Narmada Agrobase Limited · NSE:NARMADA
Narmada Agrobase — Q3 FY26 Earnings Presentation
30 slides from Narmada Agrobase's earnings presentation, Feb 20, 2026
Slide 1: Regulation 30 filing cover letter to exchanges
Date: 20th February, 2026 To, To, Head - Listing Operations, The Corporate Relations Department BSE Limited, National Stock Exchange of India Ltd. P.J. Towers, Dalal Street, Fort, Exchange Plaza, C-1, Block G, Mumbai – 400 001. Bandrakurla Complex, Bandra (E), Mumbai – 400051. NSE SYMBOL: NARMADA BS
Slide 2: Narmada Agrobase Limited Investor Presentation
Narmada Agrobase Limited Investor Presentation Investor Presentation
Slide 3: Safe Harbour Statement
Safe Harbour Statement This presentation and the accompanying slides (the “Presentation”), which have been prepared by Narmada Agrobase Limited (“The Company”) solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, a
Slide 4: Company Overview
Company Overview Narmada Agrobase Limited, incorporated in 2013 headquartered in Mehsana, Gujarat. The Company is engaged in the manufacturing and supply of cattle feed and agro-based by-products with a strong focus on livestock nutrition. Flagship brands “Churma” and “Gaay Chhaap Narmada Pashu Aaha
Slide 5: Key Facts & Figures
Key Facts & Figures 12+ Years of Experience 3 2 Product Brands Category 150 + 1,000 + Wholesale Retail Points Points 50% 40,000 Tons p.a. Utilization Total Capacity Capacity FY25 Revenue FY25 PAT ₹ 6,633.91 Lakhs ₹ 408.80 Lakhs FY25 EBITDA ₹ 623.82 Lakhs Certification ISO 9001:2015 Investor Presenta
Slide 6: Key Milestones & Achievements
Key Milestones & Achievements 2024 Crossed the revenue milestones of ₹ 5,000 lakhs in FY24 2013 2022 Incorporated as a Private 2017 Migrated from SME Limited Company with the The Company was converted platform to the Main name "Narmada Agrobase into Public Limited Company Board of NSE & BSE Private
Slide 7: Manufacturing Facility
Manufacturing Facility Strategic Location Certification Installed Capacity Utilization Mahesana, Gujarat ISO 9001:2015 40000 TPA ~50% Dedicated Quality Control team and testing equipment ensuring consistency, nutritional value, and compliance with industry standards. Modern Infrastructure: Semi-auto
Slide 8: Management Overview
Management Overview Mr. Neeraj Suresh Agrawal Mr. Suresh Chand Gupta Mr. Ganesh Bhavarlal Prajapati Promoter, Managing Director & CFO Promoter & Whole-time Director Independent Director Experience: 20+ Years Experience: 40+ Years Experience: 12+ Years Holds a Bachelor’s degree in Commerce and is a H
Slide 9: Management Overview
Management Overview Mrs. Shweta Vivek Nathwani Ms. Pooja Aidasani Mr. Deepak Soni Independent Director Independent Director Independent Director Experience: 7+ Years Holds a Degree of Bachelor of Commerce (B.Com) Company Secretary by profession and a Chartered Accountant by profession since 2017 and
Slide 10: Business Overview
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Slide 11: Business Segments
Business Segments Cotton seed Cattle feed FY25 Revenue Contribution ₹3152.48 Lakhs (48%) FY25 Revenue Contribution ₹ 3415.18 Lakhs (52%) Cottonseed meal Compound Cattle Feed (Pellet) Bleached Cotton Linters Cattle Feed (Mesh) Pashu Ahaar Cotton Linters Delinted Cotton Seed Investor Presentation 10
Slide 12: Product Portfolio & its Usage
Product Portfolio & its Usage Cottonseed meal Bleached Cotton Linters Cotton Linters Cotton Seed Oil Cake High-protein by-product High-purity viscose fiber Short fibers left on cottonseeds A by-product obtained after oil obtained after oil derived from cottonseed, after ginning. These are obtained e
Slide 13: Product Portfolio & its Usage
Product Portfolio & its Usage Guar Korma Maize Meal Cattle Feed (Mesh) Compound Cattle Feed Germ portion of the guar seed It is produced from fresh, A scientifically formulated a nutritionally balanced, obtained after extracting guar high-quality maize, free from blend of high-quality grains, oil pe
Slide 14: Raw Material Procurement Strategy
Raw Material Procurement Strategy Approach Experience-Led Procurement Pre-Booking Contracts (Q1 & Q2) Lock-in prices for cottonseed, molasses, feed additives Mitigates price volatility and ensures supply security Vendor Relationship Management Build strategic partnerships for spot purchases Enables
Slide 15: Growth Drivers
Growth Drivers Production Capacity & Operational Efficiency Planned CAPEX investments in production automation, capacity expansion, and logistics infrastructure will improve operational efficiency, support volume growth. Strong Brand & Customer Loyalty Value-Added Product Portfolio With a portfolio
Slide 16: Industry Overview – Cattle Feed Market
Industry Overview – Cattle Feed Market Cattle Feed Market Size (In ₹ Bn) 2,500 The Indian animal feed market size reached INR 1,110.0 Billion in 2024. The market is projected to reach INR 2,025.1 Billion by 2033, 2,025.10 exhibiting a growth rate (CAGR) of 6.9% during 2,000 2025-2033. India leads gl
Slide 17: Industry Overview – Cotton seed Market
Industry Overview – Cotton seed Market Cotton seed market size (In $Bn) 2 The India cottonseed (for sowing) market is valued at approximately 1.8 USD 0.87 billion in 2025 and is projected to reach USD 1.16 billion by 2030, implying a healthy CAGR of ~5.9% 1.6 1.4 India's cotton seed market has estab
Slide 18: Financial Overview
Financial Overview
Slide 19: Geography Wise Revenue Bifurcation
Geography Wise Revenue Bifurcation FY23 (In %) FY24 (In %) FY25 (In%) 20% 19% 80% 81% 100% Domestic Exports (₹ In Lakhs) Particulars FY23 FY24 FY25 Domestic 5,002.60 4,019.27 5,319.37 Exports - 1,012.80 1,248.29 Total 5,002.60 5,032.07 6,567.66 Investor Presentation 18
Slide 20: Category Wise Revenue Bifurcation
Category Wise Revenue Bifurcation FY23 (In %) FY24 (In %) FY25 (In%) 46% 54% 44% 48% 52% 56% Cattle feed Cottonseed (₹ In Lakhs) Particulars FY23 FY24 FY25 Cattle feed 2,701.40 2,214.11 3,152.48 Cottonseed 2,301.19 2,817.95 3,415.18 Total 5,002.60 5,032.07 6,567.66 Investor Presentation 19
Slide 21: Q3 & 9M Profit & Loss Statement
Q3 & 9M Profit & Loss Statement In ₹ Lakhs Particulars Q3 FY25 Q3 FY26 YoY 9M FY26 Revenues 1,383.65 2,135.35 4,438.89 Other Income 32.22 28.96 94.93 Total Income 1,415.87 2,164.31 52.86% 4,533.82 Raw Material costs 1,140.45 1,849.94 3,683.43 Employee costs 34.97 46.27 110.56 Other expenses 74.40 10
Slide 22: Key Financial Highlights
Key Financial Highlights (All Amount In ₹ Lakhs & Margins In %) Total Income EBITDA EBITDA Margin PAT PAT Margin 9.40% 800 10.00% 8.00% 6,633.91 700 8.00% 500 6.16% 6.00% 623.82 5.14% 6.00% 408.8 600 5,007.63 5,039.22 4.13% 400 4.00% 4.00% 500 2.00% 2.00% 2.02% 1.30% 300 400 0.00% 0.00% 300 258.91 -
Slide 23: Profit & Loss Statement
Profit & Loss Statement In ₹ Lakhs Particulars FY23 FY24 FY25 Revenues 5,002.60 5,032.07 6,567.66 Other Income 5.03 7.15 66.25 Total Income 5,007.63 5,039.22 6,633.91 Raw Material costs 4,330.76 4,311.09 5,538.84 Employee costs 173.53 141.99 142.88 Other expenses 296.48 327.23 328.37 Total Expenditu
Slide 24: Balance Sheet
Balance Sheet In ₹ Lakhs In ₹ Lakhs Equities & Liabilities FY25 FY24 FY23 Assets FY25 FY24 FY23 Equity 3,793.64 1,354.87 1,354.87 Non Current Assets Reserves 1,792.97 335.27 233.33 Fixed assets 298.61 317.52 343.74 Net Worth 5,586.61 1,690.15 1,588.20 Non-current investments - 0.03 0.03 Non-current
Slide 25: Cash Flow Statement
Cash Flow Statement (In ₹ Lakhs) Particulars FY25 FY24 FY23 Cash Flow from Operating Activities -1,592.67 120.66 5.28 Cash Flow from Investing Activities -358.00 34.97 36.70 Cash Flow from Financing Activities 3,382.56 -135.05 -52.08 Net Increase in Cash & Cash Equivalents 1,431.89 20.58 -10.10 Inve
Slide 26: Key Ratios
Key Ratios (In%) (In%) ROE ROCE 11.24% 13.04% 8.64% 6.03% 6.88% 3.98% FY23 FY24 FY25 FY23 FY24 FY25 (In Times) (In Times) Debt to Equity Ratio Interest Coverage Ratio 0.63 7.15 0.57 2.41 0.17 2.03 FY23 FY24 FY25 FY23 FY24 FY25 * ROE & ROCE are not annualized Investor Presentation 25
Slide 27: Key Ratios
Key Ratios (In Times) (In Days) Current Ratio Receivable Turnover Ratio 6.21 6.03 4.06 4.30 5.03 4.10 3.79 3.62 3.90 4.03 3.70 3.50 2.21 3.03 2.14 3.30 2.03 3.10 2.90 1.03 2.70 0.03 2.50 FY23 FY24 FY25 FY23 FY24 FY25 (In ₹) (In ₹) Earnings Per Share Book value Per Share 1.56 14.73 9.85 10.48 0.63 0.
Slide 28: Stock Data
Stock Data As on 16-02-2025 As on 31-12-2025 BSE: 543643 | ISIN: INE117Z01011 Share Holding Pattern Share Price (₹) 32.81 50.30% Market Capitalization (₹ Cr) 125.04 Promoter & Promoter Group Public No. of Shares Outstanding 3,79,36,399 Face Value (₹) 10.00 49.70% 52-week High-Low (₹) 35.60 – 14..60
Slide 29: Investment Rationale
Investment Rationale Strong Brand Equity & Market Presence Reputed brands such as “Narmada”, “Super Narmada”, “Kala Sona” and others trusted for quality & reliability ~150 long-standing clients with 99% retention, reflecting strong loyalty and repeat business. Diversified Product Portfolio Core port
Slide 30: Thank You
Thank You Narmada Agrobase Limited 401, Silicon Tower, Kirin Advisors Private Limited Above Freezland Restaurant, 713-B, Lodha Supremus II, Law Garden, Ahmedabad Wagle Estate, Thane West – 400 604 E-mail: info@narmadaagrobase.com info@kirinadvisors.com :E-mail Phone: (079) 40370886 022 4100 2455 :Ph