Proventus Agrocom Ltd. (PROV)
SME CapConsumer stocks · SME cap · NSE
Proventus Agrocom Ltd. is an Indian company focused on dry fruits and wholesome nutrition. It aims to capitalize on the shift towards healthy snacking, with a strong emphasis on premium dry fruits, seeds, and makhana, leveraging direct sourcing and expanding manufacturing capabilities.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 72/100Rev +83% YoY · PAT +60% YoY · +37% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹535 Cr | +82.6% | +37.2% |
| EBITDA | ₹10 Cr | +100.0% | +11.1% |
| Operating margin | 1.8% | +20 bps | -50 bps |
| PAT | ₹8 Cr | +60.0% | +14.3% |
| PAT margin | 1.5% | +46 bps | -29 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Proventus Agrocom reported strong FY26 results with revenue up 58% YoY to ₹659 Cr and PAT up 93% YoY to ₹14.26 Cr. Gross margin expanded 240 bps to 22.1%, driven by a shift towards higher-margin 'Wholesome Nutrition' products.
Management has consistently delivered on stated goals, with FY26 performance showing strong top-line growth and margin expansion. The strategic pivot to 'Wholesome Nutrition', particularly Makhana, appears well-timed to capture structural shifts in Indian consumption. Execution on capacity and distribution will be key to sustaining momentum and achieving the ambitious FY28 revenue target.
Revenue by Product Category
Latest issuer-disclosed distribution across 2 reported categories.
Wholesome Nutrition Shift
Wholesome Nutrition now 48% of revenue, up from 42% in FY25, driving margin expansion.
Makhana Market Growth
Makhana market grown 6x in 5 years, 25-30% CAGR, projected to outsell almonds in 5-7 years.
Organised Market Share Gain
Organised players growing 2.5x faster, ProV leading the shift with strong distribution.
Distribution Expansion
Increased marketing spends (5.4x) and sales force (4.4x) driving PAN India presence and 16,000+ GT touchpoints.
Surat Plant
2,00,000 sq.ft. unit, 4L+ pouches/day capacity, under construction, fully operational H1FY27.
Bihar Plant
2.5K tonnes/year capacity, primary focus on Makhana, Phase 1 operational, backward integration at source.
Health & Snacking Shift
Indians moving to healthier alternatives; premium products going mainstream; snacking shifting from occasional to routine.
Makhana Boom
Makhana market growing at 25-30% CAGR, becoming India’s next everyday snack.
GST & Policy Tailwind
GST rationalisation on dry fruits creates pricing advantage for organised players, benefiting scale.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The presentation focuses on annual financial results (FY26 vs FY25) and long-term CAGRs, making year-over-year comparison most relevant for assessing overall business growth and margin trends.
Gross Margin
22.1% in FY26, up from 19.7% in FY25 (+240 bps YoY).
Revenue CAGR (5-year)
54% from FY21 to FY26.
Marketing Spends
₹75 Cr in FY26, a 5.4x increase from FY24.
Sales Force
350 people in FY26, a 4.4x increase from FY24.
FY28 Revenue Target
Revised to ₹1,100 Cr from ₹1,000 Cr, reflecting confidence in the model.
Focus on Capabilities
We do not chase milestones. We build capabilities.
Healthy Snacking as Habit
Healthy snacking in India is becoming a daily habit, ProV's journey aligns with this structural shift.
Makhana as Core
Makhana is at the heart of the wholesome nutrition shift.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Wholesome Nutrition Share | 48% of revenue (FY26) | 58%+ share by FY28 |
| Manufacturing Capacity | Phase 1 of Bihar operational | 4L+ pouches/day by mid-CY2026 (Surat commissioning H1FY27) |
| Quick Commerce Share | Not specified | 10%+ Quick Commerce share |
| FY28 Revenue Target | ₹659 Cr (FY26) | Achievement of ₹1,100 Cr |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
65Bullishfull bull SMA stack · SMA20 +13.4% / mo · MACD − · near 52W high
Technical chart
PROVdaily · 1Y · AUTO+59.7%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 66. Wait for confirmation.
- SMA20 rising (~11.8% over last month) — short-term momentum positive.
- RSI(14) at 66 — rising, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 39 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 39 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 20/25 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -33.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 56th percentile within Consumer. Main check: cash conversion is weak at 43/100.
Healthy Trust Lite: Promoter holding is 67.2%. Key concern: Promoter holding fell 3.5%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 56th pctile, median 66 · SME: 66th pctile, median 64
8 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 67.2%.
- ▸Promoter pledge is zero.
- ▸OPM spread across recent quarters is 0.7%.
Trust risks
- ▸Promoter holding fell 3.5%.
- ▸Only 0 years of positive FCF.
- ▸Profit margin is 2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 46.60
- P/B
- 4.57
- EV/EBITDA
- 36.16
- Market Cap
- 660.00Cr
Profitability
- ROE
- 10.30%
- ROCE
- 11.50%
- ROA
- 7.07%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 52.00%
- Revenue 3Y
- 30.00%
- EPS 3Y
- 57.00%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- 18.00×
- Altman Z
- 10.56
- Book Value
- 418.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 9.00 Cr
- EPS TTM
- 40.95
Shareholding
- Promoter Hold
- 67.21%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 97%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.