1. At a Glance
Oswal Agro Mills is a trader, a lender, a land developer, and possibly your neighbour’s portfolio dark horse. With FY25 revenue up 80x and OPM at a gobsmacking 82%, this stock is no longer the sleepy Oswal of old.
2. Introduction with Hook
If Sherlock Holmes were an investor, Oswal Agro Mills would be his toughest case.
One day it’s trading sugar, next day it’s raking in ₹63 Cr PAT from ₹98 Cr quarterly revenue, and the year before it made just ₹2 Cr in sales. Sounds like a penny stock? Nope, it’s a ₹1,100+ Cr market cap, debt-free, asset-heavy ghost ship—with 8.41 EPS and no dividends.
- FY25 Sales: ₹162 Cr (vs ₹2 Cr in FY24)
- FY25 PAT: ₹113 Cr | EPS: ₹8.41
- P/E: 10x | Book Value: ₹70.8 | CMP: ₹84.5
3. Business Model (WTF Do They Even Do?)
Answer: Depends on the season.
Core Activities:
- Commodity Trading – Rice, sugar, fertilizer, etc.
- Financial Income – Inter-corporate deposits, MF returns
- Real Estate Development – Projects under planning
- Misc. Income – Wherever money can legally be made
There’s no single dominant vertical. Think of Oswal as a multi-purpose financial vessel—parked somewhere between NBFC and real estate developer… without being either officially.
4. Financials Overview
Standalone Performance (₹ Cr)
| FY | Sales | Operating Profit | Net Profit | OPM (%) | EPS (₹) |
|---|---|---|---|---|---|
| FY21 | 29 | -11 | 23 | -37% | 1.73 |
| FY22 | 11 | -9 | 19 | -81% | 1.42 |
| FY24 | 2 | -6 | 5 | -337% | 0.34 |
| FY25 | 162 | 134 | 113 | 83% | 8.41 |
That’s a TTM PAT growth of 2300%+, from literal single digits to triple digits.
5. Valuation
Current Price: ₹84.5
EPS (TTM): ₹8.41 → P/E: ~10.05x
Book Value: ₹70.8 → P/B: ~1.19x
Fair Value Range: ₹90 – ₹130
Why the range?
- If sustainable earnings from new verticals hold up, FV = ₹130+
- If FY25 was a one-off anomaly, FV closer to BV = ₹90
6. What-If Scenarios
| Scenario | EPS Est. | P/E | FV ₹ |
|---|---|---|---|
| Bear (EPS reverts to ₹3) | ₹3 | 10x | ₹30 |
| Base Case (Sustainable ₹6) | ₹6 | 15x | ₹90 |
| Bull Case (Repeat ₹8.4+) | ₹8.5 | 16x | ₹136 |
Warning: This is a “show-me-again-next-year” kind of business.
7. What’s Cooking – News, Triggers, Drama
- CEO & CFO Resignations (FY24–25)
- Shael Oswal appointed MD with fresh vision
- Acquired 4.85% in Oswal Greentech Ltd
- Massive surge in sales and OPM, unexplained in filings
- Mystery Revenue Source? Possibly one-off asset monetisation or inter-corp investments maturing.
8. Balance Sheet
| Metric | FY24 | FY25 |
|---|---|---|
| Reserves | ₹703 Cr | ₹817 Cr |
| Borrowings | ₹0 | ₹0 |
| Investments | ₹566 Cr | ₹617 Cr |
| Total Assets | ₹843 Cr | ₹962 Cr |
Debt-free, investment-rich, and reserves growing steadily.
9. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Cash |
|---|---|---|---|---|
| FY24 | ₹-82Cr | ₹+51 Cr | 0 | ₹-31 Cr |
| FY25 | ₹+56Cr | ₹-40 Cr | 0 | ₹+16 Cr |
Positive cash flows have returned. Looks like some heavy internal reshuffling worked.
10. Ratios – Sexy or Stressy?
| Ratio | FY24 | FY25 |
|---|---|---|
| ROCE | 0% | 16.3% |
| ROE | 0.7% | 12.6% |
| OPM | -337% | 82.8% |
| Debt/Equity | 0 | 0 |
| Dividend | 0 | 0 |
From zombie ratios to suddenly sparkling. But only time will tell if it sticks.
11. P&L Breakdown – Show Me the Money
| FY | Sales | PAT | EPS | OPM |
|---|---|---|---|---|
| FY22 | ₹11 Cr | ₹19 Cr | ₹1.42 | -81% |
| FY23 | ₹28 Cr | ₹24 Cr | ₹1.78 | -34% |
| FY24 | ₹2 Cr | ₹5 Cr | ₹0.34 | -337% |
| FY25 | ₹162 Cr | ₹113 Cr | ₹8.41 | 82.8% |
Note: FY25 looks like they found gold… or liquidated a golden goose.
12. Peer Comparison
| Company | P/E | OPM % | ROE % | Mcap (Cr) |
|---|---|---|---|---|
| Oswal Agro | 10.0 | 82.8% | 12.6% | ₹1134 |
| MMTC | 104.8 | -5154% | 5.86% | ₹10215 |
| MSTC | 19.2 | 57.1% | 24.2% | ₹3765 |
| Redington | 20.8 | 2.17% | 14.4% | ₹24293 |
| BN Holdings | 133.6 | -12.5% | 8.6% | ₹2641 |
Oswal wins the mystery meat trophy—highest margin, lowest P/E, but lowest clarity.
13. EduInvesting Verdict™
Oswal Agro Mills has gone from yawn to yo! in one fiscal year. But the business lacks visibility, clarity, and consistent operations.
This is a story stock—if Shael Oswal’s leadership transforms it into a clean, high-margin diversified investment co., there’s serious upside.
But for now?
Track the revenue sources, look for another 2 quarters of consistency, and check if this was a lucky lottery or a real business turnaround.
Metadata
– Written by EduInvesting Research | 20 July 2025
– Tags: Oswal Agro Mills, Mystery Stock, Special Situation, Restructuring, Low PE, Real Estate, Investment Company
