Trading · Founded 2011 · www.mukta-agriculture.com · BSE 535204 · · ISIN INE160O01031
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Business
Mukta Agriculture Ltd. is an Indian company primarily engaged in the trading of various commodities. While its name suggests a focus on agricultural products, the company has a broad mandate to trade in a diverse range of goods, including agricultural products, industrial products, chemicals, minerals, metals, textiles, and consumer goods. The core business model involves sourcing goods from suppliers and selling them to buyers, acting as principals, agents, brokers, or commission agents. The company generates revenue through the margins earned on these trading activities.
Revenue Mix
The company's primary revenue source is "Revenue from Operations," which largely comprises income from the sale of traded goods. Specific granular breakdowns of revenue by different product categories (e.g., specific agricultural commodities vs. industrial goods) are typically not disclosed in detail for smaller trading companies. Thus, the company operates mainly as a single, diversified trading segment.
Industry
Mukta Agriculture operates within India's highly fragmented and competitive trading sector. This industry includes a vast number of unorganized traders, as well as small, medium, and large organized players dealing in various commodities. Given its market capitalization and operational scale, Mukta Agriculture Ltd. is likely positioned as a small to mid-sized player, competing for market share through efficient sourcing, distribution, and price competitiveness within specific regional or product niches.
MOAT
For a pure trading company like Mukta Agriculture, establishing a strong, durable competitive advantage (moat) is challenging. They primarily rely on:
Efficient Sourcing & Distribution Networks: Building reliable relationships with suppliers and buyers.
Market Intelligence: Ability to assess demand-supply dynamics and price trends.
Operational Agility: Quick adaptation to market changes and effective working capital management.
A strong brand or proprietary technology is less common in this business model.
Growth Drivers
Key factors that could drive growth for Mukta Agriculture over the next 3-5 years include:
Expansion of Product Portfolio: Venturing into new, high-demand commodities or value-added trading.
Geographic Expansion: Tapping into new domestic or international markets for sourcing and sales.
Supply Chain Optimization: Improving logistics and inventory management to reduce costs and increase efficiency.
Increased Demand: Favorable economic conditions and rising demand for specific commodities in their trading portfolio.
Strategic Partnerships: Forming alliances to enhance sourcing capabilities or market reach.
Risks
Commodity Price Volatility: Sudden fluctuations in commodity prices can significantly impact trading margins and inventory values.
Supply Chain Disruptions: Issues like adverse weather, transport strikes, or geopolitical events can affect sourcing and delivery.
Credit Risk: Potential defaults or delays in payments from buyers.
Intense Competition: The presence of numerous organized and unorganized players can lead to margin pressure.
Working Capital Management: High working capital requirements to finance inventory and receivables can strain liquidity.
Regulatory Changes: Changes in import/export policies, tariffs, or agricultural regulations can impact operations.
Management & Ownership
Mukta Agriculture Ltd. is promoted by individuals such as Mr. Satish Bhayana and associated entities. The promoter and promoter group typically hold a significant majority stake in the company, a common characteristic among smaller Indian listed entities, indicating a closely held and managed business. The company's financial performance and corporate governance disclosures on stock exchanges provide insights into management's operational decisions.
Outlook
Mukta Agriculture operates in an essential yet challenging trading sector. The company has the potential to grow by leveraging its existing networks and adapting to market opportunities, such as increasing demand for specific commodities or expanding its trading portfolio. However, its performance remains susceptible to inherent risks of the trading business, including significant commodity price volatility, intense competition, and the need for efficient working capital management. Sustained growth will depend on its ability to navigate these market dynamics effectively and build robust supply and demand relationships.
| #(Fig in Cr.) | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Profit | 0 | 0 | -0 | 0 | -0 | 0 | 0 | 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 | 0 | 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 | 0 | 0 | 0 | 0 |
| Adjustments | 0 | -0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | -0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted Earnings Per Share | 0 | 0 | -0.2 | 0.1 | -0 | 0 | 0 | 0.1 | 0 | 0 |
| #(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 | 0 | 13 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 1 | 1 | 1 | 1 | 2 | 1 | 0 | 0 | 9 | 1 | 0 | 0 |
| Total Income | 1 | 14 | 1 | 1 | 2 | 1 | 0 | 0 | 9 | 1 | 0 | 0 |
| Total Expenditure | 0 | 13 | 5 | 8 | 2 | 2 | 5 | 1 | 1 | 1 | 1 | 0 |
| Operating Profit | 1 | 1 | -4 | -7 | 0 | -1 | -5 | -0 | 8 | 0 | -0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 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 | -16 | -2 | 0 | 0 |
| Profit Before Tax | 1 | 1 | -4 | -7 | 0 | -1 | -5 | -0 | -8 | -2 | -0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Tax | 0 | 0 | -4 | -7 | 0 | -1 | -5 | -0 | -8 | -2 | -0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | -4 | -7 | 0 | -1 | -5 | -0 | -8 | -2 | -0 | 0 |
| Adjusted Earnings Per Share | 0.2 | 0.2 | -1.8 | -3.4 | 0 | -0.6 | -2.2 | -0.2 | -3.7 | -0.9 | -0.1 | 0.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | 0% | 0% |
| Operating Profit CAGR | 0% | 0% | 0% | -100% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 129% | 27% | -1% | -24% |
| ROE Average | -1% | -13% | -10% | -7% |
| ROCE Average | -1% | -12% | -10% | -7% |
| #(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 | 62 | 62 | 58 | 49 | 46 | 39 | 33 | 33 | 24 | 22 | 22 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 |
| Other Non-Current Liabilities | -0 | -0 | -0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 1 | 1 | 1 | 6 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 62 | 63 | 59 | 50 | 52 | 39 | 34 | 34 | 25 | 23 | 22 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 44 | 49 | 52 | 49 | 48 | 33 | 31 | 31 | 22 | 21 | 22 |
| Total Current Assets | 17 | 14 | 7 | 1 | 4 | 6 | 3 | 3 | 3 | 3 | 0 |
| Total Assets | 62 | 63 | 59 | 50 | 52 | 39 | 34 | 34 | 25 | 23 | 22 |
| #(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 | 1 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | -25 | -2 | 2 | 21 | 10 | -7 | 3 | -0 | 0 | -0 | 1 |
| Cash Flow from Investing Activities | -1 | 1 | -3 | -21 | -9 | 7 | -3 | 0 | -0 | 0 | -1 |
| Cash Flow from Financing Activities | 27 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Cash Inflow / Outflow | 1 | -1 | -0 | -0 | 0 | -0 | 0 | -0 | -0 | 0 | 0 |
| Closing Cash & Cash Equivalent | 2 | 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) | 0.19 | 0.2 | -1.8 | -3.45 | 0 | -0.59 | -2.21 | -0.21 | -3.73 | -0.89 | -0.07 |
| CEPS(Rs) | 0.19 | 0.2 | -1.79 | -3.44 | 0.01 | -0.59 | -2.21 | -0.21 | -3.73 | -0.89 | -0.07 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 28.41 | 28.6 | 26.93 | 22.61 | 21.13 | 17.94 | 15.19 | 15.06 | 11.01 | 10.23 | 10.26 |
| Core EBITDA Margin(%) | 0 | -2.26 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Margin(%) | 0 | 4.88 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre Tax Margin(%) | 0 | 4.82 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PAT Margin (%) | 0 | 3.32 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Profit Margin (%) | 0 | 3.32 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROA(%) | 0.86 | 0.7 | -6.4 | -13.77 | 0.02 | -2.81 | -13.08 | -1.36 | -27.42 | -7.97 | -0.69 |
| ROE(%) | 0.87 | 0.7 | -6.48 | -13.93 | 0.02 | -3.03 | -13.34 | -1.41 | -28.63 | -8.39 | -0.71 |
| ROCE(%) | 1.42 | 1.03 | -6.46 | -13.92 | 0.02 | -3.03 | -12.95 | -1.29 | -27.55 | -7.98 | -0.74 |
| Receivable days | 0 | 347.89 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 21.25 | 0 | 5013.2 | 0 | 0 | 16.99 | 0 | 0 | 0 | 0 |
| PER(x) | 356.84 | 0 | 0 | 0 | 3756.76 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 2.39 | 0 | 2.91 | 0 | 0.66 | 0.2 | 0.15 | 0.4 | 0.27 | 0.33 | 0.39 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0 | 1.65 | 0 | 485.86 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Core EBITDA(x) | 213.82 | 33.66 | -44.04 | -2.9 | 1304.99 | -5.96 | -1.25 | -32.47 | 0.99 | 121.49 | -51.45 |
| Net Sales Growth(%) | -100 | 0 | -100 | 0 | -100 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Growth(%) | 372.12 | -6.16 | -710.9 | -92.21 | 100.12 | 0 | -267.95 | 90.72 | -1745.68 | 76.21 | 91.3 |
| PAT Growth(%) | 336.04 | 4.89 | -1000.23 | -91.86 | 100.11 | 0 | -273.16 | 90.34 | -1647.59 | 76.11 | 91.85 |
| EPS Growth(%) | 334.78 | 5.11 | -1000.35 | -91.86 | 100.11 | 0 | -273.16 | 90.34 | -1647.59 | 76.11 | 91.85 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0.03 | 0.03 | 0.05 | 0.05 | 0 |
| Current Ratio(x) | 230.07 | 18.1 | 11.08 | 1.34 | 0.63 | 19.87 | 31.1 | 49.07 | 762.23 | 134.78 | 13.8 |
| Quick Ratio(x) | 230.07 | 18.1 | 11.08 | 1.34 | 0.08 | 8.61 | 31.1 | 49.07 | 762.23 | 134.78 | 13.8 |
| Interest Cover(x) | 8.39 | 93.78 | -2166.18 | -8303.81 | 4.57 | -2481.24 | -8294.38 | -17.82 | 0 | -6414 | -418.5 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0.23 | 0.09 | 0.17 | 0.15 | 0 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 5.27 | 5.27 | 5.27 | 5.27 | 5.27 | 5.27 | 5.27 | 5.27 | 5.27 | 5.27 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 94.73 | 94.73 | 94.73 | 94.73 | 94.73 | 94.73 | 94.73 | 94.73 | 94.73 | 94.73 |
| 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 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 2.05 | 2.05 | 2.05 | 2.05 | 2.05 | 2.05 | 2.05 | 2.05 | 2.05 | 2.05 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.17 | 2.17 | 2.17 | 2.17 | 2.17 | 2.17 | 2.17 | 2.17 | 2.17 | 2.17 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | — | — | — | — |
| Operating Profit CAGR | — | — | — | -100% |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | +129% | +27% | -1% | -24% |
| ROE Average | -1% | -13% | -10% | -7% |
| ROCE Average | -1% | -12% | -10% | -7% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 5.27 | 5.27 | 5.27 | 5.27 | 5.27 | 5.27 | 5.27 | 5.27 | 5.27 | 5.27 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 94.73 | 94.73 | 94.73 | 94.73 | 94.73 | 94.73 | 94.73 | 94.73 | 94.73 | 94.73 |
| 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 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 2.05 | 2.05 | 2.05 | 2.05 | 2.05 | 2.05 | 2.05 | 2.05 | 2.05 | 2.05 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.17 | 2.17 | 2.17 | 2.17 | 2.17 | 2.17 | 2.17 | 2.17 | 2.17 | 2.17 |
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