Cropster Agro Ltd Q2FY26 – From Dormant Dinosaur to Agro Market Darling: ₹52.5 Cr Sales, ₹4.1 Cr Profit, 109x P/E, and a Bonus-Burst Carnival

1. At a Glance

Once upon a financial statement, there lived a company calledCropster Agro Ltd, which for nearly a decade showedzero revenue. Yes, zero. Not even the “testing” kind of ₹1. Now, in a plot twist worthy of Bollywood, this 1985-incorporated agro trader has re-emerged from the ashes with₹52.5 crore sales and ₹4.12 crore profit in Q2FY26, clocking a 32.5% profit jump QoQ and 10.5% rise in sales. Market cap? A stunning₹1,603 crore, trading at aP/E of 109– because why not, right?

At ₹19.1, the stock has fallen from ₹32, but hey, after a2:1 bonus,1:10 stock split, andconvertible warrants worth ₹45 crore, the only thing splitting faster than shares is investor sanity. WithROE at 15.6%,ROCE at 16.1%, andzero debt, this revived agro phoenix is trying to convince the markets that it’s not a pump-and-dump fairy tale but an honest-to-god turnaround.

Who would’ve thought a company that once couldn’t sell a single spice now exports palm oil and pickles? Welcome to India’s hottest agro-comeback story of FY26.

2. Introduction

Cropster Agro’s story sounds like your college batchmate who went missing after first year and suddenly reappeared driving a Mercedes. Between 2015 and 2023, its income statement looked like a graveyard. No revenue, no profits, no action. Then came FY24, and boom — sales of ₹61 crore, FY25 revenues of ₹194 crore, and now TTM revenue of ₹210 crore.

The company describes itself as being in the business of “agricultural products trading,” but FY24 onwards, it diversified into spices, oil seeds, refined palmolien, RBD palmolien oil, and pickles. Basically, it went from zero to “zest.”

Of course, the fairy dust didn’t come cheap. A flurry ofcorporate actions— conversion of warrants, authorized capital increase, amassive bonus issue, and a share split — turned the cap table into a festival. If SEBI ever hosts “Kaun Banega Multi-Bagger,” this stock would be on the audition list.

The cherry on top? The company is nowdebt-free, sporting a94x current ratio(basically, cash-rich to a fault) and claiming a16% ROCE. From total hibernation to hyper-drive in two years — Cropster Agro is the comeback nobody saw coming, not even its auditors.

3. Business Model – WTF Do They Even Do?

Cropster Agro Ltd, or CAL (because we need acronyms to sound legit), deals ineverything your kitchen shelf has dreamt of. Fromspices and picklestopalm oil and sunflower oil, it buys, trades, and exports agricultural goods like a hyperactive middleman.

Here’s the FY24 revenue mix:

• Agricultural Trading Sales:~67% (that’s where the real churn is)
• Agricultural Manufacturing Sales:~20%
• Refined Palmolien:~7%
• RBD Palmolien Oil:~4%
• Super Palm Olien + Sunflower Oil:~1%

Basically, they’re like your friendly neighborhood kirana store — except listed and with a ₹1,600 crore valuation.

Unlike typical FMCG players, Cropster doesn’t have heavy assets or plants. Their model is trading-heavy — high volume, thin margins, and sharp execution. Think of it as “Agro Amazon” without Jeff Bezos’ haircut.

Now, why the sudden resurrection? FY24 marked their“Turnaround Year”— when the company started reporting positive net worth and meaningful sales for the first time in a decade. A new management team, fresh capital infusion, and a lot of restructuring have turned this long-forgotten entity into a headline magnet.

4. Financials Overview

At this rate, EPS might seem like pocket change, but multiply ₹0.05 by 4 (annualized = ₹0.20), and you’re staring at aP/E of 95x–110xdepending on mood swings.

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