KAVERI SEED CO. LTD.

Develops, produces and sells hybrid seeds for cotton, maize, rice and vegetables, supplying Indian farmers and exporting to international markets. Standalone FY26 revenue was Rs 1,303.77 crore, up 16.25% year-on-year, while consolidated revenue reached Rs 1,42,406.59 lakhs. The cotton seed business generated Rs 243.59 crore in FY26 (down 6.6%) due to illegal seed competition and higher production costs; newly launched cotton hybrids lifted their share of cotton volumes from 10.3% to 30.05%. The non-cotton portfolio grew 23.17% to Rs 1,060.18 crore, anchored by maize (Rs 403.18 crore, up 40.17% on 18.84% volume growth) and hybrid rice (Rs 293.77 crore, up 18.37%). Exports grew approximately 90% in FY26, with management flagging strong acceptance in international markets. Materials and production costs are the largest expense at 65.2% of revenue, followed by employees (10.9%) and other operating costs (12.8%). Q4 is seasonally weak — Q4FY26 revenue was Rs 82.21 crore with an operating loss. Inventory was intentionally built up 17% year-on-year as a competitive buffer, and the cash position stood at Rs 385.56 crore at year-end. Management has guided to 15-20% FY27 revenue growth led by volume, with cotton expected to grow over 20%.