NSE: NATHBIOGEN · BSE: 537291
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cotton and paddy seeds (58%), Maize seeds (11%), Vegetable seeds, Biopesticides (PNS), International seeds (Uzbekistan JV). Seasonal, working-capital-intensive seed business with light capex (0.7% of revenue) and rising inventory build ahead of the planting season
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 301 | 333 | 365 | 445 |
| EBITDA (ex other income) | 49 | 53 | 50 | 58 |
| margin % | 16.2 | 16.0 | 13.8 | 13.1 |
| Owners' profit | 35 | 0 | 0 | 0 |
| EPS, as reported (₹) | 18.42 | 21.34 | 20.14 | 20.98 |
| ROE % · ROCE % | 6.1 · 8.0 | 6.5 · 8.2 | 6.0 · 7.7 | 6.1 · 8.9 |
| Debt / equity (x) | 0.18 | 0.17 | 0.19 | 0.20 |
| Cash from operations | 38 | 70 | 18 | (13) |
| Capex | (2) | (8) | (8) | (3) |
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 | 32 | 37 | 52 | 284 | 44 | 66 | 52 | 328 |
| Profit before tax | 1 | 4 | 2 | 38 | 5 | 2 | 2 | 33 |
| Net profit | 1 | 3 | 1 | 37 | 3 | 2 | (0) | 32 |
| EPS (₹) | 0.53 | 1.33 | 1.14 | 19.58 | 1.40 | 0.84 | (0.79) | 16.98 |
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 | 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.4 | 12.6 | 13 of 53 | 77% |
| P/B | 0.4 | 1.6 | 7 of 51 | 88% |
| ROCE | 6.6 | 4.1 | 29 of 67 | 58% |
| ROE | 6.1 | 3.5 | 23 of 51 | 56% |
| Debt / Equity | 0.2 | 0.4 | 23 of 51 | 56% |
| EBITDA margin | 11.7 | 9.7 | 19 of 45 | 59% |
| Revenue growth | 15.8 | 10.3 | 22 of 51 | 58% |
| Profit growth | (13.5) | 16.6 | 33 of 51 | 36% |
| Market cap | 258 | 68 | 22 of 69 | 69% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 28 Sept 2026 · Trading window closed from Oct 1 until Q2 results are declared | compliance | minimal | — | — |
| 24 Sept 2026 · 33rd AGM of Nath Bio-Genes held on Sept 24, 2026; all 5 resolutions passed | board shareholder meetings | low | — | — |
| 9 Sept 2026 · NSE seeks clarification on quarterly results compliance | regulatory legal | medium | — | — |
| 5 Sept 2026 · Record Date set for Nath Bio-Genes AGM and dividend eligibility | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Record date 11 Sep 2026 for AGM and dividend eligibility | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Nath Bio-Genes sets AGM cut-off date for e-voting eligibility | corporate actions | medium | — | — |
| 1 Sept 2026 · Nath Bio-Genes 33rd AGM notice and FY26 annual report filed | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · 33rd AGM on Sept 24, 2026: ₹2 dividend, MD pay hike, director re-appointments | board shareholder meetings | medium | — | — |
| 6 Aug 2026 · SEBI initiates forensic audit of Nath Bio-Genes for FY2021 to FY2026 | regulatory legal | critical | — | — |
| 30 Jul 2026 · Nath Bio-Genes Q1 FY27 investor presentation | investor communications | 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.