Narmada Agrobase Limited (NARMADA) AI Stock Analysis

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Narmada Agrobase Limited

(NSE:NARMADA)

Select Model

Rating:52Neutral

Price Target:INR 12.00▲(0.84% Upside)

Action:reiterated

Date:08/07/26

The score is anchored by improving reported growth and a strengthening balance sheet, but is held back materially by weak cash conversion (negative operating/free cash flow) and bearish technicals (below key moving averages with negative MACD). Valuation also looks demanding at ~33x earnings given the cash-flow volatility.

Positive Factors

Revenue GrowthStrong revenue expansion across two consecutive fiscal years indicates improving business scale and demand. If maintained, this growth can support operating leverage, strengthen market presence, and provide a durable foundation for further earnings development over the next several quarters.

Negative Factors

Weak Cash ConversionNegative operating and free cash flow despite strong reported earnings indicates that profits are not consistently converting into usable cash. Persistent working-capital volatility could constrain reinvestment, increase funding needs, and weaken the quality and durability of reported earnings.

Narmada Agrobase Limited (NARMADA) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 902.89M
Dividend Yield: ―
Average Volume (3M): 817.72K
Price to Earnings (P/E): 20.2
Beta (1Y): 0.27
Revenue Growth: 38.88%
EPS Growth: -53.14%
Country: India
Employees: 12
Sector: General
Sector Strength: 55
Industry: Agricultural Inputs

Narmada Agrobase Limited Business Overview & Revenue Model

Company Description

Narmada Agrobase Limited manufactures and sells cotton seeds and cattle feeds in India. The company offers cotton seed meal, bleached cotton linters, gwar korma, maize meal, multi grain meal, maize oil cakes, cotton seed oil cakes, cotton linters, po...

How the Company Makes Money

Detailed, company-specific information on Narmada Agrobase Limited’s revenue model, key revenue streams, and partnerships is null. In the absence of verified disclosures describing its primary sources of revenue (e.g., specific agro-products sold, di...

Narmada Agrobase Limited Financial Statement Overview

Summary

Income statement and balance sheet trends are constructive (strong revenue growth into FY2026, improved profitability vs FY2023–FY2024, and materially stronger equity with lower debt-to-equity). However, cash flow is a major drag: operating and free cash flow were sharply negative in FY2025 and remained negative in FY2026 despite higher earnings, raising concerns about cash conversion and working-capital volatility.

Income Statement

74Positive

Balance Sheet

78Positive

Cash Flow

34Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	898.57M	783.94M	656.77M	503.21M	500.26M	349.74M
Gross Profit	92.23M	83.11M	86.16M	71.30M	66.45M	54.12M
EBITDA	55.37M	49.76M	62.38M	25.61M	20.69M	19.93M
Net Income	35.92M	38.57M	40.88M	10.19M	6.52M	6.08M
Balance Sheet
Total Assets	0	722.53M	664.64M	279.65M	273.20M	264.97M
Cash, Cash Equivalents and Short-Term Investments	4.98M	103.66M	148.01M	7.70M	5.50M	6.52M
Total Debt	0	100.99M	94.66M	96.79M	100.69M	97.29M
Total Liabilities	-593.37M	129.16M	105.98M	110.63M	114.38M	112.68M
Stockholders Equity	593.37M	593.37M	558.66M	169.01M	158.82M	152.30M
Cash Flow
Free Cash Flow	0	-9.91M	-161.57M	12.21M	502.84K	-851.73K
Operating Cash Flow	0	-8.43M	-161.02M	12.35M	528.00K	-826.57K
Investing Cash Flow	0	-42.26M	-42.42M	3.50M	3.67M	579.17K
Financing Cash Flow	0	6.34M	346.64M	-13.51M	-5.21M	2.23M

Narmada Agrobase Limited Technical Analysis

Technical Analysis SentimentPositive

Last Price11.90

Price Trends

50DMA12.79Negative

100DMA15.09Negative

200DMA15.76Negative

Market Momentum

MACD-0.48Negative

RSI51.20Neutral

STOCH76.76Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NARMADA, the sentiment is Positive. The current price of 11.90 is above the 20-day moving average (MA) of 11.26, below the 50-day MA of 12.79, and below the 200-day MA of 15.76, indicating a neutral trend. The MACD of -0.48 indicates Negative momentum. The RSI at 51.20 is Neutral, neither overbought nor oversold. The STOCH value of 76.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:NARMADA.

Narmada Agrobase Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:NARMADA against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:NOVAAGRI	57Neutral	INR 1.94B	14.88	―	―	-8.44%	-51.34%
IN:IGCL	56Neutral	INR 3.89B	9.43	―	―	―	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:RAMAPHO	54Neutral	INR 3.62B	6.79	―	0.73%	18.87%	91.75%
IN:NARMADA	52Neutral	INR 902.89M	20.17	―	―	38.88%	-53.14%
IN:AGROPHOS	46Neutral	INR 448.67M	11.12	―	4.52%	10.34%	-58.09%
IN:NAGAFERT	37Underperform	INR 843.27M	-5.79	―	―	-100.00%	57.96%

* General Sector Average

Performance Comparison

IN:NARMADA and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:NARMADA	Narmada Agrobase Limited	11.90	0.20	1.71%
IN:AGROPHOS	Agro Phos India Ltd.	22.13	-20.52	-48.11%
IN:NAGAFERT	Nagarjuna Fertilizers & Chemicals Ltd.	1.41	-3.49	-71.22%
IN:NOVAAGRI	Nova Agritech Limited	21.01	-25.83	-55.15%
IN:RAMAPHO	Rama Phosphates Limited	102.60	-96.31	-48.42%
IN:IGCL	Indogulf Cropsciences Limited	61.52	-42.53	-40.87%

Narmada Agrobase Limited Corporate Events

Narmada Agrobase Files SEBI Compliance Certificate on Share Dematerialization

Oct 3, 2026

Narmada Agrobase Limited has submitted a compliance certificate to NSE and BSE under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter and half year ended September 30, 2026. Kfin Technologies, acting as r...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 07, 2026

Narmada Agrobase Limited AI Stock Analysis

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