Spright Agro Ltd: 27% Profit Growth, 0% Promoters – Sabzi Mandhi se Stock Mandhi Tak

1. At a Glance

Spright Agro Ltd is that rare desi company which shifted from fibres to farming – basically from “thread to bread.” Market cap ₹162 Cr, sales ₹174 Cr, profits ₹22.5 Cr, and zero promoter holding. Yes, you read that right – the promoters ghosted faster than your Tinder date. Despite 27% profit growth, the stock fell 96% in one year. Clearly, the mandi has more drama than Bigg Boss.

2. Introduction

Welcome to Spright Agro Ltd, a company that once sold yarn but now sells dal-chawal dreams. Incorporated in 1994, it lived most of its life as Kansal Fibres, before pulling a full Bollywood “rebirth” in 2021 by changing its name and business line to agriculture. From looms to loofahs, and now to lentils – true diversification goals.

But here’s the catch: the stock has become the ultimate penny tragedy. CMP is ₹1.51 (literally cheaper than a Vada Pav), after touching a high of ₹36.5. The 96% erosion would make even Yes Bank look like an FD. Still, the financial statements whisper another story – zero debt, fat margins, and 42% sales growth YoY.

So, is this company a hidden gem in the agri-supply chain or just another “bhindi in a Gucci bag” story? Let’s dig deeper, auditor style.

3. Business Model (WTF Do They Even Do?)

Spright Agro has now transformed into an agriculture-focused trading and plantation company. The operations look like:

Trading Agriculture Products – Think mandi bazaar in corporate format.
Plantations & Crops – From medicinal herbs to greenhouse veggies, they try to grow everything short of Bitcoin.
Exports & Imports – Yes, they dream global, though current scale is very local.
Commodity Wholesaling & Retailing – Middleman role with value add.

So basically, they are a “jack of all trades, farmer of none.” Their main revenue driver? Trading crops. 100% of FY21 revenue came from just selling products – no exotic verticals yet. But with talk of land acquisitions and contract farming, they’re trying to level up from mere dalal to actual producer.

4. Financials Overview

Source table

Metric	Latest Qtr (Jun’25)	YoY Qtr (Jun’24)	Prev Qtr (Mar’25)	YoY %	QoQ %
Revenue (₹ Cr)	62.0	52.9	3.1	17.3%	1,900%
EBITDA (₹ Cr)	12.3	6.6	-0.26	85.6%	NA
PAT (₹ Cr)	9.15	6.25	-0.71	46.4%	NA
EPS (₹)	0.09	0.06	-0.01	50%	NA

Annualised EPS: 0.09 × 4 = ₹0.36
At CMP ₹1.51 → P/E ~ 4.2 (Sasta stock bazaar sale).

Verdict: The P&L looks juicier than a mango, but stock price behaves like karela.

5. Valuation (Fair Value Range Only)

P/E Method: Industry PE 39.2 × EPS (0.36) = ₹14.1
EV/EBITDA Method: EV/EBITDA 6.2 × EBITDA (₹49 Cr annualised) → Equity FV ~ ₹9–11
DCF (Conservative 20% growth, 15% discount): FV ~ ₹8–10

📌 Fair Value Range = ₹8 – ₹14
Disclaimer: This FV range is for educational purposes only and is not investment advice.

6. What’s Cooking – News, Triggers, Drama

Bonus Issues Galore – In last 18 months, they’ve done two 1:1 bonus issues and a rights issue. Clearly, the management believes in “printing shares like RBI prints ₹2000 notes.”
Land Acquisition – Plans to buy land for contract farming. Good on paper, but execution risk

To Read Full 16 Point