Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Company Ir
Gurunanak Agriculture India Ltd. (GURUNANAK)
SME CapIndustrials stocks · SME cap · NSE
Gurunanak Agriculture India Ltd. (GAIL) manufactures agricultural machinery including Track Combine Harvesters (TCH), threshers, reapers, rotavators, and cultivators. The company operates a fully integrated manufacturing setup in Chhattisgarh, with a domestic presence across 15 states and exports to Africa and Asia.
Data qualityFresh enough for analysisQuote updated 21 Oct, 11:55 am ISTDetails
Quote21 Oct, 11:55 am IST
Base fundamentals20 Oct 2026 · screener
Latest result01 Jun, 07:53 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
37BearishSMA20 -5.8% / mo · MACD −
Stock trend: 32
Sector RS: 46
Sector 3M: -7.6% vs Nifty 500 -6.0%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
GURUNANAKD candles · FIT view-7.5%Latest close ₹32.50 on 2026-10-19
Bar
+0.0%
RSI
42
MACD hist
-0.26
52W pos
38%
2026-10-19O ₹32.50H ₹32.50L ₹32.50C ₹32.50Vol 1,600 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GURUNANAKNifty India ManufacturingNifty 500
- GURUNANAK
- -22.2%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -16.7 pp
Chart stats
19 Oct 2026- From 52W high
- -45.8%
- 52W range position
- 27%
- ATR (14)
- 4.8%
- Volume vs 20D
- 0.22x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹29.5 - ₹40
₹60
₹22.5 - ₹60
₹1.5
Latest completed session
20-session average
55.1% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE75
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bearish37
Price trend and sector-relative-strength timing.
Valuation
Legacy model+83.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹26 Cr | NDF | +61.4% |
| EBITDA | ₹6.2 Cr | NDF | +85.9% |
| Operating margin | 23.8% | NDF | +315 bps |
| PAT | ₹4 Cr | NDF | +91.4% |
| PAT margin | 15.4% | NDF | +242 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 6.41
- P/B
- 0.83
- EV/EBITDA
- 3.98
- Market Cap
- 39.00Cr
Profitability
- ROE
- 20.50%
- ROCE
- 27.30%
- ROA
- 11.70%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 31.00%
- EPS 5Y
- 31.00%
- Revenue 3Y
- 3.00%
- EPS 3Y
- 77.50%
Balance Sheet
- Debt/Equity
- 0.04
- Interest Coverage
- 18.35×
- Altman Z
- 7.56
- Book Value
- 39.30
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -7.29 Cr
- EPS TTM
- 5.07
Shareholding
- Promoter Hold
- 68.12%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 38%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 42.1-4.1% vs prev
Net Profit
₹ CrLatest: 6.1-4.3% vs prev
Return on Equity
%Latest: 12.9-75.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 42. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~6.1% over last month) — short-term momentum negative.
- RSI(14) at 42 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 34% off 52W high · 45% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
76
RS percentile
Stage 1 Base / Transition
1M return
-15.9%
3M return
-12.2%
6M return
+30.8%
1Y return
-
RS 1D
+6
RS 20D
+8
Sector rank
#2
Industry rank
-
Stage evidence
- Price is 8.1% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +1.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
233 observations
19 Oct 2026Value 59.31+3.98%
RS vs Nifty 50059
Valuation & peers
U-Score 75 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 75 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation30/30
Growth24/25
Quality12/20
Balance Sheet13/15
Cash Flow1/10
Piotroski
6/9 (+3)
Penalties
-8
Raw sum
75
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
75/100 · legacy band DEEP VALUE
Positive drivers
- Fair-value margin of safety is positive at 83.7%.
- Valuation contributes 30/30 to the score.
- Growth contributes 24/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Quality is weaker at 12/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
6.4
PB
0.8
EV/EBITDA
4.0
ROE
20.5%
ROCE
27.3%
FCF Yield
—
Debt/Equity
0.0
MoS
+83.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
75
Previous: 75
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+83.7%
Previous: +83.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
75
75
75
75
75
75
75
75
75
75
75
75
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹66.96
+51.5% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹199.25
+83.7% MoS
PEG
0.13
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SNEHAA
SME
Snehaa Organics Ltd.
Specialty Chemicals
match 18
77
5.6
24.2%
+87%
DEEP VALUE
DEEM
SME
Deem Roll Tech Ltd.
Industrial Machinery
match 18
56
5.4
7.6%
+86%
FAIR VALUE
ARCIIL
SME
ARC Insulation & Insulators Ltd.
Industrial Products
match 17
58
17.2
4.4%
+57%
FAIR VALUE
TROM
SME
Trom Industries Ltd.
Industrial Machinery
match 16
67
7.3
13.8%
+80%
UNDERVALUED
MCON
SME
Mcon Rasayan India Ltd.
Specialty Chemicals
match 16
60
9.8
8.8%
+75%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-17T07:28:08.297Z
Management commentary snapshot
GAIL reported a 3.9% YoY decline in FY26 revenue to ₹4,208.23 lakhs, but H2 FY26 revenue grew 34.7% YoY to ₹2,598.45 lakhs. Net profit for FY26 decreased 4.2% YoY to ₹608.38 lakhs, while H2 FY26 net profit surged 36.5% YoY to ₹399.70 lakhs.
While H2 FY26 showed strong recovery, full-year FY26 revenue and net profit declined YoY, indicating challenges. The company's high revenue concentration in Chhattisgarh and exposure to monsoon variability remain key concerns. Management's focus on TCH scale-up and market expansion is critical for future growth and diversification.
Growth engines
Track Combine Harvester (TCH) Segment
positiveHigh-margin TCH products are now the flagship, with strong domestic demand and increasing adoption in paddy harvesting.
Farm Mechanisation
positiveIndia's agriculture mechanisation is 40-70% underpenetrated, creating substantial growth opportunity, supported by government policies.
Market Expansion
positiveStrengthening domestic network, expanding distributor base, exploring South India (AP, TN, Karnataka), and European market entry via dealership model (FY27).
Electric Agri-equipment
positiveGAIL has early products like electric crop reapers ready, aligning with the eco-friendly trend and serving institutional demand.
Capacity and execution
New Raipur Manufacturing Shed
positive80% completed, under construction in Raipur, dedicated harvester assembly line to improve scalability.
Solar Power Installation
positivePlanned solar power installation for energy cost reduction and ESG alignment, expected Q1 FY27 completion.
TCH Production Capacity
positiveNew line operational April 2026 with a capacity of 300 units/year.
Tailwinds
Underpenetrated Market
positiveIndian agriculture mechanisation is significantly underpenetrated, creating substantial growth opportunity.
Policy Support & Subsidies
positiveGovernment initiatives like SMAM (40-80% subsidy), RKVY, CHC Scheme, and Kisan Credit Card support farm mechanisation adoption.
Import Substitution Drive
positiveGovernment actively supports domestic manufacturers; GAIL's indigenous TCH benefits from 'Make in India' push.
La-Nina Upside
positiveLa-Nina brings above-normal monsoon, which would surge GAIL's thresher and harvester sales, creating operating leverage upside.
Headwinds
El-Nino / Monsoon Deficiency
negativeEl-Nino typically causes below-normal monsoon in core markets (CG, MP, Odisha), reducing paddy crop area and thresher demand.
Chinese Competition
negative53% of non-tractor imports are from China, posing a competitive threat.
Input Cost Inflation
negativeSteel and other input cost inflation from global geopolitical tensions can impact margins.
GST 2.0 Transitional Disruptions
negativeExperienced disruptions in H1 FY26 due to GST 2.0 transition, impacting business.
Risk radar
Revenue Concentration
negativeChhattisgarh alone accounts for 72.6% of domestic sales, making the company vulnerable to regional factors.
Seasonal Business
negativeBusiness is seasonal, with peak sales from Oct-Feb and Mar-May, and weak periods in between, impacting inventory and working capital.
Small Scale & Bargaining Power
negativeSmall scale (₹44 Cr.) limits bargaining power with suppliers, potentially affecting input costs.
Logistics & Lending Network
negativeAbsence of long-term logistics contracts poses supply disruption risk; limited formal institutional presence in lending/NBFC network.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
H2 FY26 results show strong sequential momentum and YoY growth, indicating recovery from H1 FY26 impacts. Comparing H2 FY26 to H2 FY25 highlights this recovery, while FY26 vs FY25 provides the overall annual performance trend.
Sector KPIs management disclosed
Revenue from Operations (FY26)
negative₹4,208.23 lakhs (FY26) vs ₹4,385.65 lakhs (FY25), a 3.9% YoY decline.
Revenue from Operations (H2 FY26)
positive₹2,598.45 lakhs (H2 FY26) vs ₹1,929.50 lakhs (H2 FY25), a 34.7% YoY increase.
Net Profit (FY26)
negative₹608.38 lakhs (FY26) vs ₹635.18 lakhs (FY25), a 4.2% YoY decline.
Net Profit (H2 FY26)
positive₹399.70 lakhs (H2 FY26) vs ₹292.78 lakhs (H2 FY25), a 36.5% YoY increase.
Management forward view
Strategic Transformation
positiveManagement aims for structural growth in agriculture mechanisation, niche positioning in TCH, margin expansion, capacity/distribution growth, and export optionality.
Focus on TCH Segment
positiveTransition to high-margin Track Combine Harvesters as flagship products is a key strategic move.
Market Diversification
positiveStrengthening domestic network and exploring Europe via dealership model are key for market expansion.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| TCH Production & Sales | New line operational April 2026 (300 units/yr capacity). | Ramp-up of TCH production and sales volumes, and contribution to overall revenue mix. |
| South India Expansion | South India (AP, TN, Karnataka) identified as underserved market. | Concrete steps and initial revenue contribution from expansion into South Indian states. |
| European Market Entry | Exploring Europe via dealership model (FY27). | Establishment of dealership network and initial export orders from European markets. |
| Solar Power Installation | Planned for Q1 FY27 completion. | Timely commissioning of the solar plant and its impact on energy costs and margins. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 60th percentile within Industrials. Main check: cash conversion is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Industrials: 60th pctile, median 68 · SME: 81st pctile, median 64
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
72
acceptable · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 68%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.04.
- ▸ROCE is 27.2%.
Trust risks
- ▸Operating cash flow is negative at ₹-7 Cr.
- ▸ROCE trend is -11.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Gurunanak Agriculture India Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.