NARMADA AGROBASE LIMITED

Manufactures and sells cattle feed and cotton-based agro products on a B2B basis under the brands Gaay Chhaap, Narmada Super and Churma, and is ISO 9001-2015 certified. The business has been operating in livestock nutrition since 2013 and runs a manufacturing base with stated capacity of 4,000 tonnes per month, currently utilised at around 50%, with guidance to double utilisation in FY27. The product mix is centred on cattle feed alongside cotton seed products, with management flagging diversification into pelletized cattle feed and cotton seed oil. Customers are primarily B2B buyers in India's cattle and dairy value chain, and the company is expanding geographically into Maharashtra, Madhya Pradesh, Rajasthan and Punjab. Management has set a target for export revenue to reach 15-20% of turnover over the next three years, focusing on Southeast Asia, the Middle East and Africa for non-GMO feed solutions. Raw materials dominate the cost structure at 88% of revenue, with employees at 2%, other operating expenses at 4.5%, depreciation at 0.3% and capex at 0.2%. Q1 FY26 reported total income of Rs 11.41 crore, EBITDA of Rs 1.65 crore (14.47% margin) and PAT of Rs 1.02 crore. The company migrated from the NSE SME platform to the Main Board in March 2026 and adopted Ind AS accounting from April 2025.