NSE: BSHSL · BSE: 544757
BOMBAY SUPER HYBRID SEEDS
Operates in the agricultural products space as a hybrid seeds business, per its registered name and industry classification. The operating model is inventory-heavy: closing inventory stood at Rs 232.07 crore in FY26, up Rs 37.51 crore year-on-year, consistent with seasonal seed procurement and stocking patterns. Materials and procurement flow into inventory rather than being expensed directly; employee costs ran at 1.1% of revenue and other operating expenses at 7.2% in FY26. The company is based in the Rajkot area of Gujarat and acquired 4,079.40 sq meters of adjacent industrial land for Rs 1.41 crore in June 2026 to support future expansion. Working capital is under strain, with negative operating cash flow of Rs 15.80 crore in FY26 and total borrowings of Rs 108.27 crore against an ICRA BBB+ (Stable) rating on Rs 145 crore of bank facilities. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hybrid seeds. Seasonal, inventory-intensive hybrid seeds business with tight working capital
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 228 | 257 | 359 | 344 |
| EBITDA (ex other income) | 22 | 28 | 33 | 36 |
| margin % | 9.4 | 11.1 | 9.1 | 10.4 |
| Owners' profit | 17 | 22 | 26 | 27 |
| EPS, as reported (₹) | 1.61 | 2.10 | 2.52 | 2.54 |
| ROE % · ROCE % | 29.8 · 35.6 | 28.4 · 35.3 | 25.2 · 32.3 | 20.4 · 26.1 |
| Debt / equity (x) | 0.94 | 0.61 | 0.88 | 0.83 |
| Cash from operations | (8) | 12 | (31) | (16) |
| Capex | (3) | (0) | (3) | (3) |
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 | 28 | 128 | 46 | 153 | 27 | 107 | 66 | 183 |
| Profit before tax | 2 | 9 | 5 | 13 | 2 | 9 | 4 | 15 |
| Net profit | 2 | 9 | 4 | 12 | 2 | 8 | 4 | 14 |
| EPS (₹) | 0.19 | 0.85 | 0.41 | 1.17 | 0.24 | 0.74 | 0.42 | 1.36 |
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 | 13,296 | 20.8 | 2.94 | 11.3 | 13.8 | 16.0 | 18.7 | 11.5 |
| KRBL LIMITED | 8,012 | 10.6 | 1.38 | 8.3 | 11.2 | 14.7 | 8.8 | 24.9 |
| GUJARAT AMBUJA EXPORTS LT | 6,614 | 15.9 | 2.01 | 12.4 | 9.2 | 11.7 | 4.0 | 17.0 |
| KAVERI SEED CO. LTD. | 3,616 | 14.6 | 2.06 | 9.8 | 16.9 | 17.0 | 6.1 | 40.1 |
| TRUALT BIOENERGY LIMITED | 3,233 | 23.0 | 2.05 | 12.7 | 6.1 | 4.8 | — | 23.5 |
| INDRAYANI BIOTECH LTD. | 2,966 | 22.3 | 29.05 | 217.6 | 1.9 | 0.2 | 45.6 | 8.2 |
| AMIR CHAND JAG KUM (E) L | 2,165 | 20.7 | 2.34 | 12.7 | 11.2 | 14.8 | — | 9.5 |
| SANSTAR LIMITED | 1,839 | 54.6 | — | — | — | — | — | 8.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.0 | 12.6 | 46 of 53 | 14% |
| P/B | 6.9 | 1.5 | 46 of 51 | 10% |
| ROCE | 21.3 | 4.1 | 6 of 67 | 92% |
| ROE | 20.4 | 3.5 | 3 of 51 | 96% |
| Debt / Equity | 0.8 | 0.4 | 37 of 51 | 28% |
| EBITDA margin | 9.7 | 9.7 | 23 of 45 | 50% |
| Revenue growth | 19.4 | 10.3 | 20 of 51 | 62% |
| Profit growth | 16.6 | 16.6 | 26 of 51 | 50% |
| Market cap | 898 | 62 | 13 of 69 | 82% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Newspaper publication of Q2 FY26 unaudited results filed with BSE and NSE | compliance | minimal | — | — |
| 15 Oct 2026 · Q2 FY27 Results: Revenue up 49% YoY, PAT up 15% | results | high | — | — |
| 10 Oct 2026 · Board Meeting Scheduled on Oct 15, 2026 for Q2 FY26 Results | results | low | — | — |
| 5 Oct 2026 · AGM voting results: All 13 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Re-appointment of Mrs Richa Kaushal Mashru as Independent Director | management changes | medium | — | — |
| 30 Sept 2026 · Bombay Super Hybrid Seeds 12th AGM Proceedings Held on September 30, 2026 | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Bombay Super Hybrid Seeds bank facility rating downgraded to BB+ by CARE | credit debt | medium | — | — |
| 28 Sept 2026 · Trading Window Closure Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 10 Sept 2026 · Bombay Super Hybrid Seeds - 12th AGM Notice Newspaper Publication | compliance | minimal | — | — |
| 10 Sept 2026 · Annual Report FY 2025-26 and 12th AGM Notice submitted; RPT approvals sought | results | medium | — | — |
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.