Agriculture · Founded 2010 · www.timesgreenenergy.com · BSE 543310 · · ISIN INE0B6101012
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Business
Times Green Energy (India) Ltd. is primarily engaged in agricultural and allied activities. The company transitioned its business focus from financial services to agriculture in 2017. Its core operations are intended to include cultivation, processing, and trading of various agricultural products, encompassing both conventional and organic produce. The business model likely involves direct farming, contract farming, and commodity trading, aiming to generate revenue from the sale of agricultural output. However, current financial performance indicates very limited revenue generation from these activities.
Revenue Mix
Information on specific revenue segments or a detailed revenue mix is not publicly available. Based on its declared business, it operates within a single, undifferentiated "agricultural and allied activities" segment. Public financial reports typically show minimal "Revenue from Operations," suggesting its agricultural ventures are either nascent or very small in scale.
Industry
The company operates in the Indian agriculture industry, which is characterized by its vastness, fragmentation, and dependence on monsoon and market prices. It is a highly competitive sector with numerous unorganized players, alongside a growing presence of organized agri-businesses. Times Green Energy is a very small player attempting to establish itself, with negligible market share and without a clearly defined specialized niche or significant scale to compete with larger, more established agricultural companies or even regional leaders.
MOAT
Based on currently available information (small operational scale, low revenue, and general agricultural activities), Times Green Energy (India) Ltd. does not appear to possess a discernible competitive advantage or moat. There is no evident strong brand recognition, proprietary technology, unique land assets, significant cost efficiencies, or an exclusive distribution network that would create durable advantages against competitors.
Growth Drivers
Scaling of Agricultural Operations: Successful expansion of land under cultivation, improved farming techniques, and increased yields.
Identification of High-Value Niches: Focusing on profitable agricultural segments such as organic produce, specific cash crops, or processed food products that command better margins.
Government Support for Agriculture: Leveraging government policies, subsidies, and initiatives aimed at boosting agricultural productivity and farmer income in India.
Development of Supply Chain: Establishing efficient procurement, processing, and distribution networks to optimize costs and market access.
Risks
Agricultural & Climatic Risks: High dependency on weather patterns (monsoon), susceptibility to pest infestations, crop diseases, and natural calamities (droughts, floods).
Price Volatility: Fluctuations in market prices for agricultural commodities, which directly impact revenue and profitability.
Operational Scale & Efficiency: The very small scale of current operations makes it challenging to achieve economies of scale and absorb overhead costs, potentially leading to continued financial losses.
Execution Risk: The company's ability to effectively transition and scale its agricultural operations, given its limited history and expertise in this sector compared to its past financial services business.
Financial Performance: Persistent minimal revenue generation and sustained financial losses raise concerns about long-term viability and potential need for further capital infusion.
Regulatory & Policy Risks: Changes in agricultural policies, subsidies, export/import regulations, and land acquisition laws.
Intense Competition: Facing stiff competition from a large number of organized and unorganized players in the Indian agricultural sector.
Management & Ownership
Times Green Energy (India) Ltd. is a publicly listed company on the BSE. Its ownership structure typically shows a significant stake held by the promoter group (often around 45-50%), which is common for many Indian companies. The remaining shares are held by the public. While the promoter group has a vested interest, assessing the management quality, particularly their specific expertise and track record in successfully scaling agricultural operations post-transition, is challenging given the company's current financial performance and limited public disclosures on operational specifics.
Outlook
Times Green Energy (India) Ltd. is in a challenging phase of business transition and operational scale-up within the highly competitive Indian agriculture sector. The bull case hinges on the company successfully executing its strategy to expand agricultural operations, identifying profitable niches, and developing efficient supply chains that can overcome its current minimal revenue generation and financial losses. Should it manage to build a sustainable and scalable model, potentially leveraging its "Green Energy" nomenclature for sustainable agricultural practices, it could see future growth. However, the bear case is significant, given the company's current small scale, consistent financial underperformance, the inherent risks of the agricultural sector, and the intense competition. Without a clear competitive advantage or a proven track record of profitable scaling in its new business, the path to sustained profitability and significant growth appears difficult.
| #(Fig in Cr.) |
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| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 10 | 20 | 15 | 15 | 16 | 25 | 21 | 33 | 40 | 22 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total Income | 10 | 20 | 15 | 15 | 16 | 25 | 21 | 33 | 40 | 22 | |
| Total Expenditure | 10 | 20 | 15 | 15 | 16 | 24 | 20 | 32 | 39 | 21 | |
| Operating Profit | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | |
| 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 | 1 | 1 | 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 | 0.3 | 1.4 | 0.4 | 0.6 | 0.7 | 1 | 1.1 | 1.3 | 1.1 | 0.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -45% | 2% | 7% | 0% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 81% | 38% | 25% | NA% |
| ROE Average | 2% | 5% | 7% | 9% |
| ROCE Average | 5% | 9% | 10% | 10% |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 0 | 0 | 1 | 1 | 2 | 6 | 34 | 34 | 34 | 43 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 2 | 3 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 1 | -0 |
| Total Current Liabilities | 2 | 3 | 1 | 2 | 8 | 8 | 4 | 18 | 10 | 26 |
| Total Liabilities | 3 | 4 | 2 | 4 | 10 | 14 | 38 | 55 | 49 | 70 |
| Fixed Assets | 1 | 0 | 0 | 0 | 0 | 1 | 29 | 29 | 29 | 29 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 3 | 3 |
| Total Current Assets | 2 | 3 | 2 | 3 | 10 | 13 | 8 | 24 | 18 | 39 |
| Total Assets | 3 | 4 | 2 | 4 | 10 | 14 | 38 | 55 | 49 | 70 |
| #(Fig in Cr.) | 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 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 0 | 0 | -0 | -0 | 0 | -2 | 0 | -1 | -1 | -6 |
| Cash Flow from Investing Activities | -0 | -0 | 0 | 0 | 0 | -0 | -1 | -1 | -0 | 0 |
| Cash Flow from Financing Activities | -0 | -0 | 0 | 0 | 0 | 4 | -0 | 2 | 1 | 6 |
| Net Cash Inflow / Outflow | 0 | 0 | -0 | 0 | 0 | 1 | -1 | 0 | 0 | 1 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
| # | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.28 | 1.44 | 0.44 | 0.58 | 0.74 | 0.97 | 1.11 | 1.28 | 1.08 | 0.4 |
| CEPS(Rs) | 0.78 | 1.95 | 0.56 | 0.71 | 0.86 | 1.08 | 1.3 | 1.34 | 1.13 | 0.46 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 6.08 | 7.52 | 5.69 | 6.24 | 6.98 | 15.05 | 16.16 | 17.44 | 17.21 | 27.96 |
| Core EBITDA Margin(%) | 0.46 | 0.72 | 1.07 | 1.5 | 1.52 | 2.09 | 3.12 | 2.3 | 2.25 | 3.39 |
| EBIT Margin(%) | 0.19 | 0.59 | 0.9 | 1.2 | 1.36 | 1.92 | 2.78 | 2.24 | 2.35 | 3.24 |
| Pre Tax Margin(%) | 0.19 | 0.58 | 0.89 | 1.19 | 1.35 | 1.92 | 2.75 | 1.84 | 1.32 | 1.37 |
| PAT Margin (%) | 0.15 | 0.4 | 0.64 | 0.86 | 1 | 1.44 | 2 | 1.45 | 1 | 1 |
| Cash Profit Margin (%) | 0.42 | 0.54 | 0.83 | 1.04 | 1.17 | 1.61 | 2.34 | 1.52 | 1.05 | 1.17 |
| ROA(%) | 0.56 | 2.4 | 3.08 | 4.23 | 2.38 | 2.99 | 1.58 | 1.01 | 0.77 | 0.37 |
| ROE(%) | 4.61 | 21.23 | 11.59 | 9.78 | 11.2 | 10.03 | 7.11 | 7.6 | 6.22 | 2.02 |
| ROCE(%) | 1.78 | 10.55 | 10.84 | 12.45 | 13.38 | 13.01 | 9.88 | 10.15 | 10.46 | 5.29 |
| Receivable days | 66.49 | 40.02 | 52.34 | 59.17 | 139.71 | 110.7 | 88.48 | 138.12 | 160.91 | 361.24 |
| Inventory Days | 4.34 | 1.95 | 1.96 | 1.7 | 1.72 | 13.13 | 39.87 | 30.25 | 21.13 | 54.78 |
| Payable days | 60.73 | 40.03 | 45.08 | 36.32 | 115.92 | 112.4 | 97.5 | 129.66 | 132.33 | 293.05 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 28.83 | 24.21 | 28.14 | 33.6 | 108.31 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 1.85 | 1.66 | 2.06 | 2.1 | 1.54 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.09 | 0.04 | 0.07 | 0.08 | 0.07 | 0.36 | 0.46 | 0.45 | 0.4 | 1.12 |
| EV/Core EBITDA(x) | 20.78 | 5.88 | 6.54 | 5.12 | 4.55 | 17.39 | 14.84 | 19.64 | 16.71 | 32.83 |
| Net Sales Growth(%) | 0 | 95.04 | -24.94 | -0.04 | 8.63 | 50.28 | -16.84 | 59.17 | 22.31 | -44.9 |
| EBIT Growth(%) | 0 | 513.92 | 14.19 | 34.08 | 22.7 | 113.24 | 19.79 | 28.27 | 28.18 | -24 |
| PAT Growth(%) | 0 | 415.38 | 21.52 | 32.99 | 26.96 | 116.89 | 14.95 | 15 | -15.6 | -44.56 |
| EPS Growth(%) | 0 | 415.38 | -69.62 | 32.99 | 26.97 | 30.34 | 14.96 | 15 | -15.6 | -63.15 |
| Debt/Equity(x) | 2.22 | 1.79 | 0.06 | 0.14 | 0.13 | 0 | 0 | 0.31 | 0.49 | 0.12 |
| Current Ratio(x) | 1.35 | 1.26 | 1.81 | 1.55 | 1.16 | 1.58 | 1.87 | 1.3 | 1.68 | 1.46 |
| Quick Ratio(x) | 1.28 | 1.22 | 1.75 | 1.52 | 1.15 | 1.37 | 1.24 | 1.16 | 1.49 | 1.29 |
| Interest Cover(x) | 0 | 56.71 | 272 | 65.64 | 138.63 | 280.65 | 99.99 | 5.6 | 2.29 | 1.74 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.15 | 0.23 | 0.08 |
| # | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 39.75 | 39.75 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 52.4 | 52.4 | 52.4 | 52.4 | 52.4 | 52.4 | 52.4 | 52.4 | 60.25 | 60.25 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.11 | 0.22 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.17 | 0.34 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.28 | 0.56 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -45% | +2% | +7% | — |
| Operating Profit CAGR | 0% | 0% | — | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | +81% | +38% | +25% | — |
| ROE Average | +2% | +5% | +7% | +9% |
| ROCE Average | +5% | +9% | +10% | +10% |
| # | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 39.75 | 39.75 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 52.4 | 52.4 | 52.4 | 52.4 | 52.4 | 52.4 | 52.4 | 52.4 | 60.25 | 60.25 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.11 | 0.22 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.17 | 0.34 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.28 | 0.56 |
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