Nirman Agri Genetics Limited (NIRMAN)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Nirman Agri's revenue was ₹50.0 Cr (-59.7% year on year, -65.8% on the previous half-year), and net profit ₹3.0 Cr (-78.6% year on year); the operating margin was 8.0%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹50.0 | -59.7% | -65.8% |
| Operating profit | ₹4.0 | -73.3% | -73.3% |
| Net profit | ₹3.0 | -78.6% | -80.0% |
| EPS (₹) | 3.78 | -77.8% | -79.2% |
| Operating margin | 8.0% | — | — |
NIRMAN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 86.36% of the NIRMAN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 77.94%. That is close to its usual level. Turnover was only ₹2 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal. It closed at a price band (circuit) on 2 sessions in about the last 20.
Delivery in the last 5 sessions: 89.7% · 73.0% · 76.9% · 71.4% · 86.4%
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
Nirman Agri Genetics concluded its 06th Annual General Meeting on September 30, 2026. Shareholders approved all three resolutions with requisite majority, including the adoption of audited financial statements for the year ended March 31, 2026. Additionally, the reappointment of Mr. Sagar Nandaram Chavan as Non-Executive Director and the appointment of secretarial auditors were approved. The meeting lasted 11 minutes (2:00 PM to 2:11 PM) via video conference.
- Shareholders approved audited financial statements for the fiscal year ended March 31, 2026
- Reappointment of Mr. Sagar Nandaram Chavan (DIN: 11278469) as Non-Executive Director approved
- Appointment of Secretarial Auditors approved as a special business item
- AGM held on September 30, 2026, commencing at 02:00 P.M. and concluding at 02:11 P.M.
SEBI has issued a Confirmatory Order dated August 10, 2026, upholding its earlier interim directions against Nirman Agri Genetics and its Managing Director, Pranav Kailas Bagal. The regulator highlighted prima facie findings of systematic diversion and siphoning of approximately 93% of the company's IPO proceeds through non-existent shell entities. The order restrains the company from accessing securities markets, halts corporate actions (stock split and bonus issue), and bars the MD from dealing in the company's shares. SEBI noted that the company failed to provide supporting evidence or agreements to substantiate its defense.
- SEBI confirmed interim ban restraining Nirman Agri Genetics from accessing securities markets until further orders
- Prima facie findings show diversion and siphoning of approximately 93% of IPO proceeds via suspect shell layers
- MD Pranav Kailas Bagal restrained from buying, selling, or dealing in NAGL shares directly or indirectly
- SEBI denied requests to proceed with bonus issue, stock split, and proposed company name change
- Order WTM/KV/CFID/CFID-SEC2/32656/2026-27 dated August 10, 2026 confirmed directions from October 14, 2025
Nirman Agri Genetics has issued the notice for its 6th Annual General Meeting (AGM) scheduled for September 30, 2026, to be held via Video Conferencing. Key ordinary agenda items include the adoption of audited financial statements for FY 2025-26 and the reappointment of Non-Executive Director Mr. Sagar Nandaram Chavan, who holds 300 shares. Special business includes the appointment of M/s. Yash Shah & Associates as Secretarial Auditors for a 5-year tenure from FY 2026-27 to FY 2030-31. The meeting is procedural and does not include any unexpected corporate actions.
- 6th Annual General Meeting scheduled for September 30, 2026, at 02:00 P.M. IST via VC/OAVM
- Adoption of annual audited financial statements for the financial year ended March 31, 2026
- Re-appointment of Non-Executive Director Mr. Sagar Nandaram Chavan, who attended 4 board meetings during the year and holds 300 shares
- Appointment of M/s. Yash Shah & Associates as Secretarial Auditors for 5 consecutive years from FY 2026-27 to FY 2030-31
Nirman Agri Genetics has announced details for its upcoming 6th Annual General Meeting (AGM) scheduled for September 30, 2026. The company will provide remote e-voting facilities through NSDL with a cut-off date of September 25, 2026. E-voting will open on September 27, 2026 at 09:00 AM and close on September 29, 2026 at 05:00 PM. This is a standard compliance intimation under Regulation 44 of SEBI (LODR) Regulations.
- 6th Annual General Meeting to be held on Wednesday, 30th September, 2026
- E-voting cut-off date fixed as Friday, 25th September, 2026
- Remote e-voting window runs from 27th September, 2026 (09:00 AM) to 29th September, 2026 (05:00 PM)
- Remote e-voting platform provided by NSDL, with CS Yash K Shah appointed as Scrutinizer
Nirman Agri Genetics announced the outcome of its Board Meeting held on September 8, 2026. The Board approved the Directors' Report, Management Discussion & Analysis, Secretarial Audit, and CSR Reports for FY26. The 6th Annual General Meeting (AGM) will be held via video conferencing on September 30, 2026. The cut-off date to determine e-voting eligibility is set for September 25, 2026, with remote e-voting active from September 27 to September 29, 2026.
- 6th Annual General Meeting scheduled for September 30, 2026, at 02:00 PM via video conferencing
- Record/Cut-off date fixed as Friday, September 25, 2026, for e-voting eligibility
- Remote e-voting window opens September 27, 2026 (09:00 AM) and closes September 29, 2026 (05:00 PM)
- Board approved the annual report documents for the financial year ended March 31, 2026
Financial Performance
Revenue Growth by Segment
Total revenue grew 273.42% YoY in FY25 to INR 236.52 Cr from INR 63.34 Cr in FY24. For 9M FY25, revenue reached INR 173.52 Cr, reflecting a 304.69% YoY growth. The primary segment is Agri Genetics (Seeds).
Geographic Revenue Split
The company operates across India and is actively exploring international markets. Specific percentage split by region is not disclosed in available documents.
Profitability Margins
Net Profit Ratio for FY25 was 10.69%, down from 16.43% in FY24. Management targets a PAT margin of 14% to 15% as the new facility reaches full capacity. H1 FY26 PAT margin was approximately 9.97% (INR 14.58 Cr PAT on INR 146.23 Cr revenue).
EBITDA Margin
9M FY25 EBITDA was INR 19.24 Cr, up 151.40% YoY. Q3 FY25 EBITDA margin was approximately 11.82% (INR 7.22 Cr on INR 61.07 Cr revenue), which grew 124.71% YoY.
Capital Expenditure
The company successfully launched a high-end 10-tons-per-hour production and processing facility in late 2024/early 2025. Purchase of fixed assets for H1 FY26 was INR 0.18 Lakhs, following a significant investment of INR 241.35 Lakhs in FY25.
Credit Rating & Borrowing
Total borrowings as of March 31, 2025, were INR 43.86 Lakhs, a decrease from INR 109.19 Lakhs in FY23. The Debt-Equity ratio is very low at 0.03. Specific credit ratings and interest rate percentages are not disclosed.
Operational Drivers
Raw Materials
Parent seeds and production materials represent the primary cost. Cost of materials consumed in FY25 was INR 205.17 Cr, accounting for 86.7% of total revenue.
Capacity Expansion
Current capacity includes a newly commissioned 10-tons-per-hour production and processing facility. This facility is expected to support the target of INR 2,000 Cr revenue over the next 5 years.
Raw Material Costs
Raw material costs (Cost of Materials Consumed) were INR 205.17 Cr in FY25, up 315.85% from INR 49.34 Cr in FY24, tracking with the 273% revenue growth.
Manufacturing Efficiency
The new facility is currently not operating at full capacity. Efficiency is expected to improve as the plant optimizes its 10-ton/hour throughput, cutting transportation and supply chain costs.
Logistics & Distribution
Management expects to significantly cut logistics and supply chain costs by moving processing in-house at the Nashik facility, aiming to restore margins to the 14-15% range.
Strategic Growth
Expected Growth Rate
200%
Growth Strategy
The company plans to achieve its 200% growth guidance through the full utilization of its new 10-ton/hour processing plant, expanding its distribution network across India, and exploring international markets. It targets INR 2,000 Cr revenue within five years.
Products & Services
Hybrid seeds and genetically modified seeds for various agricultural crops.
Brand Portfolio
Nirman Agri Genetics.
New Products/Services
The company is focusing on product innovations and capacity development to sustain its 200% growth guidance.
Market Expansion
Expansion of distribution network across India and active exploration of international markets through strategic partnerships.
Strategic Alliances
Exploring strategic partnerships to enhance market reach and grow the customer base internationally.
External Factors
Industry Trends
The agri-genetics industry is growing rapidly with a shift toward high-yield hybrid seeds. Nirman is positioning itself as an integrated player by owning its processing infrastructure.
Competitive Landscape
The company faces competition from both established seed majors and regional players, though specific competitor names are not listed.
Competitive Moat
The moat is built on cost leadership and supply chain control through its new 10-ton/hour facility, which reduces third-party processing costs and ensures seed quality consistency.
Macro Economic Sensitivity
The business is highly sensitive to agricultural cycles and monsoon patterns, which affect seed demand and farmer purchasing power.
Consumer Behavior
Increasing farmer engagement and reliance on high-quality, high-yield seeds to improve agricultural productivity.
Geopolitical Risks
Trade barriers and regulatory hurdles in international markets as the company seeks global expansion.
Regulatory & Governance
Industry Regulations
Operations are subject to the Companies Act 2013 and SEBI Listing Regulations. Seed quality and manufacturing standards are governed by agricultural regulations.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 3.02% (INR 0.45 Cr tax on INR 15.03 Cr PBT).
Legal Contingencies
The company has disclosed the impact of pending litigations as of March 31, 2025, on its financial position, though specific case values were not detailed in the summary.
Risk Analysis
Key Uncertainties
Significant drop in inventory turnover (from 8.10 to 2.25) and trade receivables turnover (from 8.10 to 2.41) indicates potential working capital stress. Seed quality failure remains a primary business risk.
Geographic Concentration Risk
The company is headquartered in Nashik, Maharashtra, with a primary focus on the Indian market.
Third Party Dependencies
Historically high dependency on third-party manufacturers is being reduced through the commissioning of the new in-house processing plant.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in high-end 10-tons-per-hour production and processing technology.
Credit & Counterparty Risk
Trade receivables turnover ratio fell 70.25% YoY to 2.41, indicating a significant slowdown in collections from customers/distributors.
