Narmada Gelatines Limited has fulfilled its quarterly regulatory obligations by submitting a compliance certificate to the Bombay Stock Exchange on April 7, 2026. The submission pertains to the quarter ended March 31, 2026, under the provisions of SEBI (Depositories and Participants) Regulations, 2018.

Regulatory Compliance Details

The company received the required certificate from its appointed Registrar and Share Transfer Agent, CB Management Services (P) Limited, dated April 2, 2026. This certificate confirms compliance with Regulation 74(5) of the SEBI regulations, which was previously known as Regulation 54(5) of the SEBI (Depositories and Participants) Regulations, 1996.

Certificate Confirmation

CB Management Services (P) Limited, serving as the company's registrar, confirmed their compliance with the regulatory requirements. The registrar stated that they have informed all relevant stock exchanges where the company's shares are listed, along with the National Securities Depository Limited and Central Depository Services (India) Limited.

Corporate Communication

The submission was made by Company Secretary and Compliance Officer Mahima Patkar, who holds membership number 72544. The communication was digitally signed and submitted to the Corporate Relationship Department of the Bombay Stock Exchange at Dalal Street, Mumbai.

Company Information

Narmada Gelatines Limited operates from its registered office at "CARAVS" Building, Room No. 28, 15, Civil Lines, Jabalpur-482001, Madhya Pradesh. The company maintains ISO 9001 and ISO 22000 certifications, reflecting its commitment to quality management and food safety standards.

This quarterly compliance submission represents part of the company's ongoing regulatory obligations as a publicly listed entity, ensuring transparency and adherence to SEBI's depositories and participants regulations.

Narmada Gelatines Limited has received credit rating reaffirmation from CARE Ratings Limited for its bank facilities worth ₹51.35 crore. The rating agency has maintained its assessment of the company's creditworthiness while noting significant improvements in financial performance.

Credit Rating Details

CARE Ratings has reaffirmed the following ratings for the company's banking facilities:

The rating reaffirmation reflects the company's stable credit profile and improved operational performance during the current financial year.

Financial Performance Highlights

The rating agency noted significant improvement in Narmada Gelatines' profitability metrics. The company's PBLDT margin improved to 18.26% in 9MFY26 compared to 12.28% in 9MFY25. For FY25, the PBLDT margin stood at 12.96%, up from 11.58% in FY24.

The company generated cash accruals of ₹20.81 crore in 9MFY26 compared to ₹13.77 crore in 9MFY25, demonstrating improved cash generation capabilities.

Key Rating Strengths

CARE Ratings highlighted several positive factors supporting the rating decision. The company benefits from over five decades of operational experience in gelatine manufacturing and has established relationships with reputed customers including pharmaceutical and capsule manufacturers. Following the acquisition by Pioneer Jellice Group in June 2023, Narmada Gelatines has gained access to enhanced technical expertise and improved export market opportunities.

The company maintains a strong financial risk profile with comfortable debt coverage indicators. The PBLDT interest coverage ratio stood at 20.05x for FY25, while total debt to gross cash accruals remained at 0.42x as of March 31, 2025.

Operational Challenges and Future Outlook

Despite the positive rating reaffirmation, CARE Ratings noted certain constraints affecting the company's credit profile. The moderate scale of operations remains a key concern, with total operating income of ₹188.81 crore for FY25. The company's profitability continues to be susceptible to volatile raw material prices, particularly crushed animal bones, which constitute the primary input for gelatine production.

The rating agency has outlined specific rating sensitivities for future assessments. Positive factors include significant growth in total operating income above ₹220 crore while maintaining existing PBLDT margins. Negative factors include decline in total operating income below ₹150 crore or PBLDT margin falling below 10% on a sustained basis.

Expansion Plans and Liquidity Position

Narmada Gelatines has planned capital expenditure of ₹33.00 crore over two years to enhance manufacturing capacity and upgrade machinery. The project, expected to be funded through a term loan of ₹25 crore and internal accruals, aims to increase gelatine production capacity by 600 MT and DCP capacity by 1,500 MT. Commercial production is envisaged from January 2027.

The company maintains adequate liquidity with envisaged gross cash accruals of ₹29-30 crore against scheduled debt repayments of ₹2-3 crore in FY26. Working capital utilization remained low at approximately 14% for the ten months ended January 2026.

Source: None/Company/INE869A01010/ff8e23ea-74ca-4418-8b8c-41f50ecfb78a.pdf