Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹499Cr
Rev Gr TTM
Revenue Growth TTM
26.98%
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SARVESHWAR
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -35.9 | -4.9 | 15.2 | 24.7 | 90.5 | 24.2 | 32.2 | 23.0 | 41.4 | 29.3 | 23.4 | 15.8 |
| 119 | 177 | 191 | 213 | 233 | 221 | 250 | 261 | 333 | 285 | 317 | 310 |
Operating Profit Operating ProfitCr |
| 8.7 | 5.9 | 6.9 | 7.2 | 5.7 | 5.1 | 7.7 | 7.4 | 4.8 | 5.6 | 5.2 | 5.2 |
Other Income Other IncomeCr | 1 | 2 | 2 | 1 | 2 | 1 | 1 | 1 | 3 | 0 | 1 | 2 |
Interest Expense Interest ExpenseCr | 8 | 8 | 9 | 10 | 11 | 8 | 11 | 12 | 8 | 8 | 7 | 6 |
Depreciation DepreciationCr | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 3 | 4 | 6 | 7 | 5 | 4 | 11 | 9 | 12 | 9 | 11 | 12 |
| 1 | 1 | 1 | 2 | 1 | 1 | 3 | 2 | 3 | 2 | 3 | 3 |
|
Growth YoY PAT Growth YoY% | 82.8 | 3.6 | 229.3 | 186.6 | 128.7 | 6.5 | 68.4 | 43.6 | 108.0 | 127.2 | 1.0 | 30.2 |
| 1.4 | 1.6 | 2.4 | 2.1 | 1.7 | 1.3 | 3.0 | 2.5 | 2.5 | 2.3 | 2.5 | 2.8 |
| 0.1 | 0.0 | 0.1 | 0.1 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 15.1 | 17.8 | -13.9 | 5.5 | 17.5 | 14.0 | 26.1 | 30.7 | 15.5 |
| 381 | 439 | 531 | 463 | 494 | 577 | 657 | 814 | 1,064 | 1,245 |
Operating Profit Operating ProfitCr |
| 8.9 | 8.7 | 6.3 | 5.0 | 3.9 | 4.5 | 4.7 | 6.4 | 6.3 | 5.2 |
Other Income Other IncomeCr | 2 | 1 | 4 | 4 | 2 | 3 | 8 | 7 | 5 | 6 |
Interest Expense Interest ExpenseCr | 19 | 18 | 14 | 20 | 13 | 20 | 27 | 39 | 40 | 29 |
Depreciation DepreciationCr | 3 | 3 | 2 | 2 | 2 | 2 | 3 | 1 | 1 | 1 |
| 18 | 22 | 23 | 7 | 8 | 9 | 11 | 23 | 36 | 44 |
| 5 | 5 | 5 | 1 | 3 | 2 | 3 | 5 | 9 | 11 |
|
| | 29.0 | 9.7 | -68.5 | -8.0 | 17.8 | 27.7 | 119.2 | 55.5 | 22.6 |
| 3.1 | 3.4 | 3.2 | 1.2 | 1.0 | 1.0 | 1.1 | 2.0 | 2.4 | 2.5 |
| 7.1 | 0.2 | 0.2 | 0.1 | 0.1 | 0.0 | 0.0 | 0.2 | 0.3 | 0.3 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 18 | 25 | 25 | 25 | 25 | 25 | 29 | 98 | 98 | 123 |
| 30 | 90 | 107 | 112 | 113 | 116 | 163 | 133 | 160 | 340 |
Current Liabilities Current LiabilitiesCr | 249 | 295 | 275 | 268 | 280 | 299 | 312 | 507 | 588 | 656 |
Non Current Liabilities Non Current LiabilitiesCr | 6 | 1 | 1 | 1 | 40 | 52 | 45 | 31 | 13 | 8 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 291 | 409 | 407 | 406 | 455 | 493 | 553 | 774 | 890 | 1,111 |
Non Current Assets Non Current AssetsCr | 34 | 24 | 23 | 23 | 25 | 21 | 18 | 17 | 17 | 16 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 22 | -15 | -34 | 11 | -35 | 22 | -25 | -9 | 15 |
Investing Cash Flow Investing Cash FlowCr | -9 | -1 | -1 | -3 | 2 | -3 | -17 | 16 | -4 |
Financing Cash Flow Financing Cash FlowCr | -15 | 32 | 19 | -8 | 31 | -19 | 41 | -6 | -10 |
|
Free Cash Flow Free Cash FlowCr | 22 | -15 | -35 | 10 | -35 | 22 | -25 | -10 | 13 |
| 175.5 | -88.0 | -185.7 | 196.3 | -656.2 | 361.2 | -316.6 | -53.0 | 54.6 |
CFO To EBITDA CFO To EBITDA% | 60.7 | -35.0 | -94.0 | 45.7 | -172.2 | 82.1 | -77.2 | -16.5 | 20.5 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 145 | 89 | 25 | 55 | 105 | 189 | 923 | 621 |
Price To Earnings Price To Earnings | 0.0 | 8.8 | 4.9 | 4.4 | 10.4 | 31.3 | 24.2 | 55.5 | 22.6 |
Price To Sales Price To Sales | 0.0 | 0.3 | 0.2 | 0.1 | 0.1 | 0.2 | 0.3 | 1.1 | 0.6 |
Price To Book Price To Book | 0.0 | 1.3 | 0.7 | 0.2 | 0.4 | 0.8 | 1.0 | 4.0 | 2.4 |
| 4.8 | 7.4 | 8.8 | 10.1 | 16.0 | 13.6 | 14.7 | 21.9 | 12.8 |
Profitability Ratios Profitability Ratios |
| 14.5 | 13.2 | 11.0 | 10.3 | 11.1 | 9.5 | 9.2 | 9.4 | 10.9 |
| 8.9 | 8.7 | 6.3 | 5.0 | 3.9 | 4.5 | 4.7 | 6.4 | 6.3 |
| 3.1 | 3.4 | 3.2 | 1.2 | 1.0 | 1.0 | 1.1 | 2.0 | 2.4 |
| 16.0 | 13.7 | 10.4 | 7.4 | 5.1 | 7.0 | 7.9 | 11.7 | 13.6 |
| 26.7 | 14.4 | 13.8 | 4.2 | 3.8 | 4.4 | 4.1 | 7.5 | 10.5 |
| 3.9 | 3.8 | 4.2 | 1.3 | 1.1 | 1.2 | 1.4 | 2.2 | 3.0 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Sarveshwar Foods Limited (SFL) is a leading vertically integrated agri-food company headquartered in Jammu & Kashmir, with over **135 years of heritage** in rice cultivation and processing. Established in 1890 and incorporated in 2004, the company is the **first private food company from Jammu & Kashmir to be listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE)** under the symbol *SARVESHWAR* (Scrip Code: 543688).
SFL operates across the entire value chain—from farm to fork—with a strong focus on **premium basmati and non-basmati rice, branded FMCG staples, and certified organic food products** marketed under two key brands: **Sarveshwar** and **Nimbark**.
---
### **Core Business & Product Portfolio**
SFL is engaged in the **manufacturing, trading, processing, and marketing of branded and unbranded basmati and non-basmati rice** for domestic and international markets. The company is particularly renowned for its **aromatic, high-elongation Basmati rice**, a global favorite known for its texture, aroma, and flavor.
#### **Key Brands:**
1. **Sarveshwar**
- Targets mass-premium segments with rice, wheat flour, pulses, spices, and dry fruits.
- Sold under variants like *Sarveshwar Ultra XL*, *Sarveshwar Unique*, and *Sarveshwar Select*.
- Registered trademarks in India, the USA, Canada, and the EU.
2. **Nimbark**
- The company’s **flagship organic brand**, rooted in the **'Satvik' lifestyle philosophy** emphasizing purity, wellness, and sustainability.
- Offers a full range of **certified organic products** including:
- Organic Basmati & non-Basmati rice
- Pulses, flours, dry fruits, nuts, edible oils
- Millets, superfoods (chia seeds, flaxseeds, quinoa)
- Saffron, herbal teas, porridge, spice mixes, and value-added products like **Turmeric Rice, Black Rice, Spice Mix Rice, and Khichadi Rice**.
---
### **Production & Sourcing**
- **Organic Cultivation:**
Nimbark products are grown in the **fertile foothills of the Himalayas**, using **mineral-rich soil, organic manure, and chemical-free snowmelt water from the Chenab River**. No synthetic fertilizers or pesticides are used.
- **Farm-to-Fork Model:**
- Direct sourcing from **over 17,000 farmers** across J&K, Punjab, Haryana, and Uttar Pradesh.
- Manages **over 30,000 acres of certified organic farmland**.
- Backward integration via **Sarveshwar Facilitation Centres (SFCs)** and **Farmers Facilitation Centres (FFCs)** to provide training, inputs, and buyback assurance.
- **New Crop Diversification:**
The company has expanded into **turmeric, garlic, ginger, and millets** to leverage growing demand for health-focused, functional food.
---
### **Operations & Infrastructure**
- **Processing Facilities:**
- Two **USFDA-approved rice milling plants** in the **Jammu region (J&K)** and **Gandhidham (Gujarat)**.
- Equipped with advanced technology from **Bühler (Germany), Carter Day (USA), and Sortex (UK)**.
- Combined processing & packaging capacity of **over 350 metric tons per day (MTPD)**.
- Fully automated, hygienic, with **inert gas flushing** and zero human contact.
- **Warehousing & Logistics:**
- **300,000+ sq. ft. of warehousing space** across four facilities (Delhi, Jammu, Gandhidham, Samba).
- Centralized storage in Jammu with third-party logistics for nationwide distribution.
---
### **Global Presence & Exports**
- **Export Markets:** Over **25 countries** across **North America, Europe, the Middle East, Southeast Asia, and Africa**.
Key markets: **USA, UK, UAE, Saudi Arabia, Canada, Germany, Australia, Singapore, Nepal, Mauritius, and Iraq**.
- **Export Contracts:**
- Secured multiple export orders in 2025 totaling **over ₹1,226 million**, including:
- ₹266 million from **Agri Services & Trade LLC (USA)**
- ₹329 million from **Monarda Commodities Pte. Ltd. (Singapore)**
- ₹50 crore via **NAFED** for African markets
- **Subsidiary Network:**
- **Green Point Pte. Ltd.** (Singapore) handles global exports and is projected to generate **₹2,000 million in FY25**.
- Plans to acquire **Natural Global Foods DMCC (UAE)** to strengthen Middle East distribution.
- **US Market Access:**
Products are in the **USDA/FDA “green channel”** and already sold in **Costco**, with expansion plans into **Walmart and Whole Foods**.
---
### **Distribution & Sales Channels**
Sarveshwar Foods employs a **three-channel strategy** to maximize consumer reach:
1. **Conventional Trade:**
- Over **75 distributors** and **45,000+ retail outlets** across India.
- Presence in **modern trade** (supermarkets), **HORECA** (hotels, restaurants, caterers), and **institutional buyers** (Shri Mata Vaishno Devi Shrine Board).
2. **Owned Retail Outlets:**
- Operates **Nimbark Organic Stores** (focused on organic, health-conscious consumers) and **Sarveshwar Food Stores**.
- Current footprint includes **Chandigarh, Jammu, Srinagar, Delhi NCR, and Lucknow**.
- Plans to double store count from **14 to 28** in 2025 and open **flagship stores in Mumbai, Bangalore, and Delhi**.
3. **E-Commerce:**
- Direct-to-consumer via **www.nimbarkfoods.com**.
- Available on **Amazon, Flipkart, BigBasket, JioMart, Blinkit, and ONDC**.
- E-commerce contributes to a growing, albeit still small, share of total revenue.
---
### **Strategic Growth Initiatives**
#### **1. Product Innovation & Diversification**
- Launched **health-centric, quick-meal rice products** like Vegetable Rice, Spice Mix Rice, and Herb Rice (launched Sep 2024–2025).
- New **functional and fortified food lines** under Nimbark to target rising health awareness.
#### **2. International Expansion**
- Establishing **regional hubs** in the **Middle East and Europe**.
- Exploring **new subsidiaries in the USA and Europe** to reduce export dependency on intermediaries.
#### **3. Technology & Sustainability Partnerships**
- Signed an **MoU with a German technology firm** to adopt:
- **CO₂-based rice preservation** (chemical-free storage)
- **Reusable cocoons** to reduce contamination
- **Smoke generator tech** for premium-flavored rice targeting international tastes.
- Investing in **blockchain traceability, AI, and smart farming** through digital platforms and the **Farmer App**.
#### **4. Financial & Capital Plans**
- Planning **QIP, preferential, or rights issue** to:
- Expand FMCG and organic portfolios
- Reduce debt & strengthen working capital
- Fund new production units and retail expansion
- Pursue **strategic acquisitions**
---
### **Certifications & Quality Standards**
SFL holds a robust portfolio of **global certifications**, ensuring market access and consumer trust:
- **ISO 22000:2018**, **USFDA**, **BRC**, **Kosher**, **HACCP**, **GFSI**
- **USDA Organic (NOP)**, **EU Organic**, **APEDA**, **NPPO (USA & China)**
- **Geographical Indication (GI) Tag** for **J&K Basmati**, granting premium pricing and authenticity.
---
### **Sustainability & ESG Vision**
- **Carbon-neutral goal by 2030** and **80% recyclable/biodegradable packaging by 2025**.
- Partnerships with **Boomitra** for **regenerative agriculture** and soil health.
- Farmer welfare via **SFL Choupals**, **SFCs/FFCs**, and **NBFC-backed financial support**.