🟢 At a Glance
Jaipur-based Unique Organics sells cattle feed, spices, and medicinal herbs—think Patanjali meets Amul but without the sales. Despite a steep fall from ₹230 to ₹124, its 5-year profit growth is 205% CAGR. ROCE is a juicy 50.1%. But is it really “unique,” or just another Basmati-bhakta in disguise?
1. 🎬 Introduction with Hook
You know a company is truly “diverse” when it trades organic spices, cattle feed, chelated minerals, and moonlights in herbal job work for strangers.
That’s Unique Organics Ltd for you—Jaipur’s very own agri-nutraceutical crossover. But here’s the twist:
- 📈 Stock is up 94% CAGR in 5 years
- 💰 ROCE is higher than Britannia
- 😶 But… Q4FY25 revenue fell 38% YoY
- And the P/E is just 7x — undervalued? Or unloved?
2. 🌿 Business Model (WTF Do They Even Do?)
🧃 One part animal nutrition, one part ayurvedic herbal lab assistant. In their own words:
- A “Star Export House” (DGFT certified)
- Brands: Rohini (Compound Feed, By-Pass Protein, Mineral Mixtures)
- Serves: Gaushalas, dairy farms, milk producer cos
- Trades: Certified Organic & Non-GMO spices, agri-commodities
- 🧪 Also processes herbs for 3rd parties (B2B job work)
So basically: cows, cumin, contract work.
But the burning question: what % of revenue is from feed vs herbs vs jobbing? Nobody knows.
3. 📊 Financials Overview – Profit, Margins, ROE, Growth
| Metric | FY25 (TTM) |
|---|---|
| Revenue | ₹149 Cr |
| Net Profit | ₹11 Cr |
| Net Profit Margin | 7.4% |
| ROE | 37.9% 😮 |
| ROCE | 50.1% 🔥 |
| EPS | ₹17.71 |
🧠 That ROCE is no joke — either the business is efficient, or the capital base is tiny (spoiler: it’s the latter).
4. 💸 Valuation – Is It Cheap, Meh, or Crack?
| Metric | Value |
|---|---|
| CMP | ₹124 |
| EPS (FY25) | ₹17.71 |
| P/E | 7.0x |
| Book Value | ₹55.6 |
| P/B | 2.24x |
Fair Value Estimate (EduInvesting style):
- If we apply a conservative 10x–13x P/E = ₹177 to ₹230
- Median peer P/E in agri export: 15–25x
👉 Fair Value Range: ₹175 – ₹225
Below ₹130, it’s mathematically attractive. Emotionally? Well… read on.
5. 🔥 What’s Cooking – News, Triggers, Drama
🧾 Latest Spices in the Curry:
- 🧮 FY25 Net Profit up 83% YoY (₹6 Cr → ₹11 Cr)
- 🐮 Demand uptick from large milk co-ops and gaushalas
- 🧪 Growing job-work revenue from herbal cos post-COVID
- 🏭 Zero debt now – just 1 Cr left in FY24, wiped clean in FY25
- 📉 Q4FY25 Sales fell 38.5% QoQ (ouch!)
🧯 Risk: No brand visibility, cyclical feed demand, and pricing pressure in spices = fragile topline.
6. 🧾 Balance Sheet – How Much Debt, How Many Dreams?
| Metric | FY25 |
|---|---|
| Total Assets | ₹36 Cr |
| Equity Capital | ₹6 Cr |
| Reserves | ₹27 Cr |
| Debt | 0 |
| Fixed Assets | ₹2 Cr |
No loans. No leverage. No excuses left.
This is your neighborhood cow-feed seller who owns his shop outright. Respect.
7. 💵 Cash Flow – Sab Number Game Hai
| FY25 Item | ₹ Cr |
|---|---|
| CFO (Ops) | ₹14 Cr |
| CFI (Investing) | -₹1 Cr |
| CFF (Financing) | -₹1 Cr |
| Net Cash Flow | ₹11 Cr |
Clean books, clean milk, clean herbs.
Except the company still pays ZERO dividend despite ₹14 Cr cash flow. Bro, cows are giving, why aren’t you?
8. 📊 Ratios – Sexy or Stressy?
| Ratio | Value | Comment |
|---|---|---|
| ROCE | 50.1% | Elite level |
| ROE | 37.9% | Super high |
| OPM | 8% | Decent, improving |
| Working Capital Days | 38 | Efficient cycle |
| Inventory Days | 8 | Lean ops |
| Debtor Days | 32 | Not bad |
📈 Ratios scream “BUY ME.” But the low promoter holding says, “WAIT…”
9. 🧾 P&L Breakdown – Show Me the Money
FY25 P&L Snapshot:
- Revenue: ₹149 Cr
- Expenses: ₹137 Cr
- EBITDA: ₹12 Cr
- Other Income: ₹2 Cr
- Net Profit: ₹11 Cr
🔥 Net Margin: 7.4% is rare in feed/spice space
💡 FY23 Net Profit: ₹6 Cr → Growth = 83% YoY
But quarterly fluctuations are wild. Q1FY26 is anyone’s guess.
10. 🆚 Peer Comparison – Who Else in the Game?
| Company | P/E | ROE % | OPM % | Comment |
|---|---|---|---|---|
| LT Foods | 28 | 17% | 11.2% | Branded rice, strong brand |
| KRBL | 19 | 9.4% | 12% | Large Basmati player |
| GRM Overseas | 37 | 16.2% | 5.9% | Aggressive but volatile |
| Unique Organics | 7 | 38% | 8% | Undervalued, under-known |
So yeah, your cousin probably hasn’t heard of Unique Organics—but valuation-wise, it’s the cheapest cow in the shed.
11. 📦 Miscellaneous – Shareholding, Promoters
| Category | % Holding |
|---|---|
| Promoters | 34.64% |
| FIIs | 0.84% (recent!) |
| Public | 64.52% |
🔻 Promoter holding is low
⚠️ No pledges or encumbrances, but no recent increase either
👀 FII entry in FY25 is a small green shoot
Total shareholders up from 3,300 → 4,800 in a year. Retail is grazing in.
12. 🧑⚖️ EduInvesting Verdict™
Unique Organics is that quiet Rajasthan-based agri play that:
✅ Has high ROE/ROCE
✅ Is debt-free
✅ Is profitable consistently
❌ Doesn’t pay dividends
❌ Has fluctuating topline & weak visibility
❌ Has low promoter skin in the game
📦 Product-wise, they sell a niche combo of cattle feed + organic spices + ayurvedic jobbing. But brand visibility = almost zero.
So is it a hidden gem? Or a smallcap mirage in cow feed clothing?
Let’s just say…
“The feed is strong, but the moat is weak.” 🐮
🎯 Fair Value Range (EduInvesting Model™)
- Based on FY25 EPS of ₹17.71
- Assigning 10x–13x P/E → ₹175 – ₹230
- CMP of ₹124 = 30–45% discount to this band
If Q1FY26 shows 40+ Cr sales and 3–4 Cr profit, this rerates faster than gaushala milk in monsoon.
✍️ Written by Prashant | 📅 9 July 2025
Tags: Unique Organics, cattle feed stocks, organic spice exporter, high ROCE stocks, Jaipur SME, undervalued stocks, FMCG agribusiness, smallcap agro
