• Revenue growth: Q2 income increased by 220%, driven by business across many states and significant exports. Management said revenue and profit have continued to grow in Q3 and Q4.
• R&D investment: Margins fell from 15% in the same quarter last year to around 5%, which management attributed to setting up new R&D facilities and a lab. It expects benefits in the next quarter or year.
• Farm conditions: Management said improved irrigation and electricity access, higher crop prices, and farmers harvesting more often are supporting demand. Rainfall is low in some states, but it said there is no overall impact.
• Rating and debt: Management said the CARE action was not a downgrade; the company ended its CARE engagement and received a BBB+ rating from ICRA. It also said the company has no debt.
• Bookings and reach: The company previously operated in 22 states and has since expanded into more states. Management said the coming year is fully booked and all of the company’s 2027 production has been booked.