Nath Bio-Genes (India) Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Nath Bio-Genes (India) Ltd filed with BSE on 11 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Nath Bio-Genes reported FY26 revenue of INR 4,316 million, up 19% YoY, with EBITDA of INR 525 million at a 12% margin and PAT of INR 384 million at a 9% margin. Management highlighted 22.35% volume growth in cotton, 25% volume growth in paddy, and a 54% volume surge in maize, alongside a first-time INR 15 crore contribution from its Uzbekistan joint venture. Gross margin normalized to 56% from an elevated 63-64% in FY25 due to a richer product and market mix, and management discussed inventory build-up, El Nino preparedness, and plans for FY27 growth.
Numbers mentioned
Total revenue: INR 4,316 million (FY26)
p. 6
“In FY26, the total revenue stood at INR 4,316 million, reflecting a strong 19% YoY growth, a clear testament to the momentum we are building across our core and diversified crop segments.”
Amol Gupta, page 6 of the filed PDF · View the filing
Gross profit: INR 2,403 million (FY26)
p. 6
“Gross profit grew by 5% YoY to INR 2,403 million, maintaining a healthy gross margin of 56%.”
Amol Gupta, page 6 of the filed PDF · View the filing
EBITDA: INR 525 million (FY26)
p. 6
“EBITDA for the year stood at INR 525 million with a 12% margin.”
Amol Gupta, page 6 of the filed PDF · View the filing
Profit before tax: INR 491 million (FY26)
p. 6
“Profit before tax, after adjustment of exceptional items, grew by 11% YoY to INR 491 million for the year, demonstrating consistent improvement in bottom line performance.”
Amol Gupta, page 6 of the filed PDF · View the filing
PAT: INR 384 million (FY26)
p. 7
“PAT for the FY26 stood at INR 384 million with a PAT margin of 9%.”
Amol Gupta, page 7 of the filed PDF · View the filing
EPS: INR 23.42 (FY26)
p. 7
“EPS improved to INR 23.42, a more than 2X increase from INR 11.3 in FY22, reflecting sustained and compounding value creation over the past five years.”
Amol Gupta, page 7 of the filed PDF · View the filing
Total assets: INR 10,829 million (FY26)
p. 7
“Total asset grew to INR 10,829 million.”
Amol Gupta, page 7 of the filed PDF · View the filing
Cash and bank balance: INR 707 million (FY26)
p. 7
“Cash and bank balance stood at INR 707 million.”
Amol Gupta, page 7 of the filed PDF · View the filing
Inventory: INR 4,446 million (FY26)
p. 7
“Inventory increased to INR 4,446 million, in line with our planned scaled up for the upcoming season, reflecting our confidence in FY27 demand.”
Amol Gupta, page 7 of the filed PDF · View the filing
Trade payables: INR 1,305 million (FY26)
p. 7
“Trade payables also moved up to INR 1,305 million as we ramped production ahead of the season.”
Amol Gupta, page 7 of the filed PDF · View the filing
Finance costs: INR 133 million (FY26)
p. 7
“Finance costs increased to INR 133 million from INR 96 million in FY25, reflecting our deliberate working capital investment to fuel the inventory build for FY27.”
Amol Gupta, page 7 of the filed PDF · View the filing
Cotton Bt volume growth: 22.35% YoY volume, 28% value growth (FY26)
p. 6
“we have sold 13.8 lakhs packets during FY26, registering 22.35% YoY volume growth and 28% value growth, driven by strong demand for our flagship hybrids, Sanket and Jumbo.”
Amol Gupta, page 6 of the filed PDF · View the filing
Paddy volume growth: 25% YoY to 75,619 quintals, 37% value growth (FY26)
p. 6
“Paddy, a core crop for us; paddy volume grew 25% YoY to 75,619 quintals with value growth of 37%.”
Amol Gupta, page 6 of the filed PDF · View the filing
Maize volume growth: 54% YoY to 9,639 quintals, 78% value growth (FY26)
p. 6
“Volume surged 54% YoY to 9,639 quintals, with value growth of 78%.”
Amol Gupta, page 6 of the filed PDF · View the filing
Maize contribution to top line: 10.72% (FY26)
p. 6
“Maize, maize now contributes 10.72% to our top line, making it the highest growth crop in the NCD segment.”
Amol Gupta, page 6 of the filed PDF · View the filing
Cotton-paddy combined revenue mix: 58%, up from 52% (FY26)
p. 6
“The cotton-paddy combined portfolio now accounts for 58% of our revenue mix, up from 52% in FY25, a testament to our steady market position in this critical crop.”
Amol Gupta, page 6 of the filed PDF · View the filing
Plant Nutrition segment decline: 18% decline (FY26)
p. 6
“Plant Nutrition segment, the segment saw a decline of 18%.”
Amol Gupta, page 6 of the filed PDF · View the filing
Uzbekistan JV revenue contribution: INR 15 crores (FY26)
p. 6
“FY26 marks the first year our Uzbekistan JV contributed almost INR 15 crores to our consolidated top line, a landmark achievement in our international expansion journey and a strong validation of our global growth strategy.”
Amol Gupta, page 6 of the filed PDF · View the filing
Vegetable seeds average realization: INR 1,244 per kg, up from INR 1,178 (FY26)
p. 6
“Vegetable seeds, while value were down by almost 11%, average realization improves by 6%, from INR 1,178 to INR 1,244 per kg, reflecting a conscious shift towards higher value premium products.”
Amol Gupta, page 6 of the filed PDF · View the filing
Cash flow from inventory (negative): minus INR 113 crores (March 2026)
p. 22
“And in March 2026, it is minus INR 113 crores.”
Sandeep Kumar Verma, page 22 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 15-20% · FY27
stated conditionally by Devinder Khurana
p. 11
“So, we expect the top line to be growing between 15-20% around that time, and I'm again being conservative.”
Devinder Khurana, page 11 of the filed PDF · View the filing
EBITDA margin — FY27
stated as an aspiration by Devinder Khurana
p. 11
“And the EBITDA margin would be maintained with the slightly upward trend in EBITDA as well as in the net profit margin.”
Devinder Khurana, page 11 of the filed PDF · View the filing
CapEx — minimal, land bank and vehicles only · FY27
stated firmly by Devinder Khurana
p. 15
“So, CapEx budget for plants and such other things, just minimal, and vehicles, yes.”
Devinder Khurana, page 15 of the filed PDF · View the filing
International revenue share — not more than 10-15% of top line · next three to five years
stated as an aspiration by Devinder Khurana
p. 9
“Not more than 10-15%.”
Devinder Khurana, page 9 of the filed PDF · View the filing
Effective tax rate — about 1.5% basis points more than this year
stated conditionally by Devinder Khurana
p. 16
“But it would continue to be on an average in the same range, maybe 1.5% basis points more than what we had this year because the things have stabilized.”
Devinder Khurana, page 16 of the filed PDF · View the filing
Total revenue — INR 500 crores
stated as an aspiration by Devinder Khurana
p. 22
“We have good human resources, very well lined up, and we hope to cross INR 500 crores of top line soon.”
Devinder Khurana, page 22 of the filed PDF · View the filing
Cotton production — next year
stated as an aspiration by Devinder Khurana
p. 17
“We have been facing production constraints over the last two years, and this year, they have been set aside, and we are good. So next year, it may be even better.”
Devinder Khurana, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said Uzbekistan is a beginning contribution and no formal financial targets have been set yet, pending confirmation of product acceptability.
Answered by Devinder Khurana
Asked by Deepesh Sancheti: What is the Uzbekistan JV structure, crops sold, and revenue target over next two to three years?
p. 8
“So, as of today, INR 15 crores was only a beginning, if I can conclude that.”
Devinder Khurana, page 8 of the filed PDF · View the filing
Management indicated a cap of 10-15% of top line from international operations.
Answered by Devinder Khurana
Asked by Deepesh Sancheti: What percentage of revenues does the company aspire to derive from international operations over the next three to five years?
p. 9
“And in that case, yes, INR 150 crores, 10 to 15% of top line.”
Devinder Khurana, page 9 of the filed PDF · View the filing
Management said growth targets factor in El Nino and that overall growth patterns would be maintained despite regional shifts.
Answered by Satish Kagliwal
Asked by Deepesh Sancheti: Will growth targets be affected by El Nino this year?
p. 12
“But what growth we are talking about is a balanced growth that we are talking about despite of El Nino.”
Satish Kagliwal, page 12 of the filed PDF · View the filing
Management said the company avoids heavy capex in processing and storage infrastructure, preferring to rent such facilities, with capex limited to land and vehicles.
Answered by Devinder Khurana
Asked by Ronak: Are there planned CapEx investments for FY27 in processing capacity, cold storage, or new geographies, and what is the total CapEx budget?
p. 15
“As a matter of policy, as a matter of strategy, Nath has not been investing much in CapEx.”
Devinder Khurana, page 15 of the filed PDF · View the filing
Management attributed the decline to higher finance costs and marketing/scheme expenses and said gross margin normalization was expected after an unusually high prior year.
Answered by Devinder Khurana
Asked by Shreya: PAT declined 8% YoY despite 19% revenue growth, and tax rate rose from 5% to 11% — what drove this and what should be assumed going forward?
p. 17
“We attribute it basically to a more finance cost and more cost to spend on the schemes and marketing expenses, because to clock the kind of top line, you have to spend money on the expenses.”
Devinder Khurana, page 17 of the filed PDF · View the filing
Management said production constraints had eased allowing volume growth, and that market share shifts are difficult to attribute given overall stable cotton acreage.
Answered by Devinder Khurana
Asked by Shreya: Is cotton Bt volume growth of 22% gaining market share, and is there headroom for further price increases?
p. 17
“We have been facing production constraints over the last two years, and this year, they have been set aside, and we are good.”
Devinder Khurana, page 17 of the filed PDF · View the filing
Management said the company has deliberately diversified into non-cotton, non-paddy crops like maize, wheat, mustard, and vegetables to balance the portfolio.
Answered by Devinder Khurana
Asked by Majid Ahmed: Is there a risk of over-concentration in cotton and paddy given they contribute 58% of revenue?
p. 19
“So, we have a very, very well-balanced product portfolio, and we have a very, very well-balanced [indiscernible 00:40:54] of the selling areas.”
Devinder Khurana, page 19 of the filed PDF · View the filing
Management explained the negative cash flow reflected accounting treatment of cash/bank balances and a deliberate inventory build for stabilized cotton production.
Answered by Devinder Khurana
Asked by Majid Ahmed: Why is cash flow negative this year and how will working capital needs be managed?
p. 19
“However, as per the formula, it is definitely going negative by about INR 13 crores, which is not a very big issue because we have almost about INR 70 crores of almost bank deposits lying up.”
Devinder Khurana, page 19 of the filed PDF · View the filing
Management rejected that interpretation, noting revenue growth of 20% alongside the inventory build, which it attributed to production stabilization strategy.
Answered by Devinder Khurana
Asked by Sandeep Kumar Verma: Is rising inventory since March 2024 an indication the company is unable to sell its products?
p. 22
“The only thing which I don't tend to agree with the question is that if you are unable to sell the product into the market, then how is the top line growing by 20%?”
Devinder Khurana, page 22 of the filed PDF · View the filing
Risks flagged
El Nino and erratic monsoons affecting agriculture and crop patterns
p. 12
“El Nino definitely has an impact on entire agriculture, and it affects us differently in different crops, different geographies.”
Satish Kagliwal, page 12 of the filed PDF · View the filing
China export restrictions disrupting Plant Nutrition segment supply
p. 6
“This is mainly due to China export restrictions, which disturb supply dynamics.”
Amol Gupta, page 6 of the filed PDF · View the filing
Inventory carrying costs from production stabilization strategy
p. 22
“So, I know carrying inventory is a little costly affair, but then it is not detrimental to the sales.”
Devinder Khurana, page 22 of the filed PDF · View the filing
Risk of over-reliance on a limited set of crops
p. 19
“Because any seed company, which is reliant upon only one or two major crops has a fear of losing the sales down the line.”
Devinder Khurana, page 19 of the filed PDF · View the filing
Delayed sowing due to El Nino affecting cotton-dependent regions
p. 13
“Delayed sowing might be one of the prediction. Whenever the sowing gets delayed, cotton becomes most predominant crop there.”
Harish Pandey, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.