NSE: AVTNPL · BSE: 519105
AVT NATURAL PRODUCTS LTD
Manufactures and exports natural food colours, plant extracts, and spice oleoresins. FY26 consolidated revenue was ₹713.23 crore, while standalone revenue of ₹68,377 lakh indicates the bulk of operations sit in India. International subsidiaries operate in the UK, Mexico, Dubai, and the USA. Raw materials form the largest cost at 47.9% of revenue, followed by other operating expenses at 28.2% and employee costs at 12.1%. FY26 consolidated net profit stood at ₹64.81 crore on an EBITDA margin of 14.48%. Capital expenditure runs at 3.3% of revenue, with depreciation at 1.6%. The promoter group holds approximately 75% of total share capital, with Neelamalai Agro Industries (40%) and Midland Rubber (29.85%) as the largest shareholders. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Natural food colours, Plant extracts, Spice oleoresins. Materials-intensive, export-oriented natural ingredients manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 559 | 582 | 517 | 556 | 713 |
| EBITDA (ex other income) | 105 | 121 | 79 | 70 | 90 |
| margin % | 18.8 | 20.8 | 15.3 | 12.6 | 12.6 |
| Owners' profit | 0 | 0 | 53 | 48 | 0 |
| EPS, as reported (₹) | 4.78 | 5.08 | 3.50 | 3.17 | 4.26 |
| ROE % · ROCE % | 19.8 · 26.5 | 18.0 · 24.7 | 11.3 · 16.1 | 9.5 · 14.0 | 11.6 · 16.2 |
| Debt / equity (x) | 0.06 | 0.08 | 0.08 | 0.22 | 0.20 |
| Cash from operations | 74 | 51 | 99 | (32) | 12 |
| Capex | (8) | (8) | (18) | (9) | (23) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 122 | 173 | 157 | 132 | 160 | 194 | 226 | 241 |
| Profit before tax | 8 | 28 | 20 | 15 | 16 | 22 | 30 | 39 |
| Net profit | 6 | 22 | 14 | 12 | 13 | 17 | 22 | 31 |
| EPS (₹) | 0.41 | 1.42 | 0.94 | 0.80 | 0.87 | 1.14 | 1.45 | 2.04 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LT FOODS LIMITED | 13,579 | 21.2 | 3.00 | 11.6 | 13.8 | 16.0 | 18.7 | 11.5 |
| KRBL LIMITED | 8,108 | 10.7 | 1.40 | 8.4 | 11.2 | 14.7 | 8.8 | 24.9 |
| GUJARAT AMBUJA EXPORTS LT | 6,628 | 15.9 | 2.01 | 12.4 | 9.2 | 11.7 | 4.0 | 17.0 |
| KAVERI SEED CO. LTD. | 3,503 | 14.2 | 2.00 | 9.4 | 16.9 | 17.0 | 6.1 | 40.1 |
| TRUALT BIOENERGY LIMITED | 3,301 | 23.5 | 2.09 | 12.9 | 6.1 | 4.8 | — | 23.5 |
| INDRAYANI BIOTECH LTD. | 2,984 | 22.4 | 29.23 | 218.8 | 1.9 | 0.2 | 45.6 | 8.2 |
| AMIR CHAND JAG KUM (E) L | 2,249 | 21.5 | 2.43 | 13.1 | 11.2 | 14.8 | — | 9.5 |
| GRM OVERSEAS LIMITED | 1,823 | 13.9 | 3.01 | 17.1 | 12.3 | 16.5 | 17.2 | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.6 | 12.3 | 36 of 53 | 33% |
| P/B | 2.5 | 1.6 | 39 of 51 | 24% |
| ROCE | 14.6 | 4.1 | 21 of 67 | 70% |
| ROE | 11.6 | 3.5 | 14 of 51 | 74% |
| Debt / Equity | 0.2 | 0.4 | 22 of 51 | 58% |
| EBITDA margin | 18.4 | 9.7 | 11 of 45 | 77% |
| Revenue growth | 82.2 | 10.3 | 4 of 51 | 94% |
| Profit growth | 156.7 | 16.6 | 12 of 51 | 78% |
| Market cap | 1388 | 66 | 10 of 69 | 87% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · AVT Natural Products clarifies on sudden rise in share volume | regulatory legal | low | — | — |
| 9 Oct 2026 · Routine dematerialisation compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 9 Oct 2026 · NSE seeks clarification from AVT Natural on unusual trading volume | regulatory legal | high | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · AVT Natural Products clarifies on sudden stock volume surge | regulatory legal | medium | — | — |
| 22 Sept 2026 · NSE flags unusual trading volume in AVT Natural Products; awaits clarification | compliance | minimal | — | — |
| 19 Aug 2026 · 40th AGM results: All 5 resolutions passed with 99.99% majority | board shareholder meetings | low | — | — |
| 17 Aug 2026 · 40th AGM addresses accounts, dividend and leadership changes | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Q1 FY27 Results: Revenue up 85% YoY, PAT jumps 155% | results | high | — | — |
| 7 Aug 2026 · Board meeting on Aug 14 to approve Q1 FY27 results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.