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Last Updated: April 2, 2026, 3:23 am
Author: Getaka|Social: XLinkedIn

Narmada Agrobase Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹44.89Undervalued by 38.12%vs CMP ₹32.50

P/E (32.1) × ROE (11.2%) × BV (₹15.30) × DY (2.00%)

₹25.75Overvalued by 20.77%vs CMP ₹32.50
MoS: -26.2% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹65.0123%Under (+100%)
Graham NumberEarnings₹18.7417%Over (-42.3%)
Earnings PowerEarnings₹0.4511%Over (-98.6%)
DCFCash Flow₹22.1111%Over (-32%)
Net Asset ValueAssets₹15.307%Over (-52.9%)
EV/EBITDAEnterprise₹12.609%Over (-61.2%)
Earnings YieldEarnings₹10.207%Over (-68.6%)
ROCE CapitalReturns₹17.597%Over (-45.9%)
Revenue MultipleRevenue₹8.556%Over (-73.7%)
Consensus (9 models)₹25.75100%Overvalued
Key Drivers: EPS CAGR 44.8% lifts DCF — verify sustainability. | Wide model spread (₹0–₹65) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 44.8%

*Investments are subject to market risks

Investment Snapshot

55
Narmada Agrobase Ltd scores 55/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health68/100 · Strong
ROCE 13.0% GoodROE 11.2% AverageD/E 0.53 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money60/100 · Moderate
FII holding up 0.03% (6mo) Slight increasePromoter holding at 50.3% Stable
Earnings Quality40/100 · Moderate
OPM stable around 7% SteadyWorking capital: 195 days Capital intensive
Quarterly Momentum50/100 · Moderate
Revenue (4Q): +34% YoY AcceleratingProfit (4Q): -2% YoY DecliningOPM: 6.5% (down 3.2% YoY) Margin pressure
Industry Rank60/100 · Moderate
P/E 32.1 vs industry 24.2 In-lineROCE 13.0% vs industry 15.1% Average3Y sales CAGR: 23% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:23 am

Market Cap 123 Cr.
Current Price 32.5
Intrinsic Value₹25.75
High / Low 36.0/14.6
Stock P/E32.1
Book Value 15.3
Dividend Yield0.00 %
ROCE13.0 %
ROE11.2 %
Face Value 10.0
PEG Ratio0.72

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Narmada Agrobase Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Narmada Agrobase Ltd 123 Cr. 32.5 36.0/14.632.1 15.30.00 %13.0 %11.2 % 10.0
Godrej Agrovet Ltd 10,984 Cr. 571 876/50623.8 94.11.93 %16.6 %17.7 % 10.0
Avanti Feeds Ltd 16,671 Cr. 1,224 1,489/58226.4 2210.74 %24.0 %19.5 % 1.00
Ajooni Biotech Ltd 70.8 Cr. 4.11 6.60/3.5514.4 5.290.00 %6.91 %5.15 % 2.00
Industry Average9,259.33 Cr457.9024.1883.920.67%15.13%13.39%5.75

All Competitor Stocks of Narmada Agrobase Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 10.6218.267.9511.4112.2218.7512.2610.2813.8429.3011.0811.9521.35
Expenses 10.0617.817.5010.9411.7717.6010.688.2112.5028.719.7610.6519.97
Operating Profit 0.560.450.450.470.451.151.582.071.340.591.321.301.38
OPM % 5.27%2.46%5.66%4.12%3.68%6.13%12.89%20.14%9.68%2.01%11.91%10.88%6.46%
Other Income 0.010.010.010.030.020.000.010.010.320.320.330.330.29
Interest 0.220.250.230.230.230.260.240.240.210.160.240.200.20
Depreciation 0.080.080.070.070.070.070.060.060.060.060.050.050.06
Profit before tax 0.270.130.160.200.170.821.291.781.390.691.361.381.41
Tax % 25.93%23.08%31.25%15.00%23.53%25.61%21.71%26.97%28.06%-13.04%25.00%25.36%28.37%
Net Profit 0.200.100.110.170.130.611.021.291.000.781.021.031.01
EPS in Rs 0.050.030.030.040.030.160.270.340.260.210.270.270.27

Last Updated: March 3, 2026, 6:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 4:16 am

MetricMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 21.9730.5334.4537.0047.5061.4658.1434.6149.4849.7464.6873.68
Expenses 21.1229.3533.0235.4345.8759.0055.9032.6147.4647.2259.1069.09
Operating Profit 0.851.181.431.571.632.462.242.002.022.525.584.59
OPM % 3.87%3.87%4.15%4.24%3.43%4.00%3.85%5.78%4.08%5.07%8.63%6.23%
Other Income 0.020.020.020.070.280.030.040.060.050.070.661.27
Interest 0.430.700.750.820.701.030.850.820.860.960.840.80
Depreciation 0.270.270.300.280.540.400.420.370.320.280.240.22
Profit before tax 0.170.230.400.540.671.061.010.870.891.355.164.84
Tax % 17.65%21.74%25.00%25.93%25.37%25.47%32.67%31.03%26.97%24.44%20.74%
Net Profit 0.140.190.300.400.500.790.680.610.651.024.093.84
EPS in Rs 0.220.210.330.150.130.210.180.160.170.271.081.02
Dividend Payout % 0.00%0.00%0.00%0.00%15.06%0.00%0.00%0.00%0.00%0.00%0.00%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)35.71%57.89%33.33%25.00%58.00%-13.92%-10.29%6.56%56.92%300.98%
Change in YoY Net Profit Growth (%)0.00%22.18%-24.56%-8.33%33.00%-71.92%3.63%16.85%50.37%244.06%

Narmada Agrobase Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2015-2016 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:12%
5 Years:1%
3 Years:24%
TTM:18%
Compounded Profit Growth
10 Years:40%
5 Years:39%
3 Years:89%
TTM:112%
Stock Price CAGR
10 Years:%
5 Years:15%
3 Years:10%
1 Year:31%
Return on Equity
10 Years:7%
5 Years:7%
3 Years:8%
Last Year:11%

Last Updated: September 5, 2025, 11:30 am

Balance Sheet

Last Updated: December 4, 2025, 1:42 am

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 1.251.831.835.197.5313.5513.5513.5513.5513.5537.9437.94
Reserves 0.110.300.640.426.040.711.391.682.333.3517.9319.98
Borrowings 6.717.9310.227.399.138.448.699.7210.079.689.4710.53
Other Liabilities 0.890.670.981.440.881.573.291.551.371.381.122.27
Total Liabilities 8.9610.7313.6714.4423.5824.2726.9226.5027.3227.9666.4670.72
Fixed Assets 2.382.712.662.744.663.893.503.753.443.182.972.98
CWIP 0.000.000.000.000.000.000.000.000.000.000.020.00
Investments 0.210.210.430.470.610.000.000.000.000.000.000.25
Other Assets 6.377.8110.5811.2318.3120.3823.4222.7523.8824.7863.4767.49
Total Assets 8.9610.7313.6714.4423.5824.2726.9226.5027.3227.9666.4670.72

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -1.251.21-5.100.490.30-0.080.050.93-15.93
Cash from Investing Activity + -0.44-0.34-2.320.460.040.060.370.35-3.58
Cash from Financing Activity + 1.52-0.828.52-1.94-0.400.22-0.52-1.3533.83
Net Cash Flow -0.170.051.11-1.00-0.070.20-0.10-0.0714.32
Free Cash Flow -1.490.84-7.560.360.26-0.080.050.92-15.98
CFO/OP -83%86%-299%24%28%14%14%45%-271%

Free Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-5.86-6.75-8.79-5.82-7.50-5.98-6.45-7.72-8.05-7.16-3.89

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 30.0726.6631.8931.0758.0267.41101.83151.9797.5297.74107.56
Inventory Days 73.6054.4370.8875.6270.3337.8128.8377.6675.9584.67154.49
Days Payable 10.546.978.6311.983.544.0215.9210.037.256.351.38
Cash Conversion Cycle 93.1374.1194.1494.71124.80101.19114.74219.59166.22176.06260.66
Working Capital Days 21.2725.7026.8125.3559.0153.0964.10104.6287.3494.00194.58
ROCE %10.26%10.11%10.59%7.68%9.21%8.20%6.96%6.88%8.79%13.05%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 66.47%66.47%66.47%63.94%63.57%57.66%57.66%49.11%49.11%50.30%50.30%50.30%
FIIs 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.03%
DIIs 0.00%0.00%0.00%0.00%0.00%0.00%0.00%7.91%8.96%8.96%8.96%8.96%
Public 33.54%33.53%33.54%36.07%36.43%42.33%42.34%42.98%41.93%40.74%40.74%40.71%
No. of Shareholders 1,8702,6663,4664,6017,0097,0919,48812,00111,85511,53111,30810,879

Shareholding Pattern Chart

No. of Shareholders

Narmada Agrobase Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 1.560.750.480.410.56
Diluted EPS (Rs.) 1.560.750.480.410.56
Cash EPS (Rs.) 1.140.950.710.670.86
Book Value[Excl.RevalReserv]/Share (Rs.) 14.7312.4711.7211.4311.03
Book Value[Incl.RevalReserv]/Share (Rs.) 14.7312.4711.7211.4311.03
Revenue From Operations / Share (Rs.) 17.3137.1436.9225.8143.00
PBDIT / Share (Rs.) 1.641.911.531.461.68
PBIT / Share (Rs.) 1.581.711.291.191.37
PBT / Share (Rs.) 1.360.990.650.580.74
Net Profit / Share (Rs.) 1.080.750.480.400.55
PBDIT Margin (%) 9.495.144.135.643.91
PBIT Margin (%) 9.124.593.504.593.19
PBT Margin (%) 7.852.681.772.271.73
Net Profit Margin (%) 6.222.021.301.571.29
Return on Networth / Equity (%) 7.316.034.103.555.04
Return on Capital Employeed (%) 10.5113.6010.6510.2911.67
Return On Assets (%) 6.153.642.382.042.80
Long Term Debt / Equity (X) 0.020.010.030.000.05
Total Debt / Equity (X) 0.160.570.630.620.53
Asset Turnover Ratio (%) 1.391.821.851.302.29
Current Ratio (X) 6.212.242.141.971.96
Quick Ratio (X) 3.731.331.311.411.59
Inventory Turnover Ratio (X) 3.935.295.675.7210.22
Interest Coverage Ratio (X) 7.442.702.402.432.67
Interest Coverage Ratio (Post Tax) (X) 5.882.061.761.681.88
Enterprise Value (Cr.) 56.4636.4540.5936.0421.25
EV / Net Operating Revenue (X) 0.850.720.811.030.36
EV / EBITDA (X) 9.0514.0819.6218.269.31
MarketCap / Net Operating Revenue (X) 0.940.540.620.770.23
Price / BV (X) 1.111.631.961.740.92
Price / Net Operating Revenue (X) 0.940.540.620.770.23
EarningsYield 0.060.030.020.020.05

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Narmada Agrobase Ltd. is a Public Limited Listed company incorporated on 29/01/2013 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L15494GJ2013PLC073468 and registration number is 073468. Currently Company is involved in the business activities of Manufacture of cattle feed. Company's Total Operating Revenue is Rs. 65.68 Cr. and Equity Capital is Rs. 37.94 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Animal/Shrimp Feed613/P-1, IJ Pura (Jethaji) Dhanpura Road, Mehsana Gujarat 384421Contact not found
Management
NamePosition Held
Mr. Neerajkumar Sureshchandra AgrawalManaging Director
Mr. Suresh Chandra GuptaWhole Time Director
Ms. Pooja AidasaniInd. Non-Executive Director
Mr. Ganesh Bhavarlal PrajapatiInd. Non-Executive Director
Mr. Deepak SoniInd. Non-Executive Director
Ms. Shweta Vivek NathwaniNon Exe. Women Independent Director

FAQ

What is the intrinsic value of Narmada Agrobase Ltd and is it undervalued?

As of 15 April 2026, Narmada Agrobase Ltd's intrinsic value is ₹25.75, which is 20.77% lower than the current market price of ₹32.50, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (11.2 %), book value (₹15.3), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Narmada Agrobase Ltd?

Narmada Agrobase Ltd is trading at ₹32.50 as of 15 April 2026, with a FY2026-2027 high of ₹36.0 and low of ₹14.6. The stock is currently near its 52-week high. Market cap stands at ₹123 Cr..

How does Narmada Agrobase Ltd's P/E ratio compare to its industry?

Narmada Agrobase Ltd has a P/E ratio of 32.1, which is above the industry average of 24.18. The premium over industry average may reflect growth expectations or speculative interest.

Is Narmada Agrobase Ltd financially healthy?

Key indicators for Narmada Agrobase Ltd: ROCE of 13.0 % is moderate. Dividend yield is 0.00 %.

Is Narmada Agrobase Ltd profitable and how is the profit trend?

Narmada Agrobase Ltd reported a net profit of ₹4 Cr in Mar 2025 on revenue of ₹65 Cr. Compared to ₹1 Cr in Mar 2022, the net profit shows an improving trend.

Does Narmada Agrobase Ltd pay dividends?

Narmada Agrobase Ltd has a dividend yield of 0.00 % at the current price of ₹32.50. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Narmada Agrobase Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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