Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹127Cr
Floriculture/Tissue Culture
Rev Gr TTM
Revenue Growth TTM
14.60%
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 145.3 | 43.9 | 25.1 | 148.4 | 35.3 | 39.0 | 41.5 | -47.7 | 1.1 | 52.6 | -16.6 | 5.5 |
| 10 | 19 | 11 | 45 | 17 | 27 | 18 | 25 | 16 | 43 | 14 | 26 |
Operating Profit Operating ProfitCr |
| 37.7 | 20.1 | 29.5 | 14.2 | 18.3 | 17.6 | 16.5 | 10.2 | 27.2 | 12.2 | 22.3 | 11.2 |
Other Income Other IncomeCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Interest Expense Interest ExpenseCr | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Depreciation DepreciationCr | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| 5 | 4 | 4 | 6 | 2 | 4 | 2 | 2 | 5 | 4 | 3 | 2 |
| 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
|
Growth YoY PAT Growth YoY% | 331.4 | 52.1 | 81.4 | 63.4 | -50.0 | 35.7 | -43.8 | -74.2 | 56.8 | 1.3 | 9.2 | -5.2 |
| 27.9 | 12.2 | 18.8 | 10.0 | 10.3 | 11.9 | 7.5 | 4.9 | 16.0 | 7.9 | 9.8 | 4.4 |
| 4.1 | 2.6 | 2.7 | 4.8 | 2.0 | 3.5 | 1.5 | 1.2 | 3.1 | 3.5 | 1.6 | 1.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 59.9 | 24.9 | 0.6 | 6.2 | 25.0 | 2.2 | -0.8 | 60.0 | 71.9 | -8.2 | 14.3 |
| 13 | 21 | 26 | 26 | 28 | 35 | 32 | 33 | 49 | 92 | 85 | 99 |
Operating Profit Operating ProfitCr |
| 11.8 | 12.1 | 14.2 | 15.6 | 14.6 | 13.7 | 21.5 | 20.2 | 24.5 | 18.3 | 17.4 | 16.2 |
Other Income Other IncomeCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Interest Expense Interest ExpenseCr | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 3 | 4 | 4 |
Depreciation DepreciationCr | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 2 | 2 | 2 |
| 1 | 2 | 3 | 4 | 4 | 4 | 7 | 6 | 13 | 16 | 12 | 13 |
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 3 | 2 | 3 |
|
| | 88.3 | 43.4 | 7.3 | 0.9 | 11.8 | 63.8 | -15.8 | 114.3 | 19.1 | -22.0 | 1.2 |
| 7.6 | 8.9 | 10.3 | 10.9 | 10.4 | 9.3 | 14.9 | 12.7 | 16.9 | 11.7 | 10.0 | 8.8 |
| 23.4 | 2.8 | 3.0 | 3.0 | 3.0 | 3.4 | 5.6 | 4.7 | 10.1 | 12.0 | 9.4 | 9.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 1 | 4 | 5 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| 4 | 8 | 18 | 16 | 19 | 23 | 29 | 34 | 46 | 59 | 69 | 75 |
Current Liabilities Current LiabilitiesCr | 4 | 7 | 6 | 8 | 8 | 11 | 9 | 15 | 16 | 43 | 57 | 59 |
Non Current Liabilities Non Current LiabilitiesCr | 0 | 0 | 0 | 0 | 0 | 3 | 5 | 7 | 6 | 21 | 23 | 21 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 6 | 16 | 27 | 24 | 23 | 23 | 26 | 34 | 44 | 71 | 89 | 106 |
Non Current Assets Non Current AssetsCr | 2 | 3 | 3 | 11 | 15 | 25 | 28 | 34 | 34 | 64 | 72 | 61 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 0 | -3 | -4 | 5 | 5 | 7 | 8 | -2 | 5 | -1 | 0 |
Investing Cash Flow Investing Cash FlowCr | -2 | -3 | -3 | -7 | -4 | -8 | -7 | -3 | -2 | -32 | -9 |
Financing Cash Flow Financing Cash FlowCr | 1 | 8 | 7 | 0 | 0 | 1 | 0 | 7 | -2 | 36 | 4 |
|
Free Cash Flow Free Cash FlowCr | -2 | -4 | -5 | -4 | 0 | -4 | 4 | -8 | 3 | -32 | -9 |
| -26.2 | -151.5 | -139.2 | 136.4 | 135.8 | 175.8 | 126.0 | -30.3 | 44.8 | -5.1 | -0.8 |
CFO To EBITDA CFO To EBITDA% | -16.9 | -111.5 | -100.8 | 95.7 | 96.6 | 119.7 | 87.2 | -19.0 | 30.9 | -3.3 | -0.4 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 31 | 84 | 115 | 62 | 60 | 77 | 94 | 178 | 279 | 179 |
Price To Earnings Price To Earnings | 0.0 | 14.9 | 28.0 | 34.6 | 18.6 | 16.1 | 12.5 | 18.2 | 16.1 | 21.2 | 17.4 |
Price To Sales Price To Sales | 0.0 | 1.3 | 2.8 | 3.8 | 1.9 | 1.5 | 1.9 | 2.3 | 2.7 | 2.5 | 1.7 |
Price To Book Price To Book | 0.0 | 2.4 | 3.6 | 4.3 | 2.1 | 1.8 | 1.9 | 2.1 | 3.1 | 4.0 | 2.2 |
| 1.5 | 11.7 | 20.1 | 25.4 | 14.3 | 12.3 | 9.7 | 13.2 | 12.0 | 16.0 | 13.5 |
Profitability Ratios Profitability Ratios |
| 26.6 | 25.9 | 28.1 | 70.4 | 76.4 | 66.5 | 35.1 | 35.8 | 40.0 | 29.5 | 29.4 |
| 11.8 | 12.1 | 14.2 | 15.6 | 14.6 | 13.7 | 21.5 | 20.2 | 24.5 | 18.3 | 17.4 |
| 7.6 | 8.9 | 10.3 | 10.9 | 10.4 | 9.3 | 14.9 | 12.7 | 16.9 | 11.7 | 10.0 |
| 19.4 | 14.8 | 13.8 | 13.3 | 11.9 | 12.4 | 16.2 | 11.7 | 20.1 | 15.0 | 11.6 |
| 24.8 | 17.1 | 13.2 | 12.4 | 11.1 | 11.1 | 15.3 | 11.4 | 19.6 | 18.9 | 12.9 |
| 13.4 | 11.1 | 10.3 | 9.5 | 8.8 | 7.8 | 11.4 | 7.7 | 14.2 | 9.7 | 6.4 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Mangalam Seeds Limited, established in **2011**, is an ISO 9001-certified agri-enterprise headquartered in **Ahmedabad, Gujarat**. The company specializes in the research, development, production, and marketing of **high-quality hybrid and open-pollinated seeds** tailored for diverse agroclimatic conditions across India. With over **18 years of industry experience** (as of 2023) and a focused presence in the seeds segment, Mangalam Seeds has positioned itself as a **one-stop solution provider** for farmers, offering a broad portfolio across field, horticultural, and forage crops.
---
### **Core Business & Operations**
Mangalam Seeds operates across the **entire seed value chain**, including:
- Crop research and development (R&D)
- Breeding (including hybrid development)
- Seed production via contract growers
- Processing, testing, packaging, and marketing
The company leverages **in-house R&D capabilities** and collaborations with **agricultural universities and research institutions** to innovate and deliver climate-resilient, high-yielding, and disease-pest-drought-tolerant seed varieties.
---
### **Product Portfolio**
The company offers a **diversified seed portfolio** across multiple categories:
- **Grain Seeds** (e.g., Maize, Pearl Millet/Bajra)
- **Oil Seeds** (e.g., Mustard, Sesame, Castor)
- **Pulse Seeds** (e.g., Green Gram, Black Gram, Lentil)
- **Fiber Seeds** (e.g., Cotton)
- **Fodder Seeds** (e.g., Hybrid Bajra, Maize Yoyograss)
- **Spicy Seeds** (e.g., Fenugreek, Cumin, Fennel)
- **Vegetable Seeds** (Hybrid and Open-Pollinated), including Okra, Kitchen Garden vegetables
- **Psyllium and other specialty seeds**
It markets **over 35–40 brands**, with recent launches including:
- **Mustard hybrid Mangalam-1881**, yellow Mustard **Mangalam-007**
- **Okra MOK-389**, **Fenugreek Rujvi**
- **Fodder Bajra Erix**, **Fodder Maize Yoyograss**
- **Black Sesamum Breeko Black**, **Psyllium Chetak Plus**, **Cotton hybrid Abhay-551**
These innovations support **market expansion**, **customer retention**, and align with rising demand for **stress-tolerant and high-performance seeds**.
---
### **Research & Development (R&D)**
R&D is central to Mangalam Seeds' growth strategy.
- **R&D Leadership**: Led by **Mr. Hardik R. Patel** (as of 2023), continuing strong technical leadership previously guided by Dr. Ishwar D. Patel, a former scientist at Gujarat Agricultural University (G.A.U.).
- **R&D Farms**: Two dedicated farms in:
- **Maktupur (Mehsana, 14.25 acres)**
- **Valad (Gandhinagar, 33.71 acres)**
- **Infrastructure Investment**:
- Land acquired in **Valad (2020)** for a **Tissue Culture Laboratory** to support advanced breeding.
- Use of **tissue culture processes** for hybrid seed development.
- **R&D Objectives**:
- Collection and preservation of indigenous and exotic germplasm
- Development of high-yield, pest-resistant, drought-tolerant, and climate-resilient varieties
- Creation of male/female parental lines and certified seed production
The company continues to invest in R&D teams and technology to reduce the long development cycles of hybrid seeds and address farmer preference for cost-effective, resilient alternatives.
---
### **Production & Infrastructure**
- **Seed Production**: Conducted via a **network of contract growers** across India on leased farmland.
- **Processing Facility**: State-of-the-art plant located in **Unjha, Gujarat**.
- Equipped with **imported machinery** from **Buhler (Switzerland/UK)** including:
- Classifier separators
- Destoners
- Gravity separators
- Color sortex machines
- **Packaging & Storage**:
- Units in **Maktupur, Valad, and Gadalvada (Banaskantha)**
- **Cold storages** and **4,000 metric tons of seed storage capacity** with quality-preservation systems
- **Stockyards**: Strategically located in:
- **Gujarat**: Palanpur, Una, Junagadh, Deesa
- **Rajasthan**: Jodhpur, Bhinamal, Jaipur
- Also in **Madhya Pradesh**
---
### **Marketing & Distribution Network**
Mangalam Seeds has built a **robust, multi-tiered distribution system**:
| Region | Distributors | Dealers/Retailers |
|--------|--------------|-------------------|
| **Gujarat & Rajasthan** | **540** | **>1,550** |
| **Pan-India** | **>500** | **>1,200** |
- Strong marketing presence in core markets: **Gujarat and Rajasthan**, with **registered office in Ahmedabad**.
- Operational units and branches in **Gujarat, Madhya Pradesh, and Rajasthan**.
- Employs **over 80 dedicated professionals** (as of Sep 2025), including researchers and field staff.
- Utilizes **diversified marketing strategies** to reduce dependence on individual clients and enhance brand recall.
---
### **Leadership & Governance**
- **Managing Director**: **Mr. Pravinkumar Mafatbhai Patel** (47 years)
- B.Sc. in Applied Chemistry, Sardar Patel University
- Director since incorporation; oversees **marketing, product promotion, and development**
- Over **two decades of experience** in hybrid seed production and sales
- Son of founder **Mr. Mafatbhai Jethalal Patel**; relative of **Dhanajibhai Shivrambhai Patel**
- Reflects a **family-driven leadership and governance model**
---
### **Financial Highlights (Quarter Ended September 30, 2024)**
- **Revenue from Operations**: ₹**3,452.75 lakh** (~₹345.28 crores)
- **Total Expenses**: ₹**2,094.21 lakh**
- **Other Income**: ₹**760.54 lakh** (significant contributor to profitability)
*Note: Financial data reflects strong operational performance and non-operating income support.*
---
### **Vision & Strategic Direction**
Mangalam Seeds aims to become the **most preferred seed brand in India** for key crops including:
> **Castor, Sesamum, Bajra, Fennel, Mustard, and Cumin**
**Mission**:
- Develop **high-yielding, resilient seed varieties** through innovation
- Strengthen relationships with **growers, distributors, and dealers**
- Support **farmer prosperity** and **national food security**
- Expand **national footprint** through aggressive branding and farmer education
**Growth Levers**:
- Scaling **R&D and hybrid technology**
- Expanding **product portfolio** (e.g., Green Gram, Okra, Maize)
- Enhancing **farmer engagement** via training and field demonstrations
- Strengthening **brand equity** through targeted marketing
---