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NARMADA - Narmada Agrobase

📊 NSE: NARMADA 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 10:18

📢 Recent Corporate Announcements

Narmada Agrobase Investor Update: FY25 Revenue at ₹66.34 Cr; 50% Capacity Utilization

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 20 Feb 2026, 04:05 PM

Narmada Agrobase reported FY25 revenue of ₹6,633.91 Lakhs and a PAT of ₹408.80 Lakhs, highlighting steady growth in its cattle feed and cottonseed segments. The company currently utilizes only 50% of its 40,000 TPA capacity, suggesting significant organic growth potential as it expands into new regions like Maharashtra and Punjab. With a strong 99% client retention rate and a diversified product portfolio, the company is positioning itself for both domestic and export market growth in Southeast Asia and the Middle East.

FY25 Revenue stood at ₹6,633.91 Lakhs with an EBITDA of ₹623.82 Lakhs and PAT of ₹408.80 Lakhs
Current production utilization is at 50% of the 40,000 TPA installed capacity, providing headroom for growth
Revenue mix is well-balanced between Cattle Feed (52% or ₹34.15 Cr) and Cottonseed segments (48% or ₹31.52 Cr)
Distribution network includes over 1,000 retail points and 150 wholesale points across core markets
Strategic focus on expanding exports to Southeast Asia, Middle East, and Africa to diversify revenue

💡 Investors should monitor the company's ability to ramp up capacity utilization from 50% to higher levels, which would improve operating leverage. The success of geographical expansion into Northern India and international markets will be the primary growth driver to watch.

Narmada Agrobase Q3 Revenue Jumps 53% YoY to ₹21.15 Cr; Net Profit Steady at ₹1.01 Cr

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 07:42 PM

Narmada Agrobase reported a strong 53% year-on-year increase in revenue for the quarter ended December 31, 2025, reaching ₹21.15 crore. However, net profit remained nearly flat at ₹1.01 crore compared to ₹1.00 crore in the previous year's corresponding quarter, reflecting significant margin pressure from rising operational costs. For the nine-month period ending December 2025, net profit actually declined by 7.5% to ₹3.06 crore. The company is currently deploying ₹36.58 crore raised via a Rights Issue, with ₹7.70 crore earmarked for new plant machinery and ₹17.87 crore for working capital.

Revenue from operations grew 52.8% YoY to ₹21.15 crore in Q3 FY26.
Net profit for the quarter stood at ₹1.01 crore, showing marginal growth from ₹1.00 crore YoY.
Total expenses surged to ₹20.23 crore in Q3 FY26 from ₹12.76 crore in Q3 FY25, primarily driven by raw material costs.
Nine-month (9M) net profit decreased to ₹3.06 crore from ₹3.31 crore in the prior year period.
Rights Issue proceeds of ₹36.58 crore are being utilized for capital expenditure and working capital, with some funds currently held in fixed deposits.

💡 Investors should monitor the company's operating margins, as the current trend shows that massive revenue growth is not trickling down to the bottom line due to rising costs. The successful integration of the new plant machinery funded by the Rights Issue will be the primary catalyst for future margin expansion.

Narmada Agrobase Q3 Revenue Jumps 53% YoY to ₹21.15 Cr; Net Profit Remains Flat at ₹1.01 Cr

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 07:23 PM

Narmada Agrobase reported a significant 53% YoY increase in revenue from operations, reaching ₹21.15 crore for the quarter ended December 31, 2025. Despite the strong top-line growth, net profit remained nearly stagnant at ₹1.01 crore compared to ₹1.00 crore in the previous year's corresponding quarter, reflecting margin pressure. The company has utilized ₹28.71 crore of its ₹36.58 crore Rights Issue proceeds, primarily for working capital and corporate purposes. A balance of ₹7.86 crore intended for capital expenditure on new machinery remains unspent and is currently held in fixed deposits.

Revenue from operations increased 53% YoY to ₹21.15 crore from ₹13.84 crore.
Net profit for the quarter stood at ₹1.01 crore, showing negligible growth from ₹1.00 crore YoY.
Total expenses rose sharply to ₹20.23 crore, largely driven by ₹17.17 crore in raw material costs.
Rights Issue proceeds of ₹17.87 crore for working capital and ₹9.01 crore for general corporate purposes have been fully utilized.
Capital expenditure of ₹7.70 crore for a new plant and machinery is yet to be deployed and is parked in FDs.

💡 Investors should monitor the company's ability to manage rising raw material costs which are currently offsetting strong revenue growth. The future commissioning of the new plant using the remaining Rights Issue funds will be a critical milestone for capacity expansion.

Narmada Agrobase Submits SEBI Compliance Certificate for Quarter Ended Dec 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 01:45 PM

Narmada Agrobase Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by Kfin Technologies Limited, confirms the processing of dematerialization and rematerialization requests for the quarter ended December 31, 2025. This filing ensures that the company's shareholding records are accurately maintained with NSDL and CDSL. As a standard regulatory requirement, it does not impact the company's financial standing or business operations.

Quarterly compliance certificate submitted for the period ending December 31, 2025
Confirmation provided by Registrar and Share Transfer Agent, Kfin Technologies Limited
Verification of dematerialization and rematerialization requests completed within stipulated timelines
Notification sent to both NSE and BSE as per listing requirements

💡 This is a standard administrative filing with no impact on stock valuation; no immediate action is necessary for investors.

Narmada Agrobase Announces Trading Window Closure from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Dec 2025, 12:01 PM

Narmada Agrobase Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the company's unaudited financial results for the quarter ending December 31, 2025. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are announced. The specific date for the board meeting to approve these results will be communicated separately in due course.

Trading window closure begins on January 1, 2026
Closure is related to the financial results for the quarter ended December 31, 2025
Restriction applies to designated persons and their immediate relatives
Window will reopen 48 hours after the official declaration of financial results

💡 This is a routine regulatory announcement with no direct impact on stock fundamentals. Investors should wait for the upcoming board meeting notification to track the company's Q3 performance.

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.