1. At a Glance
Cropster Agro Ltd has become the market’s favourite mystery box. Once dormant, now buzzing with multi-fold profit growth, a ₹1,500+ Cr market cap, and a never-ending bonus parade. But does the math add up, or is this just packaging with no product?
2. Introduction with Hook
If you found a dusty company from the ’80s that suddenly 10x-ed its revenue and gave away more bonus shares than Diwali laddoos—you’d probably ask:
Is this real growth or spreadsheet sorcery?
- Sales in FY25 = ₹194 Cr (vs. ₹0 till FY22!)
- PAT surged from ₹11 Cr in FY24 to ₹13 Cr in FY25
- Bonus issues, warrant allotments, and capital jumps faster than smallcap gossip
3. Business Model – WTF Do They Even Do?
Cropster Agro Ltd is in the agriculture trading business, dealing in:
- Spices, oilseeds, pickles
- Manufacturing, import/export, and domestic trading
Key Observations:
- No fixed assets, no plant capex, and no debt
- High revenue, low expense model (trader-style ops)
- Feels more like a finely-oiled trade vehicle than a full-fledged manufacturing firm
4. Financials Overview
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | 0 | 61 | 194 |
| Operating Profit (₹ Cr) | 0 | 11 | 13 |
| Net Profit (₹ Cr) | 0 | 11 | 13 |
| EPS (₹) | –0.30 | 0.14 | 0.15 |
| ROE (%) | – | 16% | 15.6% |
| ROCE (%) | – | 38% | 16.1% |
| P/E Ratio | – | 118x | 118x |
Yes, that 118 P/E is real.
5. Valuation – What’s This Stock Worth?
The market is pricing optimism… and then some.
- EPS: ₹0.15
- Current P/E: 118x
- Sector average P/E: 25x
- Fair Value (if EPS sustains or grows): ₹4–₹8
- Market Price: ₹18.3
Translation: Already priced for perfection.
6. What-If Scenarios
| Scenario | Outcome |
|---|---|
| Revenue scales to ₹500 Cr | Valuation justified (maybe) |
| Any slowdown or audit red flag | Sharp derating |
| Bonus shares continue | More liquidity, less scarcity |
| High growth sustains | Market may re-rate further |
7. What’s Cooking – News, Triggers, Drama
- Bonus Mania: 2:1 in Nov 2024; warrants converted, equity capital ballooned
- Capital Jump: From ₹0.14 Cr to ₹84 Cr in 2 years
- Promoter Holding: Still 0%. Public = 100%. That’s rare.
There’s something oddly spicy about this agro stock.
8. Balance Sheet
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Equity Capital (₹ Cr) | 0.14 | 25 | 84 |
| Reserves (₹ Cr) | –1 | 34 | 24 |
| Borrowings (₹ Cr) | 0 | 0 | 0 |
| Total Liabilities (₹ Cr) | 0 | 63 | 112 |
| Fixed Assets (₹ Cr) | 0 | 0 | 0 |
| Other Assets (₹ Cr) | 0 | 63 | 112 |
Cash-rich, debt-free, no capex. A clean—but curious—balance sheet.
9. Cash Flow – Sab Number Game Hai
| Metric | FY24 | FY25 |
|---|---|---|
| Cash from Ops (₹ Cr) | –36 | –36 |
| Cash from Investing (₹ Cr) | 0 | 0 |
| Cash from Financing (₹ Cr) | 36 | 37 |
| Net Cash Flow (₹ Cr) | 0 | 1 |
Yes. All ops cash flow negative, but matched by financing inflow. Hmm.
10. Ratios – Sexy or Stressy?
| Ratio | FY24 | FY25 |
|---|---|---|
| ROCE (%) | 38% | 16.1% |
| ROE (%) | 16% | 15.6% |
| OPM (%) | 18% | 7% |
| Debtor Days | 190 | 110 |
| Inventory Days | 58 | 7 |
| CCC | 218 days | 111 days |
Improving, but OPM fell sharply—margin compression in sight?
11. P&L Breakdown – Show Me the Money
| Quarter | Revenue (₹ Cr) | Net Profit (₹ Cr) | OPM (%) |
|---|---|---|---|
| Mar 2024 | 27.4 | 5.17 | 18.6% |
| Jun 2024 | 40.5 | 2.89 | 7.4% |
| Sep 2024 | 47.5 | 3.11 | 6.4% |
| Dec 2024 | 50.6 | 3.41 | 6.2% |
| Mar 2025 | 55.7 | 3.23 | 6.6% |
Margins peaked in Mar’24, then slowly declined. Needs watching.
12. Peer Comparison
| Company | CMP (₹) | P/E | ROCE % | ROE % | OPM % | Mcap (₹ Cr) |
|---|---|---|---|---|---|---|
| EPL Ltd | 234.6 | 20.7 | 17.5 | 16.3 | 19.8 | 7,506 |
| AGI Greenpac | 868.0 | 17.4 | 20.1 | 16.5 | 24.3 | 5,616 |
| Uflex | 603.9 | 18.1 | 7.7 | 3.2 | 11.2 | 4,361 |
| Cropster | 18.3 | 118.1 | 16.1 | 15.6 | 6.6 | 1,535 |
Takeaway: P/E totally out of whack. Needs earnings to catch up or price to cool off.
13. EduInvesting Verdict™
Cropster Agro is the definition of a market mystery. Explosive growth, clean books, and zero debt—yet public shareholding is 100% and EPS still a penny.
With aggressive equity expansion and no promoter stake, it’s a curious case. If this rocket is real, it’ll need to land some margin expansion soon.
Until then? Enjoy the bonus party—but keep your calculator handy.
Metadata
– Written by EduInvesting Analyst | July 20, 2025
– Tags: Cropster Agro, Agro Trading, Small Cap Stocks, Bonus Share Boom, Packaging Sector
