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Oswal Agro Mills Ltd

OSWALAGRO

NSE

₹37.78+3.06%19 Oct 2026

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Oswal Agro Mills Ltd

OSWALAGRO

NSE

₹37.78

+3.06%

19 Oct 2026

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Indices

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

Oswal Agro Mills is a listed Indian company that has moved decisively away from its manufacturing past to become a vehicle for unlocking the value of a historic land bank and deploying surplus capital - it trades commodities, develops real estate, and puts money to work through lending and investments, all without a rupee of debt on its books. Incorporated in 1979 and run from New Delhi by a promoter family, the company’s recurring approach is to operate with a light, equity-funded balance sheet while converting long-held assets - most notably a large parcel of land in Chembur, Mumbai - into tradeable development rights and income-generating opportunities. That same patient, asset-conversion logic explains everything else it does: the trading desk turns over working capital when opportunities arise, and the investing arm puts idle cash to work in inter-corporate deposits and a strategic stake in an associate real-estate company.

Business segments

Three engines running on the same pool of equity capital - a volatile commodity-trading desk, a real-estate business built around a single Mumbai land parcel, and an investing arm that lends surplus cash and holds a strategic stake in an associate.

1. Trading: the opportunistic top line

A commodity and goods trading desk that generates lumpy, unpredictable revenue by dealing in whatever products offer a margin at the time - fibre cables one year, agricultural commodities the next.

No fixed product line - the company has traded fibre cables, agricultural commodities, and other goods, with revenue swinging from Rs. 1.87 crores in one year to Rs. 161.76 crores in the next, which shows the business is purely opportunistic rather than built on recurring customer relationships.
Related-party reach - the company has sold commodities to Jindal Steel and Power Limited, an entity listed as a related party, giving it access to deals that an arm’s-length trader might not see.

2. Real Estate: the land bank that became development rights

A real-estate business anchored by a single 247,244 sq.-metre parcel in Chembur, Mumbai, which the company is systematically converting into tradeable Development Rights Certificates by handing over reserved plots to the municipality.

Land-for-rights swap - in September 2024, the company handed over roughly 106,848 sq. metres of its Chembur land, designated for public utilities like a cemetery, hospital, school, playground and roads, to the Brihanmumbai Municipal Corporation in exchange for approximately 23 lakh sq. ft. of Development Rights Certificates (DRCs) that it can sell or use elsewhere.
First tranche already in hand - the company received the first-phase DRC for 106,374 sq. metres on October 23, 2024, so the conversion from raw land to liquid, tradeable rights is already underway.
Rental income from legacy properties - beyond the Chembur project, the company owns investment properties including freehold land and buildings in Ludhiana, Punjab, one of which is leased under a 29-year-11-month non-cancellable operating lease, providing a thin but steady rental stream.
A lost lease in Madhya Pradesh - the company held leasehold land in Mandideep under a 99-year lease from 1982, but the Madhya Pradesh High Court cancelled the lease in January 2024 and the land is being handed back to the state industrial development corporation, removing a small legacy asset from the books.

3. Investing: the capital-deployment engine

Surplus equity capital is lent out as inter-corporate deposits, traded in mutual funds, and parked in a 44.25% stake in an associate real-estate company - a treasury function that doubles as a business segment.

Lender to corporates - the company extends unsecured inter-corporate deposits (ICDs) to other businesses, with outstanding ICDs of Rs. 482.50 lakh as of March 2025, though the portfolio has been far larger in the past, exceeding Rs. 192.45 crores in 2020 when a handful of counterparties accounted for the bulk of exposure.
Credit risk is the business - the company assesses borrowers by analysing their default patterns, annual performance and creditworthiness, and applies a provision matrix that reserves 5% for receivables 6-12 months past due and 10% for those over 12 months, so loan losses are priced into the model.
The associate is a mirror image - the company’s 44.25% stake in Oswal Greentech Limited, a listed firm that also trades and develops real estate and lends surplus funds as ICDs, means a large chunk of the investing segment’s value is tied to a business that does exactly the same things Oswal Agro does.
Mutual funds and an unquoted bet - the company trades in mutual funds and holds an unquoted equity investment in P C Media Systems Limited, a firm that was reclassified from promoter group to public in 2023 after confirming it held no shares in Oswal Agro and had no board representation or special rights.

Group structure and partners

A lean, debt-free structure with no subsidiaries, one associate that mirrors the parent’s business, and a promoter family that holds 41.91% and is deepening its involvement.

No subsidiaries, no joint ventures - the company operates as a standalone entity with only one associate, Oswal Greentech Limited, in which it bought an additional 4.85% stake in September 2024 via open-market purchase to reinforce its commitment.
Promoter-family control - Mrs. Aruna Oswal, spouse of Shri Abhey Oswal, holds 56,026,460 shares and sits on the board; in 2025 the board appointed Mr. Shael Oswal, a promoter-group member related to Mrs. Oswal, as Vice Chairperson, and in January 2026 appointed Ms. Shreya Choudhary as Whole-time Director and CEO.
The associate’s arbitration award - Oswal Greentech won an arbitration award of Rs. 97.17 crores in June 2025 against a claim of Rs. 472.17 crores, recovering roughly 21% of what it sought, which leaves a Rs. 375-crore shortfall that will not be recovered.
Legacy legal overhang - the company carries contingent liabilities including a Rs. 239,800.88 thousand demand from Indian Bank under DRT and SARFAESI proceedings, plus outstanding sales-tax disputes from the 1990s and provident fund dues of Rs. 117.15 lakh.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹510Cr

Close Price

₹38.00

Industry

Trading

Price To Earnings

—

Price To Sales

17,003.07

Revenue

₹0Cr

Rev Gr TTM

Revenue Growth TTM

-99.98%

PAT Gr TTM

PAT Growth TTM

-103.78%

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	0	0	1	0	0	62	98	19	0	0	0	0
Growth YoY Revenue Growth YoY%		-90.8	-97.3	9.5	-7.7	14,095.5	15,785.5	4,080.4	-100.0	-100.0	-100.0	-100.0
Expenses ExpensesCr	2	2	2	1	2	7	17	4	5	4	4	3
Operating Profit Operating ProfitCr	-2	-2	-1	-1	-2	56	81	15	-5	-4	-4	-3
OPM OPM%	-446.1	-454.6	-211.3	-217.4	-541.7	89.6	82.3	76.7		-43,600.0	-21,650.0
Other Income Other IncomeCr	3	3	3	3	2	2	4	4	5	5	-1	4
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	1	1	2	2	0	58	85	19	-1	0	-6	2
Tax TaxCr	0	0	2	1	0	15	21	5	0	0	-1	1
PAT PATCr	1	1	0	2	0	44	63	14	-1	0	-5	1
Growth YoY PAT Growth YoY%	-93.2	114.3	83.0	473.3	-66.2	4,044.8	18,732.3	725.0	-472.0	-99.7	-107.5	-93.0
NPM NPM%	189.7	238.6	-54.8	373.9	69.4	69.7	64.3	73.8		1,400.0	-23,900.0
EPS EPS₹	-0.1	0.0	0.1	0.3	0.1	3.3	4.7	1.3	0.1	0.3	-3.4	0.4

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	0	0	1	0	0	62	98	19	0	0	0	0
Growth YoY Revenue Growth YoY%		-90.8	-97.3	9.5	-7.7	14,095.5	15,785.5	4,080.4	-100.0	-100.0	-100.0	-100.0
Expenses ExpensesCr	2	2	2	1	2	7	17	4	5	4	4	3
Operating Profit Operating ProfitCr	-2	-2	-1	-1	-2	56	81	15	-5	-4	-4	-3
OPM OPM%	-446.1	-454.6	-211.3	-217.4	-541.7	89.6	82.3	76.7		-43,600.0	-21,650.0
Other Income Other IncomeCr	3	3	3	3	2	2	4	4	5	5	-1	4
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	1	1	2	2	0	58	85	19	-1	0	-6	2
Tax TaxCr	0	0	2	1	0	15	21	5	0	0	-1	1
PAT PATCr	1	1	0	2	0	44	63	14	-1	0	-5	1
Growth YoY PAT Growth YoY%	-93.2	114.3	83.0	473.3	-66.2	4,044.8	18,732.3	725.0	-472.0	-99.7	-107.5	-93.0
NPM NPM%	189.7	238.6	-54.8	373.9	69.4	69.7	64.3	73.8		1,400.0	-23,900.0
EPS EPS₹	-0.1	0.0	0.1	0.3	0.1	3.3	4.7	1.3	0.1	0.3	-3.4	0.4

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	15	16	22	0	15	29	11	28	2	162	19	0
Growth Revenue Growth%	-64.4	2.5	44.3	-100.0		100.4	-62.3	153.6	-93.3	8,563.1	-88.1	-100.0
Expenses ExpensesCr	21	22	32	10	31	40	20	37	8	28	19	17
Operating Profit Operating ProfitCr	-5	-7	-10	-10	-16	-11	-9	-9	-6	134	1	-17
OPM OPM%	-35.8	-44.1	-43.5		-109.2	-36.6	-81.4	-33.7	-337.8	82.9	3.4	-56,366.7
Other Income Other IncomeCr	12	19	19	22	26	22	13	26	11	12	13	13
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	6	12	9	12	10	11	3	16	4	146	13	-5
Tax TaxCr	3	4	-3	2	3	6	1	7	2	37	4	0
PAT PATCr	4	8	12	9	7	5	3	9	2	109	9	-5
Growth PAT Growth%	-77.5	111.5	60.1	-24.3	-24.9	-22.4	-49.9	246.8	-81.3	6,105.8	-92.1	-103.8
NPM NPM%	23.9	49.4	54.8		47.7	18.5	24.6	33.6	93.9	67.3	44.8	-15,266.7
EPS EPS₹	1.2	2.3	2.0	2.0	2.4	1.7	1.4	1.8	0.3	8.4	-1.6	-2.6

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	15	16	22	0	15	29	11	28	2	162	19	0
Growth Revenue Growth%	-64.4	2.5	44.3	-100.0		100.4	-62.3	153.6	-93.3	8,563.1	-88.1	-100.0
Expenses ExpensesCr	21	22	32	10	31	40	20	37	8	28	19	17
Operating Profit Operating ProfitCr	-5	-7	-10	-10	-16	-11	-9	-9	-6	134	1	-17
OPM OPM%	-35.8	-44.1	-43.5		-109.2	-36.6	-81.4	-33.7	-337.8	82.9	3.4	-56,366.7
Other Income Other IncomeCr	12	19	19	22	26	22	13	26	11	12	13	13
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	6	12	9	12	10	11	3	16	4	146	13	-5
Tax TaxCr	3	4	-3	2	3	6	1	7	2	37	4	0
PAT PATCr	4	8	12	9	7	5	3	9	2	109	9	-5
Growth PAT Growth%	-77.5	111.5	60.1	-24.3	-24.9	-22.4	-49.9	246.8	-81.3	6,105.8	-92.1	-103.8
NPM NPM%	23.9	49.4	54.8		47.7	18.5	24.6	33.6	93.9	67.3	44.8	-15,266.7
EPS EPS₹	1.2	2.3	2.0	2.0	2.4	1.7	1.4	1.8	0.3	8.4	-1.6	-2.6

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	134	134	134	134	134	134	134	134	134	134	134
Reserves ReservesCr	524	547	574	600	632	655	674	699	703	817	763
Current Liabilities Current LiabilitiesCr	11	6	4	3	22	9	5	5	5	10	4
Non Current Liabilities Non Current LiabilitiesCr	1	1	0	0	0	0	1	0	0	0	0
Total Liabilities Total LiabilitiesCr	669	689	713	737	788	799	814	838	843	962	902
Current Assets Current AssetsCr	247	245	218	235	272	258	334	245	187	189	233
Non Current Assets Non Current AssetsCr	423	443	495	502	516	541	480	593	656	773	669
Total Assets Total AssetsCr	669	689	713	737	788	799	814	838	843	962	902

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	134	134	134	134	134	134	134	134	134	134	134
Reserves ReservesCr	524	547	574	600	632	655	674	699	703	817	763
Current Liabilities Current LiabilitiesCr	11	6	4	3	22	9	5	5	5	10	4
Non Current Liabilities Non Current LiabilitiesCr	1	1	0	0	0	0	1	0	0	0	0
Total Liabilities Total LiabilitiesCr	669	689	713	737	788	799	814	838	843	962	902
Current Assets Current AssetsCr	247	245	218	235	272	258	334	245	187	189	233
Non Current Assets Non Current AssetsCr	423	443	495	502	516	541	480	593	656	773	669
Total Assets Total AssetsCr	669	689	713	737	788	799	814	838	843	962	902

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	-111	161	-32	11	-28	-63	7	-16	-82	56	51
Investing Cash Flow Investing Cash FlowCr	101	-145	23	-12	60	32	180	-138	51	-40	-2
Financing Cash Flow Financing Cash FlowCr	6	-6	0	0	0	0	0	0	0	0	0
Net Cash Flow Net Cash FlowCr	-5	10	-9	-1	32	-31	186	-154	-31	16	49
Free Cash Flow Free Cash FlowCr	-111	161	-32	10	-28	-64	7	-16	-78	74	49
CFO To PAT CFO To PAT%	-3,071.8	2,104.8	-261.2	116.1	-399.3	-1,173.1	244.0	-170.8	-4,663.1	51.3	596.8
CFO To EBITDA CFO To EBITDA%	2,054.7	-2,357.8	329.1	-110.7	174.2	591.8	-73.6	169.9	1,296.4	41.7	7,890.3

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	-111	161	-32	11	-28	-63	7	-16	-82	56	51
Investing Cash Flow Investing Cash FlowCr	101	-145	23	-12	60	32	180	-138	51	-40	-2
Financing Cash Flow Financing Cash FlowCr	6	-6	0	0	0	0	0	0	0	0	0
Net Cash Flow Net Cash FlowCr	-5	10	-9	-1	32	-31	186	-154	-31	16	49
Free Cash Flow Free Cash FlowCr	-111	161	-32	10	-28	-64	7	-16	-78	74	49
CFO To PAT CFO To PAT%	-3,071.8	2,104.8	-261.2	116.1	-399.3	-1,173.1	244.0	-170.8	-4,663.1	51.3	596.8
CFO To EBITDA CFO To EBITDA%	2,054.7	-2,357.8	329.1	-110.7	174.2	591.8	-73.6	169.9	1,296.4	41.7	7,890.3

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	145	139	175	110	55	138	364	346	562	952	457	510
Price To Earnings Price To Earnings	8.7	4.5	6.4	4.2	1.7	5.9	19.1	14.5	123.2	8.4
Price To Sales Price To Sales	9.6	9.0	7.8		3.8	4.7	33.1	12.4	300.6	5.9	23.7	17,003.1
Price To Book Price To Book	0.2	0.2	0.3	0.1	0.1	0.2	0.5	0.4	0.7	1.0	0.5	0.6
EV To EBITDA EV To EBITDA	-26.6	-18.6	-17.7	-11.2	-1.5	-3.7	-19.8	-20.7	-77.2	6.4	446.0	-19.3
Profitability Ratios Profitability Ratios
GPM GPM%	-2.7	-0.6	-1.0		0.1	-0.1	-7.8	-1.3	67.3	91.3	88.0	88.0
OPM OPM%	-35.8	-44.1	-43.5		-109.2	-36.6	-81.4	-33.7	-337.8	82.9	3.4	-56,366.7
NPM NPM%	23.9	49.4	54.8		47.7	18.5	24.6	33.6	93.9	67.3	44.8	-15,266.7
ROCE ROCE%	1.0	1.7	1.3	1.6	1.3	1.4	0.4	1.9	0.5	15.3	1.4	1.4
ROE ROE%	0.6	1.1	1.7	1.3	0.9	0.7	0.3	1.1	0.2	11.4	1.0	1.0
ROA ROA%	0.5	1.1	1.7	1.3	0.9	0.7	0.3	1.1	0.2	11.3	1.0	1.0
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	145	139	175	110	55	138	364	346	562	952	457	510
Price To Earnings Price To Earnings	8.7	4.5	6.4	4.2	1.7	5.9	19.1	14.5	123.2	8.4
Price To Sales Price To Sales	9.6	9.0	7.8		3.8	4.7	33.1	12.4	300.6	5.9	23.7	17,003.1
Price To Book Price To Book	0.2	0.2	0.3	0.1	0.1	0.2	0.5	0.4	0.7	1.0	0.5	0.6
EV To EBITDA EV To EBITDA	-26.6	-18.6	-17.7	-11.2	-1.5	-3.7	-19.8	-20.7	-77.2	6.4	446.0	-19.3
Profitability Ratios Profitability Ratios
GPM GPM%	-2.7	-0.6	-1.0		0.1	-0.1	-7.8	-1.3	67.3	91.3	88.0	88.0
OPM OPM%	-35.8	-44.1	-43.5		-109.2	-36.6	-81.4	-33.7	-337.8	82.9	3.4	-56,366.7
NPM NPM%	23.9	49.4	54.8		47.7	18.5	24.6	33.6	93.9	67.3	44.8	-15,266.7
ROCE ROCE%	1.0	1.7	1.3	1.6	1.3	1.4	0.4	1.9	0.5	15.3	1.4	1.4
ROE ROE%	0.6	1.1	1.7	1.3	0.9	0.7	0.3	1.1	0.2	11.4	1.0	1.0
ROA ROA%	0.5	1.1	1.7	1.3	0.9	0.7	0.3	1.1	0.2	11.3	1.0	1.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SKM	BHATIA	TRANSCHEM	OSWALAGRO	KDGREEN	SUSAN	HPTL
Market CapitalizationMkt CapCr	532	520	510	510	507	505	500
Close PriceClose₹	435.00	37.00	416.75	38.00	49.95	248.50	420.00
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	46.84	24.50	75.91		74.55	27.70	19.64
Price To SalesPS	1.67	0.78		17,003.07	4.35	1.88	0.21
RevenueRevenueCr	318	670	0	0	117	269	2,392
Revenue Growth TTMRev Gr TTM%		49.0%	-100.0%	-100.0%			49.8%
PAT Growth TTMPAT Gr TTM%		45.5%	47.7%	-103.8%			102.6%

	SKM	BHATIA	TRANSCHEM	OSWALAGRO	KDGREEN	SUSAN	HPTL
Market CapitalizationMkt CapCr	532	520	510	510	507	505	500
Close PriceClose₹	435.00	37.00	416.75	38.00	49.95	248.50	420.00
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	46.84	24.50	75.91		74.55	27.70	19.64
Price To SalesPS	1.67	0.78		17,003.07	4.35	1.88	0.21
RevenueRevenueCr	318	670	0	0	117	269	2,392
Revenue Growth TTMRev Gr TTM%		49.0%	-100.0%	-100.0%			49.8%
PAT Growth TTMPAT Gr TTM%		45.5%	47.7%	-103.8%			102.6%

FY2026

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FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26