BSE: 540809
MRC AGROTECH LIMITED
Operates as a low-margin agricultural trading and distribution business, classified by BSE under Trading & Distributors. FY26 revenue from operations was Rs. 85.46 crore, up about 163% from FY25's Rs. 32.45 crore, with a reported EBITDA margin of roughly 2.3% and profit after tax of Rs. 1.17 crore. The auditor (Choudhary Choudhary & Co) characterised the core business as back-to-back trading with thin margins and flagged that 44.62% of taxable sales were booked in March 2026, with two related parties accounting for 53% of purchases. Cost structure shows effectively no raw material cost (0%), with other operating expenses (~1.8% of revenue) and employee costs (~0.6%) forming the bulk of outlays, consistent with a trading rather than manufacturing model. In July 2026 the company signed a 5-year collaboration and licence agreement with Banaras Hindu University to produce, process, package and sell Foundation, Certified and Truthfully Labelled seeds of wheat variety HUW 838, marking a move into branded seed distribution. During FY26 it also acquired Marsapi Lifesciences Pvt Ltd as a 100% subsidiary through a Rs. 16.85 crore share-swap and is considering taking about 50 acres of land on long-term lease for business use. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Agricultural trading and distribution, Seed production and distribution, Marsapi Lifesciences (100% subsidiary). Thin-margin agricultural trading and distribution with a developing seed business; small BSE-listed entity with high counterparty concentration.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 33 | 90 |
| EBITDA (ex other income) | 1 | 2 |
| margin % | 3.2 | 1.8 |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | 0.48 | 0.04 |
| ROE % · ROCE % | 3.5 · 4.7 | 2.6 · 3.1 |
| Debt / equity (x) | 0.14 | 0.18 |
| Cash from operations | (5) | 2 |
| Capex | 0 | (0) |
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 | 3 | 4 | 5 | 21 | 5 | 5 | 12 | 68 |
| Profit before tax | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
| Net profit | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
| EPS (₹) | 0.05 | 0.04 | 0.08 | 0.28 | 0.03 | 0.03 | 0.01 | 0.03 |
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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 30,351 | 17.8 | 2.91 | 14.1 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 8,166 | 18.3 | 3.85 | 17.4 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 4,696 | 20.0 | 5.20 | 13.9 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,593 | 24.5 | 4.11 | 18.4 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,178 | — | 13.10 | — | (0.0) | (0.0) | — | 45.0 |
| The Yamuna Syndicate Ltd | 755 | 8.3 | 0.59 | 190.1 | 4.0 | 0.3 | 4.8 | 6.2 |
| SHIV AUM STEELS LIMITED | 748 | 65.8 | 6.19 | 47.7 | 6.0 | 6.9 | — | 4.9 |
| SHANKARA BUILDPRO LIMITED | 609 | 4.6 | 1.12 | 2.7 | 23.4 | 31.8 | — | 3.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 337.5 | 15.8 | 128 of 130 | 2% |
| P/B | 1.9 | 1.0 | 97 of 150 | 36% |
| ROCE | 3.1 | 2.1 | 83 of 177 | 53% |
| ROE | 2.6 | 2.3 | 76 of 158 | 52% |
| Debt / Equity | 0.2 | 0.1 | 98 of 154 | 37% |
| EBITDA margin | 2.1 | 4.5 | 93 of 137 | 32% |
| Revenue growth | 220.6 | (8.6) | 16 of 135 | 89% |
| Profit growth | 82.1 | 0.6 | 57 of 157 | 64% |
| Market cap | 106 | 22 | 38 of 180 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Oct 2026 · 11th AGM results: All 4 resolutions passed with 100% votes in favor | compliance | minimal | — | — |
| 30 Sept 2026 · MRC Agrotech trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 30 Sept 2026 · MRC Agrotech 11th AGM: New auditor appointed, director confirmed | board shareholder meetings | low | — | — |
| 26 Sept 2026 · MRC Agrotech clarifies on share price movement to BSE | regulatory legal | medium | — | — |
| 26 Sept 2026 · Clarification on Price Movement - No Material Info to Disclose | regulatory legal | medium | — | — |
| 11 Sept 2026 · Partnership with The Secret of Tea for Temi Tea distribution; clarifies late filing | strategic transactions | medium | — | — |
| 9 Sept 2026 · Partners with The Secret of Tea to sell Temi Tea online and offline | strategic transactions | medium | — | — |
| 8 Sept 2026 · Newspaper ad of 11th AGM notice published on September 8, 2026 | compliance | minimal | — | — |
| 8 Sept 2026 · Newspaper publication of 11th AGM notice dispatch information | compliance | minimal | — | — |
| 5 Sept 2026 · Annual Report FY 2025-26 submitted to BSE | 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.