Kaveri Seed Company Ltd(KSCL)

NSE: KSCLBSE: 532899

₹ 731-0.34%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,760 crNext results: 28 Oct 2026Website: www.kaveriseeds.inUpdated: 24 Oct 2026

About

Kaveri Seed Company Ltd is an Indian hybrid seed producer selling cotton, maize, rice, bajra, vegetable and other crop seeds to farmers across India. It reported FY26 revenue of Rs 1394.76 Cr. Its FY26 annual report says it has consistently held a leadership position in the seed industry, with both domestic and international operations. It sells through wholly-owned subsidiaries Aditya and Genomix as well as its own network, and is expanding exports into South-East Asian markets.^[1][2][3]

Crop segments

Non-cotton revenue was ₹1,060.18 cr in FY26, up 23.17% YoY, against cotton revenue of ₹243.59 cr.^[1]
Maize was the largest non-cotton segment in FY26, with revenue of ₹403.18 cr, up 40.17% YoY, on volume growth of 18.84%.^[1]
Hybrid rice revenue was ₹293.77 cr in FY26, up 18.37% YoY. In Q1 FY27 it was ₹247.07 cr vs ₹241.0 cr in Q1 FY26.^[1]
Cotton revenue was ₹243.59 cr in FY26, down 6.6% YoY, hit by competition from illegal seed. In Q1 FY27 cotton revenue was ₹213.43 cr, down 2.47% YoY.^[1]
Selection rice revenue in Q1 FY27 was ₹159.07 cr, up 0.95% YoY.^[4]
Vegetable seed revenue grew 31.06% YoY to ₹31.70 cr in H1 FY26. Vegetable volumes grew 8.4% in full-year FY26.^[5]

Share of new hybrids in sales

New cotton hybrids made up 10.3% of cotton volumes in FY25 and 30.05% in FY26. They made up 37% of cotton sales in Q1 FY27 vs 22% in Q1 FY26.^[1]
New single-cross maize hybrids were more than 20% of maize sales in Q1 FY27.^[4]
New bajra hybrids made up 65% of bajra volumes in Q1 FY27, up from 61% in the prior season.^[4]
Two new hybrid paddy varieties, KRH7344 and KRH7227, were in their first commercial season in Q1 FY27 and made up 62% of new-product hybrid rice sales.^[4]

Volumes, costs and realisations

Maize volume in Karnataka fell from ~2,600 tonnes in Kharif FY26 to ~1,500 tonnes in Kharif FY27. The shortfall equals ₹40 - 60 cr of sales, which may move into Q2 FY27.^[4]
In Q1 FY27, cost of production fell 4 - 5% YoY and channel realisations fell 2 - 3% YoY.^[4]
Industry-level maize sowing area rose 12.63% in H1 FY26.^[5]
Sunflower volumes grew 94% and mustard volumes grew 64% in Q3 FY26.^[6]

Distribution and exports

B2B hybrid products are sold through 100%-owned subsidiaries Aditya and Genomix. The two sell different products and operate independently of each other.^[1]
Export revenue grew ~90% in FY26. In Q1 FY27 it was ₹5.79 cr vs ₹1.15 cr in Q1 FY26, driven by the Philippines, Vietnam and Indonesia.^[1]
The ₹100 cr export revenue target was brought forward from a 5-year to a 3-year timeline. At least 25% export growth is expected in FY27 vs FY26.^[4]

Inventory and production planning

Inventory going into FY27 was about ₹200 cr higher than a year earlier, built up ahead of an expected good Kharif season.^[4]
As of Q3 FY26, 8 - 9 million packets of cotton seed inventory were available for the next season. New hybrids have commercial lives of 3 - 5 years.^[6]
Production volumes for FY28 will be materially reduced. FY28 crop cost of production is expected to be broadly in line with FY27.^[4]

Capex and R&D

As of Q4 FY26, capital work-in-progress was ₹99 cr standalone and ₹129 cr consolidated. It covers R&D land, an office building (~₹30 cr) and seed processing machinery.^[1]
Recurring R&D spend is guided at ₹15 - 20 cr per quarter.^[5]

Recent developments

The CMD (aged over 75) and the whole-time director (aged over 70) were re-appointed for 5 years, to Nov 2031, per the FY26 annual report.^[3]
An interim dividend for FY2025-26 was declared on 06.11.2025. Ratification is sought at the 39th AGM on 29 Sep 2026.^[3]
Management said in Q1 FY27 that the Board will decide on a buyback at the end of Q2 FY27.^[4]
A revenue growth target of 15 - 18% a year for the next 2 - 3 years was reaffirmed in Q1 FY27.^[4]

Market Cap

₹3,760 Cr

High / Low

₹1,097 / 672

Stock P/E

15.1

Price / Book

2.1

Book Value

₹342

EPS

₹57.5

No. of Shares

5.14 Cr

ROCE

18.7%

ROE

18.2%

OPM

21.5%

Debt / Equity

0.00

Sales

₹1,395 Cr

Net Profit

₹296 Cr

Promoter holding

60.5%

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