Narmada Agrobase Limited (NARMADA) AI Stock Analysis

• Market Cap: ₹819.81M
• Dividend Yield: N/A
• Average Volume (3M): 254.47K
• Price to Earnings (P/E): 18.9
• Beta (1Y): 0.68
• Revenue Growth: 23.65%
• EPS Growth: -41.93%
• Country: IN
• Employees: 10
• Sector: Services
• Sector Strength: N/A
• Industry: Agricultural Inputs
• EPS (TTM): 0.27
• Shares Outstanding: 37,936,398
• 10 Day Avg. Volume: 250,700
• 30 Day Avg. Volume: 254,467
• PEG Ratio: 0.09
• Price to Book (P/B): 1.13
• Price to Sales (P/S): 0.96
• P/FCF Ratio: -3.90
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: ₹24.00 ▲(13.15% Upside)

Narmada Agrobase Limited's overall stock score is primarily influenced by its strong financial performance, despite concerns over negative cash flow from operations. The technical analysis indicates bearish momentum, which could impact short-term performance. The valuation is reasonable, but the lack of a dividend yield may limit its appeal to certain investors.

Positive Factors

Revenue Growth

The company's robust revenue growth of approximately 30.5% indicates strong market demand and effective sales strategies, enhancing its competitive position in the agricultural sector.

Improved Profitability

Improved profitability through higher net profit margins suggests better cost management and operational efficiency, which strengthens financial health and shareholder value.

Balanced Leverage Position

A manageable debt-to-equity ratio indicates prudent financial management, reducing risk and enhancing the company's ability to invest in growth opportunities.

Negative Factors

Negative Cash Flow

Negative cash flow from operations poses liquidity challenges, potentially limiting the company's ability to fund operations and invest in growth without external financing.

Liquidity Challenges

Decreased free cash flow suggests inefficiencies in cash management, which may impact the company's ability to meet short-term obligations and invest in strategic initiatives.

Unfavorable Cash Conversion

An unfavorable cash conversion ratio indicates inefficiencies in converting profits into cash, which could constrain financial flexibility and operational resilience.

Narmada Agrobase Limited Business Overview & Revenue Model

Company Description

Narmada Agrobase Limited manufactures and sells cotton seeds and cattle feeds in India. The company offers cotton seed meal cakes, cotton seed meal grinders, cotton seed hulls, delinted cotton seeds, guar meals, soya bean meals, and organic fertilizers. Its products are used for fertilizers and animal feed. The company also provides by-products, such as cotton linters for use in various industries, including furniture, paper, yarns, absorbent cotton, etc. It offers its products under the Churma and Gaay Chhaap Narmada Pashu Aahar brands. The company also exports its products. Narmada Agrobase Limited was incorporated in 2013 and is based in Ahmedabad, India.

How the Company Makes Money

Narmada Agrobase Limited generates revenue primarily through the sale of its agricultural products, including high-quality seeds, fertilizers, and pesticides. The company operates on a business-to-business (B2B) model, supplying its products to wholesalers and retailers in the agricultural sector. Key revenue streams include direct sales to farmers, partnerships with agricultural cooperatives, and collaborations with government initiatives aimed at promoting sustainable farming practices. Additionally, NARMADA may benefit from seasonal demand fluctuations in the agricultural cycle, which can significantly impact its earnings. Strategic partnerships with research institutions and agricultural organizations further enhance its product offerings and market reach, contributing to its overall financial success.

Narmada Agrobase Limited Financial Statement Overview

Summary

Narmada Agrobase Limited demonstrates strong revenue growth and improved profitability, with a notable increase in net profit margin and operational efficiency. However, the negative cash flow from operations in 2025 is a significant concern, indicating potential liquidity challenges that need to be addressed.

Income Statement

Narmada Agrobase Limited shows a robust revenue growth with a significant increase from 503.2 million INR in 2024 to 656.8 million INR in 2025, marking a growth rate of approximately 30.5%. The gross profit margin is moderate, while the net profit margin has improved notably due to increased net income. The EBIT and EBITDA margins have also strengthened, indicating improved operational efficiency.

Balance Sheet

The company has a healthy equity ratio, with stockholders' equity making up a significant portion of total assets. The debt-to-equity ratio is manageable, demonstrating a balanced leverage position. Return on equity has improved, reflecting better profitability relative to shareholders' investment.

Cash Flow

Cash flow from operations has turned negative in 2025, which is a concern despite strong revenue growth. The free cash flow has decreased significantly, indicating potential liquidity challenges. The operating cash flow to net income ratio is unfavorable, suggesting inefficiencies in converting profits into cash.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	644.97M	656.77M	503.21M	500.26M	349.74M	582.57M
Gross Profit	94.49M	86.16M	54.03M	66.45M	54.12M	38.59M
EBITDA	62.98M	62.38M	25.61M	20.69M	19.93M	22.81M
Net Income	40.91M	40.88M	10.19M	6.52M	6.08M	6.83M
Balance Sheet
Total Assets	0.00	664.64M	279.65M	273.20M	268.46M	269.21M
Cash, Cash Equivalents and Short-Term Investments	148.01M	148.01M	7.70M	5.50M	6.52M	4.53M
Total Debt	0.00	94.66M	96.79M	100.69M	97.29M	86.93M
Total Liabilities	-558.66M	105.98M	110.63M	114.38M	113.56M	119.82M
Stockholders Equity	558.66M	558.66M	169.01M	158.82M	152.30M	149.39M
Cash Flow
Free Cash Flow	0.00	-161.57M	12.21M	502.84K	-851.73K	10.06M
Operating Cash Flow	0.00	-161.02M	12.35M	528.00K	-826.57K	10.42M
Investing Cash Flow	0.00	-42.42M	3.50M	3.67M	579.17K	394.37K
Financing Cash Flow	0.00	346.64M	-13.51M	-5.21M	2.23M	-11.48M

Narmada Agrobase Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 21.21
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NARMADA, the sentiment is Negative. The current price of 21.21 is below the 20-day moving average (MA) of 21.89, below the 50-day MA of 22.88, and above the 200-day MA of 20.38, indicating a neutral trend. The MACD of -0.54 indicates Negative momentum. The RSI at 40.86 is Neutral, neither overbought nor oversold. The STOCH value of 73.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:NARMADA.

Narmada Agrobase Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NARMADA	60 Neutral	₹819.81M	18.87	―	―	23.65%	-41.93%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
SHANTI	41 Neutral	₹101.95M	-4.95	―	―	220.47%	-47.38%

Narmada Agrobase Limited Corporate Events

Narmada Agrobase Limited Announces Earnings Conference Call for Q2 & H1 FY26

Narmada Agrobase Limited has announced a conference call to discuss its earnings for the second quarter and first half of the fiscal year 2026. This call, scheduled for November 26, 2025, is an opportunity for stakeholders to gain insights into the company’s financial performance and strategic direction.