Annual reportSep 2026
Sep 2026 · General Updates 31 Aug - 8th AGM scheduled for 19 September 2026 via VC/OAVM; annual report shared with shareholders.
Source: Nse
M.V.K. Agro Food Product Ltd. (MVKAGRO)
SME CapConsumer stocks · SME cap · NSE
M.V.K. Agro Food Product Ltd. is an integrated agro & food processing company in Maharashtra, focused on sugarcane procurement, sugar manufacturing, by-product utilization, and captive power generation. It has diversified into jaggery and dairy through wholly-owned subsidiaries, with a strategic shift towards bio-energy.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals20 Oct 2026 · screener
Latest result21 Aug, 12:46 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
47NeutralSMA20 +4.3% / mo · MACD + · near 52W low · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 55
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MVKAGROD candles · FIT view-52.3%Latest close ₹243.70 on 2026-10-19
Bar
-2.0%
RSI
50
MACD hist
2.39
52W pos
14%
2026-10-19O ₹248.55H ₹254.55L ₹243.70C ₹243.70Vol 1.4L 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
MVKAGRONifty Consumer DurablesNifty 500
- MVKAGRO
- -39.2%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -33.6 pp
Chart stats
19 Oct 2026- From 52W high
- -70.2%
- 52W range position
- 14%
- ATR (14)
- 5.7%
- Volume vs 20D
- 0.50x
- Avg traded value
- ₹7 Cr
- 20D price channel
- ₹199.1 - ₹258
₹819
₹152.1 - ₹819
₹13.9
Latest completed session
20-session average
66.1% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE53
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good62
Revenue +105.9% · PAT +84.9% YoY
Technical
Neutral47
Price trend and sector-relative-strength timing.
Valuation
Legacy model+25.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence60
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 30 Jun 2026
Good · 62/100Rev +106% YoY · PAT +85% YoY · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹65.6 Cr | +105.9% | -51.1% |
| EBITDA | ₹7.1 Cr | +21.3% | -75.7% |
| Operating margin | 10.8% | -753 bps | -1097 bps |
| PAT | ₹6.4 Cr | +84.9% | -79.2% |
| PAT margin | 9.7% | -111 bps | -1312 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 24.80
- P/B
- 2.74
- EV/EBITDA
- 22.88
- Market Cap
- 1231.00Cr
Profitability
- ROE
- 17.30%
- ROCE
- 14.40%
- ROA
- 5.70%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 39.68%
- EPS 5Y
- 88.03%
- Revenue 3Y
- 51.00%
- EPS 3Y
- 129.00%
Balance Sheet
- Debt/Equity
- 0.67
- Interest Coverage
- 4.14×
- Altman Z
- 3.17
- Book Value
- 89.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -20.00 Cr
- EPS TTM
- 9.82
Shareholding
- Promoter Hold
- 59.82%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 320+113.3% vs prev
Net Profit
₹ CrLatest: 47.0+422.2% vs prev
Return on Equity
%Latest: 10.4+3.3% 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 50. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~4.2% over last month) — short-term momentum positive.
- RSI(14) at 50 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 70% off 52W high · 60% 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
3
RS percentile
Stage 4 Downtrend
1M return
-0.2%
3M return
-39.2%
6M return
-53.6%
1Y return
-54.4%
RS 1D
0
RS 20D
+1
Sector rank
#9
Industry rank
#46
Stage evidence
- Price is 36.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -9.2%.
- Both 3-month and 6-month returns are negative.
50-DMA
price above
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 50.61-4.00%
RS vs Nifty 50051
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
FAIR_VALUE
Fundamental score breakdown
U band · FAIR VALUEValuation6/30
Growth25/25
Quality11/20
Balance Sheet7/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
53
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
53/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 25.5%.
- Growth contributes 25/25 to the score.
- Quality contributes 11/20 to the score.
Main drags
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
24.8
PB
2.7
EV/EBITDA
22.9
ROE
17.3%
ROCE
14.4%
FCF Yield
—
Debt/Equity
0.7
MoS
+25.5%
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
53
Previous: 53
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+25.5%
Previous: +25.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
53
53
54
51
51
51
51
51
51
53
53
53
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
₹140.39
-73.6% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹327.01
+25.5% MoS
PEG
0.24
Comparable companies
Peers
Business-comparable peers in Consumer — 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
SHETHJI
SME
Shreeji Global FMCG Ltd.
FMCG
match 129
54
21.0
24.6%
+38%
FAIR VALUE
MADHUSUDAN
SME
Madhusudan Masala Ltd.
FMCG
match 129
48
20.1
17.1%
+40%
FAIR VALUE
HOACFOODS
SME
Hoac Foods India Ltd.
FMCG
match 129
42
77.1
24.2%
-193%
WATCHLIST
ANNAPURNA
SME
Annapurna Swadisht Ltd.
FMCG
match 128
60
7.8
9.7%
+74%
UNDERVALUED
SAWALIYA
SME
Sawaliya Food Products Ltd.
FMCG
match 127
54
23.4
25.9%
+31%
FAIR VALUE
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 intactReviewed 2026-08-20T07:48:15.162Z
Management commentary snapshot
MVKAGRO reports robust FY26 consolidated results: Q4 PAT surged 573% YoY to ₹30.60 Cr, with full-year PAT up 399.8% to ₹46.63 Cr, driven by strong revenue growth and improved operational efficiencies.
MVKAGRO delivered strong FY26 results, marked by significant profit growth and improved operational metrics like capacity utilization and sugar recovery. The strategic shift towards ethanol production, backed by regulatory permits, positions it for stable, higher-margin revenue streams, de-risking from sugar price volatility. Acquisitions also bolster diversification.
Current business mix
Standalone Revenue Breakdown (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Sugar Sales65.6%
Jaggery Powder Sales17.7%
Molasses Sales8.9%
Others7.9%
Growth engines
Ethanol & Bio-Energy Project
Regulatory permit received (Feb 2026) for new Ethanol, Bio-CNG, and Fertilizer unit, transitioning MVK from a cyclical agricultural processor to a high-margin energy proxy.
Strategic Acquisitions
Acquired two Jaggery/bio-product companies (Dr. S. Chavan, V.P.K. Agro) and Sai Krupa Dairy, expanding into value-added food segments.
Premium Sugar Grades
Intentional production shift prioritized high-value M-30 (+57.4% YoY) and S-30 (+22.9% YoY) grades, maximizing net margin realization.
Capacity and execution
Greenfield Clean Energy Project
Regulatory permission secured (Feb 2026) for new Ethanol, Bio-CNG, and Fertilizer unit.
Proposed Sugar Capacity Expansion
Proposed +1500 TCD sugar crushing capacity in addition to the current 2,500 TCD licensed and operational capacity.
Capital Work-in-Progress (CWIP)
₹17,719.91 Lakhs currently deployed as CWIP to drive future capacity.
Tailwinds
OMC Fuel Blending Mandates
India's aggressive shift toward E20/E80 flex-fuels creates an unprecedented, multi-decade growth cycle for integrated bio-distilleries, with a structural supply deficit of 650 crore liters.
Government Fixed Ethanol Pricing
Government-backed fixed ethanol pricing provides stable revenue for ethanol production, eliminating crop price exposure.
Sugarcane Water Efficiency
Sugarcane utilizes water more efficiently for energy conversion, delivering the highest ethanol output per hectare and per unit of water compared to maize, rice, and wheat.
Headwinds
Ethanol Pricing Stagnation
Prices of Juice & B-heavy Ethanol have not been revised for 3 consecutive years despite a ~16.4% increase in sugarcane FRP, squeezing bio-distillery margins.
Risk radar
Feedstock Availability & Yield
Despite aggressive acreage expansion (+27.6% YoY), the average field yield per hectare dipped in FY26 (580 Qtls/Ha), indicating potential variability.
Regulatory Changes
Future changes in government ethanol pricing policies or blending mandates could impact the profitability and growth trajectory of the bio-energy segment.
Capital Execution Risk
Significant CWIP (₹17,719.91 Lakhs) for future capacity implies execution risk related to project completion, cost overruns, and timely ramp-up of new units.
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
YoY comparison is essential for assessing the annual performance and growth trends in the seasonal sugar crushing business. QoQ comparison is relevant for Q4 to Q3 to gauge sequential momentum, especially with the recent regulatory catalyst for the ethanol project.
Sector KPIs management disclosed
Total Sugarcane Crushed
26.61 Lakh Quintals in FY26, a strong scale-up from 23.73 Lakh Quintals in the previous year (+12.11% YoY volume growth).
Capacity Utilization
Achieved an impressive 83.88% actual utilization rate across our milling asset in FY26, up from 72.95% in FY25.
Sugar Recovery Rate
Improved to 9.81% in FY26 (up from 9.78% YoY), validating process engineering and extraction upgrades.
Total Sugar Output
Manufactured 2,61,100 Quintals of finished sugar in FY26, delivering a +12.54% YoY volume expansion.
Management forward view
Diversified Agro-Group Vision
Vision to become a diversified, integrated agro and food processing leader with a strong footprint across sugar, dairy, jaggery, and bio-products.
Zero-Waste Utilization
Mission to ensure the optimum commercial use and captive power generation from sugarcane by-products, including Molasses, Bagasse, and Pressmud.
Strategic Expansion
Aggressively expand into value-added food and agro segments through specialized subsidiaries.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Ethanol Project Commissioning | Regulatory permit secured (Feb 2026) for new Ethanol, Bio-CNG, and Fertilizer unit. | Project completion, commencement of ethanol production, and securing long-term OMC off-take agreements. |
| Capacity Utilization | 83.88% of 2,500 TCD milling capacity in FY26. | Sustained high utilization rates and successful ramp-up of proposed new sugar and ethanol capacities. |
| Jaggery Powder Sales Growth | Standalone Jaggery Powder Sales grew +583.44% YoY in FY26. | Continued strong growth and increasing margin contribution from subsidiary operations in the jaggery and dairy segments. |
| Debt to Equity Ratio | 0.67x (Consolidated FY26). | Prudent capital allocation and maintenance of a conservative debt profile as CWIP converts to assets and new projects are funded. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
60Limited 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 28th percentile of the scored universe and 30th percentile within Consumer. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
2 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
28th percentile
overall median 67 · Consumer: 30th pctile, median 66 · SME: 32nd pctile, median 64
Evidence depth
Financial-only
2 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
28
weak · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
53
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 59.8%.
- ▸Promoter pledge is zero.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-20 Cr.
- ▸Only 1 years of positive FCF.
- ▸OPM spread across recent quarters is 16.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching M.V.K. Agro Food Product Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJul 2026
Jul 2026 · PPT
Source: Nse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.