STANBIK AGRO LIMITED

A Gujarat-based agricultural products company in the FMCG segment recorded FY26 revenue of Rs. 85.8951 crore, up about 49% year-on-year, with profit after tax of Rs. 4.36 crore and an EBITDA margin of approximately 5.6% as per the audited results. It completed its BSE SME IPO in December 2025, raising Rs. 12.28 crore, with the bulk earmarked for working capital (Rs. 6.39 crore) and retail network expansion (Rs. 3.58 crore). As of March 31, 2026, only Rs. 4.63 crore (37.7%) of the IPO proceeds had been utilised, with the company stating that rent agreements for the planned retail outlets were still being finalised. The statutory auditors issued an unmodified opinion but included an emphasis of matter regarding missing balance confirmations and age-wise analysis for certain trade receivables and payables. Operating cash flow for FY26 was negative at Rs. -408.57 lakhs, though improved from the prior year. Cost structure data shows employee costs at 0.6% of revenue, other operating expenses at 1.7% and capex at 0.1%, leaving the bulk of revenue unaccounted for in the available cost breakdown.