Agriculture · Founded 2007 · www.mangalamseeds.com · BSE 539275 · NSE MSL · ISIN INE829S01016
No Notes Added Yet
Business
Mangalam Seeds Ltd. (MSL) is an Indian agriculture company primarily engaged in the development, production, processing, and marketing of a wide range of seeds. The company's core business model involves research and development to create new and improved seed varieties, multiplication of these seeds, quality control, and distribution to farmers through a network of dealers and distributors. MSL generates revenue by selling various types of seeds, including those for field crops (e.g., cereals, pulses, oilseeds) and potentially vegetable crops, to cater to the diverse needs of the agricultural sector in India.
Revenue Mix
Specific revenue breakdowns are not available. However, a typical seed company like Mangalam Seeds Ltd. would likely have key segments based on crop types, such as:
Field Crops: Including seeds for major staples and cash crops like maize, wheat, rice, cotton, mustard, chickpeas, etc.
Vegetable Crops: Potentially covering seeds for various vegetables.
The mix would depend on the company's R&D focus and market presence in different agricultural regions.
Industry
The Indian agriculture industry is vast and highly dependent on quality seeds for crop yield and productivity. The seed industry in India is characterized by the presence of numerous players, including large multinational corporations, established domestic companies, and smaller regional players. MSL operates within this competitive landscape, likely positioning itself through its product portfolio, regional presence, and farmer relationships. Its standing relative to peers would depend on its market share in specific crop segments, R&D capabilities, and strength of its distribution network.
MOAT
Potential competitive advantages for Mangalam Seeds Ltd. could include:
Germplasm & R&D: A strong germplasm bank and ongoing investment in research and development to create high-yielding, disease-resistant, and climate-resilient seed varieties.
Distribution Network: An extensive and reliable network of distributors and dealers that ensures timely availability of seeds to farmers across different regions.
Brand Reputation & Farmer Trust: Establishing trust among farmers through consistent quality and performance of its seeds, leading to repeat purchases and brand loyalty.
Regional Adaptation: Developing seeds specifically suited to the agro-climatic conditions and farming practices of various regions in India.
Growth Drivers
Key factors that can drive growth for MSL over the next 3-5 years include:
Increasing Demand for Quality Seeds: Growing population and demand for food, coupled with government initiatives to boost agricultural productivity, drive demand for high-quality and hybrid seeds.
Agricultural Modernization: Adoption of modern farming techniques and the shift from traditional seeds to improved hybrid varieties for better yields and profitability.
Product Portfolio Expansion: Introduction of new, superior seed varieties that address evolving farmer needs and changing agro-climatic conditions.
Market Penetration: Expanding presence into new geographical regions within India or increasing market share in existing regions.
Government Support: Favorable government policies for agriculture, including subsidies for seeds and irrigation, can stimulate demand.
Risks
Monsoon Dependency: Indian agriculture is heavily reliant on monsoon rains; erratic or deficient monsoons can significantly impact crop yields and farmer purchasing power.
Price Volatility: Fluctuations in the prices of agricultural commodities can affect farmer incomes and, consequently, demand for seeds.
Competition: Intense competition from both domestic and international seed companies can lead to pricing pressure and market share erosion.
Regulatory Changes: Changes in government policies regarding seed pricing, import/export regulations, or approvals for biotech crops can impact operations.
Pest and Disease Outbreaks: Widespread crop failures due to pests or diseases can reduce demand and disrupt the agricultural ecosystem.
R&D Risks: The inherent risks associated with R&D, including the failure to develop commercially viable new seed varieties.
Management & Ownership
As a company in India, MSL is likely promoter-led. Promoters (founding families or individuals) typically hold a significant stake and play a crucial role in strategic decision-making and day-to-day operations. The quality of management would hinge on their experience in the agricultural sector, R&D capabilities, understanding of farmer needs, and ability to navigate market complexities and regulatory environments. Specific details on the management team's background or the exact ownership structure are not available in the provided information.
Outlook
Mangalam Seeds Ltd. operates in a fundamental sector with long-term growth potential driven by India's food security needs and the ongoing modernization of agriculture. The increasing adoption of high-yielding and hybrid seeds, coupled with government impetus on boosting agricultural output, provides a favorable environment for growth. However, the business is inherently susceptible to significant risks, primarily the vagaries of weather (especially monsoon dependency), intense competition, and regulatory changes. Success for MSL will depend on its ability to continuously innovate its seed portfolio, maintain strong relationships with farmers through its distribution network, and effectively mitigate the inherent risks of the agricultural sector.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 21 | 32 | 22 | 27 | 22 | 49 | 18 | 29 | 16 | 62 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 21 | 32 | 22 | 28 | 22 | 49 | 18 | 29 | 16 | 62 |
| Total Expenditure | 17 | 27 | 18 | 25 | 16 | 43 | 14 | 26 | 13 | 56 |
| Operating Profit | 4 | 6 | 4 | 3 | 6 | 6 | 4 | 3 | 3 | 6 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 4 | 2 | 2 | 4 | 4 | 3 | 2 | 2 | 4 |
| Provision for Tax | -0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 |
| Profit After Tax | 2 | 4 | 2 | 1 | 3 | 4 | 2 | 1 | 1 | 4 |
| Adjustments | 0 | -0 | 0 | 0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Profit After Adjustments | 2 | 4 | 2 | 1 | 3 | 4 | 2 | 1 | 1 | 4 |
| Adjusted Earnings Per Share | 2 | 3.5 | 1.5 | 1.2 | 3.1 | 3.5 | 1.6 | 1.2 | 1.1 | 3.6 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 24 | 30 | 30 | 32 | 40 | 41 | 41 | 65 | 112 | 103 | 112 | 125 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 24 | 30 | 30 | 32 | 40 | 41 | 41 | 65 | 112 | 103 | 112 | 125 |
| Total Expenditure | 21 | 26 | 26 | 28 | 35 | 32 | 33 | 49 | 92 | 85 | 96 | 109 |
| Operating Profit | 3 | 4 | 5 | 5 | 6 | 9 | 8 | 16 | 21 | 18 | 16 | 16 |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 3 | 4 | 4 | 4 |
| Depreciation | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 2 | 2 | 2 | 3 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 3 | 4 | 4 | 4 | 7 | 6 | 13 | 16 | 12 | 10 | 11 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 3 | 2 | 2 | 1 |
| Profit After Tax | 2 | 3 | 3 | 3 | 4 | 6 | 5 | 11 | 13 | 10 | 8 | 8 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 2 | 3 | 3 | 3 | 4 | 6 | 5 | 11 | 13 | 10 | 8 | 8 |
| Adjusted Earnings Per Share | 2.5 | 2.8 | 3 | 3.1 | 3.4 | 5.6 | 4.7 | 10.1 | 12 | 9.4 | 7.5 | 7.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 9% | 20% | 22% | 17% |
| Operating Profit CAGR | -11% | 0% | 12% | 18% |
| PAT CAGR | -20% | -10% | 6% | 15% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -18% | -16% | 9% | 7% |
| ROE Average | 10% | 15% | 16% | 16% |
| ROCE Average | 10% | 14% | 15% | 15% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 13 | 23 | 27 | 30 | 34 | 40 | 45 | 57 | 70 | 80 | 88 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 2 |
| Borrowings | 0 | 0 | 0 | 0 | 3 | 4 | 6 | 5 | 20 | 21 | 19 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Total Current Liabilities | 7 | 6 | 8 | 8 | 11 | 9 | 15 | 16 | 43 | 57 | 53 |
| Total Liabilities | 19 | 30 | 35 | 38 | 48 | 54 | 67 | 78 | 135 | 161 | 164 |
| Fixed Assets | 3 | 3 | 11 | 15 | 23 | 23 | 25 | 27 | 54 | 53 | 51 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 2 | 5 | 9 | 7 | 10 | 18 | 13 |
| Total Current Assets | 16 | 27 | 24 | 23 | 23 | 26 | 34 | 44 | 71 | 89 | 100 |
| Total Assets | 19 | 30 | 35 | 38 | 48 | 54 | 67 | 78 | 135 | 161 | 164 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 2 | 2 | 0 | 1 | 0 | 1 | 3 | 4 | 7 | 2 |
| Cash Flow from Operating Activities | -3 | -4 | 5 | 5 | 7 | 8 | -2 | 5 | -1 | -0 | 14 |
| Cash Flow from Investing Activities | -3 | -3 | -7 | -4 | -8 | -7 | -3 | -2 | -32 | -9 | 6 |
| Cash Flow from Financing Activities | 8 | 7 | 0 | -0 | 1 | -0 | 7 | -2 | 36 | 4 | -20 |
| Net Cash Inflow / Outflow | 1 | 0 | -2 | 0 | -1 | 0 | 2 | 1 | 3 | -6 | 0 |
| Closing Cash & Cash Equivalent | 2 | 2 | 0 | 1 | 0 | 1 | 3 | 4 | 7 | 2 | 2 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 2.51 | 2.82 | 3.03 | 3.05 | 3.41 | 5.59 | 4.71 | 10.08 | 12.01 | 9.37 | 7.52 |
| CEPS(Rs) | 2.91 | 3.25 | 3.49 | 3.45 | 3.78 | 6.3 | 5.51 | 11.15 | 13.46 | 10.86 | 9.37 |
| DPS(Rs) | 0.5 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 14.69 | 21.39 | 24.42 | 27.53 | 30.84 | 36.57 | 41.35 | 51.57 | 63.53 | 72.82 | 80.6 |
| Core EBITDA Margin(%) | 12.13 | 14.16 | 15.62 | 14.62 | 13.48 | 21.52 | 20.13 | 24.5 | 18.03 | 17.59 | 14.54 |
| EBIT Margin(%) | 10.82 | 12.79 | 14.08 | 13.31 | 12.56 | 19.67 | 18.05 | 22.75 | 16.71 | 16.13 | 12.78 |
| Pre Tax Margin(%) | 9.38 | 11.13 | 12.02 | 11.27 | 10.19 | 17.38 | 15.06 | 20.41 | 13.93 | 12.11 | 9.14 |
| PAT Margin (%) | 8.94 | 10.26 | 10.95 | 10.4 | 9.18 | 14.89 | 12.61 | 16.93 | 11.56 | 9.97 | 7.35 |
| Cash Profit Margin (%) | 10.36 | 11.84 | 12.61 | 11.76 | 10.16 | 16.79 | 14.78 | 18.72 | 12.95 | 11.56 | 9.16 |
| ROA(%) | 15.4 | 12.57 | 10.27 | 9.18 | 8.67 | 12.03 | 8.53 | 15.22 | 12.36 | 6.93 | 5.07 |
| ROE(%) | 25.01 | 17.14 | 13.22 | 11.75 | 11.69 | 16.59 | 12.08 | 21.7 | 20.86 | 13.74 | 9.8 |
| ROCE(%) | 20.4 | 16.87 | 14.19 | 12.57 | 12.94 | 17.38 | 13.06 | 21.64 | 18.97 | 12.25 | 10.16 |
| Receivable days | 49.71 | 101.21 | 132.12 | 101.48 | 80.08 | 91.65 | 94.26 | 72.66 | 53.43 | 71.53 | 74.86 |
| Inventory Days | 71.95 | 83.88 | 102.39 | 118.22 | 96.55 | 90.34 | 127.74 | 110.49 | 95.07 | 170.84 | 202.51 |
| Payable days | 519.61 | 34.93 | 50.57 | 44.03 | 38.84 | 20.62 | 11.93 | 5.09 | 5.62 | 12.36 | 19.41 |
| PER(x) | 14.28 | 27.04 | 34.69 | 18.62 | 16.08 | 12.52 | 18.22 | 16.1 | 21.18 | 17.44 | 14.71 |
| Price/Book(x) | 2.44 | 3.56 | 4.3 | 2.06 | 1.78 | 1.91 | 2.07 | 3.15 | 4 | 2.24 | 1.37 |
| Dividend Yield(%) | 1.39 | 0.66 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.42 | 2.86 | 3.97 | 2.1 | 1.73 | 2.09 | 2.67 | 2.93 | 2.93 | 2.35 | 1.51 |
| EV/Core EBITDA(x) | 11.56 | 19.88 | 25.21 | 14.28 | 12.58 | 9.7 | 13.16 | 11.95 | 15.92 | 13.27 | 10.31 |
| Net Sales Growth(%) | 59.89 | 24.85 | 0.6 | 6.16 | 25.04 | 2.2 | -0.81 | 60.02 | 71.9 | -8.2 | 8.78 |
| EBIT Growth(%) | 71.61 | 47.55 | 10.78 | 0.36 | 19.48 | 58.13 | -8.75 | 101.02 | 28.23 | -12.74 | -13.75 |
| PAT Growth(%) | 88.27 | 43.39 | 7.35 | 0.86 | 11.8 | 63.79 | -15.82 | 114.25 | 19.08 | -21.98 | -19.76 |
| EPS Growth(%) | 29.09 | 12.36 | 7.35 | 0.86 | 11.8 | 63.79 | -15.82 | 114.25 | 19.08 | -21.98 | -19.76 |
| Debt/Equity(x) | 0.4 | 0.19 | 0.2 | 0.19 | 0.28 | 0.25 | 0.39 | 0.31 | 0.82 | 0.81 | 0.56 |
| Current Ratio(x) | 2.45 | 4.35 | 3.11 | 3.05 | 2.11 | 2.85 | 2.22 | 2.81 | 1.66 | 1.57 | 1.88 |
| Quick Ratio(x) | 1.48 | 3.16 | 1.85 | 1.59 | 1.17 | 1.74 | 1 | 1.46 | 0.76 | 0.55 | 0.63 |
| Interest Cover(x) | 7.52 | 7.7 | 6.82 | 6.53 | 5.3 | 8.61 | 6.02 | 9.75 | 6 | 4.01 | 3.52 |
| Total Debt/Mcap(x) | 0.17 | 0.05 | 0.05 | 0.09 | 0.16 | 0.13 | 0.19 | 0.1 | 0.2 | 0.36 | 0.41 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.84 | 74.84 | 74.84 | 74.35 | 74.36 | 74.36 | 74.36 | 74.36 | 74.36 | 73.24 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 25.16 | 25.16 | 25.16 | 25.65 | 25.64 | 25.64 | 25.64 | 25.64 | 25.64 | 26.76 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.8 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.29 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +9% | +20% | +22% | +17% |
| Operating Profit CAGR | -11% | 0% | +12% | +18% |
| PAT CAGR | -20% | -10% | +6% | +15% |
| Share Price CAGR | -18% | -16% | +9% | +7% |
| ROE Average | +10% | +15% | +16% | +16% |
| ROCE Average | +10% | +14% | +15% | +15% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.84 | 74.84 | 74.84 | 74.35 | 74.36 | 74.36 | 74.36 | 74.36 | 74.36 | 73.24 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 25.16 | 25.16 | 25.16 | 25.65 | 25.64 | 25.64 | 25.64 | 25.64 | 25.64 | 26.76 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.8 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.29 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 |
* The pros and cons are machine generated.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
Looking to buy unlisted shares or need guidance on the investment process? Our expert Private Equity Advisors are here to assist you with accurate information, real-time pricing, and seamless execution.
Want to sell unlisted shares, liquidate your ESOPs, or understand the step-by-step process of liquidation? Connect with our Buying Team for smooth coordination, quick evaluations, and end-to-end support.
Planning to build or grow your portfolio? For Mutual Fund investments, PMS solutions, tailored portfolio creation, and overall wealth management, our dedicated Wealth Team is ready to guide you.
Your relationship manager will connect with you shortly.