited.
New Products/Services
Ethanol, Bio-CNG, and Fertilizer are the new product lines following the greenfield expansion funded by the INR 58.25 Cr IPO proceeds.
Market Expansion
Expansion is focused on the Nanded region of Maharashtra for production, while targeting the national energy market through ethanol blending programs.
External Factors
Industry Trends
The sugar sector is transitioning into an energy-hub model driven by the 20% ethanol blending target by 2025. This shift is intended to reduce fossil fuel reliance and ensure stable farmer incomes.
Competitive Moat
Moat is based on integrated operations (sugar + ethanol + bio-CNG) and geographic proximity to sugarcane cultivation in Maharashtra. Sustainability is tied to government mandates for green energy.
Macro Economic Sensitivity
Highly sensitive to agricultural output and government fiscal policy. A slowdown in government capex (utilization at 37.3% in H1 FY25 vs 49% YoY) and industrial growth (manufacturing slowed to 2.2% from 7%) impacts the broader economic environment.
Consumer Behavior
Shift toward sustainable and green energy alternatives is driving demand for ethanol and bio-CNG.
Geopolitical Risks
Geopolitical uncertainties and disruptions in the Red Sea region have weighed on exports, with total export growth slowing to 2.8%.
Regulatory & Governance
Industry Regulations
Operations are heavily influenced by the SEBI (ICDR) Regulations and the 20% ethanol blending mandate by 2025. The company received an advisory letter from NSE on November 26, 2025, regarding non-compliance with SEBI (ICDR) Regulations for post-allotment listing of 45,93,900 shares.
Environmental Compliance
The company is investing in Bio-CNG and Ethanol to support environmental sustainability and energy security, though specific ESG compliance costs are not listed.
Taxation Policy Impact
Current tax for FY25 was INR 1.05 Cr (Standalone) and INR 1.34 Cr (Consolidated). Standalone tax expense decreased from INR 1.68 Cr in FY24.
Risk Analysis
Key Uncertainties
Raw material price volatility and finished goods price fluctuations are key risks. Regulatory changes in the sugar or ethanol pricing framework could impact margins by an estimated 5-10% based on historical cyclicality.
Geographic Concentration Risk
High concentration in Nanded, Maharashtra, making the company vulnerable to regional weather patterns and local state-level agricultural policies.
Third Party Dependencies
High dependency on local sugarcane farmers for raw material supply.
Technology Obsolescence Risk
The company is mitigating technology risks by setting up a modern greenfield unit for Bio-CNG and Ethanol production.
Credit & Counterparty Risk
Debtors Turnover Ratio significantly decreased from 1562.19 times in FY24 to 683.07 times in FY25, which may indicate a change in credit terms or collection cycles.
