Agri-Tech (India) Ltd Q2 FY26 Results – Mango Farming, Share Selling & the ₹250 Crore Party Nobody Asked For

1. At a Glance

Agri-Tech (India) Ltd (ATIL) — a company whose “core business” is technically mangoes but practically seems to be the fine art of selling shares — reported yet another puzzling quarter that could make even a seasoned analyst question their career choices. The company, with a market cap of ₹72.3 crore and current price of ₹120, is down -13% in the last 3 months and -42.5% over the last year.

Let’s just say mango season didn’t save the day. Sales for the quarter stood at a modest ₹0.03 crore, while PAT came in at a negative ₹0.17 crore. That’s right — the mangoes didn’t quite ripen as expected. Meanwhile, the Book Value of ₹168 per share mocks the market price, trading at just 0.71x P/B, a classic “undervalued” sign… until you notice the ROE of -1.10% and ROCE of -1.10% — numbers that suggest the company’s assets are working about as hard as a government file clerk on a Friday afternoon.

No debt, no dividends, no serious business operations — just recurring losses and ₹250 crore worth of related-party transactions. Grab your popcorn (and maybe some aamras), because this story gets juicier than its mangoes.

2. Introduction

If the Indian stock market were a reality show, Agri-Tech (India) Ltd would be that contestant who somehow keeps surviving eliminations despite doing absolutely nothing spectacular. Founded in 1993, this company claims to be in the horticulture business, producing mangoes and other crops across Paithan Taluka in Maharashtra.

But a quick look at their FY24 revenue split reveals the truth: 97% of revenue came from selling investments (shares), not fruits. Only 1% was from agricultural produce and 2% from dividends. That’s like calling yourself a farmer because you own one tulsi plant but make your income by flipping penny stocks.

ATIL’s numbers are a masterclass in financial irony. While most agri-businesses are struggling with monsoon and soil quality, this one’s challenge seems to be “How to make money without doing any real business?” The quarterly sales figure — ₹0.03 crore — wouldn’t even buy you a second-hand tractor.

Meanwhile, the management board has been busier swapping chairs than expanding operations. After the resignation of Ms. Sweta Kagliwal as MD, Mr. Satish Kagliwal took over in August 2023. And if you thought leadership changes would bring a strategic revival, well, the mangoes are still missing.

3. Business Model – WTF Do They Even Do?

In theory, Agri-Tech India Ltd is a corporate farming company cultivating mangoes and other horticulture crops. In practice, it’s a holding entity dabbling in land leasing and share transactions. The company’s farms are located across villages of Paithan Taluka, and for years, they’ve reported “operational losses” while mysteriously generating substantial other income.

The so-called business model works like this: grow a symbolic crop, sell some fruit (maybe enough to make a few crates for photos), but keep the balance sheet alive by selling investments and earning dividends from sister concerns. Think of it as an agri-theme portfolio management service.

And then comes the spicy bit — related-party transactions worth ₹250 crore. The counterparties? Familiar faces from the Nath Group ecosystem — Nath Bio-Genes (India) Ltd, Paithan Mega Food Park Pvt Ltd, TechIndia Nirman Ltd, Ferry Fax Farms Pvt Ltd, Nath Biotechnologies Ltd, and others. Basically, the entire Kagliwal family tree has branches in every direction.

If synergy had a desi cousin called “adjustment”, Agri-Tech would be its poster child.

4. Financials Overview

Let’s look at the cold, dry numbers from the latest quarter (Sep 2025) and compare them with earlier periods.