SC Agrotech Ltd is a company in the middle of a complete reinvention. Originally a dairy business that had gone dormant, it has spent the last decade pivoting into agriculture - seeds, fertilizers, pesticides, contract farming, and agro-processing - and is now building a farmer-facing platform from scratch. The recurring approach is to build relationships directly with farmers through advisory programs and digital tools, even before the revenue engine has started: the company had no operating revenue in its most recent year, describing itself as having no active manufacturing or business activities right now. # Business segments A single engine in its earliest stages - an agri-services platform being assembled farmer by farmer, with no revenue yet but a growing footprint across states. ## 1. Agri-inputs and farmer services: building the platform before the revenue **The company sells seeds, fertilizers and crop protection chemicals directly to farmers while layering on contract farming and advisory services - but it is still constructing the model and recorded no sales in FY25.** - **No factory, no middlemen** - the company does not manufacture anything itself; its model is to source agri-inputs and sell them alongside contract farming and agro-processing services, which means it can start lean without owning production assets. - **Farmer outreach is the real asset** - it runs Farmer Advisory Programs that give technical guidance to over 100 farmers on crop management, maintains demonstration farms to showcase modern practices, and holds skill-development workshops for rural youth, so trust is built before transactions begin. - **Digital tools stitch it together** - the company has invested in precision farming technologies, digital platforms and data-driven solutions that help farmers make decisions, while also using those same platforms to manage its own supply chain as it scales. - **Footprint expanded before revenue arrived** - during FY25 it entered three new states and added farmers to its customer base through field engagement programs, even though revenue from operations was zero, showing the groundwork is being laid ahead of commercial activity. - **Eco-friendly inputs are the differentiator** - it introduced new eco-friendly agri-input products during the year that are designed to improve yield while reducing environmental impact, positioning it for the growing organic and sustainable farming wave in India. # Group structure and partners **A standalone listed company with no subsidiaries or joint ventures, now recapitalising through a large warrant issue to fund its agricultural build-out.** - **Listed but lean** - the company trades on BSE Limited and is a single entity with no holding company, subsidiaries, joint ventures or associate companies, so all operations sit directly on its own balance sheet. - **A fresh capital injection** - in December 2025 the Board allotted 7 crore fully convertible equity warrants to 19 non-promoter investors at ₹16 per warrant, with 25% paid upfront and the remaining 75% due when they convert into equity shares within 18 months, giving the company a committed pipeline of future equity capital without immediately diluting shareholders. - **Governance is proportionate to size** - with paid-up equity share capital below ₹10 crore and net worth below ₹25 crore as of March 2025, most of the corporate governance provisions under SEBI listing regulations do not apply, keeping compliance costs low while the business is pre-revenue.