Gurunanak Agriculture India Ltd(GURUNANAK)

NSE: GURUNANAK

₹ 32-2.29%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 38 crUpdated: 24 Oct 2026

About

Gurunanak Agriculture India Ltd makes farm harvesting machinery, mainly threshers plus a growing line of combine harvesters. It also makes threshers that OEMs such as Mahindra sell under their own brands. In FY26 it reported revenue of 42.08 and EBITDA of 9.8. Management says it is the only domestic maker of harvesters in its product range, where competitors import from China.^[1][2][3]

Business mix

Harvesters made up less than 15% of revenue in FY26, with about 20 units sold.^[3]
Thresher sales have been flat for 3-4 years, and management expects only 5-10% annual growth (Q4 FY26 call).^[3]
Harvesters carried an EBITDA margin of about 35-40% in FY26, against about 20% for threshers.^[3]
Management targets harvesters at 50-60% of sales within a couple of years (Q2 FY26 call).^[2]
Thresher sales are concentrated in the September-January harvest season. Harvesters work across paddy, wheat and maize, which could spread sales across the year.^[2]

Products and pricing

The average harvester price to dealers was ₹22 lakhs in FY26. The Q2 FY26 call put the ticket size at ₹25-26 lakh.^[3][2]
A wheel-type mini harvester with an 8.5ft cutter bar is planned for December 2026 at a ₹24-25L MRP, aimed at the rabi wheat season.^[3]
Rubber tracks and gearboxes for harvesters are imported from China, with a plan to make them in India within 2-3 years (Q2 FY26 call).^[2]

Operations and capacity

Capacity utilisation was about 70% in H1 FY26.^[2]
After the current capex, each harvester line can make 300 units a year. Two lines are planned, for 600 units a year (Q2 FY26 call).^[2][3]
A 200 kW solar plant at the factory was targeted for completion in Q1 FY27.^[3]

Customers and distribution

The company had 49 dealers across 7 states in FY26. Each dealer is exclusive for its product category.^[3][2]
Mahindra sells Gurunanak threshers under a co-branding contract renewed every two years. About 30% of sales were co-branded, according to the RHP.^[2]
Nipha Export Private Limited joined as a white-label thresher customer in the past year. Talks on white-labelling harvesters for Nipha were not finalised as of the Q4 FY26 call.^[3]
Sudan, the largest export market (about ₹4-5Cr of groundnut machinery sales), has been shut for a couple of years because of the civil war there.^[3]
Bank financing tie-ups with PNB and Access Bank were expected within weeks of the Q2 FY26 call.^[2]

Expansion and capex

The IPO-funded capex deployment was ₹24 crore in FY26.^[2]
The new harvester assembly shed was 80% complete at the Q4 FY26 call. The laser machine was due by mid-July and the CNC machine by late July, with all capex targeted before September 2026.^[3]
Harvester sales targets: about 50 units in FY27 (60-70 if the wheel-type model launches on time), 40-45 track-type units in the kharif season before November 2026, and 500 a year within three years.^[3]
Management plans to open an office in Europe, starting with Ireland, by March 2027.^[3]
The company is expanding into Bengal, Assam and the northeastern states in FY27, and is seeking to include its harvesters in subsidy schemes in Maharashtra and MP.^[3]

Market position

Management says the company is the only Indian maker of harvesters in its range. Mahindra, ACE, Kubota and others import harvesters from China and sell them under their own brands (Q2 FY26 call).^[2]
About 9,000-10,000 harvesters are imported from China each year (Q4 FY26 call).^[3]

Recent developments

H1 FY26 revenue fell because a long monsoon delayed harvesting and a GST change pushed purchases into later months.^[2]

Market Cap

₹38 Cr

High / Low

₹49 / 22

Stock P/E

6.2

Price / Book

0.9

Book Value

₹39

EPS

₹5.1

No. of Shares

1.2 Cr

ROCE

18.3%

ROE

12.9%

OPM

21.3%

Debt / Equity

0.04

Sales

₹42 Cr

Net Profit

₹6 Cr

Promoter holding

68.1%

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