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Kaveri Seed Company Ltd

KSCL

NSE

₹731.70+0.08%19 Oct 2026 at 3:31 PM

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Miscellaneous

Kaveri Seed Company Ltd

KSCL

NSE

₹731.70

+0.08%

19 Oct 2026 at 3:31 PM

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Kaveri Seed Company is an Indian agricultural science business that turns plant genetics into higher harvests - it breeds, produces and sells hybrid and varietal seeds that help farmers grow more food on the same land. Founded in 1976 by G.V. Bhaskar Rao as a small seed-production unit in Telangana, it has spent nearly five decades building what it calls “India’s largest and one of the fastest growing seed companies”. The recurring idea that explains the whole enterprise is deliberate diversification away from any single crop: the company has systematically expanded from cotton into maize, rice, vegetables and beyond, so that non-cotton crops now contribute over 60% of revenues and profits, making it one of the few Indian seed companies strong in both cotton and non-cotton segments with a broad product portfolio.

Business segments

Two engines feed the farmer - a dominant field-crops platform spanning cotton, maize, rice and a dozen other staples, and a fast-growing vegetable-seed business that rides the same R&D and distribution backbone.

1. Field crops: the staple-food engine that reaches millions of farmers

A multi-crop portfolio of hybrid and varietal seeds - led by maize, rice and cotton - sold through one of India’s largest distribution networks, with new products driving a rising share of volumes every year.

Maize is the growth locomotive - maize volumes grew nearly 19% and revenues roughly 40% in FY26, with new products (launched in the last three to five years) contributing up to 52% of total maize sales, so the pipeline constantly refreshes what farmers buy.
Hybrid rice is the market-share story - hybrid rice penetration in India is only about 9-9.5% of the rice area, and Kaveri has grown its share from under 2% to 10-12% in four to five years by launching hybrids that farmers in Uttar Pradesh, Bihar and Chhattisgarh are adopting.
Cotton is the legacy anchor, now deliberately shrunk - cotton contributed under 19% of revenue in FY26, down from roughly 30% two years earlier, as the company shifted resources toward higher-growth non-cotton crops.
New products are the commercial engine - across all field crops, the majority of sales come from hybrids in their second and third year, and the company launches eight to ten new products annually, so the portfolio never ages out.
Distribution reaches the village - 3,222 direct distributors and 68,500 retailers put seeds into more than 100,000 villages across more than 25 states, giving Kaveri what management calls the highest marketing network of any seed company in India.

2. Vegetable seeds: the high-growth specialty engine

A portfolio of tomato, okra, chilli, gourd and watermelon seeds growing at over 20% a year, built on the same R&D farms and sold through the same retailer network.

Small base, fast acceleration - vegetable-seed volumes rose 8.4% in FY26 and the company expects at least 20% annual growth, because hybrid adoption in Indian vegetables is still low and the addressable market is expanding.
New products dominate even faster here - the contribution of new vegetable products jumped from 23% to 56% of volumes in a single year (FY22), showing how quickly farmers switch when a better hybrid arrives.
Dedicated infrastructure protects quality - a 35,000-square-foot processing, packing and cold-storage facility handles only vegetable seeds, because these are higher-value products that need precise temperature and humidity control.
India’s okra dominance is a tailwind - India produces 73% of the world’s okra, and Kaveri breeds hybrids resistant to the Yellow Vein Mosaic Virus that devastates crops, so its seeds solve a real farmer problem in a huge market.

Research and breeding: the genetic factory behind every packet

A 172-person R&D team working across more than 600 acres of research farms, with a germplasm bank built over three decades and breeding cycles cut by more than half through speed-breeding technology.

Speed breeding compresses time - using controlled-environment techniques, the company can go from seed to seed in 65 days for tomato and 90 days for cotton, running up to five crop cycles a year instead of the traditional one or two.
Doubled-haploid technology delivers finished lines fast - in maize, inducer-based doubled-haploid methods produce finished parent lines in seven to eight months; in rice, anther-culture methods do it in eight to nine months, so new hybrids reach farmers years sooner.
The germplasm bank is the irreplaceable asset - built over 30 years, it holds the genetic diversity that breeders mine for drought tolerance, pest resistance and higher yields, and it cannot be replicated quickly by a competitor.
Testing happens at scale - evaluation trials run at more than 900 locations across seasons, with dedicated disease-screening hot spots, so a hybrid is stress-tested in real field conditions before it ever reaches a farmer.

Group structure and partners

A listed parent with three operating subsidiaries - Aditya Agritech, Genomix and Kaveri Microteck - plus a Bangladesh subsidiary being built for direct own-brand sales abroad.

Subsidiaries sell different products, but they also compete among themselves - hybrids that Kaveri does not focus on are given to Aditya Agritech and Genomix to market, so the group covers more segments while the subsidiaries operate independently.
Aditya Agritech became wholly owned in November 2025 - Kaveri bought the remaining 30% stake it did not already own, consolidating a business that generated Rs. 107 crore in turnover in FY25.
Bangladesh is the first overseas subsidiary - incorporated to shift from exporting to third-party distributors toward selling under Kaveri’s own brand, giving the company direct control over pricing and farmer relationships in a priority geography.
Research collaborations multiply the R&D reach - the company partners with IRRI, CIMMYT, ICRISAT, the World Vegetable Consortium (WVC) / AVRDC and multiple Indian agricultural universities, gaining access to global germplasm and breeding techniques without having to invent everything in-house.

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Balance Sheet

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Mkt Cap

Market Capitalization

₹3,765Cr

Close Price

₹732.00

Industry

Miscellaneous

Price To Earnings

15.25

Price To Sales

2.94

Revenue

₹1,279Cr

Rev Gr TTM

Revenue Growth TTM

1.46%

PAT Gr TTM

PAT Growth TTM

-21.91%

Upcoming Results on

28 Oct 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	171	143	98	803	137	174	90	859	219	210	107	743
Growth YoY Revenue Growth YoY%	2.5	-0.9	33.5	9.1	-19.8	22.0	-8.2	6.9	59.3	20.8	18.7	-13.5
Expenses ExpensesCr	160	134	110	508	139	160	107	520	225	189	123	449
Operating Profit Operating ProfitCr	11	9	-12	295	-2	14	-17	338	-6	21	-16	294
OPM OPM%	6.6	6.0	-12.1	36.8	-1.4	8.1	-18.3	39.4	-2.9	10.1	-15.2	39.6
Other Income Other IncomeCr	14	13	25	9	13	11	13	10	6	8	6	4
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	6	7	10	8	8	9	16	14	15	15	16	13
PBT PBTCr	19	15	3	297	3	17	-20	334	-15	14	-27	284
Tax TaxCr	5	4	4	6	4	2	3	7	1	1	1	4
PAT PATCr	14	11	0	291	-1	15	-23	327	-16	13	-28	280
Growth YoY PAT Growth YoY%	155.9	-71.0	97.5	5.8	-106.4	34.1	-5,615.0	12.3	-1,700.0	-14.6	-21.6	-14.5
NPM NPM%	8.2	7.8	-0.4	36.3	-0.7	8.5	-25.3	38.1	-7.4	6.0	-26.0	37.7
EPS EPS₹	2.6	2.5	0.3	57.0	-0.3	3.0	-4.5	63.8	-3.0	2.8	-6.6	54.8

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	171	143	98	803	137	174	90	859	219	210	107	743
Growth YoY Revenue Growth YoY%	2.5	-0.9	33.5	9.1	-19.8	22.0	-8.2	6.9	59.3	20.8	18.7	-13.5
Expenses ExpensesCr	160	134	110	508	139	160	107	520	225	189	123	449
Operating Profit Operating ProfitCr	11	9	-12	295	-2	14	-17	338	-6	21	-16	294
OPM OPM%	6.6	6.0	-12.1	36.8	-1.4	8.1	-18.3	39.4	-2.9	10.1	-15.2	39.6
Other Income Other IncomeCr	14	13	25	9	13	11	13	10	6	8	6	4
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	6	7	10	8	8	9	16	14	15	15	16	13
PBT PBTCr	19	15	3	297	3	17	-20	334	-15	14	-27	284
Tax TaxCr	5	4	4	6	4	2	3	7	1	1	1	4
PAT PATCr	14	11	0	291	-1	15	-23	327	-16	13	-28	280
Growth YoY PAT Growth YoY%	155.9	-71.0	97.5	5.8	-106.4	34.1	-5,615.0	12.3	-1,700.0	-14.6	-21.6	-14.5
NPM NPM%	8.2	7.8	-0.4	36.3	-0.7	8.5	-25.3	38.1	-7.4	6.0	-26.0	37.7
EPS EPS₹	2.6	2.5	0.3	57.0	-0.3	3.0	-4.5	63.8	-3.0	2.8	-6.6	54.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	745	705	819	808	929	1,036	970	1,070	1,148	1,205	1,395	1,279
Growth Revenue Growth%	-35.8	-5.4	16.2	-1.4	14.9	11.6	-6.4	10.3	7.3	4.9	15.8	1.5
Expenses ExpensesCr	557	565	597	596	676	738	767	819	863	914	1,058	986
Operating Profit Operating ProfitCr	188	140	222	212	253	298	203	252	286	291	337	292
OPM OPM%	25.2	19.8	27.1	26.2	27.3	28.8	20.9	23.5	24.9	24.1	24.1	22.9
Other Income Other IncomeCr	13	-25	24	43	46	46	41	55	63	46	29	23
Interest Expense Interest ExpenseCr	0	0	1	1	0	1	0	0	0	0	0	0
Depreciation DepreciationCr	27	30	25	23	26	22	21	21	28	40	60	60
PBT PBTCr	173	84	220	231	273	321	223	286	321	297	306	255
Tax TaxCr	5	7	8	14	13	10	10	13	21	15	10	7
PAT PATCr	167	77	211	217	260	311	213	273	300	282	296	249
Growth PAT Growth%	-44.3	-53.9	173.5	2.8	19.6	19.7	-31.6	28.1	10.0	-5.9	4.8	-21.9
NPM NPM%	22.5	11.0	25.8	26.9	28.0	30.0	21.9	25.5	26.1	23.4	21.2	19.4
EPS EPS₹	24.3	11.3	31.5	33.7	41.8	52.2	36.4	47.9	54.6	55.1	56.9	48.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	745	705	819	808	929	1,036	970	1,070	1,148	1,205	1,395	1,279
Growth Revenue Growth%	-35.8	-5.4	16.2	-1.4	14.9	11.6	-6.4	10.3	7.3	4.9	15.8	1.5
Expenses ExpensesCr	557	565	597	596	676	738	767	819	863	914	1,058	986
Operating Profit Operating ProfitCr	188	140	222	212	253	298	203	252	286	291	337	292
OPM OPM%	25.2	19.8	27.1	26.2	27.3	28.8	20.9	23.5	24.9	24.1	24.1	22.9
Other Income Other IncomeCr	13	-25	24	43	46	46	41	55	63	46	29	23
Interest Expense Interest ExpenseCr	0	0	1	1	0	1	0	0	0	0	0	0
Depreciation DepreciationCr	27	30	25	23	26	22	21	21	28	40	60	60
PBT PBTCr	173	84	220	231	273	321	223	286	321	297	306	255
Tax TaxCr	5	7	8	14	13	10	10	13	21	15	10	7
PAT PATCr	167	77	211	217	260	311	213	273	300	282	296	249
Growth PAT Growth%	-44.3	-53.9	173.5	2.8	19.6	19.7	-31.6	28.1	10.0	-5.9	4.8	-21.9
NPM NPM%	22.5	11.0	25.8	26.9	28.0	30.0	21.9	25.5	26.1	23.4	21.2	19.4
EPS EPS₹	24.3	11.3	31.5	33.7	41.8	52.2	36.4	47.9	54.6	55.1	56.9	48.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	14	13	13	12	12	12	11	10	10	10
Reserves ReservesCr	913	1,001	999	994	947	1,232	1,269	1,354	1,222	1,515	1,787
Current Liabilities Current LiabilitiesCr	424	501	420	504	578	676	550	641	764	1,091	959
Non Current Liabilities Non Current LiabilitiesCr	10	13	34	41	42	41	48	43	51	59	46
Total Liabilities Total LiabilitiesCr	1,361	1,528	1,465	1,552	1,579	1,962	1,880	2,051	2,052	2,653	2,759
Current Assets Current AssetsCr	1,135	1,284	1,196	1,196	1,259	1,617	1,504	1,578	1,510	2,048	2,049
Non Current Assets Non Current AssetsCr	226	244	270	355	320	344	376	473	542	606	709
Total Assets Total AssetsCr	1,361	1,528	1,465	1,552	1,579	1,962	1,880	2,051	2,052	2,653	2,759

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	14	13	13	12	12	12	11	10	10	10
Reserves ReservesCr	913	1,001	999	994	947	1,232	1,269	1,354	1,222	1,515	1,787
Current Liabilities Current LiabilitiesCr	424	501	420	504	578	676	550	641	764	1,091	959
Non Current Liabilities Non Current LiabilitiesCr	10	13	34	41	42	41	48	43	51	59	46
Total Liabilities Total LiabilitiesCr	1,361	1,528	1,465	1,552	1,579	1,962	1,880	2,051	2,052	2,653	2,759
Current Assets Current AssetsCr	1,135	1,284	1,196	1,196	1,259	1,617	1,504	1,578	1,510	2,048	2,049
Non Current Assets Non Current AssetsCr	226	244	270	355	320	344	376	473	542	606	709
Total Assets Total AssetsCr	1,361	1,528	1,465	1,552	1,579	1,962	1,880	2,051	2,052	2,653	2,759

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	246	218	148	128	192	252	110	297	389	197	-6
Investing Cash Flow Investing Cash FlowCr	-202	-150	71	82	112	-217	66	-119	38	-183	92
Financing Cash Flow Financing Cash FlowCr	-42	-56	-226	-219	-301	-29	-170	-176	-425	-18	-64
Net Cash Flow Net Cash FlowCr	3	11	-7	-9	3	5	7	1	3	-3	21
Free Cash Flow Free Cash FlowCr	221	177	135	59	141	213	63	188	290	109	-155
CFO To PAT CFO To PAT%	147.1	282.4	70.2	58.9	73.8	80.9	51.8	108.8	129.9	69.8	-2.2
CFO To EBITDA CFO To EBITDA%	131.4	156.4	66.9	60.5	75.7	84.5	54.4	117.8	136.3	67.7	-1.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	246	218	148	128	192	252	110	297	389	197	-6
Investing Cash Flow Investing Cash FlowCr	-202	-150	71	82	112	-217	66	-119	38	-183	92
Financing Cash Flow Financing Cash FlowCr	-42	-56	-226	-219	-301	-29	-170	-176	-425	-18	-64
Net Cash Flow Net Cash FlowCr	3	11	-7	-9	3	5	7	1	3	-3	21
Free Cash Flow Free Cash FlowCr	221	177	135	59	141	213	63	188	290	109	-155
CFO To PAT CFO To PAT%	147.1	282.4	70.2	58.9	73.8	80.9	51.8	108.8	129.9	69.8	-2.2
CFO To EBITDA CFO To EBITDA%	131.4	156.4	66.9	60.5	75.7	84.5	54.4	117.8	136.3	67.7	-1.9

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	2,598	3,814	3,204	2,899	2,056	3,098	3,186	2,666	3,206	6,499	4,019	3,765
Price To Earnings Price To Earnings	15.5	49.0	15.2	13.3	7.9	10.0	15.0	9.8	10.7	23.1	13.6	15.3
Price To Sales Price To Sales	3.5	5.4	3.9	3.6	2.2	3.0	3.3	2.5	2.8	5.4	2.9	2.9
Price To Book Price To Book	2.8	3.8	3.2	2.9	2.1	2.5	2.5	1.9	2.6	4.3	2.2	2.1
EV To EBITDA EV To EBITDA	13.8	27.2	14.4	13.7	8.1	10.3	15.6	10.5	11.1	22.3	11.8	12.7
Profitability Ratios Profitability Ratios
GPM GPM%	46.5	41.9	49.0	47.5	48.3	47.8	44.7	47.3	49.5	49.1	47.9	47.9
OPM OPM%	25.2	19.8	27.1	26.2	27.3	28.8	20.9	23.5	24.9	24.1	24.1	22.9
NPM NPM%	22.5	11.0	25.8	26.9	28.0	30.0	21.9	25.5	26.1	23.4	21.2	19.4
ROCE ROCE%	18.6	8.3	21.7	22.9	28.3	25.8	17.4	20.9	26.0	19.5	17.0	17.0
ROE ROE%	18.1	7.6	20.9	21.6	27.1	25.0	16.6	20.0	24.3	18.5	16.5	16.5
ROA ROA%	12.3	5.1	14.4	14.0	16.5	15.9	11.3	13.3	14.6	10.6	10.7	10.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	2,598	3,814	3,204	2,899	2,056	3,098	3,186	2,666	3,206	6,499	4,019	3,765
Price To Earnings Price To Earnings	15.5	49.0	15.2	13.3	7.9	10.0	15.0	9.8	10.7	23.1	13.6	15.3
Price To Sales Price To Sales	3.5	5.4	3.9	3.6	2.2	3.0	3.3	2.5	2.8	5.4	2.9	2.9
Price To Book Price To Book	2.8	3.8	3.2	2.9	2.1	2.5	2.5	1.9	2.6	4.3	2.2	2.1
EV To EBITDA EV To EBITDA	13.8	27.2	14.4	13.7	8.1	10.3	15.6	10.5	11.1	22.3	11.8	12.7
Profitability Ratios Profitability Ratios
GPM GPM%	46.5	41.9	49.0	47.5	48.3	47.8	44.7	47.3	49.5	49.1	47.9	47.9
OPM OPM%	25.2	19.8	27.1	26.2	27.3	28.8	20.9	23.5	24.9	24.1	24.1	22.9
NPM NPM%	22.5	11.0	25.8	26.9	28.0	30.0	21.9	25.5	26.1	23.4	21.2	19.4
ROCE ROCE%	18.6	8.3	21.7	22.9	28.3	25.8	17.4	20.9	26.0	19.5	17.0	17.0
ROE ROE%	18.1	7.6	20.9	21.6	27.1	25.0	16.6	20.0	24.3	18.5	16.5	16.5
ROA ROA%	12.3	5.1	14.4	14.0	16.5	15.9	11.3	13.3	14.6	10.6	10.7	10.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	LEAPIND	INOXGREEN	CMRGREEN	KSCL	INDIQUBE	TRUALT	STEAMHOUSE
Market CapitalizationMkt CapCr	5,806	4,952	4,743	3,765	3,758	3,730	3,579
Close PriceClose₹	131.80	118.01	216.51	732.00	177.27	435.00	129.50
IndustryIndustry	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous
Price To EarningsPE	110.76	37.95	21.46	15.25		25.14	76.63
Price To SalesPS	7.96	17.96	0.55	2.94	2.40	1.82	7.28
RevenueRevenueCr	730	276	8,640	1,279	1,564	2,051	492
Revenue Growth TTMRev Gr TTM%		16.3%		1.5%	38.9%	1.8%
PAT Growth TTMPAT Gr TTM%		204.1%		-21.9%	30.4%	-7.9%

	LEAPIND	INOXGREEN	CMRGREEN	KSCL	INDIQUBE	TRUALT	STEAMHOUSE
Market CapitalizationMkt CapCr	5,806	4,952	4,743	3,765	3,758	3,730	3,579
Close PriceClose₹	131.80	118.01	216.51	732.00	177.27	435.00	129.50
IndustryIndustry	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous
Price To EarningsPE	110.76	37.95	21.46	15.25		25.14	76.63
Price To SalesPS	7.96	17.96	0.55	2.94	2.40	1.82	7.28
RevenueRevenueCr	730	276	8,640	1,279	1,564	2,051	492
Revenue Growth TTMRev Gr TTM%		16.3%		1.5%	38.9%	1.8%
PAT Growth TTMPAT Gr TTM%		204.1%		-21.9%	30.4%	-7.9%

FY2026

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FY2024

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FY2026

Jun 26