Nath Bio-Genes Q4 FY26 Earnings Call: Revenue Up 19%, Audio Recording Submitted
Nath Bio-Genes (India) Limited reported FY26 standalone revenue of Rs. 43,159.72 Lakhs, up 19% YoY, with net profit of Rs. 4,442.57 Lakhs. The Uzbekistan JV debuted with INR 15 crores contribution to consolidated revenue. The company submitted the audio recording of its Q4 FY26 conference call to BSE and NSE on May 11, 2026, per SEBI Regulation 30, signed off by CFO Amol Gupta.
*this image is generated using AI for illustrative purposes only.
Nath Bio-Genes (India) Limited has released its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, approved by the Board of Directors at its meeting held on May 04, 2026. The results were reviewed by the Audit Committee on May 02, 2026. The Board has also recommended a final dividend of Rs. 2/- per equity share (i.e., 20%) of face value Rs. 10/- each for FY26, subject to shareholder approval at the ensuing Annual General Meeting. In compliance with Regulation 30 read with Schedule III to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company submitted the transcript of its conference call held on May 05, 2026, at 4:00 PM, to discuss the audited financial results for the quarter and year ended March 31, 2026. Subsequently, on May 11, 2026, the company also submitted the audio recording of the same conference call to BSE Limited and the National Stock Exchange of India Ltd. The audio recording is available on the company's website and can be accessed at the following link: https://www.nathbiogenes.com/wp-content/uploads/2026/05/NATH_BIO_GENE_Q4FY26.mp3 . Both the transcript and audio recording submissions were signed off by CFO Amol Gupta on May 11, 2026.
Standalone Financial Results
On a standalone basis, Nath Bio-Genes reported total revenue from operations of Rs. 43,159.72 Lakhs for FY26, compared to Rs. 36,230.81 Lakhs in FY25. Net profit for the year stood at Rs. 4,442.57 Lakhs versus Rs. 4,214.01 Lakhs in the prior year. For Q4 FY26, revenue from operations was Rs. 4,569.36 Lakhs against Rs. 4,936.76 Lakhs in Q4 FY25. The following table presents the key standalone income statement metrics:
| Particulars (Rs. in Lakhs): | Q4 FY26 (Audited) | Q3 FY26 (Unaudited) | Q4 FY25 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|---|
| Revenue from Operations: | 4,569.36 | 6,596.11 | 4,936.76 | 43,159.72 | 36,230.81 |
| Total Income: | 4,569.36 | 6,596.11 | 4,936.76 | 43,159.72 | 36,230.81 |
| Total Expenses: | 4,010.39 | 5,810.10 | 4,751.82 | 38,300.88 | 31,380.45 |
| Profit from Operations (before other income & finance cost): | 558.97 | 786.01 | 184.94 | 4,858.84 | 4,850.36 |
| Other Income: | 237.50 | 173.56 | 404.31 | 781.00 | 472.70 |
| Finance Cost: | 283.51 | 417.81 | 108.65 | 1,330.68 | 964.61 |
| Profit after Finance Cost: | 502.96 | 541.76 | 479.60 | 4,309.15 | 4,358.45 |
| Exceptional Items (Income/Expenses): | 125.78 | 268.60 | — | 600.73 | 54.03 |
| Profit before Tax: | 628.75 | 810.36 | 479.60 | 4,909.88 | 4,412.48 |
| Net Profit after Tax: | 378.80 | 723.08 | 416.87 | 4,442.57 | 4,214.01 |
| Total Comprehensive Income: | 412.52 | 732.23 | 402.79 | 4,450.39 | 4,180.97 |
| EPS (Basic & Diluted): | 2.47 | 3.85 | 2.12 | 23.42 | 22.00 |
Note: Q4 FY26 figures are balancing figures between audited full-year and year-to-date figures up to Q3. A short provision of Rs. 900.00 Lakhs pertaining to the quarter ended June 2025 has been adjusted in the current quarter.
Standalone Balance Sheet
The standalone balance sheet as at March 31, 2026 reflects total assets of Rs. 1,08,290.24 Lakhs, up from Rs. 1,01,734.63 Lakhs as at March 31, 2025. Equity share capital remained unchanged at Rs. 1,900.40 Lakhs, while other equity (reserves & surplus) grew to Rs. 67,036.62 Lakhs from Rs. 62,966.31 Lakhs. Key balance sheet items are summarised below:
| Particulars (Rs. in Lakhs): | March 31, 2026 | March 31, 2025 |
|---|---|---|
| Property, Plant & Equipment: | 24,366.69 | 24,304.28 |
| Inventories: | 44,459.67 | 33,070.82 |
| Trade Receivables: | 8,379.07 | 8,883.89 |
| Cash & Cash Equivalents: | 7,066.79 | 8,763.30 |
| Total Assets: | 1,08,290.24 | 1,01,734.63 |
| Equity Share Capital: | 1,900.40 | 1,900.40 |
| Other Equity: | 67,036.62 | 62,966.31 |
| Long-Term Borrowings: | 55.34 | 160.87 |
| Short-Term Borrowings: | 12,117.93 | 10,952.44 |
| Trade Payables (MSME): | 238.49 | 348.71 |
| Trade Payables (Other than MSME): | 12,815.31 | 7,525.62 |
| Total Equity & Liabilities: | 1,08,290.24 | 1,01,734.63 |
Inventories rose significantly to Rs. 44,459.67 Lakhs from Rs. 33,070.82 Lakhs, while long-term borrowings declined sharply to Rs. 55.34 Lakhs from Rs. 160.87 Lakhs, reflecting continued deleveraging. Cash and cash equivalents stood at Rs. 7,066.79 Lakhs at year-end, comprising cash on hand of Rs. 6.07 Lakhs, current account balances of Rs. 7.19 Lakhs, and term deposits of Rs. 7,053.54 Lakhs.
Consolidated Financial Results
On a consolidated basis, which includes the company's 90% equity stake in Nath Bio-Genes CA, Uzbekistan, total revenue from operations for FY26 was Rs. 44,510.15 Lakhs compared to Rs. 36,490.82 Lakhs in FY25. Net profit for the year stood at Rs. 4,163.03 Lakhs versus Rs. 3,859.98 Lakhs in FY25. For Q4 FY26, consolidated revenue from operations was Rs. 5,159.28 Lakhs. Key consolidated metrics are presented below:
| Particulars (Rs. in Lakhs): | Q4 FY26 (Audited) | Q3 FY26 (Unaudited) | Q4 FY25 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|---|
| Revenue from Operations: | 5,159.28 | 6,585.90 | 5,196.77 | 44,510.15 | 36,490.82 |
| Total Expenses: | 4,314.24 | 6,336.03 | 5,289.57 | 39,682.70 | 31,892.60 |
| Profit from Operations (before other income & finance cost): | 845.04 | 249.87 | (92.80) | 4,827.45 | 4,598.22 |
| Finance Cost: | 4,595.28 | 454.25 | 136.58 | 1,598.84 | 1,048.38 |
| Exceptional Items (Income/Expenses): | 125.80 | 268.60 | — | 600.74 | — |
| Profit before Tax: | 249.07 | 247.77 | 156.80 | 4,630.35 | 4,004.42 |
| Net Profit after Tax: | (0.89) | 160.49 | 148.10 | 4,163.03 | 3,859.98 |
| Total Comprehensive Income: | (150.76) | 169.64 | 79.98 | 3,987.26 | 3,826.93 |
| EPS (Basic & Diluted): | (0.79) | 0.89 | 0.42 | 20.98 | 20.14 |
The consolidated balance sheet as at March 31, 2026 reflects total assets of Rs. 1,09,742.28 Lakhs, up from Rs. 1,02,620.75 Lakhs in the prior year. Consolidated other equity stood at Rs. 66,145.48 Lakhs compared to Rs. 62,538.30 Lakhs, while consolidated inventories rose to Rs. 45,054.76 Lakhs from Rs. 33,801.59 Lakhs.
Management Commentary: Crop Performance and Operational Highlights
During the Q4 FY26 earnings conference call held on May 05, 2026, Managing Director Satish Kagliwal highlighted that FY26 was a year of purposeful growth, noting that India is the world's fifth largest seed market, valued at approximately USD 4 to 4.5 billion, and is expected to grow at a CAGR of 12-14% over the next five years. CFO Amol Gupta provided detailed operational highlights, noting that cotton Bt volumes reached 13.8 lakhs packets during FY26, registering 22.35% YoY volume growth and 28% value growth, driven by strong demand for flagship hybrids Sanket and Jumbo. Paddy volume grew 25% YoY to 75,619 quintals with value growth of 37%. The cotton-paddy combined portfolio now accounts for 58% of revenue mix, up from 52% in FY25. Maize emerged as the standout performer, with volumes surging 54% YoY to 9,639 quintals and value growth of 78%, with maize now contributing 10.72% to the top line. Vegetable seeds saw average realization improve by 6% from INR 1,178 to INR 1,244 per kg, despite a value decline of approximately 11%. The Plant Nutrition segment saw an 18% decline, attributed to China export restrictions disrupting supply dynamics.
Key FY26 financial metrics shared during the call are summarised below:
| Metric: | FY26 | FY25 | Change |
|---|---|---|---|
| Total Revenue: | INR 4,316 million | — | +19% YoY |
| Gross Profit: | INR 2,403 million | — | +5% YoY |
| Gross Margin: | 56% | 63% | Normalised |
| EBITDA: | INR 525 million | INR 373 million | — |
| EBITDA Margin: | 12% | — | — |
| PAT: | INR 384 million | — | — |
| PAT Margin: | 9% | — | — |
| EPS: | INR 23.42 | INR 11.30 (FY22) | >2x since FY22 |
| Total Assets: | INR 10,829 million | — | — |
| Cash & Bank Balance: | INR 707 million | — | — |
| Inventory: | INR 4,446 million | — | — |
| Finance Costs: | INR 133 million | INR 96 million | — |
International Expansion: Uzbekistan JV Milestone
FY26 marked a historic milestone for Nath Bio-Genes, with its Uzbekistan joint venture — Nath Bio-Genes CA — contributing approximately INR 15 crores to the consolidated top line for the first time. Dr. Devinder Khurana, Executive Vice President, noted that the JV was established to support cotton production in Uzbekistan, where Bt cotton technology has not yet been introduced. Dr. Venkatesh Kulkarni, Research Lead, explained that the cotton market in Uzbekistan is approximately USD 100 million, while the broader Central Asian seed market — covering cereals and other crops — stands at approximately USD 450 million, with potential to reach approximately USD 1 billion in the coming five to six years. Management indicated that international operations are targeted to contribute 10-15% of the company's top line over the longer term, while maintaining a conservative stance given that the JV is still in its early stages.
Investor Q&A Highlights
During the Q&A session, analysts and individual investors raised questions spanning FY27 guidance, capital expenditure strategy, inventory build-up, and competitive positioning. On FY27 revenue outlook, Dr. Khurana indicated that the top line is expected to grow between 15-20%, with EBITDA margin maintained at a slightly upward trend. On cotton, management noted that production stability is expected to continue over the next two to three years, and that next-generation pipeline products — including one internally referred to as "2020" — are in development and are expected to be similar to or better than the current flagship hybrids Sanket and Jumbo. On capital expenditure, management clarified that Nath Bio-Genes follows a deliberate asset-light strategy, preferring to rent processing plants and storage facilities rather than own them, given that infrastructure requirements for individual crops are seasonal. On inventory build-up, management explained that the increase in inventory was a planned step to stabilise cotton production and capitalise on strong crop yields, noting that cotton has a shelf life of five to seven years and that the accumulated stock is expected to be liquidated over the next two years. Management also addressed El Niño risk, stating that the company's geographic diversification of sales, multi-crop portfolio, and pre-positioned branch-level stock distribution serve as natural hedges against erratic monsoon conditions. On schemes and marketing expenditure, management noted that trade schemes declined from 32% to 28% of relevant costs, and that selling expenses are managed in line with sales volumes rather than as a fixed overhead.
Business and Operational Strengths
The company operates in a single major product segment — Seed Cultivation — with key crops including Jowar, Bajra, Maize, Mustard, and Wheat. Its operational infrastructure includes cold storage facilities, warehouses, and conditioning godowns with a combined capacity of 25,000 MT. The company's R&D capabilities are supported by DSIR-recognised Innovation Centres, a large germplasm repository, and an experienced team of scientists focused on disease and pest resistance breeding. Management noted that the company's strategy of geographic diversification of sales and a balanced multi-crop portfolio serves as a natural hedge against erratic monsoons and climate-related risks, including El Niño. No investor complaints were received or remained pending during the quarter.
Corporate Governance Updates
The Board approved several governance-related decisions at its May 04, 2026 meeting. The Board has recommended the re-appointment of Mr. Hitesh Rajnikant Purohit (DIN: 02340858) as Independent Director, effective March 30, 2027, subject to shareholder approval. Mr. Purohit is a Commerce Graduate with over 30 years of experience in finance and management. Additionally, M/s K.P. Sahasrabudhe & Co., Chartered Accountants — a firm established in 1998 with expertise across tax, corporate, internal, and concurrent audits — has been appointed as Internal Auditors of the company for FY26-27, effective May 04, 2026.
Leadership
The company's leadership team comprises Mr. Nandkishor Kagliwal (Chairman), Mr. Satish Kagliwal (Managing Director), Dr. Capt. Devinder Khurana (Executive Vice President), Mr. Amol Gupta (CFO), Dr. V. N. Kulkarni (Head – R&D), Mr. K. Reddy (Head – Supply Chain), and Mr. Harish Pandey (Business Lead). The audited financial statements were signed off by Managing Director Satish Kagliwal and audited by Gautam N Associates, Chartered Accountants (FRN: 103117W). The conference call transcript and audio recording submissions to the exchanges were signed by CFO Amol Gupta on May 11, 2026.
Historical Stock Returns for Nath Bio-Genes
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.73% | +4.97% | +0.81% | +11.51% | -8.79% | -58.41% |
How might the planned liquidation of the significantly elevated cotton inventory over the next two years impact Nath Bio-Genes' cash flows and working capital requirements if market demand or pricing weakens unexpectedly?
Given that the Uzbekistan JV operates in a market where Bt cotton technology has not yet been introduced, what regulatory or geopolitical risks could delay or prevent the JV from scaling toward the targeted 10-15% contribution to consolidated revenue?
With maize volumes surging 54% YoY and the cotton-paddy portfolio already dominant, how sustainable is the company's crop diversification strategy if competing seed companies intensify pricing pressure in the high-growth maize segment?
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