**BSE Scrip Code: 524204** Teesta Agro Industries Limited is an Indian public listed company specializing in the manufacturing and marketing of chemical fertilizers and agro-inputs. Operating primarily in the **West Bengal** and **Rajasthan** regions, the company maintains an integrated production model focused on essential soil nutrients and industrial acids. --- ### **Core Product Portfolio & Manufacturing Footprint** The company operates a single reportable business segment centered on fertilizer operations. Its integrated manufacturing facilities produce a range of chemical inputs essential for the agricultural sector: * **Single Super Phosphate (SSP) Fertilizer:** The flagship product used extensively in Indian agriculture. * **Mixture Fertilizers:** Customized nutrient blends for regional crop requirements. * **Sulphuric Acid:** A critical industrial chemical used both internally for SSP production and sold for external industrial use. * **Dicalcium Phosphate (DCP):** A key product focus following recent infrastructure investments. **Operational Facilities:** The company’s infrastructure is distributed across strategic hubs to manage production and corporate governance: | Facility Type | Location | Key Function | | :--- | :--- | :--- | | **Registered Office & Primary Plant** | **Jalpaiguri, West Bengal** | Integrated manufacturing of SSP, Sulphuric Acid, and DCP. | | **Chittorgarh Unit (Gangrar)** | **Gangrar, Rajasthan** | Major revenue-generating manufacturing hub. | | **Corporate/Branch Office** | **Kolkata, West Bengal** | Administrative and commercial operations. | | **Regional & Satellite Offices** | **New Delhi & Siliguri** | Marketing, liaison, and regional distribution oversight. | --- ### **Strategic Growth & Capacity Expansion** The company is currently transitioning from a period of infrastructure development to operational scaling. * **DCP Project Expansion:** A significant capital project involving the expansion of the **Dicalcium Phosphate (DCP)** unit at the **Jalpaiguri** plant was completed and commissioned in **May 2023**. Technical and commercial integration was finalized shortly thereafter. * **Capacity Utilization:** As of **July 2025**, the company reported production and operation levels at **50%**. This indicates substantial headroom for growth and volume scaling without immediate further capital expenditure. * **Leadership Continuity:** To ensure stability during this growth phase, the Board reappointed **Mr. Hardev Singh** as **Managing Director** for a **5-year tenure** effective from **August 9, 2024**, extending his leadership through **August 2029**. Mr. Singh has been the primary strategic driver of the company since **1989**. --- ### **Capital Structure & Shareholding Pattern** As of **March 31, 2025**, the company maintains a stable equity base with a total paid-up equity capital of **₹557.00 Lacs** (net of **₹4.00 Lacs** in allotment money in arrears). **Equity Composition:** * **Authorised Capital:** **₹1,000.00 Lacs** (comprising **₹800.00 Lacs** in Equity Shares and **₹200.00 Lacs** in **8% Cumulative Preference Shares**). * **Total Shares Outstanding:** **5,610,000** Equity Shares (Par value **₹10**). **Promoter Ownership:** The promoter group holds a dominant stake, ensuring high skin-in-the-game and management control: | Promoter Name | Share Count | Percentage Holding | | :--- | :---: | :---: | | **Hardev Singh** | **1,592,190** | **28.38%** | | **Paramdeep Singh** | **1,592,190** | **28.38%** | | **Joginder Kaur** | **587,600** | **10.47%** | | **Inderdeep Singh** | **149,000** | **2.66%** | | **Total Promoter Group** | **3,920,980** | **69.89%** | --- ### **Financial Performance & Debt Profile** The company’s financial model is characterized by low leverage and a reliance on internal accruals for liquidity. * **Revenue Drivers:** The **Chittorgarh Unit** is a primary contributor, reporting revenues of **₹96.53 Crores** and total assets of **₹65.23 Crores** for the fiscal year ended **March 31, 2025**. * **Debt Structure:** The company has **no outstanding Term Loans**. Working capital is managed through a **consortium of Banks**, secured by: * A **joint hypothecation charge** on inventory, book debts, and current assets. * A **first charge** on fixed assets at the **Rajganj** and **Gangrar** plants. * **Personal guarantees** provided by **two directors**. * **Reserves:** The company maintains a **Capital Reserve** of **₹2,537** (in reporting units) and a **Capital Redemption Reserve** of **₹114**. * **Seasonality:** The business is highly **seasonal**. Quarterly results are volatile and may not accurately reflect the annualized performance. --- ### **Risk Management & Compliance Landscape** Investors should note the specific operational and regulatory risks associated with the company’s history and current governance structure. **1. Regulatory History & Resolution:** * **BSE Suspension:** Trading was suspended by the **BSE** on **April 9, 2019**, due to penal reasons. This suspension was successfully revoked effective **June 29, 2023**, restoring liquidity for shareholders. * **Charge Satisfaction:** Several loan charges remain active on the **MCA portal** despite the debts being repaid; the company has yet to file formal **satisfaction of charges** with the **ROC**. **2. Governance & Board Composition:** * The Board consists of **10 members** (1 MD, 3 Whole-Time Directors, and 5 Independent Directors). However, it is currently noted as **not duly constituted** regarding the ideal balance of executive and non-executive roles. * **Compliance Gaps:** There have been instances of **DIN deactivation** for directors due to missing **DIR-3 KYC** filings and challenges with Independent Directors meeting mandatory **Proficiency Test** requirements. **3. Financial & Market Risks:** * **Credit Risk:** Managed by a dedicated marketing department that sets **credit limits** and monitors **security deposits** to mitigate payment defaults. * **Market Risk:** The company is exposed to **foreign exchange fluctuations** but currently **does not use forward contracts** or hedging instruments, relying on spot rates. * **Audit Oversight:** For **FY 2024-25**, **M/s. D. Sabyasachi & Co.** were appointed as Cost Auditors (**Remuneration: ₹52,000 + taxes**). Financials for the Chittorgarh unit are audited by a branch auditor, upon which the statutory auditor relies for **Ind AS** compliance. **4. Operational Risk:** * The current **50% capacity utilization** represents an operational risk if demand fails to scale, but also an opportunity for margin expansion as fixed costs are better absorbed at higher volumes.