NSE: KSCL · BSE: 532899
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cotton seeds, Maize seeds, Hybrid rice seeds, Vegetable seeds, Exports. Cyclical, agriculture-dependent hybrid seed business with seasonal Q4 losses
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 970 | 1,070 | 1,148 | 1,205 | 1,395 |
| EBITDA (ex other income) | 203 | 252 | 286 | 291 | 337 |
| margin % | 20.9 | 23.5 | 24.9 | 24.1 | 24.1 |
| Owners' profit | 205 | 272 | 299 | 281 | 296 |
| EPS, as reported (₹) | 36.37 | 47.89 | 54.58 | 55.10 | 56.94 |
| ROE % · ROCE % | 16.6 · 16.8 | 19.9 · 20.3 | 24.3 · 24.9 | 18.8 · 19.0 | 16.9 · 17.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 111 | 297 | 389 | 197 | (6) |
| Capex | (47) | (109) | (100) | (88) | (149) |
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 | 137 | 174 | 90 | 859 | 219 | 210 | 107 | 743 |
| Profit before tax | 3 | 17 | (20) | 334 | (15) | 14 | (27) | 284 |
| Net profit | (1) | 15 | (23) | 327 | (16) | 13 | (28) | 280 |
| EPS (₹) | (0.33) | 2.97 | (4.53) | 63.76 | (3.02) | 2.76 | (6.56) | 54.83 |
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) | 14.2 | 12.3 | 32 of 53 | 40% |
| P/B | 2.0 | 1.6 | 30 of 51 | 42% |
| ROCE | 17.0 | 4.1 | 11 of 67 | 85% |
| ROE | 16.9 | 3.5 | 7 of 51 | 88% |
| Debt / Equity | 0.0 | 0.4 | 1 of 51 | 88% |
| EBITDA margin | 40.1 | 9.7 | 3 of 45 | 96% |
| Revenue growth | (13.5) | 10.3 | 33 of 51 | 36% |
| Profit growth | (14.5) | 16.6 | 34 of 51 | 34% |
| Market cap | 3503 | 66 | 4 of 69 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Kaveri Seed schedules Q2 FY27 earnings call on Oct 29 | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Board meeting on Oct 28 to consider Q2 results and interim dividend | results | low | — | — |
| 17 Oct 2026 · Board meeting on 28 Oct 2026 to consider Q2 FY27 results and interim dividend | results | low | — | — |
| 6 Oct 2026 · No dematerialization requests in Sept 2026 quarter | compliance | minimal | — | — |
| 29 Sept 2026 · Kaveri Seed AGM: All 9 resolutions approved, dividend ratified | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Summary of the proceedings of the 39th AGM of the Company held on 29th September, 2026. | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 18 Sept 2026 · IT Dept appeals against Kaveri Seed's tax win at ITAT Hyderabad | regulatory legal | medium | — | — |
| 5 Sept 2026 · Kaveri Seed informs shareholders about 39th AGM notice dispatch | compliance | minimal | — | — |
| 4 Sept 2026 · 39th AGM on 29 Sep 2026 via video conferencing; book closure 26-29 Sep | board shareholder meetings | 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.