BSE: 530219
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Plant proteins, Functional food ingredients, Bio-based products. Small, materials-heavy nutrition and ingredient business at early scale
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 2 | 3 | 3 | 18 |
| EBITDA (ex other income) | (0) | (0) | (1) | 0 | 0 |
| margin % | (119.6) | (20.1) | (44.4) | 4.3 | 1.6 |
| Owners' profit | (0) | (0) | (1) | 0 | 0 |
| EPS, as reported (₹) | (10.56) | (12.69) | (46.07) | 0.36 | 0.30 |
| ROE % · ROCE % | 10.6 · (64.8) | 11.2 · (40.8) | 28.9 · (109.7) | 2.1 · 1.8 | 4.3 · 3.8 |
| Debt / equity (x) | (1.16) | (1.27) | (1.26) | 0.14 | 0.16 |
| Cash from operations | (0) | (1) | (2) | (4) | (2) |
| Capex | (0) | (0) | 0 | (0) | (0) |
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 | 0 | 1 | 1 | 2 | 5 | 6 | 5 | 6 |
| Profit before tax | (0) | (0) | 1 | 0 | 0 | 0 | 0 | 0 |
| Net profit | (0) | (0) | 1 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | (6.43) | (0.34) | 0.78 | 0.03 | 0.06 | 0.18 | 0.02 | 0.03 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Compliance certificate for Q2 FY27 filed with BSE | compliance | minimal | — | — |
| 1 Oct 2026 · Nutricircle 33rd AGM: All 3 resolutions passed with requisite majority | board shareholder meetings | medium | — | — |
| 1 Oct 2026 · Nutricircle 33rd AGM: All 3 resolutions approved by shareholders | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Nutricircle 33rd AGM concludes; 3 ordinary resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 33rd AGM held on Sept 30, 2026; three ordinary resolutions passed | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 for Q2 FY27 results | compliance | minimal | — | — |
| 7 Sept 2026 · Nutricircle Limited: 33rd AGM Notice Published in Newspapers | compliance | minimal | — | — |
| 5 Sept 2026 · Nutricircle files FY26 Annual Report, 33rd AGM set for Sept 30, 2026 | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · Nutricircle sends Annual Report weblink to members ahead of 33rd AGM | compliance | minimal | — | — |
| 5 Sept 2026 · Notice of 33rd AGM on Sep 30, 2026 with Annual Report FY26 | board shareholder meetings | low | — | — |
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.