NATH BIO-GENES (I) LTD

Sells hybrid seeds for cotton, paddy, maize and vegetables, along with a smaller line of biopesticides (PNS), to Indian farmers. Cotton and paddy together account for 58% of FY26 revenue (up from 52% in FY25), with maize emerging as the fastest-growing crop at more than 10% of the top line after 54% volume and 78% value growth year-on-year. The company is also building international revenue through an Uzbekistan joint venture, which contributed INR 15 crore in its first year, with a stated medium-term target of 10–15% of consolidated top line. It runs 25,000 MT of cumulative seed storage capacity and works in an India seed market sized at USD 4–4.5bn growing at 12–14% CAGR. FY26 revenue was INR 4,316 million, up 19% YoY, though gross margin normalised to 56% from 63% in FY25 and finance costs rose 38% to INR 133 million as inventory was deliberately built up ahead of the FY27 season. Materials and production inputs are the dominant cost at 68.8% of revenue, while capex is light at 0.7% of revenue. Vegetable seeds and PNS (biopesticides) both contracted in FY26, declining 10% and 17% respectively.