NSE: MSL · BSE: 539275
MANGALAM SEEDS LTD.
Sells agricultural seeds to Indian farmers, with the Kharif sowing season making Q1 the peak quarter of each fiscal year. Operates through five subsidiaries and one associate, with consolidated FY26 revenue of Rs 112.20 crore. Agriculture is the primary revenue driver, while a small Real Estate segment contributed Rs 1.75 crore in FY26. Raw materials such as seeds and agricultural inputs make up 77.4% of revenue, the dominant cost line. Q2 sees a seasonal dip post-sowing and Q3 shows recovery. Listed on BSE, based in Ahmedabad, and promoter-led under Managing Director Mr. Pravinkumar Mafatbhai Patel. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Agriculture, Real Estate. Seasonal, agricultural-inputs business with Q1 peak
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 41 | 65 | 112 | 103 | 112 |
| EBITDA (ex other income) | 8 | 16 | 21 | 18 | 16 |
| margin % | 20.2 | 24.5 | 18.3 | 17.4 | 14.6 |
| Owners' profit | 0 | 11 | 13 | 10 | 8 |
| EPS, as reported (₹) | 4.71 | 10.08 | 12.01 | 9.37 | 7.52 |
| ROE % · ROCE % | 11.4 · 14.2 | 19.6 · 23.8 | 18.5 · 20.6 | 12.6 · 16.0 | 9.1 · 13.0 |
| Debt / equity (x) | 0.39 | 0.31 | 0.80 | 0.79 | 0.55 |
| Cash from operations | (1) | 5 | (1) | (0) | 14 |
| Capex | (6) | (2) | (31) | (10) | (6) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 32 | 22 | 27 | 22 | 49 | 18 | 29 | 16 |
| Profit before tax | 4 | 2 | 2 | 4 | 4 | 3 | 2 | 2 |
| Net profit | 4 | 2 | 1 | 3 | 4 | 2 | 1 | 1 |
| EPS (₹) | 3.49 | 1.50 | 1.23 | 3.15 | 3.55 | 1.63 | 1.16 | 1.18 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a) Real Estate | 2 | 1.3 |
| b) Agriculture | 11 | 8.2 |
| c) Unallocated | 4 | 3.3 |
| Real Estate | 10 | 7.2 |
| Agriculture | 98 | 72.9 |
| Unallocated | 9 | 7.0 |
| Total, before eliminations | 134 | 100.0 |
Exhibit 4: 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 | 14,064 | 22.0 | 3.11 | 12.0 | 13.8 | 16.0 | 18.7 | 11.5 |
| KRBL LIMITED | 8,814 | 11.6 | 1.52 | 9.1 | 11.2 | 14.7 | 8.8 | 24.9 |
| GUJARAT AMBUJA EXPORTS LT | 7,226 | 17.4 | 2.19 | 13.4 | 9.2 | 11.7 | 4.0 | 17.0 |
| TRUALT BIOENERGY LIMITED | 3,643 | 26.0 | 2.31 | 13.8 | 6.1 | 4.8 | — | 23.5 |
| KAVERI SEED CO. LTD. | 3,485 | 14.1 | 1.99 | 9.4 | 16.9 | 17.0 | 6.1 | 40.1 |
| INDRAYANI BIOTECH LTD. | 3,444 | 25.9 | 33.73 | 251.2 | 1.9 | 0.2 | 45.6 | 8.2 |
| AMIR CHAND JAG KUM (E) L | 2,206 | 21.1 | 2.39 | 12.9 | 11.2 | 14.8 | — | 9.5 |
| SANSTAR LIMITED | 1,948 | 57.9 | — | — | — | — | — | 8.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.9 | 12.6 | 38 of 53 | 29% |
| P/B | 1.6 | 1.6 | 26 of 51 | 50% |
| ROCE | 9.3 | 4.1 | 26 of 67 | 62% |
| ROE | 9.1 | 3.5 | 18 of 51 | 66% |
| Debt / Equity | 0.6 | 0.4 | 31 of 51 | 40% |
| EBITDA margin | 19.2 | 9.7 | 10 of 45 | 80% |
| Revenue growth | (26.6) | 10.3 | 37 of 51 | 28% |
| Profit growth | (62.7) | 16.6 | 39 of 51 | 24% |
| Market cap | 148 | 68 | 26 of 69 | 63% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 29 Sept 2026 · 15th AGM voting results: All 4 resolutions passed with 100 percent approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · All 4 resolutions passed at 15th AGM with 100 percent approval | compliance | minimal | — | — |
| 28 Sept 2026 · 15th AGM held on Sep 28, 2026; four items taken up for approval | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · Trading window closure for Sep 2026 quarter results | compliance | minimal | — | — |
| 4 Sept 2026 · AGM notice and e-voting info published in newspapers | compliance | minimal | — | — |
| 3 Sept 2026 · Annual Report FY2025-26 web link and AGM notice shared | investor communications | medium | — | — |
| 3 Sept 2026 · AGM notice: 15th Annual General Meeting on 28 Sep 2026 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Annual Report FY 2025-26 and 15th AGM Notice filed | investor communications | medium | — | — |
| 3 Sept 2026 · Mangalam Seeds 15th AGM notice on Sept 28, 2026 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Book closure from Sept 22 to 28, 2026 for 15th AGM | 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.