Vishwas Agri Seeds Limited (VISHWAS)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Vishwas Agri's revenue was ₹56.0 Cr (+24.4% year on year, -1.8% on the previous half-year), and net profit ₹0.0 Cr (-100.0% year on year); the operating margin was 5.4%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹56.0 | +24.4% | -1.8% |
| Operating profit | ₹3.0 | -57.1% | -40.0% |
| Net profit | ₹0.0 | -100.0% | -100.0% |
| EPS (₹) | 0.24 | -93.7% | -87.4% |
| Operating margin | 5.4% | — | — |
VISHWAS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the VISHWAS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 95.56%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal. It closed at a price band (circuit) on 8 sessions in about the last 20.
Delivery in the last 5 sessions: 100.0% · 100.0% · 83.3% · 100.0% · 100.0%
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
Vishwas Agri Seeds Limited has issued notice for its 14th Annual General Meeting scheduled on September 30, 2026. Key special business items include approval for material related-party transactions (RPTs) of up to ₹100 Crore each for FY 2026-27 with M/s Krushikar Farmers Producer Company Limited and M/s Vraj Hybrid Seeds Limited. Each ₹100 Crore RPT limit represents ~46.5% of the company's TTM revenue of ₹215 Crore. The meeting will also consider the re-appointment of Managing Director Ashokbhai Shibabhai Gajera, who holds a 15.50% stake.
- 14th AGM scheduled for September 30, 2026, via Video Conferencing / OAVM.
- Proposed RPT approval of up to ₹100,00,00,000 (₹100 Cr) with Krushikar Farmers Producer Co. Ltd. for FY 2026-27.
- Proposed RPT approval of up to ₹100,00,00,000 (₹100 Cr) with Vraj Hybrid Seeds Ltd. for FY 2026-27.
- Re-appointment of Managing Director Ashokbhai Shibabhai Gajera (15.50% equity holding; FY26 remuneration ₹19.92 lakhs).
Vishwas Agri Seeds Limited has announced the closure of its Register of Members and Share Transfer Books from September 21, 2026, to September 30, 2026 (both days inclusive). This closure is in connection with the company's upcoming 14th Annual General Meeting (AGM) scheduled for September 30, 2026. The cut-off date to determine voting rights and eligibility for attending the AGM is set as Thursday, September 24, 2026.
- Book closure period: September 21, 2026 to September 30, 2026 (both days inclusive)
- 14th Annual General Meeting scheduled for Wednesday, September 30, 2026
- E-voting and AGM attendance cut-off date fixed as Thursday, September 24, 2026
Vishwas Agri Seeds Limited has scheduled its 14th Annual General Meeting (AGM) for Wednesday, September 30, 2026, at 04:30 PM IST. The company has fixed Thursday, September 24, 2026, as the record date to determine shareholder eligibility for voting rights and attendance at the meeting. This is a routine administrative compliance filing with no operational or financial impact.
- 14th Annual General Meeting scheduled for September 30, 2026 at 04:30 PM IST
- Record date fixed as September 24, 2026 for shareholder voting eligibility and AGM attendance
- Filing made pursuant to Regulation 42 and Regulation 30 of SEBI Listing Regulations
Vishwas Agri Seeds announced the outcome of its Board meeting held on September 05, 2026. The board approved the draft Directors' Report for the financial year ended March 31, 2026, alongside the notice for convening the 14th Annual General Meeting (AGM). Additionally, the board decided on book closure details and appointed Mr. Gaurang Radheshyam Shah as the scrutinizer for the AGM. This filing is routine and procedural in nature.
- Approved draft Directors' Report for the financial year ended March 31, 2026
- Approved notice and logistics to call the 14th Annual General Meeting of the company
- Appointed Mr. Gaurang Radheshyam Shah (M/s G R Shah & Associates) as Scrutinizer for the 14th AGM
- Board meeting commenced at 02:30 PM and concluded at 03:00 PM on September 05, 2026
Vishwas Agri Seeds Limited has submitted an application to the National Stock Exchange of India (NSE) on August 22, 2026, seeking a No-Objection Certificate for reclassifying 6 individuals from the 'Promoter' category to the 'Public' category under SEBI LODR Regulation 31A. All 6 individuals—Mr. Dineshbhai M. Suvagiya, Mr. Shivlal V. Bhanderi, Ms. Ilaben P. Patel, Mr. Ketankumar B. Suvagiya, Mr. Rameshbhai L. Suvagiya, and Mr. Babubhai L. Suvagiya—currently hold zero shares (0.00% voting rights) in the company. The application follows initial requests received on August 17, 2026, and subsequent Board approval on August 18, 2026. The move is an administrative cleanup of the promoter group with no impact on actual voting control or overall promoter holding (70.16%).
- Application submitted to NSE on August 22, 2026, for promoter-to-public reclassification under SEBI Regulation 31A
- 6 promoter individuals being reclassified hold a combined 0 shares (0.00% equity)
- Board of Directors approved the reclassification requests on August 18, 2026
- Company's existing promoter holding remains intact at 70.16% as reclassified entities hold nil equity
Vishwas Agri Seeds Limited's Board of Directors approved reclassification requests from six individuals from the 'Promoter' category to the 'Public' category under Regulation 31A of SEBI LODR Regulations on August 18, 2026. All six applicants—Dineshbhai M. Suvagiya, Shivlal V. Bhanderi, Ilaben P. Patel, Ketankumar B. Suvagiya, Rameshbhai L. Suvagiya, and Babubhai L. Suvagiya—currently hold 0 shares (0.00% voting rights) in the company. Because their combined voting rights do not exceed 1%, shareholder approval is not required, though the reclassification remains subject to NSE approval.
- Board approved reclassification requests for 6 individuals from Promoter to Public category on August 18, 2026
- All 6 outgoing promoters hold 0 shares (0.00% voting rights) in the company as of the request date
- No shareholder approval required under Regulation 31A as applicants hold <1% voting rights; final approval pending from NSE
Vishwas Agri Seeds Limited received formal request letters on August 17, 2026, from 6 promoter group individuals seeking reclassification to the 'Public' category under Regulation 31A of SEBI LODR Regulations. All 6 applicants hold 0 equity shares (0.00% voting rights) and confirmed having no directorships, management roles, or control over company affairs. The Board of Directors will evaluate the requests at its meeting scheduled on August 18, 2026, before seeking necessary approvals from stock exchanges. Because the applicants hold zero shares, this reclassification will not impact the company's existing 70.16% promoter shareholding.
- Received reclassification requests on August 17, 2026, from 6 promoter group members
- All 6 individuals hold 0 equity shares (0.00% voting rights)
- Board meeting scheduled for August 18, 2026, to review and process requests
- All applicants confirmed absence of control, board representation, or special rights
Financial Performance
Revenue Growth by Segment
Not disclosed in available documents. However, total assets grew 15.7% from INR 106.28 Cr in March 2025 to INR 122.99 Cr in September 2025, indicating a significant expansion of the balance sheet.
Geographic Revenue Split
Not disclosed in available documents. The company is headquartered in Ahmedabad, Gujarat, suggesting a strong regional presence.
Profitability Margins
Not disclosed in available documents. Shareholder funds increased by 3.8% from INR 49.78 Cr to INR 51.68 Cr over the six-month period ending September 30, 2025, implying positive net profit for the period.
EBITDA Margin
Not disclosed in available documents. Interest charges for the half-year ended September 30, 2025, were INR 1.92 Cr, and depreciation was INR 1.05 Cr.
Capital Expenditure
The company originally allocated INR 4.00 Cr for furnishing its corporate office and INR 1.50 Cr for a seed testing laboratory. As of September 2025, office expenditure was reduced to INR 2.08 Cr and the laboratory project was cancelled to reallocate funds to working capital.
Credit Rating & Borrowing
Total borrowings as of September 30, 2025, stood at INR 39.27 Cr (INR 7.19 Cr long-term and INR 32.08 Cr short-term). Interest charges of INR 1.92 Cr for the half-year suggest an annualized borrowing cost of approximately 9.8%.
Operational Drivers
Raw Materials
Agricultural seeds (hybrid and varietal) for processing and distribution. Specific percentage of total cost is not disclosed.
Import Sources
Not disclosed in available documents. Operations are centered in Gujarat, India.
Capacity Expansion
Current installed capacity is not disclosed. Planned expansion for a Seed Testing Laboratory (INR 1.50 Cr) was cancelled in September 2025 to prioritize working capital requirements.
Strategic Growth
Growth Strategy
The company is focusing on financial flexibility and liquidity by reallocating IPO proceeds to working capital. This strategy is intended to support sustainable growth and enhance the ability to respond to emerging business opportunities in the agricultural seed market.
Products & Services
Hybrid and varietal agricultural seeds for various crops.
Brand Portfolio
VISHWAS
External Factors
Industry Trends
The industry is shifting towards high-yield hybrid seeds. Vishwas is positioning itself by maintaining high liquidity to capture emerging market opportunities, though it has slowed its infrastructure investment.
Competitive Moat
The company's moat is based on its established brand 'VISHWAS' and its distribution network in Gujarat. However, the high level of trade receivables suggests a competitive environment where credit terms are a primary sales driver.
Macro Economic Sensitivity
Highly sensitive to agricultural cycles, monsoon patterns, and farmer income levels in India.
Consumer Behavior
Farmer demand is shifting towards seeds that offer better climate resilience and higher yields.
Regulatory & Governance
Industry Regulations
Operations are subject to the Seeds Act and quality standards for agricultural produce in India. The company maintains compliance through its internal quality processes, although the dedicated lab project was deferred.
Taxation Policy Impact
The company reported a Deferred Tax Liability of INR 16.12 Lakhs and Deferred Tax Assets of INR 22.07 Lakhs as of September 2025.
Risk Analysis
Key Uncertainties
The primary uncertainty is the recoverability of INR 63.65 Cr in trade receivables. A 10% default or delay in these receivables would exceed the company's total cash and cash equivalents (INR 0.54 Lakhs) by over 1000x.
Geographic Concentration Risk
High concentration in Gujarat, India, as evidenced by the corporate office and plant location in Ahmedabad.
Third Party Dependencies
Dependency on a network of distributors and farmers for revenue realization.
Technology Obsolescence Risk
Risk of falling behind in seed technology due to the cancellation of the seed testing laboratory investment.
Credit & Counterparty Risk
High credit exposure to distributors, with receivables making up more than half of the total asset base.
