Nath Bio-Genes (India) Ltd (NATHBIOGEN)

Fast Moving Consumer Goods · FMCG · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹152.3 ↓ 11.97% (1Y)

🎯 Key Takeaways

Nath Bio-Genes is in a growth phase driven by product diversification and operational efficiency, transitioning from a volume-focused to a premium-product-led strategy. Despite a recent 15% YoY revenue increase in Q1FY27, the company has faced margin pressure historically and operates in a highly competitive FMCG sector with cyclical demand patterns.
Revenue grew 536.6% QoQ to ₹328 in Q1FY27.
⚠️ Ongoing forensic audit by SEBI into financial records from FY2020-21 to FY2025-26 could uncover irregularities affecting reputation and valuation.

Market Cap

₹289

P/E Ratio

7.8

P/B Ratio

0.45

ROE

6.0%

ROCE

7.9%

Debt/Equity

0.19

Div Yield

1.31%

Promoter

45.6%

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📖 The Story

Nath Bio-Genes is in a growth phase driven by product diversification and operational efficiency, transitioning from a volume-focused to a premium-product-led strategy. Despite a recent 15% YoY revenue increase in Q1FY27, the company has faced margin pressure historically and operates in a highly competitive FMCG sector with cyclical demand patterns. Management is prioritizing R&D and supply chain expansion to sustain growth, but profitability remains sensitive to input costs and agricultural volatility.

📰 What's Happening

In Q1FY27, Nath Bio-Genes reported 15% YoY revenue growth to ₹3,228 million, fueled by 44% volume growth in maize and 19% in paddy, with cotton maintaining stability. EBITDA rose 17% to ₹351 million, reflecting improved margins and operational efficiency. Management highlighted expansion across 23 states, R&D investments, and a strategic focus on disease-resistant seed development as key growth enablers. The board approved Q1 results and scheduled the AGM for 24 September 2026. Additionally, SEBI has appointed a forensic auditor to review financial records from FY2020-21 to FY2025-26, which the company is cooperating with fully.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	44	66	52	328
Operating Profit	5	3	3	34
OPM %	11.7%	3.9%	6.7%	10.4%
Net Profit	5	2	-0	32
EPS	₹2.53	₹0.89	₹-0.79	₹16.98

Revenue growth has shown volatility, with Q1FY27 marking a 15% YoY increase to ₹3,228 million, up from mixed performance in prior quarters — including a 19% YoY revenue rise in FY26 to ₹4,316 million. However, gross margin declined to 56% from 63% in FY26, despite stable EBITDA margins at 12%. The company reported a 7% YoY revenue dip in Q4 FY26, yet managed to maintain profitability through cost discipline. Management expects FY27 revenue growth of 15-20%, supported by 22% cotton volume growth and expansion in paddy and maize, though international revenue remains a small contributor at ₹15 crores.

🔮 Management Outlook & What's Next

Management emphasized expanding the product basket, strengthening supply chain networks, and prioritizing disease-resistant seed development to drive future productivity and shareholder value. They also highlighted inventory adjustments affecting cash flow and a rising effective tax rate of 11% due to increased marketing expenses. While no formal long-term guidance was provided beyond FY27 growth expectations of 15-20%, management continues to focus on operational efficiency and R&D as levers for sustainable growth.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	19	19	19	19
Reserves	621	625	661	661
Borrowings	128	123	155	139
Total Liabilities	828	1,026	1,014	1,097
Fixed Assets	243	250	243	244
Investments	6	6	6	6
Total Assets	828	1,026	1,014	1,097

The balance sheet shows stable equity of ₹19 crores and growing reserves to ₹661 crores as of March 2026, indicating retained earnings. Borrowings increased slightly to ₹139 crores from ₹123 crores YoY, suggesting modest capital leverage. Total assets rose to ₹1,097 crores, reflecting asset base expansion. The company maintains a low debt-to-equity ratio of 0.19, signaling a conservative capital structure, though the forensic audit may impact perceptions of financial governance.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+18
Investing	-4
Financing	-2
Net Cash Flow	+11

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	45.6%	45.6%	45.6%	45.6%
FII	0.3%	0.3%	0.2%	0.3%
DII	0.8%	0.0%	0.0%	0.0%
Public	33.8%	34.2%	34.4%	34.4%
# Shareholders	34,122	33,550	33,031	32,564

Promoter holding remains stable at 45.6% over recent quarters, indicating confidence. However, FII and DII allocations are minimal, with FII ownership declining slightly from 0.32% to 0.27% and DII dropping from 0.76% to 0.01% in Q2FY26. The number of public shareholders has gradually increased, suggesting retail interest. No significant selling by promoters or institutions has been observed, but low institutional participation may reflect limited visibility or sector caution.

⚖️ Peer Comparison — FMCG

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
HINDUNILVR	4.69 L Cr	31.3	29.8%	30.7%	0.00
ITC	3.34 L Cr	16.8	36.0%	27.8%	0.03
NESTLEIND	2.78 L Cr	73.0	99.2%	73.9%	0.00
VBL	1.37 L Cr	40.6	21.5%	17.4%	0.10
BRITANNIA	1.25 L Cr	47.9	54.1%	51.1%	0.27
LENSKART	1.15 L Cr	173.3	11.9%	7.7%	0.03
MARICO	1.09 L Cr	57.3	54.2%	46.4%	0.08
TATACONSUM	1.02 L Cr	62.2	10.2%	8.0%	0.10
GODREJCP	92,112	48.1	17.8%	15.1%	0.33
DABUR	68,173	34.6	21.3%	17.1%	0.09

🔗 Peer Stock Analyses

HINDUNILVR ITC NESTLEIND VBL BRITANNIA

⚠️ Risk Factors

1. Ongoing forensic audit by SEBI into financial records from FY2020-21 to FY2025-26 could uncover irregularities affecting reputation and valuation. 2. Gross margin pressure persists despite revenue growth, declining to 56% from 63%, partly due to input cost volatility and marketing spend. 3. High dependence on cotton (29% of revenue) and agricultural cycles exposes the company to weather and price risks. 4. Low institutional ownership and thin trading volumes may lead to stock volatility and limited liquidity.

📋 Recent Filings

🧠 Analyst's Read

Nath Bio-Genes is executing a clear growth strategy centered on product diversification and operational efficiency, supported by strong volume growth in key segments. However, margin sustainability and governance concerns from the forensic audit remain key overhangs. Investors should monitor upcoming AGM proceedings, forensic audit outcomes, and management's ability to convert revenue growth into consistent profitability.

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 2026-09-02.

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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