Narmada Agrobase Limited
NSE: NARMADAAnimal Feed
Share price
₹11.13
-0.18% close of 9 Oct 2026
Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.
Business score
How strong the business is, in one number. The parts behind it are in Pro.
57
out of 100 · worked out 9 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹84 Cr
P/E ratio
23.5
P/B ratio
1.4
ROCE
8.9%
ROE
6.7%
Dividend yield
0.0%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Our sales figures for this company step down at Sep 2021 and we hold nothing that says why, so we cannot honestly quote a growth rate across it.
Whether it grew faster than its sector
Our sales figures for this company step down at Sep 2021 and we hold nothing that says why, so there is no honest growth rate of its own to set against its sector.
Room to re-rate, or risk of de-rating
Too little price history yet to compare it with its own past.
Whether growth justifies the valuation
Priced at 0.3 times its growth rate, on earnings growth of 81%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Narmada Agrobase Limited — this one | 81%/yr | 23.5× | ₹0.29 |
| Mukka Proteins Limited | 6%/yr | 11.3× | ₹1.9 |
| KSE Limited | 191%/yr | 11.4× | — |
| Ajooni Biotech Limited | 51%/yr | 13.0× | ₹0.26 |
| Godrej Agrovet Limited | 23%/yr | 25.7× | ₹1.1 |
| Avanti Feeds Limited | 28%/yr | 18.2× | ₹0.65 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Animal Feed), it ranks 5 of 6 on returns, 3 of 6 on growth, 5 of 6 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
No durable advantage shows in the numbers: it earns 8.9% on capital, ahead of 17% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
No — Over the last five years the business itself consumed ₹16 crore of cash before any plant spend, funded from lenders and shareholders.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
7 of 9 checks clear · 78%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Announced 14 Aug 2026 · Consolidated · Unaudited
Revenue
₹22 Cr
Revenue vs last year
+100.9%
Revenue vs last quarter
-34.5%
Net profit
₹1 Cr
Profit vs last year
-26.1%
Profit vs last quarter
-5.8%
Net margin
3.4%
EPS
₹0.20
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹84 Cr
- Prev close
- ₹11.13
- 52w High
- ₹22.6
- 52w Low
- ₹9.9
- Enterprise value
- —
- Beta
- 0.9
- Price CAGR 1y
- -17.0%
- Price CAGR 3y
- 16.0%
- Price CAGR 5y
- 17.0%
- Price CAGR 10y
- —
Ratios
- Return on assets
- 5.3%
- PEG ratio
- 0.3
- P/E ratio
- 23.5
- P/B ratio
- 1.4
- EV / EBITDA
- —
- Industry P/E
- 15.5
- ROCE
- 8.9%
- ROCE 5y average
- 8.9%
- ROE
- 6.7%
- Debt / Equity
- 0.2
- Interest coverage
- 7.4
- Dividend yield
- 0.0%
- ROE 3y average
- 8.0%
- ROE last year
- 7.0%
Annual P&L
- Annual revenue
- ₹78 Cr
- Annual profit
- ₹4 Cr
- Operating margin
- 6.3%
- Net profit margin
- 4.9%
- EBITDA margin
- 6.4%
- Sales growth 3y
- 16.2%
- Sales growth 5y
- 5.9%
- Profit growth 3y
- 81.0%
- Profit growth 5y
- 40.0%
- EPS
- ₹0.5
- Sales growth TTM
- 20.0%
- Profit growth TTM
- -6.0%
- Dividend payout
- 0.0%
Quarter P&L
- Sales latest quarter
- ₹22 Cr
- Profit latest quarter
- ₹1 Cr
- YoY quarterly sales growth
- 100.9%
- YoY quarterly profit growth
- -26.5%
- OPM latest quarter
- 4.3%
Balance Sheet
- Book Value
- ₹7.8
- Face Value
- ₹5.0
- Total debt
- ₹10 Cr
- Total cash
- ₹0 Cr
- Borrowings
- ₹10 Cr
- Reserves / Equity
- 0.6
Cash Flow
- Operating cash flow
- -₹1 Cr
- Free cash flow
- -₹1 Cr
- FCF yield
- -2.7%
- Net cash flow
- -₹4 Cr
Shareholding
- Promoter holding
- 50.3%
- FII holding
- 0.1%
- DII holding
- 6.5%
- Public holding
- 43.1%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| Godrej Agrovet | 631.00 | 25.9 | 12,141 | 1.75 | 128.3 | -16.2 | 2,855.2 | 9.2 | 19.2 |
| Avanti Feeds | 709.60 | 17.9 | 9,668 | 1.39 | 116.3 | -42.0 | 1,899.9 | 18.3 | 24.4 |
| Mukka Proteins | 26.50 | 11.5 | 795 | 0.00 | 18.6 | 1142.8 | 489.7 | 186.7 | 11.6 |
| KSE | 176.80 | 12.3 | 566 | 7.07 | 0.9 | -98.4 | 453.7 | 9.1 | 33.5 |
| Shivam Chemicals | 145.05 | 41.2 | 246 | 0.00 | 4.2 | 163.9 | 152.6 | 17.6 | 16.6 |
| Mayank Cattle Fo | 101.00 | 18.1 | 109 | 0.00 | 3.5 | 18.3 | 217.8 | 2.9 | 15.8 |
| Narmada Agrobase | 11.51 | 24.3 | 87 | 0.00 | 0.8 | -26.5 | 22.3 | 100.9 | |
| Ajooni Biotech | 3.04 | 13.2 | 52 | 0.00 | 0.4 | -44.9 | 63.5 | 103.0 | 6.1 |
| Median | 160.93 | 18.0 | 680 | 0.69 | 11.4 | 1.1 | 471.7 | 13.4 | 17.9 |
Competes with: Ajooni Biotech Limited, Avanti Feeds Limited, Godrej Agrovet Limited, KSE Limited, Mukka Proteins Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 11 | 18 | 7.95 | 11 | 12 | 19 | 12 | 10 | 14 | 29 | 11 | 34 | 22 |
| Expenses | 9.76 | 33 | 21 | ||||||||||
| Material Cost | 20 | ||||||||||||
| Change in Inventories | -0.21 | ||||||||||||
| Purchases of Stock-in-Trade | 0 | ||||||||||||
| Employee Cost | 0.44 | ||||||||||||
| Other Expenses | 0.84 | ||||||||||||
| Operating Profit | 1.32 | 0.98 | 0.95 | ||||||||||
| OPM % | 5.27 | 2.46 | 5.66 | 4.12 | 3.68 | 6.13 | 13 | 20 | 9.68 | 2.01 | 12 | 2.88 | 4.27 |
| Other Income | 0.33 | 0.32 | 0.28 | ||||||||||
| Exceptional items (within Other Income) | 0 | ||||||||||||
| Interest | 0.24 | 0.18 | 0.17 | ||||||||||
| Depreciation | 0.05 | 0.06 | 0.05 | ||||||||||
| Profit before tax | 1.36 | 1.06 | 1.01 | ||||||||||
| Tax % | 25 | 25 | 25 | ||||||||||
| Net Profit | 1.02 | 0.80 | 0.75 | ||||||||||
| EPS in Rs | 0.13 | 0.11 | 0.10 | ||||||||||
| Diluted EPS in Rs | 0.20 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2025 | Mar 2026 |
|---|---|---|
| Sales | 66 | 78 |
| Expenses | 73 | |
| Operating Profit | 4.98 | |
| OPM % | 6.35 | |
| Other Income | 1.27 | |
| Interest | 0.82 | |
| Depreciation | 0.24 | 0.22 |
| Profit before tax | 5.16 | 5.21 |
| Tax % | 26 | |
| Net Profit | 4.09 | 3.86 |
| EPS in Rs | 0.51 | |
| Dividend Payout % | -0 |
Filed only on the standalone basis, so shown from it: Depreciation, Net Profit, Profit before tax, Sales.
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- 10%
- 5 years
- 6%
- 3 years
- 16%
- TTM
- 20%
Compounded profit growth
- 10 years
- 35%
- 5 years
- 40%
- 3 years
- 81%
- TTM
- -6%
Stock price CAGR
- 10 years
- —
- 5 years
- 17%
- 3 years
- 16%
- 1 year
- -17%
Return on equity
- 10 years
- 7%
- 5 years
- 7%
- 3 years
- 8%
- Last year
- 7%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1.25 | 1.83 | 1.83 | 5.19 | 7.53 | 14 | 14 | 14 | 14 | 14 | 38 | 38 |
| Reserves | 0.11 | 0.30 | 0.64 | 0.42 | 6.04 | 0.71 | 1.39 | 1.68 | 2.33 | 3.35 | 18 | 21 |
| Borrowings | 6.71 | 7.93 | 10 | 7.39 | 9.13 | 8.44 | 8.69 | 9.72 | 10 | 9.68 | 9.47 | 10 |
| Other Liabilities | 0.89 | 0.67 | 0.98 | 1.44 | 0.88 | 1.57 | 3.29 | 1.55 | 1.37 | 1.38 | 1.12 | 2.81 |
| Total Liabilities | 8.96 | 11 | 14 | 14 | 24 | 24 | 27 | 27 | 27 | 28 | 66 | 72 |
| Fixed Assets | 2.38 | 2.71 | 2.66 | 2.74 | 4.66 | 3.89 | 3.50 | 3.75 | 3.44 | 3.18 | 2.97 | 2.91 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.02 | 0 |
| Investments | 0.21 | 0.21 | 0.43 | 0.47 | 0.61 | 0 | 0 | 0 | 0 | 0 | 0 | 1.70 |
| Other Assets | 6.37 | 7.81 | 11 | 11 | 18 | 20 | 23 | 23 | 24 | 25 | 63 | 68 |
| Total Assets | 8.96 | 11 | 14 | 14 | 24 | 24 | 27 | 27 | 27 | 28 | 66 | 72 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -1.25 | 1.21 | -5.10 | 0.49 | 0.30 | -0.08 | 0.05 | 0.93 | -16 | -1.30 | ||
| Cash from Investing Activity | -0.44 | -0.34 | -2.32 | 0.46 | 0.04 | 0.06 | 0.37 | 0.35 | -3.58 | -2.95 | ||
| Cash from Financing Activity | 1.52 | -0.82 | 8.52 | -1.94 | -0.40 | 0.22 | -0.52 | -1.35 | 34 | -0.18 | ||
| Net Cash Flow | -0.17 | 0.05 | 1.11 | -1 | -0.07 | 0.20 | -0.10 | -0.07 | 14 | -4.43 | ||
| Free Cash Flow | -1.49 | 0.84 | -7.56 | 0.36 | 0.26 | -0.08 | 0.05 | 0.92 | -16 | -1.45 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 30 | 27 | 32 | 31 | 58 | 67 | 102 | 152 | 98 | 98 | 108 | 166 |
| Inventory Days | 74 | 54 | 71 | 76 | 70 | 38 | 29 | 78 | 76 | 85 | 154 | 75 |
| Days Payable | 11 | 6.97 | 8.63 | 12 | 3.54 | 4.02 | 16 | 10 | 7.25 | 6.35 | 1.38 | 6.63 |
| Cash Conversion Cycle | 93 | 74 | 94 | 95 | 125 | 101 | 115 | 220 | 166 | 176 | 261 | 235 |
| Working Capital Days | 21 | 26 | 27 | 25 | 59 | 53 | 64 | 105 | 87 | 94 | 195 | 180 |
| ROCE % | 10 | 10 | 11 | 7.68 | 9.21 | 8.20 | 6.96 | 6.88 | 8.79 | 13 | 8.95 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-09-30
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-09-30
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-09-30
News
News and filings about Narmada Agrobase Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Uses as raw material
- Cotton seed
- Guar korma (gwar korma)
- Maize meal
- Molasses
Depends on the price of
- corn
- cotton
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Fast Moving Consumer Goods
- Industry
- Animal Feed
- Classification
- Fast Moving Consumer Goods › Animal Feed
- ISIN
- INE117Z01011
Plants
- Jotana Plant
News impact
Big market events that reach Narmada Agrobase Limited, and how the effect spreads.
16 Aug, 04:30 IST · Market event · medium impact
Indian textile makers face a margin squeeze as higher wages meet rising cotton, yarn and petrochemical prices, forcing companies to absorb inflation and rethink expansion
Cloth and garment makers are paying more for cotton, yarn and man-made fibre at the same time as wage bills rise, and they cannot pass all of it on - so profits get squeezed hardest at spinners, where raw cotton is almost the entire cost.
Who it hits first
- Spinners take the squeeze first and hardest because raw cotton is close to their entire cost base - Nitin Spinners at 91.3% and Sportking at 69.65%
- Garment makers and retailers face the same inflation one step later, through higher fabric and garment sourcing costs plus their own wage bills
- Companies are reported to be rethinking expansion plans, which converts a margin story into a deferred capital-expenditure story
Who may gain
- Cotton growers and agricultural commodity traders capture the higher raw cotton price
- Man-made fibre producers gain if buyers substitute polyester for expensive cotton, though rising petrochemical prices blunt that advantage
- Vertically integrated players that grow or contract their own cotton supply are relatively better placed than merchant buyers
Along the supply chain
Downstream
Garment brands and apparel retailers face higher fabric and finished-garment sourcing costs with a lag of roughly a quarter; export-facing garment makers are squeezed hardest because overseas buyers negotiate on annual contracts and will not accept a mid-contract price rise.
Upstream
Cotton growers, ginners and agricultural traders are the winners of this move - they sell the input whose price is rising, and the reported absorption by manufacturers means their volumes are not falling. Man-made fibre producers face their own petrochemical cost inflation, so they cannot undercut cotton as cheaply as usual.
Where demand moves
Business
Higher raw cotton prices move up the chain from ginners to spinners to weavers to garment makers to retailers, with each step absorbing part of the increase because the step below will not accept a full pass-through. The reported response is that manufacturers are absorbing the inflation rather than repricing, which means the demand for cotton itself does not fall - the volume keeps flowing, only the profit split changes, shifting value from converters back to raw cotton sellers.
Capital
Money exits the cost-exposed spinners and leveraged garment retailers and rotates towards the vertically integrated and low-debt names within the same sector, and towards sectors with no raw material inflation this quarter. Because companies are also deferring expansion, capital that would have funded new spindles stays uncommitted, which is a second-order negative for textile machinery suppliers.
How it spreads across sectors
Consumer Services
apparel retailers absorb higher garment sourcing costs on top of their own wage and rent inflation
Textiles
margin compression concentrated in spinners where cotton is nearly the whole cost base, plus deferred capacity expansion
Commodity angle
Commodity
cotton
Commodity move unresolved reason
the ranker read a +1.92% move for cotton, marginally inside its +/-2% deadband, so per-company signs fall back to the edge role; the Neo4j 1-month change of +3.82% is used for the margin impact calculation and both point the same way (cotton rising, consumers hurt), so the direction is not in doubt
Price updated at
2026-08-14T11:56:36.673Z
Shock type
cost
Unit
USD/lb
When it plays out
Immediate
Spinner margins compress in the current quarter with no offsetting price rise available
Medium term
Deferred expansion plans mean less new spinning capacity in 12-18 months, which would eventually tighten yarn supply and restore pricing power to the survivors
Short term
Watch whether yarn prices catch up to raw cotton - that lag of about a quarter is what determines whether the squeeze is temporary or structural
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 31 Jul 2026 | split | ₹0 |
|---|
Splits, bonuses & buybacks
- daily-prices repair: 15 rows from NSE's archive (replace 9, delete 0, insert 6), 2019-03-08..2026-02-01 (docs/flat_day_repair.md)1× · 8 Mar 2019
Bulk & block deals
| Date | Who | Bought / sold | Shares | Price |
|---|---|---|---|---|
| 25 Aug 2026 | MSB E TRADE SECURITIES LIMITED | BUY | 5,18,763 | ₹14.60 |
| 25 Aug 2026 | MSB E TRADE SECURITIES LIMITED | SELL | 5,18,751 | ₹14.19 |
| 21 Aug 2026 | SILLENIUM INFRA PROJECT PRIVATE LIMITED | SELL | 4,19,434 | ₹13.72 |
| 6 Aug 2026 | QE SECURITIES LLP | BUY | 4,00,088 | ₹14.26 |
| 6 Aug 2026 | QE SECURITIES LLP | SELL | 3,97,475 | ₹14.03 |
| 5 Aug 2026 | VAIBHAV RAJENDRA DOSHI | BUY | 9,18,495 | ₹15.68 |
| 5 Aug 2026 | VAIBHAV RAJENDRA DOSHI | SELL | 9,18,495 | ₹15.53 |
| 5 Aug 2026 | QE SECURITIES LLP | BUY | 4,60,270 | ₹15.78 |
| 5 Aug 2026 | QE SECURITIES LLP | SELL | 4,35,919 | ₹15.78 |
| 5 Aug 2026 | MAHEVARSH FINCON PRIVATE LIMITED | BUY | 4,00,000 | ₹15.70 |
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Annual report · 2025-2625 Jun 2026
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.