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Nirman Agri Genetics Overview

1. Business Overview

Nirman Agri Genetics Ltd. is an Indian agriculture company primarily engaged in the research, development, production, processing, and marketing of high-quality hybrid seeds for various crops. The company focuses on developing seeds that offer improved yield, disease resistance, and adaptability to different agro-climatic conditions. Its product portfolio includes hybrid seeds for cereals (e.g., maize, jowar, bajra), oilseeds (e.g., mustard, sunflower), and vegetables (e.g., okra, tomato, chilli, gourds). Additionally, it is involved in the manufacturing and marketing of bio-pesticides. The company makes money by selling these seeds and bio-pesticides directly to farmers and through its network of distributors and dealers.

2. Key Segments / Revenue Mix

The company primarily operates within two broad segments:

Hybrid Seeds: This constitutes the major portion of its revenue, encompassing a diverse range of cereal, oilseed, and vegetable hybrid seeds.

Bio-pesticides: A smaller, complementary segment providing eco-friendly crop protection solutions.

Specific revenue contribution percentages for each segment are not readily available in public domain information without access to detailed financial reports.

3. Industry & Positioning

Nirman Agri Genetics operates within the highly competitive and fragmented Indian agriculture sector, specifically the seeds industry. The industry is characterized by the presence of large domestic players, multinational corporations, and numerous regional companies. The Indian seed market is driven by increasing food demand, adoption of high-yielding hybrid seeds, and a focus on improving agricultural productivity. Nirman Agri Genetics is a relatively smaller, growing player positioning itself by focusing on R&D to develop region-specific and diverse crop varieties, coupled with an expanding distribution network primarily in specific states within India.

4. Competitive Advantage (Moat)

Nirman Agri Genetics' competitive advantages are still developing but include:

R&D Capabilities: An in-house research and development infrastructure focused on developing new, improved hybrid seed varieties tailored to Indian farming conditions and farmer needs.

Crop Diversity: A broad portfolio of hybrid seeds across cereals, oilseeds, and vegetables, which helps in diversifying revenue streams and catering to varied farmer demands.

Regional Distribution Network: An established sales and marketing network in key agricultural states, fostering direct farmer relationships and market penetration in specific areas.

5. Growth Drivers

Increasing Demand for Food: India's growing population and rising per capita income drive demand for higher agricultural output, increasing the adoption of hybrid seeds for better yields.

Farmer Adoption of Hybrid Seeds: Continued shift by farmers towards high-yielding, disease-resistant hybrid seeds to improve productivity and profitability.

Government Support for Agriculture: Favorable government policies, subsidies, and initiatives aimed at boosting agricultural output and farmer income.

New Product Launches: Successful development and commercialization of new, superior hybrid seed varieties and bio-pesticides from ongoing R&D efforts.

Geographic Expansion: Expansion of its sales and distribution network into new agricultural regions and states within India.

6. Risks

Monsoon Dependence: Indian agriculture is heavily reliant on timely and adequate monsoons; adverse weather conditions can significantly impact seed demand and agricultural output.

Intense Competition: The presence of established domestic and international players with larger R&D budgets, distribution networks, and brand recognition poses significant competitive pressure.

Price Volatility of Agricultural Commodities: Fluctuations in crop prices can impact farmers' purchasing power and demand for high-cost hybrid seeds.

Regulatory Risks: Changes in government policies related to seed pricing, intellectual property rights, and agricultural practices can affect profitability and operations.

R&D Success: The success of new seed varieties is not guaranteed, and R&D failures can lead to significant investment losses.

Pest and Disease Outbreaks: Widespread outbreaks can damage crops and affect demand for specific seed varieties.

7. Management & Ownership

The company is promoted by Dr. Pradipkumar Vasantrao Narwadkar and Mrs. Vaishali Pradipkumar Narwadkar. Dr. Pradipkumar Vasantrao Narwadkar, the Chairman and Managing Director, brings extensive experience in plant breeding and genetics. The promoters typically hold a significant stake in the company, which is common for SME-listed companies in India, reflecting a strong vested interest in the company's long-term success.

8. Outlook

Nirman Agri Genetics is positioned in a fundamental growth industry driven by India's food security needs and the ongoing adoption of advanced agricultural practices. Its focus on R&D for diverse hybrid seeds and an expanding regional distribution network provides a foundation for growth. However, the company operates in a highly competitive market with inherent risks tied to agricultural seasonality, commodity price volatility, and stringent regulatory environments. Its ability to consistently develop and commercialize superior seed varieties, expand its market reach, and manage competitive pressures will be crucial for its sustained growth and profitability.

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Nirman Agri Genetics Key Financials

Market Cap ₹38 Cr.

Stock P/E 1.5

P/B 0.3

Current Price ₹47.8

Book Value ₹ 137.3

Face Value 10

52W High ₹266.9

Dividend Yield 4.18%

52W Low ₹ 38.7

Nirman Agri Genetics Share Price

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Volume
Price

Nirman Agri Genetics Quarterly Price

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Nirman Agri Genetics Peer Comparison

Nirman Agri Genetics Quarterly Results

#(Fig in Cr.) Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
Net Sales 0 0 11 13 19 20 50 62 61 63
Other Income 0 0 0 0 0 0 0 0 0 0
Total Income 0 0 11 13 19 20 50 62 61 63
Total Expenditure 0 0 9 11 16 17 45 55 54 56
Operating Profit 0 0 2 2 3 4 5 7 7 7
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 2 2 3 3 5 7 7 7
Provision for Tax 0 0 0 0 0 0 0 0 0 0
Profit After Tax 0 0 2 2 3 3 5 6 7 7
Adjustments 0 0 -0 0 0 0 -0 -0 0 0
Profit After Adjustments 0 0 2 2 3 3 5 6 7 7
Adjusted Earnings Per Share 0 0 3.1 3.5 5.3 5.6 8.4 8 8.4 8.6

Nirman Agri Genetics Profit & Loss

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 4 13 29 63 237 236
Other Income 0 0 0 0 0 0
Total Income 4 13 29 63 237 236
Total Expenditure 4 10 24 52 210 210
Operating Profit 0 3 4 11 27 26
Interest 0 0 0 0 0 0
Depreciation 0 0 0 0 1 0
Exceptional Income / Expenses 0 0 0 0 0 0
Profit Before Tax 0 3 4 11 26 26
Provision for Tax 0 1 0 1 1 0
Profit After Tax 0 3 4 10 25 25
Adjustments 0 0 0 0 0 0
Profit After Adjustments 0 3 4 10 25 25
Adjusted Earnings Per Share 0.2 10 6.7 17.5 31.6 33.4

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 276% 163% 0% 0%
Operating Profit CAGR 145% 108% 0% 0%
PAT CAGR 150% 103% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -79% -15% NA% NA%
ROE Average 34% 31% 73% 73%
ROCE Average 35% 32% 48% 48%

Nirman Agri Genetics Balance Sheet

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 0 3 27 37 110
Minority's Interest 0 0 0 0 0
Borrowings 1 1 1 0 0
Other Non-Current Liabilities 0 -0 -0 0 0
Total Current Liabilities 1 2 2 7 3
Total Liabilities 2 6 30 44 113
Fixed Assets 0 0 1 0 2
Other Non-Current Assets 0 0 20 22 11
Total Current Assets 2 6 9 22 101
Total Assets 2 6 30 44 113

Nirman Agri Genetics Cash Flow

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 1 1 0 2
Cash Flow from Operating Activities -0 0 0 4 -32
Cash Flow from Investing Activities 0 -0 -21 -2 10
Cash Flow from Financing Activities 1 0 20 -1 46
Net Cash Inflow / Outflow 1 0 -1 1 24
Closing Cash & Cash Equivalent 1 1 0 2 26

Nirman Agri Genetics Ratios

# Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.21 10 6.72 17.46 31.57
CEPS(Rs) 0.21 10.01 6.87 17.99 32.37
DPS(Rs) 0 0 0 0 2
Book NAV/Share(Rs) 0.25 10.33 45.22 62.64 137.32
Core EBITDA Margin(%) 1.94 25.39 15.25 18.13 11.23
EBIT Margin(%) 1.94 25.37 14.93 17.63 11.03
Pre Tax Margin(%) 1.93 25.36 14.88 17.27 11.02
PAT Margin (%) 1.43 18.98 14 16.43 10.69
Cash Profit Margin (%) 1.43 18.99 14.32 16.93 10.96
ROA(%) 3.33 67.38 22.38 28.08 32.12
ROE(%) 84.54 189.03 27.06 32.37 34.33
ROCE(%) 7 138.35 26.6 33.83 35.17
Receivable days 58.69 65.5 52.86 45.09 37.88
Inventory Days 19.21 11.44 34.05 37.37 34.97
Payable days 39.43 26.33 11.09 21.32 6.09
PER(x) 0 0 12.27 9.18 6.23
Price/Book(x) 0 0 1.82 2.56 1.43
Dividend Yield(%) 0 0 0 0 1.02
EV/Net Sales(x) 0.07 0.02 1.94 1.66 0.56
EV/Core EBITDA(x) 3.61 0.09 12.72 9.15 4.94
Net Sales Growth(%) 0 252.92 112.08 121.4 273.43
EBIT Growth(%) 0 4524.86 24.83 161.36 133.72
PAT Growth(%) 0 4580.44 56.45 159.76 143.03
EPS Growth(%) 0 4580.45 -32.81 159.76 80.86
Debt/Equity(x) 15.33 0.47 0.04 0.02 0
Current Ratio(x) 2.81 2.82 4.24 3.14 32.06
Quick Ratio(x) 2.46 2.5 2.05 1.94 20.24
Interest Cover(x) 740 3013.74 297.22 48.93 1191.59
Total Debt/Mcap(x) 0 0 0.02 0.01 0

Nirman Agri Genetics Shareholding Pattern

# Mar 2023 Sep 2023 Dec 2023 Mar 2024 Sep 2024 Mar 2025 Sep 2025 Mar 2026
Promoter 65.59 66.05 66.05 66.05 57.81 57.96 44.34 44.34
FII 0 0 0 0 0.03 0.04 0.02 0.02
DII 0 0 0 0 0 0 1.31 0
Public 34.41 33.95 33.95 33.95 42.16 42 54.34 55.65
Others 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100

Nirman Agri Genetics News

Nirman Agri Genetics Pros & Cons

Pros

  • Stock is trading at 0.3 times its book value
  • Company has a good return on equity (ROE) track record: 3 Years ROE 31%
  • Debtor days have improved from 21.32 to 6.09days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 44.34%.
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