Nagarjuna Agri Tech Ltd is a company in the middle of a deliberate, top-to-bottom reinvention. Originally built on cultivating and exporting roses from a farm in Karnataka, it has systematically wound down that legacy to pivot into India’s packaged food and restaurant industry, led by a managing director with over two decades of experience at firms like Nestle and Parle. The recurring approach is acquisition: it buys established food brands and their production muscle, then uses that base to build a broader consumer platform. # Business segments A single engine in transition - a legacy floriculture business being retired, while a new food-and-beverage platform is assembled through acquisitions that are still closing. ## 1. Floriculture: the legacy rose farm being wound down **The company’s original business is the cultivation and sale of roses from a single farm in Karnataka, but it has been systematically liquidated to make way for the food-platform pivot.** - **Grows and sells roses, locally and abroad** - the business involves both domestic sales and exports of roses, with revenue recognised when the buyer takes delivery. - **A perishable product with no shelf life** - because roses spoil quickly, the company discloses the actual sales in the three to four days after the reporting date as cost or net realizable value. - **Land held through former employees** - Karnataka state rules do not allow companies to hold agricultural land, so the farm’s land is legally in the names of two ex-employees, with agreements that the company is the true owner because it paid for it. - **A tiny operation run by daily labour** - day-to-day activities are managed by roughly ten regular employees and a daily-labour workforce, and during the COVID-19 lockdowns the unit stopped production for almost six months, pinching all flowers from the plants because markets were shut and international flights were cancelled or cost four times the normal price. ## 2. The food-platform build-out: a QSR chain and a packaged-food maker, both being bolted on **The company is using acquisitions to assemble a presence in food retail and packaged snacks, but as of mid-2026 the two main pieces - a Kolkata bakery chain and a noodle-and-snacks manufacturer - are either still closing or freshly closed.** - **A 94-store bakery chain with a 40-year history** - the company is acquiring Kathleen Confectioners, a Kolkata-based partnership firm started in 1978, and its related entity Kathleen Food Private Limited, for a combined outlay of roughly Rs. 15 Crores. The chain sells cakes, pastries, chocolates and other baked goods through 20 company-owned outlets and 74 franchise stores. - **A ready-to-eat snacks and noodles maker, bought with shares** - on 20 March 2026, the company completed the acquisition of Allenby Food & Beverages Private Limited, a Kolkata-headquartered manufacturer with multiple production units in West Bengal and the North East, by swapping its own shares for 100% of Allenby’s equity at a ratio of 15 Nagarjuna shares for each Allenby share. Allenby specialises in instant noodles and an extensive snacking and bakery portfolio. - **The factory is rented from the acquired company** - to start manufacturing under the new business activity, Nagarjuna is leasing Allenby’s premises and machinery at a combined monthly rent of Rs. 19 Lakhs plus tax, making the subsidiary also its landlord and equipment provider. - **More deals are in the pipeline** - the board has also approved acquiring a sole proprietorship called Rafflesia Confectionary, taking a 60% stake in Aarini Gourmet LLP, and buying a partnership firm named Shree Salasar Foods, signalling an appetite to keep adding brands to the platform. # Group structure and partners **The company is building a group from scratch: it had no subsidiaries at the start of FY25 and is now creating them through a string of acquisitions, some still incomplete.** - As of 31 March 2025, the company had no subsidiary, joint venture or associate. - Allenby Food & Beverages Private Limited became a wholly owned subsidiary on 20 March 2026 through a share-swap deal. - The acquisitions of Kathleen Confectioners and Kathleen Food Private Limited are still in progress, with the completion deadline extended to on or before 31 March 2026. - The board has separately approved acquiring Rafflesia Confectionary, a 60% stake in Aarini Gourmet LLP, and Shree Salasar Foods, all subject to necessary approvals. - The company’s shares are listed on the Bombay Stock Exchange, and its authorised share capital has been raised in steps from Rs. 10 Crores to Rs. 30 Crores to accommodate the share issuances needed for these acquisitions.