Nath Bio-Genes (India) Ltd(NATHBIOGEN)

NSE: NATHBIOGENBSE: 537291

₹ 127.85-4.38%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 243 crWebsite: www.nathbiogenes.comUpdated: 24 Oct 2026

About

Nath Bio-Genes (India) Ltd researches, develops, produces, processes and markets hybrid and varietal seeds, mainly cotton, paddy, maize and vegetables. It also has a plant nutrition business. Revenue was 445.1 for FY26, and its FY26 annual report describes it as one of India's leading seed companies. It distributes through more than 20,000 distributors across 131 regions of India and runs a joint venture in Uzbekistan.^[1][2][3]

Crop mix

Cotton and paddy together made up 58% of revenue in FY26, up from 52% in FY25.^[3]
Maize made up 10.72% of revenue in FY26 and is the company's fastest-growing crop.^[1][3]
Revenue mix for 9MFY26: cotton 25%, paddy 19%, others 46%. For 9MFY25: cotton 28%, paddy 26%, others 46%.^[4]
Besides cotton and paddy, the company sells seeds for maize, bajra, jowar, mustard and vegetables (H1FY26).^[5]
In FY26 the plant nutrition segment's volume fell 19% and its value fell 17%. The company attributed the fall to China's export restrictions.^[3]

Products and brands

Flagship cotton Bt hybrids include Sanket and Jumbo (FY26), and RANA is another premium cotton brand (H1FY26).^[3][5]
Its maize products include DOMINATOR-401 and 1133 (H1FY26).^[5]
Win-Chi-Win's value grew 25% QoQ in Q1FY26 as it reached new markets.^[6]

Operations and R&D

As of FY26 it has 40 breeding stations across 325 acres and works with NRCPB, ICRISAT, CIMMYT and IRRI.^[1]
In FY26 seed was grown on more than 30,000 acres through over 25,000 contracted growers.^[1]
Combined cold storage, warehousing and conditioning capacity was 25,000 metric tonnes as of FY26.^[1]
It runs an asset-light model, owning a modest number of processing units and leasing third-party capacity when needed (FY26).^[1]
It runs more than 200,000 quality tests a year, including ELISA-based genetic purity testing (FY26).^[1]

Volumes and realisations

Cotton Bt: 13.8 lakh packets sold in FY26, with volume up 22.35% YoY and value up 28%.^[3]
Average cotton Bt realisation rose to ₹293/kg in FY26 from ₹275/kg.^[3]
Paddy volume grew 25% YoY to 75,619 quintals in FY26, and value rose 37%.^[3]
Maize volume rose 54% YoY to 9,639 quintals in FY26, and value rose 78%.^[3][1]
Vegetable seed value fell about 11% in FY26, while average realisation rose 6%, from ₹1,178 to ₹1,244 per kg.^[1]
Bajra volume fell 11.7% YoY to 8.6K qtl in H1FY26 because of lower acreage.^[5]
Trade schemes fell to 28% of sales in FY26 from 32% in FY25.^[3]

Distribution

As of FY26 its distribution covers 131 regions and more than 20,000 distributors across India.^[1]

International expansion

The Uzbekistan joint venture contributed almost INR 15 crores to consolidated revenue in FY26, its first such contribution.^[3]
The Uzbekistan joint venture finished its first full year of operations by Q1FY26, growing a local cotton variety on 600 hectares.^[6]
As of H1FY26, Nath Bio-Genes Central Asia had started producing seed in Uzbekistan and was building a marketing structure to reach farmers.^[5]
The company sizes the Uzbekistan cotton seed market at about USD 100 million and the Central Asian seed market at about USD 450 million (FY26).^[1]
As of FY26 it is evaluating opportunities in the Philippines and in African markets.^[1]
Management wants international revenue to be no more than 10-15% of total revenue over the next 5 years (stated in Q4 FY26).^[3]

Recent developments

Inventory rose to INR 4,446 Mn in FY26 from INR 3,307 Mn in FY25, a planned build of cotton stock for the FY27 season.^[3]
Management guided FY27 revenue growth of 15-20% (stated in Q4 FY26).^[3]

Market Cap

₹243 Cr

High / Low

₹207 / 127

Stock P/E

6.9

Price / Book

0.4

Book Value

₹358

EPS

₹21.9

No. of Shares

1.9 Cr

ROCE

7.1%

ROE

6.3%

OPM

12.4%

Debt / Equity

0.20

Sales

₹445 Cr

Net Profit

₹42 Cr

Promoter holding

45.6%

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