Narmada Agrobase Ltd (NSE: NARMADA, BSE: 543643) is a Gujarat-based micro-cap company specializing in cattle feed and cotton-seed derivatives manufacturing. Incorporated in 2013 and listed on NSE Emerge platform in 2018 before migrating to main boards in 2022, the company has evolved from a regional feed processor into a multi-product agro-base player. With an installed capacity of 40,000 tonnes per annum and current utilization at around 50%, the company maintains a balanced revenue mix between cattle feed and cotton-seed by-products. According to reports from Investing.com India, the company's scrip (CMP: ₹14.00) has gained 88% over three years and 30% in the last year, despite losing 7% in the last month. As of September 17, 2026, the stock is trading at ₹13.89 on NSE and ₹13.87 on BSE, with a market capitalization of ₹104.48 crore.
The company demonstrated strong financial growth with revenue reaching approximately ₹66.3 crore in FY25 and rising to ₹78 crore in FY26, representing a 20% growth. As reported by Investing.com India, cattle feed contributed about 52% of total revenue while cotton-seed and agro by-products accounted for the balance. The company achieved a 5-year revenue growth CAGR of approximately 40%. The recent rights issue of ₹36.58 crore in late 2024 was primarily used for working capital and general corporate purposes, with a portion originally earmarked for an oil-mill plant redirected toward debt repayment. However, recent quarterly performance shows mixed results with the company reporting a quarter-on-quarter decline in consolidated revenues for Q1 FY 2026-27, though specific figures were not disclosed.
Narmada Agrobase operates through an extensive distribution network spanning over 150 wholesale points and more than 1,000 retail points across Gujarat and Rajasthan. According to Investing.com India, Rajasthan remains the primary revenue market, followed by Gujarat. The company markets its products under established brands including Churma, Gaay Chhaap Narmada Pashu Aahar, Narmada Super, and related labels that enjoy strong regional dominance among dairy farmers and distributors. Client retention is reported at 99% with limited concentration risk, providing a stable revenue base.
India's cattle-feed and animal-feed markets benefit from structural tailwinds with the Indian animal feed market valued at approximately ₹1,186.30 billion in 2025 and projected to reach ₹2,112.96 billion by 2034 at a CAGR of 6.6%. As reported by Investing.com India, the cattle-feed segment forms a significant but secondary portion after poultry feed, with the addressable market for cattle feed estimated at ₹350-400 billion. Only 20-25% of India's livestock population (approximately 307 million head of cattle and domestic water buffalo) are currently fed with industrially manufactured compound feeds, creating substantial growth opportunities for organized players like Narmada Agrobase.
The company faces governance challenges including an SEBI Administrative Warning issued in April 2026 due to corporate policy non-compliance and the sudden resignation of the Internal Auditor in March 2026. According to Investing.com India, the company trades at a P/E multiple of 28-36x relative to some peers, with market capitalization of approximately ₹109.11 crore positioning it as a high-beta asset. The promoter holding stands at 50.3% with management credibility described as adequate for a micro-cap promoter-led company, though institutional investor coverage remains limited. Recent trading data shows the stock has declined 11.3% over the past six months but gained 31.80% over the last year, with a 52-week high of ₹22.59 and 52-week low of ₹9.95.
