BSE: 505336
HARSHIL AGROTECH LIMITED
Trades in agricultural produce — grains such as wheat and vegetables including potato, onion, tomato, green chilli, and brinjal/capsicum — supplying buyers like Heera Merchants for delivery to the Ahmedabad APMC market and buyer-designated warehouses. The trading model operates on 30% advance and 70% against delivery, with orders executed in tranches over roughly 45 days. The business showed sharp revenue volatility through FY26, with H1 revenue up about 188% year-on-year before Q3 FY26 revenue fell around 83% year-on-year and the company swung to a quarterly loss. In April 2026, the NCLT admitted an insolvency petition over unpaid operational debt arising from agricultural produce supply and appointed an interim resolution professional. Operating cash flow was deeply negative in H1 FY26, and the statutory auditor has flagged pending external confirmations on trade receivables, payables, and loans and advances. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Agricultural produce trading and supply. Small-cap, asset-light agricultural produce trading business with highly volatile quarterly revenues
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 4 | 13 | 64 |
| EBITDA (ex other income) | (1) | (0) | 1 | 1 | 11 |
| margin % | — | (100.7) | 17.9 | 7.7 | 17.3 |
| Owners' profit | 1 | (0) | 1 | 1 | 10 |
| EPS, as reported (₹) | 0.96 | (0.24) | 6.79 | 0.74 | 0.01 |
| ROE % · ROCE % | 298.2 · 419.3 | (292.9) · (200.1) | 88.2 · 64.8 | 7.0 · 8.9 | 9.0 · 9.6 |
| Debt / equity (x) | 0.15 | 6.41 | 0.71 | 0.06 | 0.00 |
| Cash from operations | (1) | (0) | 0 | (8) | (44) |
| Capex | 0 | 0 | (0) | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3 | 11 | 24 | 26 | 2 | 60 | 42 | 7 |
| Profit before tax | 0 | 1 | 5 | 5 | (1) | 9 | (5) | (5) |
| Net profit | 0 | 1 | 5 | 5 | (1) | 7 | (3) | (5) |
| EPS (₹) | 0.05 | 0.83 | 0.94 | 0.11 | 0.01 | 0.09 | 0.04 | 0.08 |
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 | 14,937 | 23.3 | 3.30 | 12.7 | 13.8 | 16.0 | 18.7 | 11.5 |
| KRBL LIMITED | 8,952 | 11.8 | 1.54 | 9.3 | 11.2 | 14.7 | 8.8 | 24.9 |
| GUJARAT AMBUJA EXPORTS LT | 7,376 | 17.7 | 2.24 | 13.7 | 9.2 | 11.7 | 4.0 | 17.0 |
| KAVERI SEED CO. LTD. | 3,653 | 14.8 | 2.08 | 9.9 | 16.9 | 17.0 | 6.1 | 40.1 |
| TRUALT BIOENERGY LIMITED | 3,553 | 25.3 | 2.25 | 13.6 | 6.1 | 4.8 | — | 23.5 |
| SANSTAR LIMITED | 2,256 | 67.0 | — | — | — | — | — | 8.8 |
| AMIR CHAND JAG KUM (E) L | 2,089 | 20.0 | 2.26 | 12.4 | 11.2 | 14.8 | — | 9.5 |
| GRM OVERSEAS LIMITED | 1,698 | 13.0 | 2.80 | 16.1 | 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) | 1.2 | 11.8 | 3 of 65 | 97% |
| P/B | 0.2 | 1.6 | 4 of 51 | 94% |
| ROCE | 3.0 | 4.4 | 38 of 68 | 45% |
| ROE | 3.0 | 3.3 | 28 of 54 | 49% |
| Debt / Equity | 0.0 | 0.2 | 11 of 54 | 81% |
| EBITDA margin | (73.9) | 9.7 | 44 of 45 | 2% |
| Revenue growth | (71.8) | 10.3 | 42 of 51 | 18% |
| Profit growth | (197.8) | 16.6 | 46 of 51 | 10% |
| Market cap | 24 | 69 | 51 of 69 | 27% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 20 Apr 2026 · The Exchange has sought clarification from Harshil Agrotech Ltd on April 20, 2026 with reference to significant movement in price, in order to ensure that investors have latest relevant .... | compliance | minimal | — | — |
| 17 Apr 2026 · We hereby inform you that the Hon''ble National Company Law Tribunal, Ahmedabad bench vide its order dated April 17, 2026 has admitted the petition filed under Section 9 of IBC, 2016 filed .... | regulatory legal | critical | — | — |
| 8 Apr 2026 · Submission of Certificate under Regulation 74(5) of SEBI (DP) Regulations, 2018 | compliance | minimal | — | — |
| 27 Mar 2026 · the Trading window shall remain closed w.e.f April 01, 2026 till 48 hours after the announcement of Audited Financial Results for the period ended on March 31, 2026. | compliance | minimal | — | — |
| 18 Mar 2026 · Belated Intimation of Resignation of Statutory Auditor of the Company effective June 12, 2025 | management changes | medium | — | — |
| 6 Feb 2026 · Newspaper Publication of Financial Result for the quarter ended December 31, 2025 | compliance | minimal | — | — |
| 4 Feb 2026 · Unaudited Financial Result for the Quarter Ended on 31st December,2025 | results | high | — | — |
| 4 Feb 2026 · .Approval of Unaudited Standalone Financial Results of the Company for the period ended on December 31, 2025. We are enclosing herewith the following: Unaudited Standalone financial .... | results | high | — | — |
| 30 Jan 2026 · Harshil Agrotech Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 04/02/2026 ,inter alia, to consider and approve 1. Un-audited financial results .... | results | low | — | — |
| 8 Jan 2026 · Certificate under Reg. 74(5) of SEBI (DP) Regulations, 2018 for the quarter ended December 31, 2025 | compliance | minimal | — | — |
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.