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NIRMAN AGRI GENTICS LIMITED (NIRMAN)

Process Industries · Agricultural Commodities/Milling · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.88 / 100
Profitability 67Growth 96Balance sheet 100

Passes these screensValue Pick

Compare withPATANJALI FOODSGODREJ INDUSTRIESAWL AGRI BUSINESS

Share price

Closing priceAdjusted for splits and bonus issues.

₹26.25 latest close · −40.3% over the last 90 sessions

₹30₹40Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹30₹40Jul 3Sep 4Nov 9

₹26.25 month-end · −55.2% over 12 months

₹40₹60Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹40₹60Nov '25May '26Nov '26

₹26.25 month-end · −87.0% over 3 years

₹0₹200₹400Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹0₹200₹400Nov '23May '25Nov '26

₹26.25 month-end · −68.2% since Mar '23

₹0₹200₹400Mar '23Dec '23Sep '24May '25Feb '26Nov '26 ₹0₹200₹400Mar '23Jan '25Nov '26

52-week range ₹22.00 to ₹85.80 · 1-year volatility 64.5%

Was the rally earned?

-55%share price, 1 yearEarnings and multiple

Both mattered.

  • Per-share earnings took off 25 points and the multiple took off 30 points (P/E 1.9x to 1.2x).
  • The share count barely moved.
Net profit growth: −24 pts. Points of the price return explained by net profit growing (or shrinking).−24 ptsNet profit growthP/E change: −30 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−30 ptsP/E changeShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1 ptsShare count changeShare price: −55%−55%Share priceNet profit growth: −24 pts. Points of the price return explained by net profit growing (or shrinking).−24ProfitP/E change: −30 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−30P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: −55%−55%Share price
Net profit growth-24 ptsNet profit fell about 30%, which lowers the price.
P/E change-30 ptsThe P/E fell from 1.9x to 1.2x, which lowers the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
-87%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 63 points, but investors now pay less per rupee of profit (P/E 40.1x to 1.2x), which took 150 points back.
  • The share count rose 33%.
Net profit growth: +75 pts. Points of the price return explained by net profit growing (or shrinking).+75 ptsNet profit growthP/E change: −150 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−150 ptsP/E changeShare count change: −12 pts. Points of the price return explained by the share count changing. More shares count against the price.−12 ptsShare count changeShare price: −87%−87%Share priceNet profit growth: +75 pts. Points of the price return explained by net profit growing (or shrinking).+75ProfitP/E change: −150 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−150P/EShare count change: −12 pts. Points of the price return explained by the share count changing. More shares count against the price.−12SharesShare price: −87%−87%Share price
Net profit growth+75 ptsNet profit rose about 486%, which lifts the price.
P/E change-150 ptsThe P/E fell from 40.1x to 1.2x, which lowers the price.
Share count change-12 ptsShare count rose 33%, which lowers the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with PATANJALI FOODS

How rough has the ride been?

Maximum drawdown-95.0%not yet recovered
1-year volatility64.5%annualised

Drawdown from peak

0%−50%−100%202420252026−95.0% 0%−50%−100%202420252026−95.0%
Largest drawdowns

-95.0% (2024-08 peak to 2026-10 low, not yet recovered)

-48.5% (2023-03 peak to 2023-04 low, recovered 2023-06)

-43.2% (2023-12 peak to 2024-03 low, recovered 2024-07)

Is it expensive against its own past and its peers?

1.2xP/E todayNear its historic low
Against its own history5th percentile
CheapestMedian 18.7xDearest

Usual range 1.3x to 40.1x since 2023-03.

Against Process Industries1.2x vs 18.1x
This company
1.2x
Sector median
18.1x

93% below the Process Industries median.

1.1x18.9x36.7x54.6xMar '23Dec '23Sep '24Jun '25Mar '26Nov '261.1x18.9x36.7x54.6xMar '23Jun '24Sep '25Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

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P/B (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

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P/S (this company)10th to 90th percentile of its own historyIts medianProcess Industries median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Process Industries is valued

Where does it rank among Process Industries peers?

Each cell is the company's percentile rank among its Process Industries peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE67th▼ 29 pts vs a year ago
  • Revenue growth7th▼ 92 pts vs a year ago
  • EPS growth19th▼ 73 pts vs a year ago
  • Debt/equity ↓98thflat vs a year ago
  • Cash cycle ↓41st▼ 34 pts vs a year ago
  • P/E ↓100thflat vs a year ago
  • 12M momentum2ndflat vs a year ago

Rank history

ROCE
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

~-9%annual earnings growth implied by the price

At a P/E of 1.8x, the price would imply about −9.4%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹26.25
P/E
1.2x
ROCE
15.0%
Market Cap
₹21 cr
Revenue (TTM)
₹197 cr
P/S
0.1x
P/B
0.2x
ROE
13.7%
Debt / Equity
0.0x
Promoter Holding
44.3%
12M Momentum
-55.2%

52-week range

₹22.00₹85.80
7% of the way from its 52-week low to its high

Price risk

1Y volatility
64.5%
Beta vs sector
1-year daily
1.03

Balance sheet & cash

Debt service
no meaningful debt
Cash from profit, 3Y
operating cash flow ÷ net profit
-0.98x
low
Share count, 1Y
unchanged

Are profits backed by cash?

1 of 4checks within range3 beyond a threshold
Other income reliance0%Within range

Other income as a share of pre-tax profit (trailing twelve months): 0.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion-0.98xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -0.98x (cash from operations ₹-52 cr, net profit ₹53 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow1 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 1. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+71 daysBeyond threshold

Debtor days are above the median of the previous three fiscal years by 71 days (129 vs 58). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress—Not enough data

Not enough reported data to compute this.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 3 years, promoters trimmed 21.2 pts.
  • The number of shareholders rose from 464 to 4,212 (+808%) between Mar 2023 and Mar 2026.

Holdings, Mar '26

How each group changed

GroupMar '23Mar '26Change
Promoters65.6%44.3%-21.3 pts
FIIs0.0%0.0%0.0 pts
DIIs0.0%0.0%0.0 pts
Public and others34.4%55.6%+21.2 pts

Number of shareholders

4,212shareholders+808% since Mar '23
4642k3k4k Mar '23Sep '23Sep '24Mar '25Sep '25Mar '26
Mar '23: 464
Sep '23: 639
Sep '24: 2,231
Mar '25: 2,895
Sep '25: 4,017
Mar '26: 4,212
 4642k3k4k Mar '23Sep '24Sep '25Mar '26
Mar '23: 464
Sep '23: 639
Sep '24: 2,231
Mar '25: 2,895
Sep '25: 4,017
Mar '26: 4,212

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

Not enough comparable history to show analogs for this company yet.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What changed?

18 events since Apr '23

  1. OctPriceFell 95% from the Aug 2024 peak to the Oct 2026 low.
  2. AugValuationP/E fell below the 10th percentile of its own history to date (1.3x).
  3. JunResultsYear-on-year EPS growth turned negative.
  4. JunPeer rankSlipped to the 2nd quartile of Process Industries on ROCE (from the top quartile).
  5. DecPromoterPromoter holding fell 13.6 pts to 44.3%.
  6. JunResultsRevenue (TTM) reached a new high of ₹237 cr.
  7. JunValuationP/E fell below the 10th percentile of its own history to date (6.5x).
  8. JunSharesShare count is up 33.3% over 12 months.
Show 10 earlier events
  1. DecPromoterPromoter holding fell 8.2 pts to 57.8%.
  2. JulPriceRegained the 2023-12 peak, 4 months after the low.
  3. JunResultsRevenue (TTM) reached a new high of ₹63 cr.
  4. MarPriceFell 43% from the Dec 2023 peak to the Mar 2024 low.
  5. MarDebtDebt / equity halved over 12 months to 0.04x.
  6. MarSharesShare count is up 200.0% over 12 months.
  7. OctPriceRegained the 2023-07 peak, 2 months after the low.
  8. AugPriceFell 31% from the Jul 2023 peak to the Aug 2023 low.
  9. JunPriceRegained the 2023-03 peak, 2 months after the low.
  10. AprPriceFell 48% from the Mar 2023 peak to the Apr 2023 low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history45 months · 2023-03 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-111.2x₹197 cr13.7%15.0%0.0x
2026-101.1x₹197 cr14.1%15.0%0.0x
2026-091.2x₹197 cr14.1%15.0%0.0x
2026-081.3x₹197 cr14.1%15.0%0.0x
2026-071.8x₹197 cr14.1%15.0%0.0x
2026-062.0x₹197 cr14.1%15.0%0.0x
2026-051.5x₹237 cr22.7%35.0%0.0x
2026-041.7x₹237 cr22.7%35.0%0.0x
2026-031.2x₹237 cr22.7%35.0%0.0x
2026-021.6x₹237 cr22.7%35.0%0.0x
2026-011.7x₹237 cr22.7%35.0%0.0x
2025-122.0x₹237 cr22.7%35.0%0.0x
2025-111.9x₹237 cr22.7%35.0%0.0x
2025-103.0x₹237 cr22.7%35.0%0.0x
2025-095.7x₹237 cr22.7%35.0%0.0x
2025-084.4x₹237 cr22.7%35.0%0.0x
2025-074.8x₹237 cr22.7%35.0%0.0x
2025-066.5x₹237 cr22.7%35.0%0.0x
2025-0517.7x₹63 cr27.0%34.0%0.0x
2025-0420.3x₹63 cr27.0%34.0%0.0x
2025-0315.1x₹63 cr27.0%34.0%0.0x
2025-0219.7x₹63 cr27.0%34.0%0.0x
2025-0127.2x₹63 cr27.0%34.0%0.0x
2024-1230.2x₹63 cr27.0%34.0%0.0x
2024-1130.0x₹63 cr27.0%34.0%0.0x
2024-1026.2x₹63 cr27.0%34.0%0.0x
2024-0926.7x₹63 cr27.0%34.0%0.0x
2024-0833.3x₹63 cr27.0%34.0%0.0x
2024-0728.6x₹63 cr27.0%34.0%0.0x
2024-0614.4x₹63 cr27.0%34.0%0.0x
2024-0536.7x₹29 cr11.1%27.0%0.0x
2024-0442.1x₹29 cr11.1%27.0%0.0x
2024-0332.0x₹29 cr11.1%27.0%0.0x
2024-0245.2x₹29 cr11.1%27.0%0.0x
2024-0146.6x₹29 cr11.1%27.0%0.0x
2023-1254.6x₹29 cr11.1%27.0%0.0x
2023-1140.1x₹29 cr11.1%27.0%0.0x
2023-1040.0x₹29 cr11.1%27.0%0.0x
2023-0932.9x₹29 cr11.1%27.0%0.0x
2023-0831.9x₹29 cr11.1%27.0%0.0x
2023-0734.2x₹29 cr11.1%27.0%0.0x
2023-0622.9x₹29 cr11.1%27.0%0.0x
2023-05—₹13 cr99.7%133.0%0.3x
2023-04—₹13 cr99.7%133.0%0.3x
2023-03—₹13 cr99.7%133.0%0.3x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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