1. At a Glance
Blue Pearl Agriventures Ltd has pulled off what most penny stocks only dream about — a1,905% annual return. This is the corporate equivalent of a rickety Maruti 800 suddenly overtaking a Lamborghini on the expressway while honking “Horn OK Please.” Once upon a time, it made foam products with Korean partners. Now, it’s into textiles, has almost no promoter holding left (0.08% — probably the office peon), yet commands a market cap of ₹5,897 crore with sales of just ₹41 crore.Price-to-Book?97.5.P/E?8,934. Logic is crying in the corner.
2. Introduction
Welcome to the corporate glow-up story of the decade. Incorporated in 1994 as Blue Pearl Texspin, the company started life in textiles, flirted with foam manufacturing with E-Wha Foam Korea, then circled back to textiles. But the real action began in FY24 — a massive increase in authorised share capital, preferential allotments, and a name change to “Agriventures” (because, apparently, slapping “Agri” on your name makes you sound both sustainable and patriotic).
In the past year, the stock price has been on a caffeine overdose — from ₹4.88 to ₹97.9. Promoter holding fell from 19.67% to just 0.08%, replaced by FIIs holding 23.24%. Either this is the next Reliance in disguise or someone’s doing an extremely expensive experiment in market psychology.
Sales have ballooned from a few lakhs to ₹41 crore TTM, profit has crawled to ₹0.66 crore, and yet the market values the company at more than140x its sales. This is what happens when “valuation models” take a vacation and “FOMO” runs the factory.
3. Business Model (WTF Do They Even Do?)
Once upon a time: foam products.Now: textiles.Tomorrow? Your guess is as good as mine.
Blue Pearl Agriventures Ltd claims to be in the textile business, but given the name change to “Agriventures,” we might soon see a pivot into agri-tech, organic fertilisers, or alpaca farming in Ladakh.
Revenue is100% from Sales & Other Operating Income, which means no major other income magic. The June 2025 quarter saw ₹11.79 crore in sales and ₹0.27 crore in PAT — a modest profit margin of 2.3%. The company runs debt-free, which is good, but
hasdebtors at 345 days, meaning it waits nearly a year to get paid. Imagine selling shirts in 2024 and getting the money when the 2025 Union Budget is being discussed.
The expansion story is being fuelled byshare capital hikes and warrant conversions. ₹60 crore worth of convertible warrants were issued in FY24, and 6 crore warrants were converted to equity in Feb 2025. This dilution party is likely to continue, as the market doesn’t seem to mind.
4. Financials Overview
| Metric | Latest Qtr (Jun-25) | YoY Qtr (Jun-24) | Prev Qtr (Mar-25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 11.79 | 6.16 | 11.48 | 91.4% | 2.7% |
| EBITDA (₹ Cr) | 0.35 | 0.34 | -0.58 | 2.9% | — |
| PAT (₹ Cr) | 0.27 | 0.25 | -0.34 | 8.0% | — |
| EPS (₹) | 1.80* | 1.68* | -2.27* | 7.1% | — |
*Annualised EPS = Latest quarterly EPS × 4. P/E based on annualised EPS = ₹97.9 / ₹1.80 ≈ 54.3 (note: Screener’s 8,934 is based on trailing historic EPS when profits were microscopic).
Commentary:Revenue growth is impressive YoY thanks to the base effect (₹6 crore to ₹11.8 crore). QoQ growth is flat-ish. Profit margins are razor-thin — like trying to spread butter on toast with a cricket bat.
5. Valuation (Fair Value RANGE only)
Method 1 – P/E
- Annualised EPS: ₹1.80
- Industry PE: 21.5
- FV Range: ₹39 – ₹45
Method 2 – EV/EBITDA
- Annualised EBITDA: ₹1.4 crore
- EV/EBITDA industry multiple: ~15×
- EV Range: ₹21 – ₹25 crore
