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Mangalam Seeds Ltd

MSL
BSE
115.50
0.94%
Last Updated:
02 Apr '26, 3:59 PM
Company Overview
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Mangalam Seeds Ltd

MSL
BSE
115.50
0.94%
02 Apr '26, 3:59 PM
Company Overview
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6M
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Quick Ratios

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Mkt Cap
Market Capitalization
127Cr
Close
Close Price
115.50
Industry
Industry
Floriculture/Tissue Culture
PE
Price To Earnings
12.17
PS
Price To Sales
1.08
Revenue
Revenue
118Cr
Rev Gr TTM
Revenue Growth TTM
14.60%
PAT Gr TTM
PAT Growth TTM
15.28%

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
162316522132222722491829
Growth YoY
Revenue Growth YoY%
145.343.925.1148.435.339.041.5-47.71.152.6-16.65.5
Expenses
ExpensesCr
101911451727182516431426
Operating Profit
Operating ProfitCr
655746436643
OPM
OPM%
37.720.129.514.218.317.616.510.227.212.222.311.2
Other Income
Other IncomeCr
000000000000
Interest Expense
Interest ExpenseCr
010111111111
Depreciation
DepreciationCr
000010000001
PBT
PBTCr
544624225432
Tax
TaxCr
111100001110
PAT
PATCr
433524213421
Growth YoY
PAT Growth YoY%
331.452.181.463.4-50.035.7-43.8-74.256.81.39.2-5.2
NPM
NPM%
27.912.218.810.010.311.97.54.916.07.99.84.4
EPS
EPS
4.12.62.74.82.03.51.51.23.13.51.61.2

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
152430303240414165112103118
Growth
Revenue Growth%
59.924.90.66.225.02.2-0.860.071.9-8.214.3
Expenses
ExpensesCr
132126262835323349928599
Operating Profit
Operating ProfitCr
2345569816211819
OPM
OPM%
11.812.114.215.614.613.721.520.224.518.317.416.2
Other Income
Other IncomeCr
000000000000
Interest Expense
Interest ExpenseCr
001111112344
Depreciation
DepreciationCr
000100111222
PBT
PBTCr
1234447613161213
Tax
TaxCr
000000112323
PAT
PATCr
1233346511131010
Growth
PAT Growth%
88.343.47.30.911.863.8-15.8114.319.1-22.01.2
NPM
NPM%
7.68.910.310.910.49.314.912.716.911.710.08.8
EPS
EPS
23.42.83.03.03.03.45.64.710.112.09.49.5

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
145111111111111111111
Reserves
ReservesCr
4818161923293446596975
Current Liabilities
Current LiabilitiesCr
476881191516435759
Non Current Liabilities
Non Current LiabilitiesCr
000003576212321
Total Liabilities
Total LiabilitiesCr
91930353848546778135161167
Current Assets
Current AssetsCr
616272423232634447189106
Non Current Assets
Non Current AssetsCr
233111525283434647261
Total Assets
Total AssetsCr
91930353848546778135161167

Cash Flow

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
0-3-45578-25-10
Investing Cash Flow
Investing Cash FlowCr
-2-3-3-7-4-8-7-3-2-32-9
Financing Cash Flow
Financing Cash FlowCr
18700107-2364
Net Cash Flow
Net Cash FlowCr
-110-20-10213-6
Free Cash Flow
Free Cash FlowCr
-2-4-5-40-44-83-32-9
CFO To PAT
CFO To PAT%
-26.2-151.5-139.2136.4135.8175.8126.0-30.344.8-5.1-0.8
CFO To EBITDA
CFO To EBITDA%
-16.9-111.5-100.895.796.6119.787.2-19.030.9-3.3-0.4

Ratios

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
0318411562607794178279179
Price To Earnings
Price To Earnings
0.014.928.034.618.616.112.518.216.121.217.4
Price To Sales
Price To Sales
0.01.32.83.81.91.51.92.32.72.51.7
Price To Book
Price To Book
0.02.43.64.32.11.81.92.13.14.02.2
EV To EBITDA
EV To EBITDA
1.511.720.125.414.312.39.713.212.016.013.5
Profitability Ratios
Profitability Ratios
GPM
GPM%
26.625.928.170.476.466.535.135.840.029.529.4
OPM
OPM%
11.812.114.215.614.613.721.520.224.518.317.4
NPM
NPM%
7.68.910.310.910.49.314.912.716.911.710.0
ROCE
ROCE%
19.414.813.813.311.912.416.211.720.115.011.6
ROE
ROE%
24.817.113.212.411.111.115.311.419.618.912.9
ROA
ROA%
13.411.110.39.58.87.811.47.714.29.76.4
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 ---