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Narmada Agrobase Limited (NARMADA)

₹11.36 -0.70% last close, 16 Oct

📊 NSE: NARMADA 🏢 Animal Feed 📢 Latest filing: 14 Aug 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Narmada Agrobase's revenue was ₹22.3 Cr (+100.9% year on year, -34.5% on the previous quarter), and net profit ₹0.8 Cr (-26.5% year on year); the operating margin was 4.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹22.3	+100.9%	-34.5%
Operating profit	₹0.9	-28.0%	-3.1%
Net profit	₹0.8	-26.5%	-6.3%
EPS (₹)	0.10	-23.1%	-9.1%
Operating margin	4.3%	—	—

Full quarterly financials → Results calendar →

NARMADA delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 68.33% of the NARMADA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.02%. That is higher than usual for this stock. Turnover was only ₹30 lakh, so a handful of trades can move this figure.

68.33%Delivery, 16 Oct

52.02%Own 20-session average

0.5×Volume vs its average

₹11.36NSE close · -0.70%

Delivery in the last 5 sessions: 63.2% · 58.8% · 31.6% · 55.4% · 68.3%

Delivery across the market →

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

Narmada Agrobase Reports Q1 FY27 Results; Reports Nil Deviation in Issue Proceeds

🟡 NEUTRAL ⭐ 5/10

EARNINGS 📅 14 Aug 2026, 07:52 PM

Narmada Agrobase Limited approved its standalone and consolidated unaudited financial results for the quarter ended June 30, 2026, at its board meeting on August 14, 2026. The company also submitted a statement of Nil deviation or variation in the utilization of proceeds raised via its prospectus dated September 17, 2024. Disclosures regarding outstanding debt defaults and modified audit opinions were marked as not applicable.

Approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026
Confirmed NIL deviation in the use of issue proceeds from the prospectus dated September 17, 2024
Board meeting held on August 14, 2026, commenced at 4:00 PM and concluded at 6:30 PM
Reported zero outstanding loan/debt defaults as per regulatory disclosure format

💡 Review detailed tabular quarterly financial statements once full annexures are accessible to assess revenue growth and margin trends against agri-commodity cost pressures.

Narmada Agrobase Approves Q1 FY27 Results; Reports Nil Deviation in Issue Proceeds

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 14 Aug 2026, 07:44 PM

Narmada Agrobase Limited announced the approval of its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, during its board meeting held on August 14, 2026. The company also submitted its Integrated Filing, confirming NIL deviation or variation in the utilization of issue proceeds raised under its prospectus dated September 17, 2024. Additionally, no outstanding loan defaults were reported for the period.

Approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.
Reported NIL deviation in the use of proceeds from the prospectus dated September 17, 2024.
Board meeting commenced at 4:00 PM and concluded at 6:30 PM on August 14, 2026.
Reported zero outstanding defaults on loans and debt securities in the integrated filing.

💡 Review the full financial tables once uploaded to evaluate revenue growth and margin trends against the company's 40,000 TPA capacity utilization.

Rs 17.43 Lakh Order Win for 300 MT Delinted Cotton Seed

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 08 Aug 2026, 04:35 PM

Narmada Agrobase Limited has secured a domestic purchase order from Dal Chand Vachraj And Company for 300 MT of delinted cotton seed. The order is valued at Rs 17.43 lakh (excluding GST and freight) and is scheduled for execution by September 2026. Given the company's total annual capacity of 40,000 MT, this order represents a small fraction (0.75%) of its production capability. The transaction is at arm's length with no promoter interest involved.

Received a domestic contract for 300 MT of delinted cotton seed
Total order value stands at Rs 17,43,000 plus 5% GST and freight
Execution timeline is set for completion on or before September 2026
Order volume represents approximately 0.75% of the company's 40,000 MT annual capacity

💡 Investors should monitor the company's ability to secure larger, higher-value contracts to utilize its current 50% idle capacity and meet its 35% growth target.

100% Shareholder Approval to Alter Rights Issue Fund Utilization Objects

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 31 Jul 2026, 01:11 PM

Shareholders of Narmada Agrobase have unanimously approved a special resolution to modify the utilization of funds raised through its September 2024 Rights Issue. A total of 2.29 crore votes were cast via postal ballot, with 100% in favor of the alteration. This change allows the company to redirect capital originally earmarked for specific objects to new requirements, providing management with financial flexibility. The company currently operates at 50% capacity utilization and maintains a net worth of Rs 59 Cr.

100% of the 2,28,85,776 valid votes were cast in favor of the special resolution
The resolution modifies the objects of the Rights Issue originally dated September 17, 2024
The voting process concluded on July 29, 2026, following a 30-day e-voting window
Company maintains a debt-to-equity ratio of 0.17 with a net worth of Rs 59 Cr

💡 Investors should monitor subsequent disclosures to identify the specific new projects or operational needs the Rights Issue proceeds are now being directed toward.

Narmada Agrobase Shareholders Approve 100% Variation in Rights Issue Fund Utilization

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 31 Jul 2026, 01:10 PM

Shareholders of Narmada Agrobase have passed a special resolution to alter the objects of the Rights Issue originally detailed in the Letter of Offer dated September 17, 2024. The resolution was approved with 100% of the 2.28 crore valid votes cast in favor via a postal ballot ending July 29, 2026. This approval grants the company flexibility to reallocate net proceeds from the equity issuance, though specific new allocation details were not provided in this results filing. Investors should note this change in capital allocation strategy relative to the company's Rs 59 crore net worth.

100% of the 2,28,85,776 valid votes were cast in favor of altering the Rights Issue objects.
The resolution modifies the utilization of funds from the Rights Issue initiated via the Letter of Offer dated September 17, 2024.
The remote e-voting process concluded on July 29, 2026, with the Scrutinizer's report finalized on July 30, 2026.
The cut-off date for determining shareholder eligibility was June 26, 2026.

💡 Investors should monitor upcoming quarterly filings to identify the specific new 'objects' for which the funds are being used, particularly if they support the company's stated goal of increasing capacity utilization from 50%.

Narmada Agrobase sets July 31, 2026, as Record Date for 1:2 Stock Split

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Jul 2026, 03:13 PM

Narmada Agrobase Limited has finalized July 31, 2026, as the record date for its upcoming stock split. The company will subdivide each existing equity share of face value ₹10 into two equity shares of face value ₹5 each. This corporate action is intended to increase the liquidity of the stock and make it more accessible to retail investors. The company currently operates a 40,000 TPA capacity facility with a 50% utilization rate as of H1 FY26.

Record date for the stock split is fixed for July 31, 2026
Subdivision ratio of 1:2, turning 1 share into 2 shares
Face value to be reduced from ₹10.00 to ₹5.00 per share
Current installed capacity remains at 40,000 Metric Tons Per Annum (TPA)

💡 Investors should note the share price will adjust downward proportionally on the ex-split date. Focus should remain on the company's ability to increase its 50% capacity utilization as per its growth strategy.

Narmada Agrobase Shareholders Approve Stock Split and 4-Year Auditor Re-appointment

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 18 Jul 2026, 06:16 PM

Narmada Agrobase Limited held its 14th Annual General Meeting on July 18, 2026, where shareholders approved all five proposed resolutions. Key outcomes include the approval of a sub-division (stock split) of equity shares and the re-appointment of Jain Kedia and Sharma as Statutory Auditors for a four-year term. A total of 2.19 crore votes were polled, representing 57.83% of the total 3.79 crore outstanding shares. The resolutions were passed with near-unanimous support, with the stock split receiving 99.99% votes in favor.

Shareholders approved the sub-division (stock split) of equity shares and the corresponding alteration of the Memorandum of Association.
Statutory Auditors Jain Kedia and Sharma were re-appointed for a further term of 4 years.
Total votes polled amounted to 2,19,38,789, which is 57.83% of the total 3,79,36,399 shares.
Promoter group voting was 100% in favor, accounting for 1,90,80,438 votes.
The resolution for the stock split passed with 2,19,38,524 votes in favor and only 250 votes against.

💡 Investors should monitor the company's upcoming announcements for the specific record date and the ratio of the approved stock split.

Narmada Agrobase Approves Stock Split and 4-Year Auditor Term at 14th AGM

🟢 POSITIVE ⭐ 6/10

BOARD_MEETING 📅 18 Jul 2026, 02:15 PM

Narmada Agrobase Limited concluded its 14th Annual General Meeting on July 18, 2026, where shareholders approved the sub-division (stock split) of equity shares. The company also re-appointed Jain Kedia and Sharma as Statutory Auditors for a four-year term. Management reiterated a growth target of 35%, supported by plans to increase capacity utilization from the current 50% level. The meeting confirmed the adoption of FY26 financial statements with no adverse remarks from auditors.

Shareholders approved the sub-division (stock split) of equity shares to improve liquidity
Re-appointment of Statutory Auditors confirmed for a further term of 4 years
Current installed capacity stands at 40,000 TPA with significant headroom as utilization was ~50% in H1 FY26
Company targeting a 35% growth rate by expanding dealer networks in Maharashtra and MP
Meeting concluded efficiently within 19 minutes (11:30 AM to 11:49 AM)

💡 Investors should watch for the announcement of the record date and the specific ratio for the stock split, and monitor quarterly volume growth to see if capacity utilization moves above the 50% mark.

Narmada Agrobase Submits SEBI Regulation 74(5) Compliance Certificate for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jul 2026, 06:22 PM

Narmada Agrobase Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended June 30, 2026. The certificate, issued by Kfin Technologies Limited (the Registrar and Share Transfer Agent), confirms that securities dematerialized or rematerialized during the quarter have been reported to the stock exchanges. This is a standard procedural requirement for all listed companies to verify the processing of physical shares into electronic form. The filing contains no new financial data or operational updates.

Compliance certificate submitted for the quarter ended June 30, 2026.
Issued by Kfin Technologies Limited, acting as the Registrar and Share Transfer Agent (RTA).
Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018.
Current installed capacity remains at 40,000 Metric Tons Per Annum (TPA) as per company context.

💡 This is a routine administrative filing. Investors should monitor upcoming quarterly earnings reports to track the company's progress on its 35% expected growth rate and capacity utilization targets.

₹7.70 Cr Reallocation: Narmada Agrobase to Repay SBI Debt Instead of New Plant Capex

🔵 WATCH ⭐ 6/10

FUNDRAISE 📅 29 Jun 2026, 12:02 PM

Narmada Agrobase is seeking shareholder approval to reallocate ₹7.70 crore from its September 2024 Rights Issue proceeds. Originally earmarked for land acquisition and the construction of an Oil Mill Plant, these funds will now be used to repay an outstanding term loan from the State Bank of India. The company has already utilized ₹26.88 crore of the total ₹34.58 crore net proceeds for working capital and general corporate purposes. This move indicates a shift in priority from immediate physical capacity expansion to balance sheet deleveraging.

₹7.70 crore unspent balance from the 2024 Rights Issue to be reallocated to debt repayment.
₹34.58 crore total net proceeds were raised via the Rights Issue dated September 17, 2024.
₹26.88 crore has already been utilized for working capital (₹17.87 Cr) and general corporate purposes (₹9.01 Cr).
100% of the remaining capex budget for the Oil Mill Plant is being diverted to settle SBI term loans.
Voting period for this special resolution ends on July 29, 2026, with results expected shortly after.

💡 Monitor the voting results on July 29, 2026, and evaluate if the cancellation of the new Oil Mill Plant affects the company's long-term 35% growth target.

Narmada Agrobase to Seek Shareholder Approval for Variation in Rights Issue Fund Utilization

🔵 WATCH ⭐ 4/10

REGULATORY 📅 29 Jun 2026, 11:59 AM

The Board of Narmada Agrobase has approved a proposal to modify the utilization of funds raised through its Rights Issue dated September 17, 2024. The company will seek shareholder approval for this variation via a Postal Ballot using remote e-voting. While the specific new objects for the funds were not disclosed in the filing, this move indicates a shift in capital allocation from the original plan. Investors should note the company currently operates with a net worth of ₹59 Cr and a relatively low debt of ₹10 Cr.

Board meeting held on 29th June, 2026, concluded within 30 minutes (11:00 AM to 11:30 AM).
Proposed variation concerns the utilization of net proceeds from the Rights Issue dated 17th September, 2024.
Shareholder approval will be sought through a Postal Ballot via remote e-voting only.
Company maintains a Debt-to-Equity ratio of 0.17 based on a ₹10 Cr debt and ₹59 Cr net worth.
Mr. Punit Santoshkumar Lath appointed as Scrutinizer to oversee the e-voting process.

💡 Investors should carefully review the upcoming Postal Ballot notice to identify the specific new 'objects' for the funds and assess if the redirection supports the company's 35% growth target or capacity utilization goals.

Narmada Agrobase Announces Trading Window Closure from July 1 for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 03:36 PM

Narmada Agrobase Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the announcement of the company's unaudited financial results for the quarter ending June 30, 2026. The window will remain closed for designated persons and their relatives until 48 hours after the results are declared. The specific date for the board meeting to approve these results will be shared by the company in due course.

Trading window closure begins on July 1, 2026, for the quarter ending June 30, 2026.
The restriction applies to all designated persons and their immediate relatives as per SEBI norms.
The window will reopen 48 hours after the declaration of the unaudited financial results.
The date for the Board of Directors meeting to approve results is yet to be announced.

💡 This is a routine regulatory filing with no direct impact on retail investors. Shareholders should watch for the upcoming board meeting announcement to track the company's Q1 performance.

Narmada Agrobase Approves 1:2 Stock Split and FY26 Audited Financial Results

🟢 POSITIVE ⭐ 8/10

BOARD_MEETING 📅 23 Jun 2026, 05:39 PM

Narmada Agrobase Limited has approved its audited financial results for the quarter and year ended March 31, 2026, with an unmodified audit opinion. The Board has proposed a stock split, sub-dividing each equity share of face value ₹10 into two equity shares of face value ₹5 each, pending shareholder approval. The company's authorized share capital will be adjusted to ₹38 crores, consisting of 7.6 crore shares. Additionally, the company confirmed it has no defaults on any loans or debt securities.

Approved sub-division of equity shares from a face value of ₹10 to ₹5 per share (1:2 split).
Authorized share capital set at ₹38,00,00,000 divided into 7,60,00,000 equity shares of ₹5 each.
Statutory auditors issued an unmodified opinion on the standalone financial results for FY26.
Confirmed zero defaults on existing loans and debt securities as of March 31, 2026.
Board meeting concluded at approximately 7:00 PM on May 29, 2026.

💡 Investors should monitor the announcement of the record date for the stock split and review the full financial statements to evaluate the company's year-on-year growth and profitability.

Narmada Agrobase to Vary Rights Issue Objects; Re-appoints Statutory Auditors for 4 Years

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 16 Jun 2026, 06:50 PM

Narmada Agrobase Limited has approved a variation in the utilization of funds raised through its September 2024 Rights Issue, subject to shareholder approval. The board has also re-appointed Jain Kedia and Sharma as Statutory Auditors for a four-year term and appointed Mr. Rajesh Kumar as the Internal Auditor for FY 2026-27. Additionally, the company's 14th Annual General Meeting (AGM) is scheduled for July 18, 2026, to discuss these resolutions and the FY 2026 Director's Report.

Approved variation in the objects of the Rights Issue originally dated September 17, 2024, pending shareholder consent.
Re-appointed Jain Kedia and Sharma as Statutory Auditors for a further term of 4 years.
Appointed Mr. Rajesh Kumar as Internal Auditor for the financial year 2026-27.
Scheduled the 14th Annual General Meeting (AGM) for July 18, 2026, at 11:30 A.M. via video conferencing.
Approved the Director's Report and other annexures for the financial year ended March 31, 2026.

💡 Investors should review the upcoming AGM notice to understand the specific reasons for the variation in the Rights Issue objects to ensure capital is being deployed effectively. Monitor the company's progress on its revised capital allocation strategy.

Narmada Agrobase Promoters Declare Zero New Encumbrances for FY26; Hold 50.30% Stake

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 05 Jun 2026, 02:34 PM

Neerajkumar Sureshchandra Agrawal, representing the promoter group of Narmada Agrobase Limited, has submitted the annual disclosure under SEBI (SAST) Regulations for the financial year ended March 31, 2026. The declaration confirms that the promoter group and Persons Acting in Concert (PAC) have not created any new encumbrances on their shares during the year. Collectively, the promoter group holds 1,90,80,438 shares, which accounts for 50.30% of the company's total voting capital. This filing is a routine but essential transparency measure regarding promoter share pledging.

Promoter group and PACs collectively hold 1,90,80,438 shares, representing a 50.30% stake in the company.
Official declaration confirms no new share pledges or encumbrances were made during the financial year ended March 31, 2026.
Neerajkumar S Agarwal remains the largest individual promoter with a 25.07% stake (95,09,976 shares).
Other significant promoter holdings include Abhishek S Agarwal (6.27%) and Raxita Abhishek Agrawal (5.87%).

💡 Investors can take comfort in the fact that the majority shareholders have not pledged additional shares, indicating financial stability at the promoter level. No immediate action is required as this is a standard annual compliance filing.

View All NARMADA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 30.5% YoY to INR 66.34 Cr in FY25. The business mix is well-balanced with Cattle Feed contributing 52% of financial quantified revenue and Cotton Seed by-products contributing 48%.

Geographic Revenue Split

Domestic operations are concentrated in Gujarat (Mehsana HQ), Maharashtra, and Madhya Pradesh. The company is actively scaling its export footprint across Asia-Pacific and non-GMO markets globally.

Profitability Margins

Net profit ratio increased by 207.25% to 6.22% in FY25 from 2.03% in FY24. Return on Equity (ROE) improved 86.28% to 11.24% due to increased shareholder funds and earnings.

EBITDA Margin

EBITDA for FY25 was INR 6.24 Cr. Operating margins are expected to remain intact for FY26 despite raw material price fluctuations due to the buffer stock policy.

Capital Expenditure

The company operates a strategically located 40,000 ton per annum semi-automatic production facility in Mehsana, Gujarat. Specific future CapEx values for planned expansions were not disclosed.

Credit Rating & Borrowing

Debt-equity ratio improved by 70.41% to 0.17 in FY25. Debt service coverage ratio (DSCR) increased 162.18% to 6.54, reflecting significantly improved earnings and lower leverage.

⚙️ Operational Drivers

Raw Materials

Cottonseed, Gwar Korma, and Maize Meal are the primary raw materials, with cottonseed and allied inputs being the largest cost components.

Import Sources

Raw materials are primarily sourced domestically from Gujarat and surrounding agricultural regions to support the Mehsana manufacturing hub.

Capacity Expansion

Current installed capacity is 40,000 Metric Tons Per Annum (TPA). Capacity utilization was reported at ~50% for H1 FY26, providing significant headroom for volume growth.

Raw Material Costs

EBITDA margins faced pressure from elevated cottonseed costs. The company manages this via a buffer stock policy of 20%-25% to mitigate monsoonal and seasonal price volatility.

Manufacturing Efficiency

The facility uses modern semi-automatic production lines with batching flexibility, which has eliminated operational bottlenecks and improved consistency.

Logistics & Distribution

The distribution network includes over 150 wholesale points and an active dealer base across high-demand markets like Maharashtra and Madhya Pradesh.

📈 Strategic Growth

Expected Growth Rate

35%

Growth Strategy

Growth will be achieved by increasing capacity utilization from 50% to higher levels, expanding the domestic dealer network in Maharashtra and MP, and diversifying exports into dairy-deficit Asia-Pacific markets.

Products & Services

Cottonseed-based cattle feed, cottonseed by-products (oil cake, hulls), and high-nutrition livestock formulations.

Brand Portfolio

Gaay Chhaap, Narmada Super, Kala Sona, and Churma.

New Products/Services

Launching premium and specialty nutrition feeds including mineral blends and high-fat feeds to enhance value-added revenue contribution.

Market Expansion

Targeting dairy-deficit and non-GMO markets globally with a specific focus on the Asia-Pacific region and deeper penetration in Central India.

🌍 External Factors

Industry Trends

Farmers are transitioning to precision feeding and customized feed formulations to increase milk yield, favoring Narmada's high-nutrition product portfolio.

Competitive Landscape

The livestock feed field is becoming aggressive; Narmada positions itself through quality reliability and a semi-automated manufacturing edge.

Competitive Moat

Sustainable advantages include ISO 9001:2015 certification, 40+ years of domain expertise in leadership, and the strong 'Gaay Chhaap' brand trust among farmers.

Macro Economic Sensitivity

Highly sensitive to the global cattle feed market, which is projected to grow at a 3.8% CAGR to USD 193.7 billion by 2035.

Consumer Behavior

Rising global demand for beef and dairy products is driving increased livestock populations and demand for specialized animal nutrition.

Geopolitical Risks

Trade barriers and non-GMO certification requirements in export markets could impact the planned Asia-Pacific expansion.

⚖️ Regulatory & Governance

Industry Regulations

Operations comply with the Companies Act 2013 and ISO 9001:2015 manufacturing standards. Secretarial audits confirm adherence to statutory provisions.