BSE: 531205
SPRIGHT AGRO LIMITED
Supplies agricultural oilseeds including soybean, flax (alsi), black sunflower, white hulled sunflower, and malkangani seeds under annual fixed-rate supply contracts. In October 2025, it signed an annual supply agreement valued at ₹283.77 crore with Naadir Traders Private Limited for roughly 6,955 MT of oilseeds to be delivered in quarterly consignments through FY 2025-26. Quarterly revenue was highly volatile — Q3 FY26 (Oct-Dec 2025) revenue from operations fell to ₹455.73 lakhs from ₹5,490.98 lakhs in Q3 FY25. FY 2025-26 total income of ₹10,531.41 lakhs was lower than the ₹16,547.63 lakhs reported in FY 2024-25, and the company swung from a ₹2,040.16 lakh profit in FY25 to a net loss of ₹1,249.11 lakhs in FY26, with negative operating cash flow of ₹1,376.39 lakhs. The statutory auditor (Marks & Co.) issued a Disclaimer of Opinion, citing unreconciled GST returns filed only up to February 2026, outstanding TDS defaults, missing sales and purchase invoices, unaudited related party transactions, and an unverified ₹2.87 crore investment in Ayodya Vincom Private Limited. Operations are based in Ahmedabad, Gujarat, and the company (formerly Tine Agro Limited) is classified under agricultural food and other products. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Oilseed supply, Agricultural trading. Cyclical agricultural trading with thin, volatile margins and weak internal controls
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11 | 8 | 72 | 165 | 105 |
| EBITDA (ex other income) | 0 | 0 | 13 | 20 | (13) |
| margin % | 0.2 | 0.2 | 17.3 | 12.2 | (12.1) |
| Owners' profit | 0 | 0 | 12 | 20 | (12) |
| EPS, as reported (₹) | 0.02 | 0.90 | 0.78 | 0.18 | (0.12) |
| ROE % · ROCE % | (1.7) · (2.3) | (1.4) · 0.4 | 17.6 · 19.2 | 15.0 · 15.6 | (10.7) · (10.7) |
| Debt / equity (x) | (0.22) | (0.18) | 0.01 | 0.00 | 0.06 |
| Cash from operations | 1 | 0 | (22) | (42) | (14) |
| 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 | 54 | 55 | 3 | 62 | 40 | 5 | (2) | 0 |
| Profit before tax | 7 | 7 | (0) | 12 | (7) | (10) | (8) | (0) |
| Net profit | 7 | 7 | (1) | 9 | (3) | (10) | (8) | (0) |
| EPS (₹) | 0.13 | 0.07 | (0.01) | 0.09 | (0.03) | (0.10) | (0.07) | 0.00 |
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/B | 0.3 | 1.6 | 5 of 51 | 92% |
| ROCE | (10.7) | 4.1 | 58 of 67 | 14% |
| ROE | (10.7) | 3.5 | 45 of 51 | 12% |
| Debt / Equity | 0.1 | 0.4 | 15 of 51 | 72% |
| Revenue growth | (100.0) | 10.3 | 47 of 51 | 2% |
| Profit growth | (100.1) | 16.6 | 43 of 51 | 16% |
| Market cap | 40 | 68 | 42 of 69 | 40% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Insolvency Proceedings Initiated Against Spright Agro | compliance | minimal | — | — |
| 6 Oct 2026 · NCLT admits insolvency case against Spright Agro, IRP appointed | regulatory legal | critical | — | — |
| 6 Oct 2026 · BSE asks Spright Agro to clarify sharp price movement | compliance | medium | — | — |
| 17 Aug 2026 · Spright Agro publishes Q1 FY27 un-audited results in newspaper | compliance | minimal | — | — |
| 13 Aug 2026 · Unaudited Financial Results for the quarter ended June 30, 2026. | results | high | — | — |
| 13 Aug 2026 · Outcome of the Board meeting held on today i.e. August 13, 2026 for approval of Unaudited Standalone Financial Results of the Company for the period ended june 30, 2026. | results | high | — | — |
| 10 Aug 2026 · Spright Agro board meeting postponed to Aug 13 for Q1 results review | results | low | — | — |
| 3 Aug 2026 · Board meeting on Aug 10, 2026 to consider Q1 FY27 standalone results | results | low | — | — |
| 3 Jul 2026 · Routine RTA confirmation certificate filed for quarter ended June 2026 | compliance | minimal | — | — |
| 26 Jun 2026 · Trading window closed from July 01 ahead of Q1 results | compliance | minimal | — | — |
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.