Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Nirman Agri Genetics Ltd. (NIRMAN)
SME CapConsumer stocks · SME cap · NSE
Nirman Agri Genetics Limited (NAGL) is an organized Agri-Input Company in India, engaged in production, processing, and marketing of high-quality hybrid seeds, pesticides, bio-organic products, micronutrients, and bio products. It focuses on developing superior yield potential, drought tolerance, and pest/disease resistance in seeds.
₹26.85
-0.10 · -0.37%
Market cap ₹21.6 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals06 Oct 2026 · screener
Latest result01 Jun, 07:56 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
30Bearishfull bear SMA stack · SMA20 -5.1% / mo · MACD + · near 52W low · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 26
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
NIRMAND candles · FIT view-49.4%Latest close ₹26.85 on 2026-10-19
Bar
-3.1%
RSI
46
MACD hist
0.24
52W pos
2%
2026-10-19O ₹27.70H ₹29.30L ₹26.20C ₹26.85Vol 5,700 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
NIRMANNifty Consumer DurablesNifty 500
- NIRMAN
- -33.6%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -28.0 pp
Chart stats
19 Oct 2026- From 52W high
- -86.2%
- 52W range position
- 1%
- ATR (14)
- 7.3%
- Volume vs 20D
- 0.44x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹25 - ₹30.6
₹194.5
₹25 - ₹194.5
₹2
Latest completed session
20-session average
54.9% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED61
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +28.2% · PAT -50.0% YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model+96.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence55
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
Bad · 0/100PAT -50% YoY · margin compression · Rev +28% YoY
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹50 Cr | +28.2% | -65.8% |
| EBITDA | ₹4 Cr | NDF | -73.3% |
| Operating margin | 7.0% | NDF | -300 bps |
| PAT | ₹3 Cr | -50.0% | -80.0% |
| PAT margin | 6.0% | NDF | -427 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 1.23
- P/B
- 0.17
- EV/EBITDA
- 1.08
- Market Cap
- 21.60Cr
Profitability
- ROE
- 14.80%
- ROCE
- 15.20%
- ROA
- 13.95%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 120.00%
- EPS 5Y
- 223.00%
- Revenue 3Y
- 90.00%
- EPS 3Y
- 64.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 9.67
- Book Value
- 159.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -24.00 Cr
- EPS TTM
- 21.99
Shareholding
- Promoter Hold
- 15.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 50.0-65.8% vs prev
Net Profit
₹ CrLatest: 3.0-80.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
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 46. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.3% over last month) — short-term momentum negative.
- RSI(14) at 46 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 80% off 52W high · 7% 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.
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth21/25
Quality7/20
Balance Sheet7/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-7
Raw sum
61
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
61/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 96.3%.
- Valuation contributes 30/30 to the score.
- Growth contributes 21/25 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Quality is weaker at 7/20; 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
1.2
PB
0.2
EV/EBITDA
1.1
ROE
14.8%
ROCE
15.2%
FCF Yield
—
Debt/Equity
0.0
MoS
+96.3%
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
61
Previous: 61
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+96.3%
Previous: +96.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
61
61
61
61
61
61
61
61
61
61
61
61
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
₹280.48
+90.4% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹732.27
+96.3% MoS
PEG
0.01
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
CONTI
SME
Continental Seeds and Chemicals Ltd.
Agro Inputs
match 87
58
14.7
3.4%
+55%
FAIR VALUE
DHANLAXMI
SME
Dhanlaxmi Crop Science Ltd.
Agro Inputs
match 78
16
—
-1.1%
—
OVERVALUED
VISHWAS
SME
Vishwas Agri Seeds Ltd.
Agro Inputs
match 77
34
20.8
4.2%
+56%
WATCHLIST
USASEEDS
SME
Upsurge Seeds of Agriculture Ltd.
Agro Inputs
match 71
52
12.0
12.8%
+64%
FAIR VALUE
BSHSL
Small
Bombay Super Hybrid Seeds Limited
Agro Inputs
match 64
42
34.9
22.6%
-4%
WATCHLIST
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 2026-08-20T08:41:10.674Z
Management commentary snapshot
Nirman Agri Genetics reports exceptional Q3 FY25 results with Total Income surging 223.26% YoY to ₹6107.20 Lacs, driven by strong market demand. EBITDA increased 124.71% and Net Profit rose 114% YoY, reflecting effective sales and operational efficiency.
The company delivered robust financial performance in Q3 and 9M FY25, demonstrating significant YoY growth in revenue and profitability. This strong showing is attributed to effective sales strategies and market demand, supported by new processing capacity and favorable government policies for the agriculture sector.
Growth engines
High-Yielding Hybrid Seeds
Developing high-yielding and resilient hybrid seeds is a core strategy to produce significantly more output per unit of land compared to traditional varieties.
Integrated Crop Solutions
The company aims to be a leading provider of crop solutions, moving beyond seed production to offer integrated offerings like micronutrients, bioproducts, and crop management tools.
Market Expansion & Penetration
Nirman seeks to increase its market reach geographically by expanding distribution networks within India and potentially exploring international markets.
Technology Adoption
The company embraces digital technologies such as precision agriculture, data analytics, and digital platforms to connect with farmers and offer customized solutions.
Capacity and execution
New Processing Plant Commissioned
Nirman Agri Genetics Ltd has successfully set up a new high-end processing plant with a capacity of 10 tons per hour.
Enhanced Production Capacity
This strategic expansion aims to boost margins and revenues by enhancing production and processing capacity across all product lines.
Tailwinds
Growing Global Demand for Food
With a rising global population and changing dietary habits, the demand for food is consistently increasing, creating a strong and stable market for agricultural products.
Government Initiatives & Budget Support
The Union Budget 2025-26 emphasizes regenerative agriculture, inclusive growth, and enhanced access to agricultural credit, with schemes like PM Dhan-Dhaanya Krishi Yojana.
Technological Advancements in Agriculture
The agriculture sector is undergoing a significant technological transformation and product improvements, including innovations in biotechnology.
Increased Agricultural Exports
India's agricultural exports reached $53.1 Bn in FY22-23, with 18 out of 23 principal commodities in APEDA's export basket showing positive growth during April–December 2023.
Risk radar
Reliance on Forward-Looking Statements
Actual results may differ materially from forward-looking statements due to future changes in business, competitive environment, and the ability to implement strategies and initiatives.
Market & Regulatory Environment Changes
Future developments in the competitive and regulatory environment, and political, economic, regulatory, and social conditions in India can impact actual results.
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 YOY
The investor presentation explicitly provides financial comparisons for Q3 FY25 versus Q3 FY24, and 9M FY25 versus 9M FY24, highlighting significant year-on-year growth percentages for key metrics. No sequential quarterly data is provided.
Sector KPIs management disclosed
Capacity Enhancement
A new high-end processing plant with a capacity of 10 tons per hour has been successfully set up, enhancing production and processing capacity across all product lines.
Market Reach Expansion
Market expansion is a key objective, seeking to increase market reach geographically by expanding distribution networks within India and potentially exploring international markets.
Productivity Improvement
High-yielding, disease-resistant, drought-tolerant hybrid seed varieties are offered to help farmers achieve better yields and higher-quality produce.
Sustainable Practices Adoption
The company promotes sustainable farming practices like conservation tillage, crop rotation, and integrated pest management to improve soil health and reduce water usage.
Management forward view
Confidence in Positive Momentum
Mr. Pranav Bagal, Managing Director, states, 'We are confident in our ability to continue this positive momentum.'
Commitment to Operational Efficiency
Management highlights that improvements in EBITDA and Net Profit demonstrate their commitment to operational efficiency and maximizing shareholder value.
Empowering Farmers
The company's mission is to empower farmers, making their journey easier and more rewarding by providing tools and guidance.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | ₹6107.20 Lacs (Q3 FY25) | Sustained high growth rates in total income, indicating continued market penetration and demand for integrated crop solutions. |
| Net Profit Growth | ₹673.02 Lacs (Q3 FY25) | Monitoring net profit margins for efficiency gains and effective cost management as operations scale with new capacity. |
| Capacity Utilization | 10 tons per hour (new plant capacity) | Tracking the ramp-up and utilization rates of the new processing plant to ensure efficient capital deployment and production optimization. |
| Impact of Government Schemes | PM Dhan-Dhaanya Krishi Yojana | Assessing the tangible benefits and increased demand generated from government initiatives in targeted agricultural districts. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
55Limited 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 16th percentile of the scored universe and 18th 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
8 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
16th percentile
overall median 67 · Consumer: 18th pctile, median 66 · SME: 16th pctile, median 64
Evidence depth
Financial-only
8 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
Needs extra due diligence; demand valuation comfort and recent improvement.
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
48
watch · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
62
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.00.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding fell 12%.
- ▸Operating cash flow is negative at ₹-24 Cr.
- ▸Promoter holding is only 15%.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Nirman Agri Genetics Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationMar 2025
Mar 2025 · PPT
Source: Nse
Concall transcriptMar 2025
Mar 2025 · Transcript
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.