1. At a Glance – Seeds, Sweat & Share Price Trauma
Bombay Super Hybrid Seeds Ltd (BSHSL) is a classic Indian agri-story: strong ground-level business, solid ROE north of 28%, promoters holding tight at ~74%, and… a stock price that has been absolutely roasted over the last year.
Market cap sits at ₹962 Cr, current price ₹91.7, down ~42% YoY and ~25% in the last 3 months. Meanwhile, the business clocked ₹107 Cr sales in Q3 FY26, ₹7.74 Cr PAT, and a respectable OPM of ~8.9%.
So what’s going on?
On paper, you have 21% ROCE, 28.8% ROE, debt-to-equity at a chill 0.25, and a company that grew revenues 23–28% CAGR over 3–5 years. In the market, you have a stock trading at 36x earnings, 8x book, and investors running away like it’s exam season.
Is this seasonal agri volatility playing mind games with Dalal Street, or is valuation finally asking tough questions? Let’s dig.
2. Introduction – When Seeds Grow Faster Than the Stock
Bombay Super Hybrid Seeds is not a flashy tech startup. It doesn’t do AI, SaaS, or EV buzzwords. It does something far more Indian and far more real: selling seeds to farmers. Groundnut, gram, cumin, coriander, sesame – the kind of crops that don’t trend on Twitter but decide rural cash flows.
Between FY22 and FY24, total revenue grew 35%, driven largely by a 51% jump in groundnut seed sales. Distribution expanded, product portfolio widened, and R&D acreage increased. On the ground, this is a company hustling.
Yet the stock market has not been kind. After hitting highs of ₹162, the stock slid to sub-₹100 levels. The irony? Fundamentals didn’t collapse. If anything, profitability and return ratios stayed strong.
Welcome to the agri-seed business: seasonal revenues, volatile quarters, inventory-heavy balance sheets, and investor patience tested every harvest cycle
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So before we judge, let’s understand what this company actually does.
3. Business Model – WTF Do They Even Do?
Bombay Super Hybrid Seeds produces, processes, and markets hybrid and GM seeds across more than 150 products. Think of them as a bridge between agricultural science and the farmer’s field.
Key crops:
- Groundnut (the undisputed boss – 60% of FY24 revenue)
- Gram (chickpea)
- Cumin
- Coriander
- Sesame
- Maize & others
They don’t just sell seeds and disappear. The company also advises farmers on productivity, which helps stickiness and repeat demand.
Distribution muscle:
- 1,500+ distributors
- 9 depots across 14 states
- 20+ lakh farmer customers
This isn’t a PowerPoint distribution network. This is boots-on-the-ground agri India.
Add to that:
- 85,000 sq ft processing facility in Rajkot
- 5,000 MT storage capacity
- 30-acre R&D farm, recently expanded
In short: this is not a “trader with a label”. This is a proper seed platform with R&D, processing, storage, and distribution.
4. Financials Overview – Quarterly Reality Check
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 107.48 | 127.86 | 26.85 | -15.9% | +300% |
| EBITDA | 9.59 | 9.94 | 4.15 | -3.5% | +131% |
| PAT | 7.74 | 9.00 | 2.24 | -14.0% | +245% |
| EPS (₹) | 0.74 | 0.86 | 0.21 | -14.0% | +252% |
Yes, YoY looks ugly. But QoQ is explosive – because Q2 is seasonally weak, and Q3 is when seed sales wake
