WEBSITE BSE:526711 NSE: ADARSH PLANT Inc. Year: 1992 Industry: Engineering - Industrial Equipments My Bucket: Add Stock
Last updated: 11:25
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1. Business Overview
Adarsh Plant Protect Ltd. operates within the "Engineering - Industrial Equipments" sector, with its name strongly suggesting a specialization in products related to plant protection, likely for agricultural applications. The company is primarily involved in the manufacturing or distribution of industrial equipment focused on aiding agriculture, specifically in the area of plant health and protection. This could include equipment such as sprayers, dusters, irrigation systems, or other machinery used for crop care and farm mechanization. Its core business model involves selling these equipment products to farmers, agricultural businesses, or through a network of distributors. The company generates revenue through the direct sale of its machinery and related parts or services.
2. Key Segments / Revenue Mix
Specific revenue segments and their proportional contributions are not publicly available from the provided information. However, based on its name and industry, the company likely derives the majority of its revenue from the sale of various plant protection equipment and related agricultural machinery. Potential product categories could include manual and power sprayers, agricultural tools, and components for farm mechanization, but a precise breakdown is not known.
3. Industry & Positioning
Adarsh Plant Protect Ltd. operates in the Indian agricultural machinery and equipment industry, which is a sub-segment of the broader industrial equipment sector. This industry in India is characterized by a mix of large, established players (often involved in tractors and major farm implements) and numerous small-to-medium enterprises (SMEs) specializing in specific tools, implements, or regional markets. The market can be fragmented, with both organized and unorganized players. Without specific market share data, Adarsh Plant Protect is likely positioned as a regional or niche player focusing on specific segments of plant protection equipment, competing on factors like product reliability, price, and distribution reach within its operational areas.
4. Competitive Advantage (Moat)
Given the available information, it is not clear if Adarsh Plant Protect Ltd. possesses strong, durable competitive advantages (moats). In the agricultural equipment sector, potential moats could arise from:
Brand Reputation: Trust among farmers for product durability and effectiveness.
Extensive Distribution & Service Network: Reaching remote agricultural areas and providing timely after-sales support.
Cost Leadership: Ability to produce high-quality equipment at competitive prices.
Product Specialization/Innovation: Developing unique or highly efficient equipment for specific farming needs.
However, for many SMEs in this sector, maintaining a significant moat can be challenging due to intense competition and capital requirements.
5. Growth Drivers
Key factors that could drive growth for Adarsh Plant Protect Ltd. over the next 3-5 years include:
Increasing Farm Mechanization: The ongoing trend of mechanization in Indian agriculture to improve productivity and reduce labor dependency.
Government Initiatives: Supportive government policies, subsidies for agricultural equipment, and schemes promoting farm productivity.
Rising Farmer Incomes: Improved crop yields and government support prices can lead to higher disposable income for farmers to invest in modern equipment.
Demand for Crop Protection: Growing awareness and necessity for effective plant protection measures to minimize crop losses and enhance yield quality.
Market Expansion: Entering new geographical markets within India or diversifying product offerings.
6. Risks
Adarsh Plant Protect Ltd. faces several business risks:
Monsoon Dependence: The Indian agriculture sector is heavily dependent on the monsoon, and erratic rainfall can significantly impact farmer income and demand for equipment.
Government Policy Volatility: Changes in agricultural policies, subsidies, or import duties can affect demand and profitability.
Intense Competition: The sector is competitive, with numerous players, leading to pricing pressure and market share battles.
Raw Material Price Fluctuations: Volatility in prices of key raw materials (e.g., steel, plastics) can impact manufacturing costs and margins.
Technological Obsolescence: The need to continually innovate and upgrade products to keep pace with evolving agricultural technology.
Seasonality: Demand for agricultural equipment often has seasonal patterns, impacting cash flow and production planning.
7. Management & Ownership
As is common with many Indian companies, particularly SMEs, Adarsh Plant Protect Ltd. is likely a promoter-driven entity. This implies that the founding family or group holds a significant stake and plays a key role in management and strategic decision-making. Specific details about the management team's experience or the exact ownership structure are not provided. The quality of management would depend on their ability to navigate sector challenges, innovate, and expand market presence effectively.
8. Outlook (Balanced View)
Adarsh Plant Protect Ltd. operates in a sector with significant long-term potential due to the ongoing modernization and mechanization of Indian agriculture, coupled with government support. The demand for efficient plant protection equipment is likely to remain robust as farmers seek to improve yields and protect their investments.
However, the company's growth trajectory is subject to several external factors, including the unpredictable nature of monsoons, fluctuations in agricultural commodity prices, and the competitive intensity of the market. Its ability to capture growth will depend on its capacity for product innovation, efficient manufacturing, and strengthening its distribution and after-sales service network. While the underlying market trends are favorable, success will hinge on effective execution and resilience against industry-specific and macroeconomic headwinds.
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Market Cap ₹29 Cr.
Stock P/E -25.7
P/B 111.3
Current Price ₹29
Book Value ₹ 0.3
Face Value 10
52W High ₹44.9
Dividend Yield 0%
52W Low ₹ 23.2
Price goes above X
Price falls below X
PE goes above X
PE falls below X
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| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 4 | 5 | 5 | 4 | 5 | 4 | 4 | 3 | 4 | 3 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 4 | 5 | 5 | 4 | 5 | 4 | 4 | 3 | 4 | 3 |
| Total Expenditure | 4 | 5 | 5 | 4 | 5 | 4 | 6 | 3 | 4 | 3 |
| Operating Profit | 0 | 0 | 0 | -0 | 0 | 0 | -1 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 0 | 0 | -0 | 0 | 0 | -1 | -0 | 0 | -0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | 0 | -0 | 0 | 0 | -1 | -0 | 0 | -0 |
| Adjustments | 0 | 0 | 0 | -0 | 0 | -0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | -0 | 0 | 0 | -1 | -0 | 0 | -0 |
| Adjusted Earnings Per Share | 0 | 0.2 | 0.2 | -0.2 | 0.3 | 0 | -1.3 | -0 | 0 | -0.1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 9 | 10 | 11 | 11 | 10 | 13 | 13 | 17 | 17 | 19 | 17 | 14 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 9 | 10 | 11 | 11 | 10 | 13 | 13 | 17 | 17 | 19 | 18 | 14 |
| Total Expenditure | 9 | 9 | 10 | 12 | 11 | 13 | 12 | 17 | 17 | 18 | 18 | 16 |
| Operating Profit | 0 | 1 | 1 | -1 | -1 | 0 | 0 | 0 | 0 | 1 | -1 | -1 |
| Interest | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -1 | 0 | 0 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | -1 | -1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -1 | 0 | 0 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | -1 | -1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -1 | 0 | 0 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | -1 | -1 |
| Adjusted Earnings Per Share | -0.7 | 0 | 0.1 | -1.2 | -1 | 0 | 0.2 | 0.1 | 0.1 | 0.5 | -1.1 | -1.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -11% | 0% | 6% | 7% |
| Operating Profit CAGR | -200% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 13% | 14% | 38% | 21% |
| ROE Average | -124% | -23% | -4% | -18% |
| ROCE Average | -17% | -0% | 2% | 1% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 3 | 3 | 3 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 0 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 2 | 2 | 3 | 4 | 0 | 0 | 3 | 3 | 3 | 3 | 2 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 3 | 3 | 3 | 3 | 7 | 7 | 5 | 5 | 4 | 5 | 5 |
| Total Liabilities | 8 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 9 | 8 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
| Other Non-Current Assets | 3 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 4 | 4 | 7 | 7 | 7 | 7 | 8 | 8 | 7 | 8 | 7 |
| Total Assets | 8 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 9 | 8 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 2 | 0 | -0 | -1 | 0 | -0 | -0 | 1 | 1 | 1 | 1 |
| Cash Flow from Investing Activities | 0 | -0 | -0 | 0 | -0 | 0 | 0 | -0 | -0 | -0 | -0 |
| Cash Flow from Financing Activities | -2 | -0 | 0 | 1 | -0 | -0 | -0 | -1 | -1 | -1 | -0 |
| Net Cash Inflow / Outflow | -0 | 0 | -0 | 0 | 0 | -0 | -0 | -0 | 0 | 0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -0.73 | 0.03 | 0.08 | -1.21 | -0.98 | 0.01 | 0.22 | 0.1 | 0.14 | 0.49 | -1.13 |
| CEPS(Rs) | -0.51 | 0.26 | 0.14 | -1.16 | -0.95 | 0.05 | 0.26 | 0.15 | 0.22 | 0.55 | -1.06 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 2.61 | 2.65 | 2.7 | 1.48 | 0.5 | 0.51 | 0.73 | 0.84 | 0.98 | 1.48 | 0.35 |
| Core EBITDA Margin(%) | -0.35 | 6.16 | 4.66 | -5.55 | -6.19 | 1.5 | 3.52 | 1.84 | 2.35 | 4.05 | -4.87 |
| EBIT Margin(%) | -1.97 | 4.59 | 4.58 | -5.72 | -6.27 | 1.57 | 3.28 | 1.71 | 2.01 | 3.73 | -5.23 |
| Pre Tax Margin(%) | -7.34 | 0.32 | 0.64 | -10.74 | -9.43 | 0.1 | 1.71 | 0.61 | 0.81 | 2.61 | -6.39 |
| PAT Margin (%) | -7.34 | 0.32 | 0.64 | -10.74 | -9.43 | 0.1 | 1.71 | 0.61 | 0.81 | 2.61 | -6.39 |
| Cash Profit Margin (%) | -5.12 | 2.35 | 1.21 | -10.29 | -9.09 | 0.41 | 2.02 | 0.89 | 1.25 | 2.95 | -5.98 |
| ROA(%) | -9.12 | 0.45 | 0.99 | -15.37 | -12.76 | 0.17 | 2.7 | 1.23 | 1.71 | 5.78 | -13.23 |
| ROE(%) | -24.87 | 1.33 | 2.85 | -57.77 | -99.16 | 2.56 | 35.09 | 13.37 | 15.37 | 39.87 | -123.69 |
| ROCE(%) | -3.04 | 8.29 | 8.18 | -9.11 | -9.94 | 3.25 | 6.31 | 4.37 | 5.54 | 11.61 | -17.31 |
| Receivable days | 53.78 | 53.94 | 77.99 | 115.37 | 117.62 | 95.53 | 106.76 | 80.31 | 72.54 | 63.91 | 63.51 |
| Inventory Days | 70.38 | 78.98 | 84.03 | 90.79 | 101.49 | 85.15 | 82.81 | 65.63 | 68.32 | 71.47 | 83.62 |
| Payable days | 47.98 | 64.27 | 44.16 | 21.96 | 38.22 | 43.3 | 44.82 | 37.08 | 37.11 | 47.3 | 63.59 |
| PER(x) | 0 | 136.45 | 107.99 | 0 | 0 | 0 | 27.47 | 196.56 | 148.68 | 54.52 | 0 |
| Price/Book(x) | 2.61 | 1.8 | 3.05 | 0 | 8.14 | 0 | 8.2 | 24.63 | 21.13 | 18.12 | 76.43 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.13 | 0.81 | 1.17 | 1.41 | 0.92 | 1.23 | 0.96 | 1.52 | 1.49 | 1.65 | 1.75 |
| EV/Core EBITDA(x) | 420.43 | 11.03 | 20.63 | -25.98 | -15.45 | 65.23 | 26.65 | 76.33 | 60.52 | 40.56 | -36.42 |
| Net Sales Growth(%) | 13 | 10.98 | 8.3 | 2.19 | -4.96 | 22.76 | -0.53 | 35.53 | 0.51 | 8.41 | -6.18 |
| EBIT Growth(%) | -340.65 | 355.52 | 7.62 | -218.87 | -1.42 | 130.79 | 107.68 | -29.29 | 18.12 | 100.69 | -231.61 |
| PAT Growth(%) | -76.63 | 104.75 | 119.1 | -1686.08 | 18.7 | 101.32 | 1582.51 | -52 | 33.49 | 250.4 | -330.23 |
| EPS Growth(%) | -76.5 | 104.74 | 119.18 | -1685.54 | 18.7 | 101.32 | 1582.59 | -52.01 | 33.49 | 250.46 | -330.25 |
| Debt/Equity(x) | 1.31 | 1.32 | 1.63 | 3.74 | 11.24 | 11.23 | 8.55 | 6.85 | 5.15 | 3.08 | 12.22 |
| Current Ratio(x) | 1.32 | 1.56 | 2.78 | 2.75 | 0.98 | 0.98 | 1.71 | 1.66 | 1.75 | 1.71 | 1.36 |
| Quick Ratio(x) | 0.66 | 0.65 | 1.66 | 1.69 | 0.54 | 0.57 | 1.07 | 0.94 | 0.96 | 0.85 | 0.6 |
| Interest Cover(x) | -0.37 | 1.07 | 1.16 | -1.14 | -1.98 | 1.07 | 2.09 | 1.55 | 1.67 | 3.33 | -4.47 |
| Total Debt/Mcap(x) | 0.5 | 0.74 | 0.54 | 0 | 1.38 | 0 | 1.04 | 0.28 | 0.24 | 0.17 | 0.16 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 70.63 | 70.63 | 70.63 | 70.63 | 70.63 | 70.63 | 70.63 | 70.63 | 70.63 | 70.63 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.21 | 0.28 |
| Public | 29.37 | 29.37 | 29.37 | 29.37 | 29.37 | 29.37 | 29.37 | 29.37 | 29.17 | 29.1 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 |
* The pros and cons are machine generated.
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