Narmada Agrobase Limited (NARMADA) AI Stock Analysis

• Market Cap: ₹842.57M
• Dividend Yield: N/A
• Average Volume (3M): 246.64K
• Price to Earnings (P/E): 11.6
• Beta (1Y): 0.67
• Revenue Growth: 18.05%
• EPS Growth: 76.89%
• 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: 127,694
• 30 Day Avg. Volume: 246,637
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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: ₹24.00
• Price Target Upside: 8.55% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 77 Outperform
• Price Target: ₹24.00 ▲(8.55% Upside)

The overall score is driven by strong technical analysis indicating upward momentum, and an attractive valuation suggesting potential undervaluation. However, liquidity concerns due to negative cash flow from operations slightly dampen the financial performance outlook.

Narmada Agrobase Limited Business Overview & Revenue Model

Company Description

Narmada Agrobase Limited (NARMADA) is an Indian company primarily engaged in the manufacturing and trading of animal feed and related products. The company operates within the agribusiness sector and focuses on providing nutritional solutions for the livestock industry. Its core products include cattle feed, poultry feed, and other specialized feed formulations designed to enhance animal health and productivity.

How the Company Makes Money

Narmada Agrobase Limited makes money through the sale of its animal feed products to farmers, livestock owners, and distributors across various regions. The company's revenue model is centered around its diverse product portfolio, which caters to different segments of the livestock industry, such as dairy, poultry, and aquaculture. Key revenue streams include the direct sale of feed products, contract manufacturing for other companies, and distribution partnerships that help expand its market reach. Significant factors contributing to its earnings include the growing demand for quality animal nutrition, strategic collaborations with suppliers and distributors, and its focus on research and development to innovate and improve product offerings.

Narmada Agrobase Limited Financial Statement Overview

Summary

Narmada Agrobase Limited exhibits robust revenue growth and improved profitability, with strengthened EBIT and EBITDA margins. However, the negative cash flow from operations and significant decrease in free cash flow present liquidity challenges that need addressing.

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 2023	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	551.27M	656.77M	500.26M	503.21M	349.74M	582.57M
Gross Profit	101.66M	86.16M	67.18M	71.30M	54.12M	61.60M
EBITDA	64.83M	62.38M	20.18M	25.61M	20.53M	23.63M
Net Income	39.20M	40.88M	6.52M	10.19M	6.08M	6.83M
Balance Sheet
Total Assets	0.00	664.64M	273.20M	279.65M	268.46M	269.21M
Cash, Cash Equivalents and Short-Term Investments	5.77M	148.01M	5.50M	7.70M	3.91M	1.23M
Total Debt	0.00	94.66M	100.69M	96.79M	97.29M	86.93M
Total Liabilities	-192.11M	105.98M	114.38M	110.63M	113.56M	119.82M
Stockholders Equity	192.11M	558.66M	158.82M	169.01M	154.89M	149.39M
Cash Flow
Free Cash Flow	0.00	-161.57M	502.84K	12.21M	-851.73K	10.06M
Operating Cash Flow	0.00	-161.02M	528.00K	12.35M	-826.57K	10.42M
Investing Cash Flow	0.00	-42.42M	3.67M	3.50M	579.17K	394.37K
Financing Cash Flow	0.00	346.64M	-5.21M	-13.51M	2.23M	-11.48M

Narmada Agrobase Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 22.11
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• 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 Positive. The current price of 22.11 is below the 20-day moving average (MA) of 22.51, above the 50-day MA of 20.88, and above the 200-day MA of 18.75, indicating a neutral trend. The MACD of 0.33 indicates Positive momentum. The RSI at 51.71 is Neutral, neither overbought nor oversold. The STOCH value of 58.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	77 Outperform	₹842.57M	11.61		―	18.05%	76.89%
Sector *	56 Neutral	$13.56B	17.98	10.03%	0.93%	7.13%	-12.93%
AGRITECH	―	₹819.72M	169.25		―	―	―
EDUCOMP	―	₹192.27M	―		―	―	―
SHANTI	39 Underperform	₹108.73M	―		―	321.24%	-47.13%
SKIL	―	₹385.50M	2.30		―	―	―
VIKASWSP	―	₹300.53M	―		―	―	―