Narmada Agrobase Ltd (NARMADA)
🎯 Key Takeaways
- Narmada Agrobase Ltd is in a consolidation and capital restructuring phase, marked by a share split, disciplined fund utilization, and stable ownership. Management is focused on operational efficiency and shareholder-friendly actions rather than aggressive growth, suggesting a mature but non-expansive business cycle.
- Revenue declined 34.5% QoQ to ₹22 in Q1FY27.
- ⚠️ 1) Margins are under pressure, with operating margin halving from 11.5% to 4.0% year-on-year despite revenue growth, with no management explanation fo
📖 The Story
Narmada Agrobase Ltd is in a consolidation and capital restructuring phase, marked by a share split, disciplined fund utilization, and stable ownership. Management is focused on operational efficiency and shareholder-friendly actions rather than aggressive growth, suggesting a mature but non-expansive business cycle.
📰 What's Happening
The company approved audited financial results for FY26 on 29 May 2026, confirmed no loan defaults, and proposed a 1:2 share split reducing face value from ₹10 to ₹5, with a record date set for 31 July 2026. The board has consistently approved unaudited quarterly results without fund utilization deviations or audit qualifications, most recently on 14 August 2026. The 14th AGM on 13 July 2026 saw reappointment of auditors and shareholder approval of financial statements with no adverse remarks. These actions reflect a focus on transparency, compliance, and capital structure optimization.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Revenue | 11 | 34 | 22 |
| Operating Profit | 1 | 1 | 1 |
| OPM % | 11.5% | 2.7% | 4.0% |
| Net Profit | 1 | 1 | 1 |
| EPS | ₹0.27 | ₹0.21 | ₹0.20 |
Revenue declined from ₹11 crore in Q1 FY25 to ₹22 crore in Q1 FY26, but operating performance remains stable with consistent ₹1 crore operating profit. However, operating margins have compressed to 4.0% in Q1 FY26 from 11.5% a year ago, indicating margin pressure despite revenue growth. Net profit and EPS remained flat at ₹1 crore and ₹0.20, suggesting limited bottom-line expansion. This trend aligns with management’s emphasis on operational discipline rather than revenue or profit acceleration.
🔮 Management Outlook & What's Next
Management has not provided explicit forward guidance in the reviewed filings. However, repeated emphasis on fund utilization alignment with prospectuses and absence of audit qualifications suggest confidence in operational adherence. The share split and record date announcement indicate shareholder-friendly intentions, but no commentary on demand trends, margins, or growth expectations was disclosed in the Q1 FY26 results or AGM.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 14 | 38 | 38 | 38 |
| Reserves | 6 | 18 | 20 | 21 |
| Borrowings | 11 | 9 | 11 | 10 |
| Total Liabilities | 34 | 66 | 71 | 72 |
| Fixed Assets | 3 | 3 | 3 | 3 |
| Investments | 0 | 0 | 0 | 2 |
| Total Assets | 34 | 66 | 71 | 72 |
The balance sheet shows stable equity of ₹38 crore and modest reserve growth from ₹18 crore to ₹21 crore over two years, with borrowings remaining low and contained at ₹10-11 crore. Total assets have grown incrementally, suggesting conservative capital deployment. There is no evidence of aggressive investment or deleveraging; the capital structure remains lean and stable, supporting the company’s low-risk profile and focus on operational continuity.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | -1 |
| Investing | -3 |
| Financing | -0 |
| Net Cash Flow | -4 |
👥 Shareholding Pattern
| Category | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoters | 50.3% | 50.3% | 50.3% |
| FII | 0.0% | 0.5% | 0.3% |
| DII | 9.0% | 9.0% | 7.1% |
| Public | 31.6% | 29.6% | 34.7% |
| # Shareholders | 10,879 | 10,136 | 18,203 |
Promoter holding remains steady at 50.3%, indicating confidence or lack of exit intent. FII ownership rose slightly from 0.03% in Q3 FY26 to 0.54% in Q4 FY26, suggesting minor institutional accumulation. DII holdings are stable at 8.96%, while public shareholding increased from 29.61% to 34.68% and shareholder count grew from 10,136 to 18,203, reflecting expanding retail interest and improved liquidity.
⚖️ Peer Comparison — FMCG
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| HINDUNILVR | 4.61 L Cr | 30.8 | 29.8% | 30.7% | 0.00 |
| ITC | 3.31 L Cr | 16.7 | 36.0% | 27.8% | 0.03 |
| NESTLEIND | 2.67 L Cr | 70.1 | 99.2% | 73.9% | 0.00 |
| VBL | 1.38 L Cr | 40.9 | 21.5% | 17.4% | 0.10 |
| BRITANNIA | 1.21 L Cr | 46.3 | 54.1% | 51.1% | 0.27 |
| LENSKART | 1.18 L Cr | 176.9 | 11.9% | 7.7% | 0.03 |
| MARICO | 1.05 L Cr | 55.7 | 54.2% | 46.4% | 0.08 |
| TATACONSUM | 99,291 | 60.7 | 10.2% | 8.0% | 0.10 |
| GODREJCP | 88,511 | 46.2 | 17.8% | 15.1% | 0.33 |
| DABUR | 67,942 | 34.4 | 21.3% | 17.1% | 0.09 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Margins are under pressure, with operating margin halving from 11.5% to 4.0% year-on-year despite revenue growth, with no management explanation for the compression. 2) Net profit and EPS have stalled, indicating potential headwinds in profitability that are not being addressed through cost optimization or pricing. 3) The company’s growth appears stagnant, with revenue and profits flat over multiple periods, raising concerns about top-line expansion in a competitive FMCG environment.
📋 Recent Filings
-
🟡 Board Meeting 14 August 2026Narmada Agrobase announced its board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, along with ...
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🟡 Board Meeting 14 August 2026The board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, and confirmed no deviations in fund ut...
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Announcement 8 August 2026Narmada Agrobase Limited announced it received a 300 MT cotton seed contract from Dal Chand Vachraj And Company valued at Rs. 17,43,000 plus GST and f...
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🔴 Corporate Action 25 July 2026Narmada Agrobase Limited announced that Friday, 31 July 2026 will be the record date for a 1-for-2 equity share sub-division, converting each Rs. 10 f...
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🟡 Board Meeting 18 July 2026NARMADE AGROBASE held its 14th Annual General Meeting on July 13, 2026 via video conference. Chairman Neeraj Kumar Sureshchandra Agrawal presented aud...
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share transfer 8 July 2026Narmada Agrobase Limited received a SEBI-mandated share transfer certificate from Kfin Technologies for the quarter ended June 30, 2026, confirming co...
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🔴 Corporate Action 29 June 2026Narmada Agrobase Limited announced a special resolution to reallocate ₹770 lakhs from its rights issue proceeds originally earmarked for land acquisit...
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🟡 Board Meeting 29 June 2026The board approved remote e-voting for a rights issue variation and appointed a scrutinizer for the postal ballot, enabling shareholder approval via e...
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Financial Results 26 June 2026Narmada Agrobase Limited announced that its trading window will close on 1 July 2026 for designated persons and their immediate relatives until 48 hou...
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🔴 Financial Results 23 June 2026Narmada Agrobase Limited approved its audited financial results for the year ended 31 March 2026 on 29 May 2026, reporting an unmodified audit opinion...
🧠 Analyst's Read
Narmada Agrobase is demonstrating operational consistency and shareholder-friendly governance, but lacks visible catalysts for earnings acceleration. Investors should monitor margin trends and whether management addresses the persistent pressure on operating profitability in upcoming quarters.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-17.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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