1. At a Glance
Ladies and gentlemen, meetCIAN Agro Industries & Infrastructure Ltd— the company that decided the Indian thali wasn’t spicy enough, so they added steel and real estate to the mix. With a market cap of ₹4,237 crore and a stock price of ₹1,514 as of November 21, 2025, this agro player has been running on rocket fuel, not edible oil. The 3-month return? A sizzling+150%, and the 6-month run-up?+241%— enough to give Marico and Patanjali indigestion.
The latest quarter (Q2 FY26) showsSales of ₹421 crore, up237% YoY, andPAT of ₹19 crore, skyrocketing by an absurd63,433%. That’s not a typo — that’s a financial rebirth. Yet, beneath the dazzle, the company carries ₹1,296 crore in debt and promoters who’ve pledged 44.4% of their holdings. ROE is just 4.01%, ROCE a mild 6.82%, and the P/E at 37.7x — clearly, the market believes in miracles or masalas.
So what happens when a spice seller starts buying aluminium plants and signing MoUs to export medical devices? You get a multi-sector masala movie called“CIAN: From Oil to Oligarch.”
2. Introduction
CIAN Agro’s story reads like a buffet menu curated by an indecisive chef — a bit of oil, a pinch of fertilizer, a splash of sanitizer, and recently, a whole plate of aluminium. Established in 1985, the company began its journey in agro-processing — edible oils, spices, and masala mixes. But instead of staying in the kitchen, CIAN wandered into personal care, home care, healthcare, infrastructure, and now, manufacturing of aluminium ingots through the acquisition ofVarron Aluminium Pvt Ltd.
The result? A conglomerate so diversified that even Mukesh Ambani might say, “Bro, pick a lane.”
Their product range looks like a shopping list for an Indian middle-class household:Kitchen Queen Masala,Oir Herbal Soap,Neu Detergent Powder,Oir Sugarcane Face Mask, and now, aluminium alloys and copper ingots. If diversification were a sport, CIAN would have won gold, silver, and bronze — and then sold them as industrial scrap.
And yet, despite its patchwork of businesses, the financials show momentum. Sales jumped from ₹171 crore in FY24 to a mammoth ₹1,819 crore in FY25. PAT leapt from ₹5 crore to ₹112 crore. The turnaround is so cinematic that one expects a Bollywood background score every time the company files a quarterly result.
But hold on — when 44.4% of promoter holdings are pledged, the CFO changes mid-season (bye Rajendra Balkrishna, hello Nakul Bhat), and interest coverage stands at 1.74x, it’s fair to ask: is this success sustainable or just a well-marinated illusion?
3. Business Model – WTF Do They Even Do?
CIAN Agro operates insix distinct segments, each with its own flavor (and confusion):
a) Food Division:The heart of the company. They sell edible oils (groundnut, soybean), spices (biryani, chat masala), and ready-to-use products under brands likeKitchen Queen. Think of it as a cousin of MDH, except this one occasionally invests in metal smelting.
b) Personal Care:Under theOirbrand, they produce luxury oils, soaps, handwashes, and face masks. Perfect for consumers who want to smell like prosperity — or aluminium dust.
c) Home Care:TheNeubrand covers detergents, dishwash, and cleaning products. Imagine Hindustan Unilever’s Surf Excel line, but backed by an agro balance sheet.
d) Health Care:Expanding into healthcare through collaborations like the recentMoU with AMTZto supply and export medical equipment. Yes, from masala to medical devices — because why not?
e) Agro & Bio-Fertilizers:Producers of organic manure, micronutrients, and biofertilizers. So while they clean your clothes, they’re also feeding your soil.
f) Infrastructure:ThroughJairam Infraventure Pvt Ltd, CIAN undertakes industrial refurbishments, turnkey projects, and trades in aluminium scrap — activities that now make sense post theiracquisition of Varron Aluminium Pvt Ltd.
Revenue split in FY23 tells the story — Agro: 75%, Infrastructure: 20%, Healthcare: 5%. But FY25’s numbers suggest infrastructure’s contribution is
rising rapidly, thanks to acquisitions.
So yes, the business model is basically:“If it exists in India, CIAN probably sells it.”
4. Financials Overview
| Metric (₹ Cr) | Latest Qtr (Sep FY26) | YoY Qtr (Sep FY25) | Prev Qtr (Jun FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 421 | 125 | 511 | 237% | -17.6% |
| EBITDA | 74 | 11 | 114 | 572% | -35% |
| PAT | 19 | 0.03 | 52 | 63,433% | -63.5% |
| EPS (₹) | 6.79 | 0.01 | 18.66 | 67,800% | -63.6% |
Commentary:The company’s quarterly income graph looks like a seismograph during an earthquake. After a jaw-dropping Q1 FY26 (PAT ₹52 Cr), Q2 cooled to ₹19 Cr, showing reality’s gentle slap. Still, the YoY growth is bonkers — last year’s ₹0.03 crore PAT now looks like a typing error.
Annualised EPS (₹6.79 × 4) = ₹27.16, implying a P/E of ~56x — a spicy premium even for FMCG, let alone agro-metal hybrids.
5. Valuation Discussion – Fair Value Range (Educational)
P/E Method:Industry P/E: 26.1Company P/E: 37.7If normalized EPS = ₹27.16,Fair Value = ₹707 – ₹1,000 range.
EV/EBITDA Method:EV = ₹5,515 CrEBITDA (TTM) = ₹315 CrEV/EBITDA = 17.5x (vs FMCG average 20x)Fair Range = ₹1,200 – ₹1,600.
DCF Snapshot:Assuming FCF of ₹100 Cr, growth 10%, discount rate 11% —DCF Implied Value ≈ ₹1,100 – ₹1,400.
Educational Disclaimer:This fair value range is purely for educational purposes andnot investment advice. We’re roasting, not recommending.
6. What’s Cooking – News, Triggers, Drama
The last year has been a soap opera:
- Nov 2025:Acquired 100% ofVyankatesh Engineersfor ₹5 crore — now a wholly owned subsidiary.
- Nov 2025:Shifted corporate HQ to Nagpur (because every good masala needs central flavor).
- Aug 2025:AcquiredSec-One Salesand invested ₹10 crore inVyankatesh Engineers.
- May 2025:NCLT approves amalgamation of promoter entities into one — now the family feasts underChaitanya Constructions and Builders Pvt Ltd.
- Dec 2024:Expanded packaging facility in oil division — because selling masala in style matters.
- Sep 2024:AcquiredAvenzer ElectricalsandManas Power Venturesas subsidiaries — clearly setting up for industrial diversification.
The most bizarre (and fascinating) update: an MoU withAndhra
