WEBSITE BSE:0 NSE: Inc. Year: 2017 Industry: Agriculture My Bucket: Add Stock
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1. Business Overview
Upsurge Seeds Of Agriculture Ltd. is an Indian company primarily engaged in the agriculture sector, specifically focusing on seeds. Its core business involves the research, development, production, processing, and marketing of various types of seeds for agricultural purposes. The company aims to provide quality seeds to farmers, enabling improved crop yields and agricultural productivity. It makes money by selling these seeds directly to farmers, through a distributor network, or potentially to other agricultural businesses.
2. Key Segments / Revenue Mix
Without specific financial data, the key segments likely revolve around different crop categories. These could include:
Field Crop Seeds: Such as maize, rice, wheat, cotton, pulses, and oilseeds.
Vegetable Seeds: A variety of hybrid and open-pollinated vegetable seeds.
Forage/Fodder Seeds: Seeds for animal feed crops.
The revenue mix would typically depend on the company's product portfolio and market focus within these categories, with field crops often forming the bulk for many seed companies in India.
3. Industry & Positioning
The Indian agriculture seed industry is large, diverse, and crucial for food security. It is characterized by the presence of numerous players, ranging from large multinational corporations to domestic giants and smaller regional companies. The industry is highly competitive, driven by factors like seed quality, yield potential, disease resistance, pricing, and distribution reach. Upsurge Seeds of Agriculture Ltd. would be positioned as a domestic player competing on these parameters, likely focusing on specific regional markets or crop segments where it has developed expertise or strong farmer relationships. The industry is also subject to government regulations related to seed quality, pricing, and intellectual property.
4. Competitive Advantage (Moat)
Potential competitive advantages for Upsurge Seeds could include:
Research & Development (R&D): The ability to develop high-yielding, disease-resistant, and climate-resilient seed varieties adapted to Indian conditions. This forms a strong intellectual property moat.
Distribution Network: An extensive and efficient network to reach farmers, particularly in rural and remote areas.
Brand Reputation: A trusted brand among farmers built on consistent seed quality and performance.
Local Adaptation: Expertise in developing seeds suitable for specific agro-climatic zones within India.
Farmer Relationships: Strong relationships and trust built over time with the farming community.
5. Growth Drivers
Increasing Demand for Quality Seeds: Growing awareness among farmers about the benefits of using certified, high-quality seeds to improve yields and income.
Food Security & Population Growth: India's growing population necessitates higher food production, driving demand for agricultural inputs.
Government Initiatives: Support from government schemes promoting modern agricultural practices, irrigation, and quality inputs.
Technological Advancements: Adoption of biotechnology and conventional breeding methods to develop superior seed varieties.
Crop Diversification: Farmers shifting to more remunerative crops that require specialized seeds.
Export Potential: Opportunities to export specialized seed varieties to neighboring countries or regions with similar agro-climatic conditions.
6. Risks
Weather Dependency: The performance of seeds and farmer purchasing power are highly dependent on monsoon patterns and climatic conditions.
Pest and Disease Outbreaks: New or resistant pests/diseases can severely impact crop yields and reduce demand for certain seed varieties.
Intense Competition: Fierce competition from established domestic and multinational players, leading to pricing pressures.
R&D Failure/Obsolescence: Failure to develop commercially viable new varieties or the rapid obsolescence of existing ones due to new technologies or market trends.
Regulatory Changes: Changes in seed policies, intellectual property rights, or pricing controls by the government.
Supply Chain Disruptions: Issues in seed production, processing, or distribution due to logistical challenges or natural disasters.
Price Volatility: Fluctuations in agricultural commodity prices can impact farmer profitability and their ability to invest in quality seeds.
7. Management & Ownership
As an Indian company, it is likely promoter-driven, where the founding family or individuals hold a significant stake and play a crucial role in strategic decision-making and day-to-day operations. The quality of management would be assessed by their experience in the agriculture and seed industry, ability to innovate, build a strong distribution network, and navigate regulatory challenges. Ownership structure would typically involve promoters holding a majority stake, with the remaining shares potentially held by institutional investors, retail investors, and employees.
8. Outlook
Upsurge Seeds of Agriculture Ltd. operates in a fundamental and growing sector in India. The increasing need for food, government focus on agricultural productivity, and farmers' shift towards high-quality seeds present significant opportunities for growth. The company's success hinges on its ability to continuously innovate through R&D, maintain high seed quality, build strong brand recognition, and expand its distribution network effectively across diverse agro-climatic zones. However, the business is inherently exposed to agricultural risks such as unpredictable weather patterns, pest infestations, and intense competition from larger players with greater R&D budgets and market reach. Regulatory changes and pricing pressures are also constant challenges. Sustained growth will require prudent management of these risks while capitalizing on market opportunities.
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Market Cap ₹73 Cr.
Stock P/E 10.1
P/B 2.1
Current Price ₹104
Book Value ₹ 48.5
Face Value 10
52W High ₹220.1
Dividend Yield 0%
52W Low ₹ 90
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(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 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM |
|---|---|---|---|---|---|---|---|
| Net Sales | 8 | 18 | 63 | 76 | 83 | 133 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total Income | 8 | 18 | 63 | 76 | 83 | 133 | |
| Total Expenditure | 7 | 17 | 61 | 70 | 75 | 120 | |
| Operating Profit | 0 | 1 | 2 | 6 | 8 | 14 | |
| Interest | 0 | 0 | 0 | 1 | 2 | 4 | |
| Depreciation | 0 | 0 | 1 | 1 | 1 | 2 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 0 | 0 | 1 | 4 | 5 | 8 | |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 1 | |
| Profit After Tax | 0 | 0 | 1 | 4 | 5 | 7 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 0 | 1 | 4 | 5 | 7 | |
| Adjusted Earnings Per Share | 3.1 | 3.1 | 3 | 5.4 | 4.7 | 7.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 60% | 28% | 75% | 0% |
| Operating Profit CAGR | 75% | 91% | 0% | 0% |
| PAT CAGR | 40% | 91% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -10% | -33% | NA% | NA% |
| ROE Average | 17% | 30% | 32% | 32% |
| ROCE Average | 13% | 18% | 18% | 18% |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|---|
| Shareholder's Funds | 1 | 1 | 3 | 11 | 39 | 46 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 2 | 3 | 2 | 4 | 13 |
| Other Non-Current Liabilities | 0 | -0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 2 | 5 | 12 | 28 | 60 | 47 |
| Total Liabilities | 3 | 8 | 18 | 41 | 102 | 106 |
| Fixed Assets | 1 | 2 | 5 | 6 | 11 | 18 |
| Other Non-Current Assets | 0 | 1 | 0 | 0 | 0 | 0 |
| Total Current Assets | 1 | 4 | 13 | 34 | 91 | 88 |
| Total Assets | 3 | 8 | 18 | 41 | 102 | 106 |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 1 | 0 | 6 |
| Cash Flow from Operating Activities | -0 | 0 | 2 | -13 | -43 | 7 |
| Cash Flow from Investing Activities | -1 | -3 | -2 | -2 | -6 | -8 |
| Cash Flow from Financing Activities | 2 | 2 | 1 | 14 | 55 | -5 |
| Net Cash Inflow / Outflow | 0 | 0 | 1 | -1 | 6 | -6 |
| Closing Cash & Cash Equivalent | 0 | 0 | 1 | 0 | 6 | 0 |
| # | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 3.13 | 3.07 | 3.03 | 5.38 | 4.72 | 7.19 |
| CEPS(Rs) | 3.34 | 5.12 | 4.86 | 6.5 | 5.77 | 9 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 9.83 | 12.9 | 11.53 | 15.19 | 38.44 | 45.54 |
| Core EBITDA Margin(%) | 4.75 | 3.66 | 2.64 | 7.32 | 9.96 | 10.1 |
| EBIT Margin(%) | 5.27 | 3.14 | 2.27 | 6.4 | 8.76 | 8.92 |
| Pre Tax Margin(%) | 3.94 | 1.68 | 1.71 | 5.63 | 6.22 | 5.86 |
| PAT Margin (%) | 2.98 | 1.25 | 1.36 | 5.24 | 5.74 | 5.45 |
| Cash Profit Margin (%) | 3.17 | 2.08 | 2.18 | 6.33 | 7.02 | 6.83 |
| ROA(%) | 8.18 | 3.96 | 6.45 | 13.44 | 6.65 | 6.98 |
| ROE(%) | 31.84 | 26.99 | 40.96 | 54.92 | 19.06 | 17.12 |
| ROCE(%) | 15.88 | 14.13 | 21.64 | 28.5 | 12.77 | 13.08 |
| Receivable days | 39.73 | 32.49 | 15.32 | 14.44 | 27.42 | 16.29 |
| Inventory Days | 27.04 | 24.51 | 16.47 | 74.44 | 220.31 | 209.39 |
| Payable days | 6.92 | 8.71 | 8.98 | 47.59 | 80.57 | 28.91 |
| PER(x) | 0 | 0 | 0 | 0 | 71.41 | 28.72 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 8.77 | 4.53 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.3 | 0.28 | 0.08 | 0.27 | 4.62 | 1.93 |
| EV/Core EBITDA(x) | 5.51 | 6.97 | 2.72 | 3.55 | 45.97 | 18.7 |
| Net Sales Growth(%) | 0 | 134.09 | 256.17 | 20.8 | 9.61 | 60.35 |
| EBIT Growth(%) | 0 | 39.59 | 157.32 | 240.88 | 49.97 | 63.3 |
| PAT Growth(%) | 0 | -2.01 | 289.37 | 364.71 | 20.07 | 52.35 |
| EPS Growth(%) | 0 | -2.01 | -1.18 | 77.45 | -12.26 | 52.35 |
| Debt/Equity(x) | 2.55 | 4.78 | 1.41 | 1.34 | 1.26 | 1.04 |
| Current Ratio(x) | 0.87 | 0.85 | 1.13 | 1.24 | 1.53 | 1.87 |
| Quick Ratio(x) | 0.55 | 0.51 | 0.79 | 0.27 | 0.3 | 0.18 |
| Interest Cover(x) | 3.98 | 2.14 | 4.04 | 8.23 | 3.45 | 2.91 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0.14 | 0.23 |
| # | Sep 2022 | Dec 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 70.82 | 70.82 | 71.15 | 71.15 | 71.15 | 71.15 | 71.15 | 71.15 | 71.15 | 71.15 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 29.18 | 29.18 | 28.85 | 28.85 | 28.85 | 28.85 | 28.85 | 28.85 | 28.85 | 28.85 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2022 | Dec 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.72 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.21 | 0.21 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.29 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 1.01 |
* The pros and cons are machine generated.
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