Hindustan Agrigenetics Limited

Consumer Defensive — Farm Products · BSE

₹37.00+₹1.00 (+2.78%)

DalalBaazaar Score

39 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:59 pm

Understanding the Business

Company site ↗

The 60-second version of Hindustan Agrigenetics Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Hindustan Agrigenetics Limited engages in the development, production, and marketing of hybrid seeds, tissue culture, and floriculture businesses in India. It offers sunflower hybrid seeds. The company was incorporated in 1990 and is based in New Delhi, India.

IndustryFarm Products

SectorConsumer Defensive

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹310 reaches shareholders as profit, with ₹1192 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are HINDUSTAN UNILEVER LTD., ITC LTD, NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 2.3% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE51.0%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -40% while net margin moved -98% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-40%

Margin effect-98%

DalalBaazaar Score

39/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ P/E of 528.6x is demanding — it needs sustained high growth to justify
✗ P/E is 981% above its own historical median of 48.9x — expensive by its own standards

Quality vs. Valuation

Company Quality

45/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

27/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

528.6x

3Y Median

48.9x

40 monthly readings · mean 46.5x · range 1.6x–129.9x

Sector Median

43.3x

median of 4 sector peers

⚠️Current valuation is approximately 981% above its 3y median of 48.9x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 1122% above the peer median of 43.3x.

vs. its own history

Expensive

48.9x median over 40 months · +981%

vs. sector peers

Expensive

43.3x median of 4 peers · +1122%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

20.6x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from -162.7% to 1192.0% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 83.1% to 1.1% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 83.5% to 2.3% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 watch

🟡Profit is decliningFinancial
Net profit is down 99% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -162.7% to 1192.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

The price already assumes success
The stock trades 981% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Returns on shareholder capital are falling
ROE has dropped from 83.1% to 1.1%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 1190%✓ 1192.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 8%✗ 2.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
4Valuation vs its own median of 48.9x✗ 528.6x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

4 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 4 neutral · 4 weak

Market Cap

₹16 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

528.6x

Expensive

Expensive — verify against sector peers

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹0.07

Profitable

Profitable on a per-share basis

ROE

1.1%

Weak

Weak capital efficiency

ROCE

2.3%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-43.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

144.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹1 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

0.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

157.15

Comfortable

Healthy short-term liquidity

52W Range Position

11%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

37.4 / 37.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

51.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-15.8%
EBITDA	-₹0 Cr	₹0 Cr	₹0 Cr	₹1 Cr	—
EBITDA Margin	-162.7%	400.3%	132.4%	1192.0%	—
PAT (Net Profit)	₹10 Cr	₹0 Cr	-₹0 Cr	₹0 Cr	-76.1%
EPS	₹22.4	₹1.07	₹-0.69	₹0.3	-76.3%
ROE	83.1%	3.8%	-2.5%	1.1%	—
ROCE	83.5%	4.9%	-2.4%	2.3%	—
Free Cash Flow	-₹7 Cr	₹0 Cr	₹0 Cr	₹1 Cr	—

🔴 Revenue has shrunk at 15.8% a year over 3 years.

🟢 EBITDA has turned positive, from -₹0 Cr to ₹1 Cr.

🟢 EBITDA Margin has risen from -162.7% to 1192.0% over 3 years (+1354.7 pts).

🔴 PAT (Net Profit) has shrunk at 76.1% a year over 3 years.

🔴 EPS has shrunk at 76.3% a year over 3 years.

🔴 ROE has fallen from 83.1% to 1.1% over 3 years (-82.0 pts).

🔴 ROCE has fallen from 83.5% to 2.3% over 3 years (-81.3 pts).

🟢 Free Cash Flow has turned positive, from -₹7 Cr to ₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹12 Cr

Total Liabilities

₹0 Cr

Total Debt

—

Cash & Equivalents

₹6 Cr

Operating Cash Flow

₹1 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

49.4%

Peer Comparison

Company	P/E	ROE
HINDUSTAN UNILEVER LTD.	42.5x	21.5%
ITC LTD	16.6x	27.4%
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%

Recent News

6 general

Top 15 Low-Price Stocks In India To Buy In October 2026

Samco, 17 Oct

Compare Company

Equitymaster, 26 Sept

Hindustan Agrigenetics files FY26 annual report, sets Sept 29 AGM date

scanx.trade, 07 Sept

Compare with

Equitymaster, 26 Sept

Stock Market Big Update: Sensex tanks 493 points; Nifty falls for 6th day as crude oil jumps to USD 91 per ba

India.com, 19 Aug

Hindustan Agrigenetics (BSE:519574) - Stock Analysis

Simply Wall Street, 26 Sept

Watch Items

Revenue growth is negative (-43.8%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongFinancial Health

WeakBusiness Quality · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you.

2 of 4 tripwires tripped — ROCE stays above 8%; Valuation vs its own median of 48.9x · see Key things to watch ↑