BSE: 513713
White Organic Agro Limited
A small BSE-listed entity historically operated in two businesses: trading of food grains and miscellaneous items, which made up 99.6% of segment revenue as of FY19, and a smaller agricultural activity at 0.4% of segment revenue. The operating business has effectively wound down — in Q3 FY26, revenue from operations was just ₹1.31 lakh, and for 9M FY26 it totaled ₹9.67 lakh. The company stated that current revenue relates only to 'new activities' and excludes earlier business lines. Total FY26 revenue was ₹13.26 crore, with most of the year's income coming from 'other income' of ₹473.53 lakh (largely interest and dividend from investments). FY26 net profit was ₹0.98 crore, generated on total assets of ₹67.38 crore. The auditor flagged a non-provisioned doubtful loan of ₹201.91 lakh from Future Farms LLP outstanding since 2021, and noted that without this provision the company would have reported a net loss of ₹57.43 lakh instead of profit. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Trade of Food Grains & Misc Items (100%), Agricultural (0%). Small-cap BSE-listed entity with a collapsed operating business, now dependent on investment income.
Exhibit 1: Financial summary, FY19–FY21 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 | FY21 |
|---|---|---|---|
| Revenue | 338 | 190 | 140 |
| EBITDA (ex other income) | 5 | (3) | (2) |
| margin % | 1.6 | (1.4) | (1.5) |
| Owners' profit | 5 | 0 | 0 |
| EPS, as reported (₹) | 1.42 | 0.08 | 0.08 |
| ROE % · ROCE % | 8.6 · 11.7 | 0.5 · 0.7 | 0.6 · 0.7 |
| Debt / equity (x) | 0.01 | 0.03 | 0.06 |
| Cash from operations | — | — | (9) |
| Capex | — | — | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY20 | Q3 FY20 | Q4 FY20 | Q1 FY21 | Q2 FY21 | Q3 FY21 | Q4 FY21 | Q1 FY22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 53 | 69 | 22 | 18 | 24 | 29 | 68 | 25 |
| Profit before tax | 4 | 5 | (14) | 2 | 1 | 1 | (3) | 3 |
| Net profit | 4 | 4 | (12) | 1 | 1 | 1 | (3) | 2 |
| EPS (₹) | 1.03 | 0.96 | (3.08) | 0.37 | 0.15 | 0.17 | (0.61) | 0.58 |
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 | 13,296 | 20.8 | 2.94 | 11.3 | 13.8 | 16.0 | 18.7 | 11.5 |
| KRBL LIMITED | 8,012 | 10.6 | 1.38 | 8.3 | 11.2 | 14.7 | 8.8 | 24.9 |
| GUJARAT AMBUJA EXPORTS LT | 6,614 | 15.9 | 2.01 | 12.4 | 9.2 | 11.7 | 4.0 | 17.0 |
| KAVERI SEED CO. LTD. | 3,616 | 14.6 | 2.06 | 9.8 | 16.9 | 17.0 | 6.1 | 40.1 |
| TRUALT BIOENERGY LIMITED | 3,233 | 23.0 | 2.05 | 12.7 | 6.1 | 4.8 | — | 23.5 |
| INDRAYANI BIOTECH LTD. | 2,966 | 22.3 | 29.05 | 217.6 | 1.9 | 0.2 | 45.6 | 8.2 |
| AMIR CHAND JAG KUM (E) L | 2,165 | 20.7 | 2.34 | 12.7 | 11.2 | 14.8 | — | 9.5 |
| SANSTAR LIMITED | 1,839 | 54.6 | — | — | — | — | — | 8.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.1 | 12.6 | 24 of 53 | 56% |
| P/B | 0.2 | 1.5 | 4 of 51 | 94% |
| ROCE | 0.7 | 4.1 | 46 of 67 | 32% |
| ROE | 0.6 | 3.5 | 37 of 51 | 28% |
| Debt / Equity | 0.1 | 0.4 | 14 of 51 | 74% |
| EBITDA margin | 12.0 | 9.7 | 18 of 45 | 61% |
| Revenue growth | 35.0 | 10.3 | 10 of 51 | 82% |
| Profit growth | 53.5 | 16.6 | 20 of 51 | 62% |
| Market cap | 12 | 62 | 58 of 69 | 16% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Quarterly dematerialisation certificate under SEBI Reg 74(5) | compliance | minimal | — | — |
| 2 Oct 2026 · MD Darshak Rupani re-appointed for 3 more years | results | medium | — | — |
| 2 Oct 2026 · AGM: 4 resolutions passed, related party deal with director rejected | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · 36th AGM held via video conferencing; voting results awaited | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed from 1 Oct 2026 ahead of Q2 results | compliance | minimal | — | — |
| 7 Sept 2026 · White Organic Agro submits 36th AGM notice published in newspapers | compliance | minimal | — | — |
| 5 Sept 2026 · White Organic Agro submits FY25-26 Annual Report with 36th AGM notice | results | high | — | — |
| 5 Sept 2026 · 36th AGM notice on 30 Sept; MD reappointment and remuneration items on agenda | board shareholder meetings | low | — | — |
| 5 Sept 2026 · AGM Notice and Annual Report Web Link Dispatched to Shareholders | compliance | minimal | — | — |
| 1 Sept 2026 · White Organic Agro announces 36th AGM on September 30 via video conferencing | 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.