Nutricircle Limited

Operates in the plant protein and functional food ingredient space, with FY26 revenue of Rs. 17.75 crore at a 1.73% EBITDA margin. The cost structure is dominated by materials at 92.6% of revenue, with employee costs at 1.0% and other operating expenses at 6.0%, leaving very thin value-add at current scale. The company has signed an MOU with the Institute of Chemical Technology, Mumbai to fund R&D on extracting and commercializing functional proteins from vegetable biomass, committing INR 26.83 lakh in project milestones over a 5-year, non-exclusive collaboration, with any resulting IP jointly owned 50-50. A separate MOU with the Department of Industries, Government of Tripura, valid for 12 months from July 16, 2026, proposes a BioNutrition Valley for manufacturing plant proteins, functional food ingredients and bio-based products using circular bioeconomy practices, with proposed investment of Rs. 100 to 130 crore. The Tripura MOU is an initial expression of interest, not a related party transaction.